Explore coins from the former princely state of Indore at this exhibition in Mumbai

Silver coins minted in the name of Mughal ruler Shah Alam II

The value of a coin lies in its history and the unique events it was issued and circulated under. It whispers stories of bygone eras, reflecting the reigns of rulers, the prosperity of the state and its people. "The objective of the fairs is to make people aware of India's rich heritage" says Ambrish Thaker, the secretary of the Mumbai Coin Society. The society has been organising monthly and annual fairs since 2003, bringing together buyers, sellers, and admirers to ensure numismatic passion extends beyond books. "In the pre-Independence era, when we had princely states, the coins and currency would change every 50 to 100 kilometres," Thaker explains. Today's fair will display coins from the erstwhile Indore state, offering a glimpse into a significant chapter of history. The coins are associated with Ahilyabai Holkar, a revered ruler of Malwa, under whose leadership Indore flourished in peace and prosperity for three decades, from 1765 to 1795 AD.

King George VI, Silver Rupee, 1939. Pics Courtesy/Todywalla Auctions

Mint of significance

Visitors will be able to see the distinct mint mark on these rare silver and copper coins, some of which also bear Persian inscriptions and the image of the Mughal ruler Shah Alam II on the reverse side as a symbol of the allegiance of the princely states to the Mughal empire. The dates inscribed on these coins follow the Islamic calendar, ranging from 1179 to 1210 AH. While these coins will be available for viewing, and not for purchase, they signify the rich heritage of Indore and the legacy of a remarkable leader. The event will be graced by His Highness Yeshwantrao Shivajirao Holkar Maharaj, prince of the Holkar dynasty, Indore.

Visitors at a previous coin fair

Fractional finds

The upcoming exhibition will showcase an impressive collection of coins of Indore state, with many available for display. These include highly sought-after fraction coins, including the half rupee, quarter rupee, and two annas. These coins, were once considered of low monetary value, and were often repurposed as jewellery, punched and worn in earlier times. Notably, these are the smallest denominations ever minted in silver. "The two anna or 1/8th of a rupee coins are so rare that it's extremely hard to find them" remarks Thaker.

An assortment of coins dating back to Ahilyabai Holkar's reign

Colonial legacy

Paper currency was issued in India for the first time by India's British rulers. Dealers present at the event will be selling British India coins and notes. Collectors should keep an eye out for the limited and rare 1939 British India coins. These silver coins, made of 90 per cent silver, were among the last of their kind. During World War II, the British government recalled all silver coins from their colonies to melt them down and use the silver to pay the soldiers fighting the war. The coins that were issued after 1939, starting in 1940, were made with a mix of 50 per cent nickel and 50 per cent silver, making the 1939 coins particularly rare. "This is why the 1939 coins have a very high value in the market, and are considered one-of-a-kind," explains Thaker.

Ambrish Thaker

ON August 10; 10 am to 6 pm
AT Indian Merchant Chambers building, IMC Marg, Churchgate.
FREE