Note: A highly important rarity from ancient Indian coinage, this coin is contemporary with Vijayamitra and is cited as originating from the river Narmada. Several ancient coins of this type have been recovered from the mounds at Maheshwar, on the north bank of the Narmada. The obverse design and fabric are Indo-Greek, while the reverse design is local, as noted in Michael Mitchiner’s catalog. The portrait shows clear iconographic resemblance to Greek coins of the period, reflecting the influence of Alexander’s successors’ coinage.

Scholars have recorded only 8–10 specimens, mainly from Malwa, particularly Vidisha, where the Heliodorus Pillar indicates the rule of King Bhagabhadra during Indo-Greek visits. The legend on this coin remains unread, possibly in Kharoshthi, and the Vidisha issue was likely struck by a Satrap of the Indo-Greeks in the 1st–2nd BCE. Similar coins with Greek-style portraits are known but rare.

This coin also highlights Sunga control over the Upper Chambal region after the Greek withdrawal around 170–168 BC, encompassing Ujjain and adjacent areas, the Sunga heartland. Numismatic evidence shows provincial organization under the Kumara of Ujjain, with coins bridging Greek and Indian design traditions. They exist in two classes: larger specimens from the Upper Chambal and smaller issues possibly linked to Patalene (Demetrias).

This exceptionally rare coin has never been offered at any auction, making it a highly significant piece in the study of ancient Indian and Indo-Greek coinage.

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