Note: This unusual coin issued under the Nizam features the name of the Hindu deity “Ram” (राम) in Devanagari script, likely serving as a mint mark or indicating the issuer. Struck during a period of political instability—after the Nizam’s defeat at the Battle of Rakshasbhuvan (1763) and amidst a power struggle in the Maratha court—the use of “Ram” is significant. It suggests the mint may have been operated by a Hindu official or at a Jagirdar’s Estate under Nizam’s authority, using “Ram” as a symbol of local control or legitimacy.

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