Note: Mahismati is commonly identified with modern Maheshwar, located south of Indore on the northern bank of the Narmada River. These coins, often found overstruck by issues of Madasmati, suggest that the differing legends are more than mere engraving errors—they likely reflect distinct phases of local governance or political transition. In 2005, Kulkarni proposed identifying ancient Madasmati with Mandhata, approximately 50 km from Mahismati, reinforcing the close geographical and cultural connection between these sites.

This particular coin type originates from the city-state of Mahismati and appears to have been overstruck by its own later issues, indicating continued local minting activity. Unlisted in Pieper’s catalog, it combines punch marks similar to those numbered 811 and 813, representing a new and significant variety that warrants further scholarly study.

An important and historically significant coin from ancient India, being offered for the first time in any auction.

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