Muhiyabad Poona, Gold Mohur, 11.04g, “Hali Sikka” type, in the name of Shah Alam II, RY 12, Obv: Usual legend of Shah Alam II, Rev: “Julus” formula with mint-name and symbol of “10” as seen on a cobra hood (identified as ‘scissors’ in old catalogues). Very fine+, exceedingly rare. The earliest minting activity on behalf of the Peshwa is known to have been undertaken during the short and ill-fated reign of Peshwa Narayan Rao when Dullabh Set Govindji, a banker of Pune was given a license to operate a mint. The coins he produced were to be rupees and mohurs, to be known as ‘Shet shahi’ coins after his name. All coins of this early issue are very rare. They bear the RY of the Mughal emperor, with his name spelled as ‘Shah Alam’. The calligraphy is of a good standard and the mint-name is inscribed as ‘Muhiyabad’ with ‘Y’ and ‘A’ of ‘-abad’ being ligated. Subsequent issues, struck after the murder of the Peshwa in 1773 and installation of the ‘Council of Ministers’ in charge, had the name ‘Shah Ali Gauhar’ on them. The gold ‘Shet Shahi’ mohurs are exceedingly rare. One was offered in the ‘Skanda’ collection auction by Spink-Taisei in 1991 and the same was listed earlier by Maheshwari and Wiggins. Since then, no other pieces have turned up on the market in an auction.