Arkat, Silver Rupee, 10.77g, Pseudo mint name Arkat, in the name of Muhammad Shah, Katar- Dagger as a Mint mark (Unlisted in M&W). Very fine, exceedingly rare.
In Maharashtra and Karnataka “Arkat Rupee” became very popular during 18th century under the Peshwas' rule and many mints struck coins which were based on the basic Arkat design. Sometimes symbols of specific Maratha affinity were added to them. As all these coins bear the mint name “Arkat” it is difficult to say where they were struck, but their find spots suggest they were being minted mostly in Western Maharashtra and North Western Karnataka, which were areas of Jagirs held by prominent Maratha sardars such as the Patwardhans who were also instrumental in many Maratha campaigns to the deep South. This is undoubtedly one such issue where the symbol of a dagger has been intentionally added to the reverse design. Although it cannot be identified as an issue of a particular Mint.