The letters 'RV' is a good indicator for the old Indian Princely State of Travancore, located on the west side of the southern tip of India. This particular coin denomination is known as velli fanam, and they were minted in low-grade silver only in 1864. It shows the letters 'R.V.' standing separately instead of in monogram form, as on other issues such as the 2 chuckram denonination, which is rarer and more valuable. The letters 'R.V.' stand for 'Rama Varma (III), the Maharaja of Travancore during this period. The preceding Raja was Rama Varma II, and the following was Rama Varma IV, so this explais the stagnant monogram on these issues.
There is a good thread on these coins over at WorldofCoins.eu.
Values of these coins are low. The catalog gives this assessment:
worn: $3 US dollars approximate catalog value
average circulated: $8
well preserved: $25
Use our Important Terminology page to understand how actual buy and sell values are derived from catalog values.
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