Madhu sent us this picture of his old coin from India. A search of our trusty Krause and Mishler catalog came up with what I believe is the correct coin. It is from the city of Maler Kotla in the Indian Princely States, located in northwest India (Punjab). Ahmad Ali Kahn ruled the state in 1908 AD and it bears his inscription on the reverse.
As to value, the KM catalog quotes about $20 US dollars in average circulated condition. This would be my best guess because Madhu's coin looks to be in about that condition and, to further confirm value, IndiaCoinGallery.com, Oswal Antiques is selling a lot of three similar coins (lot 10.183) for 2500 India Rupees, about $55 US dollars.
Pieces with a high value will have clear AH dates, clear mint names, and little wear. Coins with low value will have dates that are worn away, mint names that are struck partially off the flan, and unattractive wear.
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