Extremely fine, Extremely rare.

Muhammad Shah II was a son of Nasir Shah and an older brother of Mahmud Shah. In the political uncertainty that followed Nasir Shah's death, he was proclaimed twice as a pretender to the throne of the Sultanate against Mahmud Shah - once by Muhafiz Khan the rebel commandant of Mandu and for a second time, at Chanderi, by partisans of Sikandar Lodi of Delhi. Coins were sporadically struck in his name during this period. Ultimately, Muhammad made peace with Mahmud relinquished his claims and sought refuge with Sikandar.
This is a unique 1/8 Tanka struck in Muhammad II's name and the first instance of a coin struck in latter part of his tenure as a pretender, when he ruled from Chanderi.