Stylized Sasanian-like bust / Stylized horseman spearing two fallen enemies. 14mm, 4.55 g. Mitchiner NIS 651ff (different attribution); Maheshwari #T3 (493ff).

Over the years various attributions for these coins were proposed. The early attributions to the Rashtrakutas are untenable. Mitchiner attributed these coins to the Silaharas of Konkan, but that attribution is now out of favour, since the coins are not found in Konkan, but much further north, in Malwa region. The reasonable current attribution, which seems to be cautiously accepted (see Maheshwari's "Imitations in Continuity", p.111) is that the coins were probably minted by the Paramara King Vindhyavarman (c.1175-1194) after he recovered Malwa from the Chaulukya King Mularaja II (c.1175-1178). The martial reverse design, unique on the gadhaiya coins, perhaps commemorated the conquest of Malwa and the eviction of the Chaulukyas. Stylistically these coins fit perfectly in the later 12th century.