Five various punchmarks (Gupta/Hardaker series IV, #444) / Five various punchmarks (Gupta/Hardaker series II #267). 18x16mm, 3.1 grams.This coin is a second series coin, the reverse of which was (at a later date) overstruck with the 5 symbols from the 4th series. Both sides are attributable and clear. Coins of the Nandas overstriking older coins are exceedingly rare, none are published in Gupta/Hardaker.All 2nd issue karshapanas are extremely rare - these coins are considered to be a transitional issue between the large-flan 1st issue (coined under Ajatashatru and his ancestors) and the smaller-flan 3rd issue. The 2nd issue is the smallest out of all the 7 Magadha-Maurya issues, and the rarest one of them all. It is also not well-studied because of the small number of specimens available in museum or on the market.These coins are usually regarded as a transitional issue between issue I and issue III coins, and are usually dated to between ca.470 and 445 BC, i.e. between the later part of the reign of Ajatashatru and the reign of his successor Uddayina (461-445 BC). This attribution is somewhat tentative - it is likely that the period in which these coins were struck was actually shorter. What is so fascinating about them is that their reverses are virtually always overstruck by series III (and some series IV) coins - examples that were not overstruck survive in very small numbers, thus the rarity of these coins. Now, chronologically, it means that the series II coins could not have followed series I coins directly, since series I coins are never found overstruck - it seems that series II coins circulated right after 470 BC in a relatively small region of the Magadhan Empire, but since no hoards of series II coins was ever discovered, this explanation is tentative and requires proof.