Tamgha of Toghtu, Zarb Qarm 5 ("Struck in Qarm, (70)5") around, all within a scallopped hexafoil surrounded by a circle of dots / Khan al-adil Toqhtu ("The Just Khan Toghtu") within a double circle, thick dots between the two circles. 18mm, 1.33 grams. Mint of Qarm. Sagdeyeva #163; Albul 2023; Lebedev C13.
High quality piece, aUNC, practically as struck. Lebedev assumed this type is undated (and it is listed as undated on Zeno), but Sagdeyeva assumed the circle under the Tamgha stands for "5" (which stands for 695 AH according to Sagdeyeva, much more likely to be "705" in my opinion). However, a different type from Qarm (Sagdeyeva #167 var - see the coin here: http://www.numismall.com/acc/Rare-silver-dirham-of-Toghta-Khan-AH-689-712-1291-1312-Saray-al-Jadid-mint-695-AH-1295-AD-Mongol-Golden-Horde-Sagdeyeva-172.html) shows a full date (707 AH) wih a circle above the date (just like on this coin). In view of that, the circle almost cirtainly is a symbol for the sun or something and does not stand for a digit "5" at all.
Tokhta (Toqta, Tokhtai,or Tokhtogha) (died c. 1312) was a khan of the Golden Horde, son of Mengu-Timur and great grandson of Batu Khan. Obverse: "Just the Khan Tokhta" with the tamgha (imperial seal) of the House of Batu His name "Tokhtokh" means "hold/holding" in the Mongolian language.
The Golden Horde is an East Slavic designation for the Mongol khanate established in the western part of the Mongol Empire after the Mongol invasion of Rus' in the 1240s: present-day Russia, Ukraine, Moldova, Kazakhstan, and the Caucasus. Also known as the Ulus of Jochi or the Kipchak Khanate (not to be confused with the earlier Kipchak khanate prior to its conquest by the Mongols). The territory of the Golden Horde at its peak included most of Eastern Europe from the Urals to the right banks of the Danube River, extending east deep into Siberia. On the south, the Golden Horde's lands bordered on the Black Sea, the Caucasus Mountains, and the territories of the Mongol dynasty known as the Ilkhanate.