As Mughal supremacy declined in Indian subcontinent, many seized the opportunity to become independent rulers. The Marathas, which by then had united under command of Bajirao Peshwa I, were perhaps the most successful. But, soon Marathas found themselves pitched against a new adversary, the British. Maratha Chiefs fought gallantly, but eventually lost the war (the fate was decided in three Anglo-Maratha wars). After defeat of Peshawa Baji Rao II (the last Peshwa) in 1818 by British, the political supremacy of Marathas which was built on the ruins of Mughal empire, came to an end. Marathas remained undisputed military power till beginning of the 19th century and ruled over significant parts of western, central and Northern India. The later Mughal emperors acted as puppet emperor with real power vested with Peshawas (or Shindes/Scindhias). Unfortunately, later Maratha chiefs lacked the foresight and simply failed to fathom superior British diplomacy and military organization. Their inability to put up united front led to the collapse of Maratha empire; British took possession of the whole of subcontinent in a quarter century, as no formidable power left in India to challenge them. 

Now, hundreds of petty rulers, governors and kings who paid allegiance to Marathas (or nominally accepted Mughals as overlords) accepted British supremacy with little resistance, retaining very little political and almost no military independence. These semi-independent states are referred as the Princely states of India, which issued their own coins. There were more than 500 princely states in India, listed in 1931! Some of them e.g. Jammu & Kashmir, Hyderabad, Gwalior etc. were almost as large as England, while others were just few square miles in area. These rulers had a fair degree of independence in governing their subject, collecting taxes and maintaining law and order. Many states issued their own distinct coinage, currency notes and postal stamps. These `Princes’ (Who called themselves Maharajas, Nababs etc.) amassed fabulous wealth under solid protection of British. Indeed quite a few rulers were even richer than Queen/King of England! Some of these princely states were incorporated in British empire by Lord Dalhousy just before 1857. Rest of them were incorporated in modern India (few in Pakistan) soon after independence, in 1947. Shown below are coins of just few such princely states. This area is TOO LARGE to cover, just a few of them are shown.