It was issued by the Nawabs of Arcot (specifically during the late 18th century). Based on the style of the Persian calligraphy and the overall design, it appears to be a coin minted by the Nawabs of Arcot in the name of the Mughal Emperor Shah Alam II.
These coins were generally in circulation between 1760 AD and 1820 AD (Hijri 1174 – 1235). Some numbers are visible in the photograph, which represent the Hijri year.
