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The state of Dewas was founded in 1726 A.D. by Tukojirao and Jiwajirao of Panwar family, who had accompanied the army of Peshwa Bajirao, in his victorious campaigns against Malwa. In return of their services, they assigned the districts of Dewas, Sarangpur and Alot.

The coinage of this state first attracted the attention of scholars in 1904 A.D. Some fresh numismatic date became available, it generated the need for a fresh study of the coinage of this state.

The state having no coinage of its own in the beginning carried all the transactions in the coinage of Indore, Ujjain, Pratpgarh and Kotah by simply putting over them, before circulation the embossment of "Jaladhari" with the image of Shiva-lingas, at Dewas by some goldsmith of the state who were specially authorized to carried out the task. In same manner we find that at Alot and Gadgucha a circular emblem representing the figures of the moon was put on such copper coins.

Earlier copper coins found in the state called BARADI (from Berar) pieces in 1876 A.D. Holi was made a legal tender and its remained till 1895 A.D. during the time of Krishnaji Rao Panwar in 1888 A.D. copper coins of the state were started at Calcutta by the Government of India. Before that date a copper paisa was locally struck by the Senior branch for a considerable period in the state at Alot and it was called "Aloti paisa".In the late forties just before independence, another copper coin of the erstwhile ruler Shri Vikram Singh was struck with a bust of that ruler at Indore.

The Dewas (Nagda) ancient coin of the collection may be mentioned as Punch marked, uninscribed cast coin, Janpad (Ujjaini) Coin, Western Kshatrapa, The Kushans, The Guptas, Anonymous (Gaddaiya) and Sultan of Malwa, Gujrat, Delhi coinage.