The Indian lithographs are emphatically not my territory, but that stamp looks like an SG 21a (Head Die II, Frame Die I), which Gibbons prices at £2,750 used with four margins. If I'm right, I'd say someone got a bargain at only $157. It's a nicely used stamp, and not actually cut into.
Many letter writers in India in the old days would cut away the redundant paper around the stamps, to save weight. That's why these 4 Annas are much more common cut to shape than cut square.
Some optimistic faker has cut this forged Jammu & Kashmir ½ Anna stamp round, and applied a fake postmark to it, in the hope of recovering some value

(Genuine stamp on the right. The genuine stamp used is catalogued at £400, so even a smallish percentage of that would still be worthwhile.)