I think this is a nice coin of the Afrighid dynasty, of king Kanik, who reigned for a short while before the islamic onslaught in his realm (south of Lake Aral), in the later 8th century. Clear little mustache.
Khwarezm AE. Afrighid dynasty, AD 600-995. King Kanik, about 750-800. Obv. Head to the right, no beard but a thin mustache, with a crescent-topped crown. A triplet of dots behind it. No text. Rev. King on horse to the right. Only tail and hindlegs visible. Text. Reddish (rusty) coin. 30 mm, 7.00 gr. Zeno 109705. Vainberg Г IV / 8 (p. 60-61, Plate XXV nr. Г IV /

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-- Paul