1 Falus - Mahmud Shah II Khalji ibn Nasir

Mahmud Shah II's reign over Malwa was defined less by administrative achievement than by the sultanate's accelerating collapse. By the early sixteenth century, Malwa was caught between Mewar to the north and the expanding Sultanate of Gujarat to the west — a pressure that would culminate in the Gujarati annexation of Malwa in 1531, just after this coinage ceased. The falus was the workhorse of low-denomination bazaar exchange throughout the Deccan and central Indian sultanates, struck in large, loosely standardized runs.

The KM# range spanning 119–122 reflects genuine die and weight variation across the reign rather than distinct issues, a common feature of Malwa bronze production.