1 Falus - Nasir Al-Din Mahmud Shah III

Nasir al-Din Mahmud Shah III ruled Gujarat under circumstances that made independent coinage something of a fiction. By the time of his reign, the Sultanate was caught between Mughal pressure from the north and internal factional collapse — Mahmud III was effectively a puppet of the Miyan family, the powerful noble clan that had dominated the court since the reign of Bahadur Shah. He was deposed, restored, and manipulated repeatedly before the Mughals under Akbar finally absorbed Gujarat in 1572.

Copper falus of this reign are scarce relative to the silver coinage, a pattern consistent with late-period provincial sultanates where base metal production became erratic as central authority deteriorated.