1 Falus - Nasir ud-din Mahmud Shah I

Mahmud Shah I's reign of over five decades made him the longest-ruling sultan of Gujarat, a period during which the sultanate reached its greatest territorial extent and commercial dominance over Indian Ocean trade routes. Portuguese arrival on the Malabar Coast in 1498 directly threatened Gujarati merchant networks, and Mahmud twice allied with the Mamluk Sultanate of Egypt to contest Portuguese naval power — the Battle of Chaul in 1508 being the one significant setback Portugal suffered in those early confrontations.

Copper fulus of this reign circulated heavily in local bazaar economies and survive in worn condition far more often than in fine.