1 Falus - Shams al din Muzaffar II AH 917-932

Muzaffar Shah II ruled Gujarat for over three decades, overseeing a sultanate that had become one of the wealthiest trading polities on the subcontinent, its ports at Surat and Cambay funneling spices, textiles, and horses through the Arabian Sea network. The copper falus sat at the lowest denomination of that economy — the coin of the bazaar, of small transactions, of people who never handled silver. Most were struck, spent, and lost within the same generation.

AH 918-919 falls early in his reign, just years after the Portuguese had seized Goa in 1510 and were actively disrupting Gujarat's maritime trade. The sultanate would go on to clash directly with Portuguese naval forces at the Battle of Diu in 1509 — technically preceding this issue, but the geopolitical pressure it created lingered throughout these years.