1 Gani - Muhammad III bin Tughluq

Muhammad bin Tughluq's copper gani issues are inseparable from one of the most discussed monetary experiments in medieval Islamic history. Facing a treasury strained by ambitious — and largely disastrous — military campaigns, including the catastrophically failed Khurasan and Qarachil expeditions, Muhammad ordered token bronze coinage to substitute for silver, without adequate controls against forgery. The result was predictable: counterfeit copper flooded the market, the experiment collapsed, and the sultan was eventually forced to redeem the debased tokens from state coffers at significant loss.

Ibn Battuta, who served at Muhammad's court, documented the chaos firsthand.