1 Paika - Muhammad bin Tughluq

Muhammad bin Tughluq's reign produced some of the most controversial monetary experiments in medieval Indian history. His decision in the early 1330s to introduce token brass and copper currency — intended to substitute for silver tanka — collapsed catastrophically when the policy failed to prevent mass counterfeiting, forcing an embarrassing reversal and repurchase of the debased issues at the treasury's expense.

Whether this paika circulated before or after that crisis is the operative question for dating purposes within the reign.