1 Tanka - Nazir ud din Mahmud Shah I

Mahmud Shah I ruled Gujarat for over four decades, and his reign marked the sultanate's political and commercial peak — Ahmedabad functioned as one of the wealthiest trading cities in the subcontinent, with Gujarati merchants operating as far as East Africa and the Malay Peninsula. Billon issues of this period reflect the realities of a monetized regional economy that required large volumes of small-denomination coinage, even at degraded silver content.

The DR reference places this within Diler Ram's cataloguing of sultanate coinage — a classification system still standard for Gujarat series despite its age.