11/2 Falus - Nasir al-din Mahmud Shah III

Mahmud Shah III came to the Gujarat throne as a minor and spent much of his reign under the effective control of powerful ministers, most notably Imad ul-Mulk. The fractional falus denominations struck during his rule reflect sustained demand for small copper coinage in Gujarat's busy port economy, where Surat and Cambay were handling a significant share of Indian Ocean trade. Fractional copper saw hard use in bazaar transactions that silver and gold could not serve.

The GG reference places this among the Goron-Goenka corpus — still the standard reference for Gujarat Sultanate copper.