11/2 Falus - Nasir ud-din Mahmud Shah I Mustafabad mint

Mahmud Shah I ruled Gujarat for over five decades — one of the longest reigns in the sultanate's history — and his copper coinage circulated across a commercial zone that included major textile and spice entrepôts on the Arabian Sea coast. Mustafabad, the mint named here, was a designation for Champaner after its conquest and renaming by Mahmud Shah following his siege of the Rajput stronghold in 1484, a campaign that reportedly lasted twenty years of intermittent pressure before the fortress fell.

The fractional falus denomination in copper served the lowest register of daily market exchange, where silver was too valuable to subdivide practically.