2 Gani - Ala al din Mohammed II Khilji

Ala al-Din Khalji came to power by murdering his uncle Jalal ud-Din Firuz at a staged reconciliation meeting in 1296, then immediately launched the administrative overhaul that produced this coinage. His monetary reforms were part of a broader — and ultimately failed — attempt at price control so rigid it required a dedicated market intelligence service to enforce, with merchants caught cheating punished by amputation.

Billon at this fineness was a deliberate policy choice, stretching the silver supply during a period of near-continuous military campaigning into the Deccan and Gujarat.