6 Gani - Muhammad bin Tughluq

Muhammad bin Tughluq's monetary experiments are among the most documented economic disasters of medieval India. His decision in the 1320s–30s to introduce token coinage — brass and copper standing in for silver — collapsed when the sultanate failed to control counterfeiting, which subjects undertook so prolifically that the treasury was overwhelmed with tokens redeemed for gold and silver. The billon issues occupy a different register from that particular catastrophe, but they belong to a reign defined by chronic fiscal improvisation.

The GG#D377 type falls within a coinage system reorganized multiple times under Muhammad's direct orders.