Dirham 'Dang' - Two obverse mule with Shadi Beg name Azaq type

Shadi Beg ruled the Golden Horde from roughly 1399 to 1407, a period of severe fragmentation following Timur's devastating campaigns that effectively broke Mongol power west of the Volga. Mules — coins struck from two obverse dies — appear with unusual frequency in Golden Horde silver from this period, almost certainly a consequence of degraded mint organization and the reuse of worn or mismatched die pairs by undisciplined or overwhelmed mint workers.

The Azaq mint, located at the mouth of the Don near the Sea of Azov, had been an important commercial striking point servicing Black Sea trade. Its output during Shadi Beg's reign is irregular precisely because central authority over provincial mints had largely collapsed after Timur's sack of Sarai in 1395.