Dirham 'Dang' - Ulugh Muhammad Il-Uy Mu'azzam mint

Ulugh Muhammad's early reign was defined by a fractured Horde — multiple claimants held competing courts simultaneously, and the coins struck at Il-Uy during 1419–1421 reflect a polity still asserting legitimacy through mint output rather than controlling it. Il-Uy was a secondary western Horde mint, and issues from it are considerably scarcer than contemporary Sarai or Hajji Tarkhan production. At 0.85 g this piece sits at the lower end of late Horde dirham weight standards, consistent with the documented debasement trajectory of the period.