Sultans of Malwa 1/2 Falus?, Mahmud III of Gujarat

By 1540, the Sultanate of Malwa was effectively finished as an independent power. Mahmud Khilji II had been deposed and the sultanate absorbed by Gujarat's Bahadur Shah in 1531, making any Malwa issue after that date a complex question of attribution — coins continued to be struck in the region under Gujarati suzerainty, which explains why this piece carries a Malwa type association alongside a Gujarati sultan's name. The question mark on the denomination is earned: fractional copper from this transitional period resists clean classification.