Rare type with the mint in a circle on the reverse. 20mm, 1.26 grams. Isfahan mint. 

Timur (Tamerlane) and Mahmud Khan were linked through a similar arrangement as with Suyurghatmish—Mahmud was another Chagatai puppet khan installed by Timur to legitimize his rule. After Suyurghatmish's death in 1388, Timur appointed Mahmud, a descendant of Chagatai Khan, as the nominal sovereign while Timur continued to wield actual power as amir. Mahmud’s reign (c. 1388–1402) was ceremonial; he held no real authority and served primarily to satisfy the Mongol political tradition that only descendants of Genghis Khan could be khans. Timur’s manipulation of Chinggisid figureheads like Mahmud allowed him to consolidate power while respecting the steppe's symbolic politics. In 1402, after Timur had established his dominance across much of Central Asia, Persia, and parts of India and the Middle East, he deposed Mahmud and ruled openly, signaling that his authority no longer required symbolic endorsement.