Mahmud Shah al-Sultan within square / Nasir al-dunya wa'l din abu'l fath, date (907 AH / 1501 AD). 18mm, 14.12 grams. "The coins of the Indian Sultanates" G-; Rajgor -.This type is unlisted in the standard references, though a number of related (though different) and rare types are known ("The coins of the Indian Sultanates" 174 and 177).

The Gujarat Sultanate (1407–1573) was an independent Muslim kingdom in western India, established by Zafar Khan Muzaffar Shah I following the decline of the Delhi Sultanate. It became one of the wealthiest and most powerful states in medieval India, prospering through maritime trade with Persia, Arabia, and East Africa. The sultanate reached its greatest prominence under Mahmud Begada (1458–1511), who expanded its territories and strengthened its military and commercial influence. Its capital, Ahmedabad, became a major center of Islamic architecture, culture, and commerce. Weakened by internal conflicts and Portuguese expansion along the coast, the sultanate was finally conquered by the Mughal emperor Akbar in 1573.