Legends on both sides: Mahmud Shah al-khalji bin Nasir Shah // al-Sultan bin al-Sultan. Dated to 927 AH (1521). 16mmx17mm, 8.45 grams. "The coins of the Indian Sultanates" M-172.

The Malwa Sultanate was an independent Muslim kingdom in central India, established in 1401 by Dilawar Khan Ghuri after the decline of the Delhi Sultanate’s authority. Centred first at Dhar and later at Mandu, it became an important regional power and a flourishing centre of architecture, art, and culture. The sultanate was ruled successively by the Ghuri and Khalji dynasties, frequently contending with Gujarat, Mewar, and neighbouring states, until it was finally absorbed into the Mughal Empire by Akbar in 1562.