Extremely fine, Exceedingly rare.

Mahmud I, also known as 'Begada' after his conquest of East and West Gujarat, was the most powerful of the Sultans of Gujarat. During his long reign, the Sultanate became a prominent hub of political and commercial activities in Western India.
This extremely rare coin was struck towards the end of his reign, during a period marked by prosperity and tranquillity. Perhaps, only one or two specimens survive - Goron & Goenka were aware of it only through a bad quality picture, and supply no information about its weight or denomination. It bears very interesting poetic allusions to the Sultan's faith, piety and ambition in which he identifies himself as having the mystical powers of 'giving blessings'. There is a reference to 'Victory' in the legend; however, no immediate 'victory' is known to taken place around the issue of the coin. Most likely, the 'victory' is an allusion to the spiritual conquest of the Mahmud, who was a great devotee of Shaykh Ahmad Khattu Ganj Bakhsh, the patron Sufi saint of Gujarat. The Sultan lies buried in his company at the Roza complex of Sarkhej near Ahmadabad.