The first seven Sultans struck coins in all three metals. Maḥmūd I introduced billon, and this was employed also by his three successors. The characteristic feature of the Mālwā coinage is the square shape, also introduced by Maḥmūd I; he and his successor, G̱ẖ̱iyās̤ Shāh (1469-1500), struck both square and round coins, but from the reign of Nāṣir Shāh (1500-10) the square form is used exclusively. The gold pieces of the first two kings follow the Dehlī style. Maḥmūd, however, introduced a new type for the reverse, dividing the face of the coin into two equal parts by lengthening the tail of the last letter “yē” in his name, Ḵẖ̱iljī. G̱ẖ̱iyās̤ Shāh used a similar band on both faces (Pl. IX, 3), and this is a mark of almost all succeeding coins in both shapes. The square base silver pieces of Maḥmūd II (1510-30), with the inscriptions enclosed in circular and octagonal borders, are the finest coins of the series. The rebel, Muḥammad II (1515), the Gujarāt king, Bahādur, the governor, Qādir Shāh, and Bāz Bahādur struck copper coins only. The mint name, Shādīābād (Mandū), “City of Delight,” is inscribed only on coins of the earlier kings. With the reign of G̱ẖ̱īyās̤ Shāh a series of ornaments begins to appear on the coinage; the purpose of these is uncertain, but they seem to be connected with the dates of issue. Like the Bahmanīs, the Mālwā sovereigns use elaborate honorific titles for their inscriptions. Perhaps the most striking is one of Maḥmūd I, who calls himself “_The mighty sovereign, the victorious, the exalted in the Faith and in the world, the second Alexander, the right hand of the Khalifate, the defender of the commander of the faithful_.” The tradition of the square shape lingered on in Mālwā and the neighbourhood long after the extinction of its independence; curious crude little pieces were struck, probably for a century at least, with a mixture of Mug̱ẖal, Mālwā and Gujarātī inscriptions. Square copper Mug̱ẖal coins were struck at Ujjain up to the time of Shāh Jahān I, and Saṅgrāma Siṁha of Mewar (1527-32) also modelled his copper coinage on that of Mālwā. VII. THE COINAGE OF GUJARĀT Z̤afar Ḵẖ̱ān, viceroy of the wealthy province of Gujarāt, threw off his allegiance to Sultan Maḥmūd II of Dehlī in 1403, but the first coins known are those of his grandson, Aḥmad I (1411-43), founder of the great city of Aḥmadābād in A.H. 813 and of Aḥmadnagar in A.H. 829. The dynasty reached the culmination of its power in the long reign of Maḥmūd I (1458-1511), who instituted two new mints at Muṣt̤afaʾābād in Girnār, and Muḥammadābād (Champānīr). He was succeeded by eight princes, of whom Bahādur Shāh (1526-36) alone showed any ruling ability. The province was added to the Mug̱ẖal Empire in 1572, but the deposed king, Muz̤affar III, regained his throne for five months eleven years later, and actually struck silver and copper of the Mug̱ẖal Aḥmadābād type. Coins of nine of the fifteen kings are known.