Note: This unique and previously unpublished gold Nazarana or ceremonial tanka was struck in AH 866 (1461 CE) by Ghiyath Shah of Malwa, issued in the name of his father, Ala ud-Din Mahmud Shah Khalji, when Ghiyath was serving as Heir Apparent. The coin’s exceptional rarity and early date suggest that it was possibly struck as a victory or presentation issue marking his emergence as co-ruler and military commander. No other gold coins of this type are known for Ghiyath Shah, making this a new discovery of the highest numismatic importance, being offered publicly for the first time.

The year AH 866 was one of the most eventful in Deccan and Central Indian history. Following the assassination of Humayun Shah Bahmani in 865 AH (1461 CE), the Bahmani throne passed to his minor son Nizam-ud-Din Ahmad III, under the regency of Mahmud Gawan, Khwaja-i-Jahan Turk, and Queen Nargis Begum. Exploiting this instability, Gajapati Kapileshwar of Orissa invaded Telangana, but was defeated and forced to pay heavy indemnity. Sensing further opportunity, Mahmud Shah Khalji of Malwa, while outwardly maintaining diplomatic courtesies, advanced militarily into Bahmani territory.

On 20 Muharram 866 (25 October 1461 CE), Mahmud Khalji’s army crossed the Narmada, subdued Asir, and advanced deep into the Deccan. The decisive Battle of Maheskar, fought on the River Manjar near Balapur on 12 Jumada I 866 (12 February 1462 CE), became one of the most dramatic confrontations of the era. Initially suffering losses — including Mahabat Khan and Zahur-ul-Mulk — and with Prince Ghiyath Shah wounded, the Malwa forces appeared on the brink of defeat. However, the personal valor of Sultan Mahmud reversed the outcome, transforming an impending loss into a resounding victory.

The Bahmani regent Sikandar Khan, fearing for the young king’s life, fled to Bidar, which soon fell under Mahmud Khalji’s control. By the campaign’s end, Malwa had annexed Berar, Bir, and Daulatabad, consolidating its dominance in the Deccan.

This unique gold issue of AH 866 likely commemorates that victory and Ghiyath’s prominent role in the campaign.

A newly discovered and historically momentous coin — the first of its kind ever offered at public auction.

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