This palace was constructed by the Nawab Hoshang Shah, the predecessor of Nawab Mehmood Shah Khilji. The Palaces of Golden Coins (Asharfi Mahal) as the name indicates (Asharfi = Golden Coins) was developed as a school (Muslim Madarsa) or a Muslim education institution. On the same palace, Hoshang Shah also made a 7 storeyed tower in the memory of his victory over Rana Kumbha of Mewar. But at present only one storey of the tower is left. Among the building of this palace, the biggest is Jama Masjid. About 500 years ago the building was constructed according to the Afgani style of architecture. Its length and width are equal and its area is about 71832 sq. m. There are stairs to go up to the gate of the mosque. In front of the eastern gate, there are 3 tomb-like structures. With artistic carving on the nets, there are total 61 tombs on the terrace. On the western wall, the art of carving on the black stone (Sangenuma) is worth seeing. The Rewa Kund lake is thought to be holy. On the northern side, there is such a wheel to uplift the water that the water was reaching the Bahadur Mahal. Rani Roopmati made this lake wider and deep.