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Ottoman Empire
Abdülmecid I
50 Qirsh
鄂圖曼帝國
阿卜杜勒-邁吉德一世
50庫魯什
Item number: A1333
Year: AD 1852-1853 (AH 1255)
Material: Gold
Size: 17.0 x 17.0 mm
Manufactured by: Egypt
Provenance: Heritage Auctions 2024
This is a coin from the Ottoman Empire, minted during the reign of Sultan Abdulmejid I. It has a denomination of 50 Qirsh. The coin features a toothed edge, and the obverse showcases the sultan’s tughra, along with the denomination and a rose motif. The reverse bears an inscription in Arabic, indicating the year and mint location, confirming that it was minted in Egypt in the year AH 1255.
Among the Ottoman Empire’s minted gold coins, the Sultani gold coin was the most widely circulated in the market. From the late 15th century to the 17th century AD, Sultani coins dominated the market. However, between AD 1697 and 1754, various new gold coin types emerged. In Egypt, the Sultani coin was gradually replaced in the late 17th century AD by these new coins, resulting in a diverse circulation of gold coins in the market.
Ottoman Empire coins in the early 16th century AD were generally divided into three types. First were the gold coins, which were the highest value and typically used in transactions by merchants, money changers, financiers, high-ranking officials, and medium-to-large industrialists. Gold coins were also often used for government payroll, rewards, and ransom payments, circulating widely within political and administrative institutions. The second most valuable currency was the Akçe silver coin, the primary currency of the Ottoman Empire, frequently used in small-scale daily trade and often affected by government-imposed currency devaluation. Lastly, the Mangir copper coin, the least valuable, was used primarily for small daily transactions.
In the late 17th century AD, due to population growth and the resulting increase in economic activity, coupled with rising government expenditures, there was a substantial demand for more currency, leading to a shortage of the previously common Akçe silver and Mangır copper coins. To address this issue, the Ottoman government introduced a new currency denomination, the Qirsh, initially set for silver coins, with a rate of 1 Qirsh equaling 120 Akçe. This exchange rate remained stable until the drastic devaluation in AD 1760 and was widely adopted throughout the Ottoman Empire’s territories.
Friedberg, Robert, Gold coins of the world : complete from 600 A.D. to the present : an illustrated standard catalogue with valuations ( New York:Coin and Currency Institute , 1980)
Tolga Akkaya, “The Evolution Of Money In The Ottoman Empire, 1326-1922,”(M.A. THESIS, bilkent university, 1999)
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SEVKET PAMUK, “The Evolution Of Money In The Ottoman Empire, 1600–1914,” Financial History Review, 11(1), 2004, pp. 7–32
Muhammad Ishak Razak & Asmak Ab Rahman, “Money In Islamic Civilisation: From The Prophet Muhammad (Pbuh) Until The Ottoman Caliphate,” Economic and Management Research Journal, 14(11), 2021, pp. 59-78