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Ottoman Empire
Mahmud I
Zer-i Mahbub Gold Coin
鄂圖曼帝國
馬哈茂德一世
澤爾伊·馬布金幣
Item number: A1345
Year: AD 1730 (AH 1143)
Material: Gold
Size: 18.8 x 18.2 mm
Manufactured by: Istanbul
Provenance: Heritage Auctions 2024
This is a “Zer-i Mahbub”gold coin minted during the reign of Sultan Mahmud I of the Ottoman Empire. The coin features a milled edge, and on its obverse side, Sultan Mahmud I’s “Toughra ” (imperial monogram) is visible. The “Toughra” includes the Sultan’s name and title, his father’s name, the mint location, and the phrase “Always Victorious,” a common inscription found on Ottoman Empire coins. The reverse side contains four lines of Arabic text, which translate to: “Sultan of the two lands, Sovereign of the two seas, Sultan by inheritance, Son of a Sultan.” The “two lands” refer to Asia and Europe, while the “two seas” denote the Mediterranean and the Black Sea.
In the early sixteenth century AD, the Ottoman Empire’s currency system was generally divided into three types. The first and most valuable were gold coins, typically used by merchants, money changers, financiers, high-ranking officials, and medium or large-scale business owners for major transactions. Gold coins were also frequently used for payments of salaries, rewards, and ransoms by the Ottoman government, and were widely circulated within political and administrative circles. The second type of currency was the “akçe”, a silver coin that held a lower value than gold. The “akçe” was the most commonly used currency in the Ottoman Empire, often used in small-scale daily trade, and was frequently subject to debasement by government policy. The third and least valuable type was the “mangir”, a copper coin used primarily for minor daily transactions.
Among the gold coins minted by the Ottoman Empire, the “Sultani” coin was the most widely circulated in the market, dominating from the late fifteenth century through the seventeenth century AD. However, between AD 1697 and 1754, several new types of gold coins emerged, including the “Zer-i Mahbub”. The term “Zer-i Mahbub” translates to “Beloved Gold.” This coin, along with others, continued to be minted by the Ottoman government until the early nineteenth century AD. Gold coins minted in Istanbul consistently maintained high standards, resulting in a gold content significantly higher than that found in coins minted in regions such as Egypt, Tripoli, and Tunisia.
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)
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