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Ottoman Empire
Mahmud II
1/4 Zer-i Mahbub Gold Coin
鄂圖曼帝國
馬哈茂德二世
1/4 澤爾伊·馬布金幣
Item number: A1329
Year: AD 1817 (AH 1233)
Material: Gold
Size: 12.0 x 12.0 mm
Manufactured by: Istanbul
Provenance: Heritage Auction 2024
This is a 1/4 “Zeri Mahbub” gold coin minted in the Ottoman Empire during the reign of Sultan Mahmud II. The coin features reeded edges and is adorned with intricate designs. On the obverse, the tughra of Mahmud II is prominently displayed, accompanied by two roses on right side. Surrounding the tughra is a decorative border with a beaded edge. The tughra contains the Sultan’s name and titles, while beneath it is an Arabic inscription that reads: “الملك لله” (“Al-Mulk Lillah”), meaning “Sovereignty belongs to Allah.”
The reverse side of the coin is inscribed in Arabic, detailing the year of the ruler’s reign, the mint location, and the year the coin was struck. This particular coin was minted in Istanbul during the 10th year of Mahmud II’s reign, corresponding to the Hijri year 1233. The detailed craftsmanship and inscriptions reflect both the artistic traditions and political authority of the Ottoman Empire during this period.
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.
Tracy L. Schmidt, Standard Catalogue Of World Coins 1801-1900 9th Edition(Stevens Point: Krause Publications, 2018)
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