Hostname: page-component-7479d7b7d-qlrfm Total loading time: 0 Render date: 2024-07-12T06:31:02.113Z Has data issue: false hasContentIssue false
  • English
  • Français

In the Absence of Domestic Currency: Debased European Coinage in the Seventeenth–Century Ottoman Empire

Published online by Cambridge University Press:  03 March 2009

Şevket Pamuk
Şevket Pamuk
Affiliation:
Professor, Department of Economics, Boğaziçi University, Bebek, Istanbul 80815, Turkey.
Get access Rights & Permissions [Opens in a new window]

Abstract

The Near East was subject to many of the same fiscal and monetary forces that affected Europe and parts of Asia during the early modem era. For almost two decades during the seventeenth century, debased European coinage circulated widely in Ottoman markets at values far above their specie content. This article provides an explanation in terms of Ottoman fiscal deficits, currency instability, currency substitution, and decline in local silver mines all of which led to the closure of mints. The reasons behind the conspicuous absence of Ottoman copper coinage during this period are also explored.

Type
Articles
Information
The Journal of Economic History , Volume 57 , Issue 2 , June 1997 , pp. 345 - 366
Copyright
Copyright © The Economic History Association 1997

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Attman, Artur. “The Flow of Precious Metals along the Trade Routes between Europe and Asia up to 1800.” In Asian Trade Routes, edited by Karl, Reinhold Haellquist, 7–20. London: Scandinavian Institute of Asian Studies, 1991.Google Scholar
Barkan, Ömer Lütfi. Zirai Ekonominin Mali ve Hukuki Temelleri, Kanunnameler Cilt 1. Istanbul, 1942.Google Scholar
Barkan, Ömer Lütfi. “The Price Revolution of the Sixteenth Century: A Turning Point in the Economic History of the Near East.” International Journal of Middle East Studies 6 (1975): 3–28.CrossRefGoogle Scholar
Barrett, Ward. “World Bullion Flows, 1450–1800.” In The Rise of Merchant Empires, edited by Tracy, James D., 224–54 Cambridge: Cambridge University Press, 1990.CrossRefGoogle Scholar
Berkes, Niyazi. Türkiye Iktisat Tarihi, Cilt II, Istanbul: Gerçek Yayinlari, 1970.Google Scholar
Bordo, Michael D. “Money, Deflation and Seigniorage in the Fifteenth Century.” Journal of Monetary Economics 18 (1986): 337–46.CrossRefGoogle Scholar
Chardin, Chevalier. Voyages du Chevalier Chardin en Perse et aux Indes Orientales. London, 1686.Google Scholar
Chaudhuri, K. N.The Trading World of Asia and the English East India Company 1660–1760. Cambridge and New York: Cambridge University Press, 1978.CrossRefGoogle Scholar
Cipolla, Carlo M.Money, Prices and Civilization in the Mediterranean World. Princeton: Princeton University Press, 1956.Google Scholar
Cipolla, Carlo M. “Currency Depreciation in Medieval Europe.” Economic History Review 15 (1963): 413–22.CrossRefGoogle Scholar
Cipolla, Carlo M.The Monetary Policy of Fourteenth-Century Florence. Berkeley: University of California Press, 1982.Google Scholar
Çizakça, Murat. “Price History and the Bursa Silk Industry: A Study in Ottoman Industrial Decline, 1550–1650.” this Journal 40, (1980): 533–49.Google Scholar
Erüreten, Metin. “Osmanli Akçeleri Darp Yerleri”. The Turkish Numismatic Society Bülten, 17 (1985): 12–21.Google Scholar
Establet, Colette, and Jean-Paul, Pascal. “Damascene Probate Inventories of the 17th and 18th Centuries: Some Preliminary Approaches and Results.” International Journal of Middle East Studies 24 (1992): 373–93.CrossRefGoogle Scholar
Flynn, Dennis O., and Giraldez, Arturo. “Born with a ‘Silver Spoon’: The Origin of World Trade in 1571.” Journal of World History 6(1995): 201–21.Google Scholar
Faroqhi, Suraiya. “The Early Histoiy of Balkan Fairs.” Südost-Forschungen 37 (1978): 50–68.Google Scholar
Faroqhi, Suraiya. “Sixteenth Century Periodic Markets in Various Anatolian Sancaks.” Journal of the Economic and Social History of the Orient 22 (1979): 32–80.Google Scholar
Faroqhi, Suraiya. “Crisis and Change, 1590–1699”, In The Ottoman Empire: Its Economy and Society: 1300–1914,” edited by Inalcik, H. and Quataert, D., 411–636. Cambridge: Cambridge University Press, 1994.Google Scholar
Faroqhi, Suraiya, and Erder, Leila. “Population Rise and Fall in Anatolia, 1550–1620.” Middle Eastern Studies 15 (1979): 322–45.Google Scholar
Gaastra, F. S. “The Exports of Precious Metals from Europe to Asia by the Dutch East India Company.” In Precious Metals in the Later Medieval and Early Modern Worlds, edited by Richards, J. F., 447–76. Durham, North Carolina: Carolina Academic Press, 1983.Google Scholar
Gerber, Haim. “The Monetary System of the Ottoman Empire.” Journal of the Economic and Social History of the Orient 25 (1982): 308–24.CrossRefGoogle Scholar
Grierson, Philip. “The Monetary Pattern of Sixteenth Century Coinage”. Transactions of the Royal Historical Society, Fifth Series 21 (1971): 45–60.CrossRefGoogle Scholar
Hasluck, F. W. “The Levantine Coinage.” Numismatic Chronicle, Fifth Series 1 (1921): 339–91.Google Scholar
Inalcik, Halil. “Military and Fiscal Transformation in the Ottoman Empire, 1600–1700.” Archivum Ottomanicum 6 (1980): 283–337.Google Scholar
Inalcik, Halil. “Osmanli Idare, Sosyal ve Ekonomik Tarihiyle Ilgili Belgeler: Bursa Kadi Sicillerinden Seçmeler.” Türk Tarih Kurumu, Belgeler 10, no. 14 (1981): 1–91.Google Scholar
Jennings, Ronald C. “Loans and Credit in Early 17th Century Ottoman Judicial Records.” Journal of the Economic and Social History of the Orient 16 (1973): 168–216.Google Scholar
Kafadar, Cemal. “Les Troubles Monetaires de la Fin du XVIe Siecle et la Prise de Conscience Ottomane du Declin.” Annales, Economies, Societes, Civilisations 46 (1991): 381–400.CrossRefGoogle Scholar
Kindleberger, Charles P. “The Economic Crisis of 1619 to 1623.” this Journal 51, no. 1 (1991): 149–175.Google Scholar
Kütükoğlu, Mübahat S.Osmanlilarda Narh Müessesesi ve 1640 Tarihli Narh Defleri. Istanbul: Enderun Yayinevi, 1983.Google Scholar
Mantran, Robert. Istanbul dans la seconde Moitie du XVIIe Siecle. Paris, 1962.Google Scholar
Mantran, Robert. “Politique, Economie et Monnaie dans l’empire Ottoman au XVIIeme Siecle.” In Social and Economic History of Turkey (1071–1920), Papers Presented to the First International Congress, edited by Okyar, O. and Inalcik, H., 123–25. Ankara, 1980.Google Scholar
Masters, Bruce. The Origins of Western Economic Dominance in the Middle East: Mercantilism and the Islamic Economy in Aleppo, 1600–1750. New York: New York University Press, 1988.Google Scholar
Miskintin, Harry. Money and Power in Fifteenth Century France. New Haven: Yale University Press, 1984.CrossRefGoogle Scholar
Motomura, Akira. “The Best and Worst of Currencies: Seigniorage and Currency Policy in Spain, 1597–1650” this Journal 54, no. 1 (1994), 104–27.Google Scholar
Munro, John H. “Deflation and the Petty Coinage Problem in the Late-Medieval Economy: The Case of Flanders, 1334–1484.” Explorations in Economic History 25 (1988): 387–423.CrossRefGoogle Scholar
Murphey, Rhoads. “Silver Production in Rumelia According to an Official Ottoman Report Circa 1600.” Südost-Forschungen 39 (1980): 75–104.Google Scholar
Pamuk, Şevket. “The Disintegration of the Ottoman Monetary System during the Seventeenth Century.” Princeton Papers in Near Eastern Studies 2 (1993): 67–81.Google Scholar
Pamuk, Şevket. “Money in the Ottoman Empire, 1326 to 1914.” In The Ottoman Empire: Its Economy and Society: 1300–1914,” edited by Inalcik, H. and Quataert, D., 947–85. Cambridge: Cambridge University Press, 1994.Google Scholar
Rycaut, Paul. History of the Turkish Empire from the year 1623 to the year 1677. London, 1680.Google Scholar
Sahillioğlu, Halil. “Bir Asirhk Osmanli Para Tarihi.” Diss. for docent. University of Istanbul, 1965.Google Scholar
Sahillioğlu, Halil. “XVII. Asrin ilk Yarisinda Istanbul’da Tedavüldeki Sikkelerin Raici.” Türk Tarih Kurumu, Belgeler 1, No. 2 (1965), Ankara, 227–34.Google Scholar
Sahillioğlu, Halil. “Bakir Para Üzerine bir Enflasyon Denemesi (H. 1099–1103/M. 1687–1691).” The Turkish Numismatic Society Bülten 10 (1982): 7–40.Google Scholar
Sahillioğlu, Halil. “The Role of International Monetary and Metal Movements in Ottoman Monetary History. In Precious Metals in the Later Medieval and Early Modern Worlds, edited by Richards, J. F., 269–304. Durham. North Carolina, 1983.Google Scholar
Schaendlinger, Anton C.Osmanische Numismatik. Braunschweig, 1973.Google Scholar
Shaw, Stanford J.History of the Ottoman Empire and Modern Turkey. Vol. 1. 1280–1808. Cambridge and New York: Cambridge University Press, 1976.Google Scholar
Shaw, W. A.The History of Currency, 1252 to 1894. New York and London: G. P. Putnam’s Sons and Clement Wilson, 1896.Google Scholar
Spooner, Frank C.The International Economy and Monetary Movements in France. Cambridge, MA: Harvard University Press, 1972.Google Scholar
Spufford, Peter. Money and Its Use in Medieval Europe. Cambridge: Cambridge University Press, 1988.CrossRefGoogle Scholar
Steensgaard, Niels. The Asian Trade Revolution of the Seventeenth Century: The East India Companies and the Decline of the Caravan Trade. Chicago: The University of Chicago Press, 1974.Google Scholar
Sundhaussen, Holm. “Die ‘Preisrevolution’ im Osmanischen Reich wahrend der zweiten Halfte des 16. Jahrhundrets.” Südost-Forschungen 42 (1983): 169–81.Google Scholar
Sussman, Nathan. “Debasements, Royal Revenues and Inflation in France during the Hundred Years’ War, 1415–1422.” this JOURNAL 53, no.1 (1993): 44–70.Google Scholar
Tabakoğlu, Ahmet. Gerileme Döneminde Osmanli Maliyesi. Istanbul: Dergah Yayinlari, 1985.Google Scholar
Tavernier, J. B.A New Relation of the Inner-Port of the Grand Seignor’s Seraglio. London, 1677.Google Scholar
Von, Glahn Richard. “Myth and Reality of China’s Seventeenth Century Monetary Crisis.” this JOURNAL 56, no. 2 (1996): 429–54.Google Scholar
Ze’evi, Dror. An Ottoman Century, The District of Jerusalem in the 1600s. Albany: State University of New York Press 1996.Google Scholar