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

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  • Pamuk, Åževket

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.

Suggested Citation

  • Pamuk, Åževket, 1997. "In the Absence of Domestic Currency: Debased European Coinage in the Seventeenth–Century Ottoman Empire," The Journal of Economic History, Cambridge University Press, vol. 57(2), pages 345-366, June.
    • Handle: RePEc:cup:jechis:v:57:y:1997:i:02:p:345-366_01
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    Cited by:

    1. Melike Bildirici & Özgür Ömer ERS?N & Elçin Aykaç ALP, 2008. "An Empirical Analysis of Debt Policies, External Dependence, Inflation and Crisis in the Ottoman Empire and Turkey: 1830-2005 Period," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 8(2), pages 79-100.
    2. Sussman, Nathan & Zeira, Joseph, 2003. "Commodity money inflation: theory and evidence from France in 1350-1436," Journal of Monetary Economics, Elsevier, vol. 50(8), pages 1769-1793, November.

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