The Influence of 1688—1691 Monetary Reform of Suleiman II on Currency Circulation of Akkerman

Abstract

The article deals with the currency circulation in Akkerman in the late 17^th century, when the first Ottoman machine-struck coins appeared in the city. Since the late 16^th century the Ottoman monetary system experienced a crisis. In 1584—1586 the weight standard of akçe (basic Ottoman silver denomination) was reduced from 0.683 g to 0.384 g. Throughout the 17^th century it continued reducing. In 1688 it was equal to 0.188 g. Until the 1688—1691 monetary reform the Ottomans failed to provide a sufficient volume of coinage at their mints required for resisting an influx of the European coins, because they still used traditional hand tool coinage technology.

Toward the end of Mehmed IV’s reign (1648—1687), in 1686 the Ottoman government imported from France new equipment for mechanical coinage of copper (mangirs). However, the first release of coins for circulation started only in September 1688, during the reign of Suleiman II (1687—1691).

The debasement of akçe carried out in 1584—1586 did not affect the currency circulation in Akkerman as severely as in the Principality of Moldavia, where akçes have almost completely disappeared from circulation. At the same time an influx of akçes to Akkerman continued, being considerably reduced only since the mid 17^th century, as evidenced by coin finds from this city, among which only one akçe of Mehmed IV is known so far. The need of the local market for money supply was met with Egyptian paras or medinis and old issues of akçes cut to late 17^th century weight standard. In addition, coins of different European states also circulated in the city. The 17^th century Ottoman silver coins were driven out from circulation of Akkerman by a massive influx of machine-struck mangirs. Among the latter the finds of forgeries with barbarized legend are known. Production of these coins provided counterfeiters with considerable revenue. Issue of mangirs continued after Ahmed II’s accession to the throne in July, 1691. However, soon, in November of the same year, it was ceased and mangirs were withdrawn from circulation. Owing to their short-term issue, the finds of mangirs of Ahmed II in Akkerman are few in number comparing to those of Suleiman II (10 and 108 items respectively). Having started during Suleiman II’s monetary reform, a transitional period to adoption of the new Ottoman monetary system in Akkerman was completed in the early 18^th century, indicated by the finds of machine-struck paras and zolta of this sultan.