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In 1885, Egypt went into a purely gold standard, and the Egyptian pound unit, known as the juneih, was introduced at E£1 = 7.4375 grammes of fine gold. This unit was chosen on the basis of the gold content in the British gold sovereign and maintaining the exchange value of 97.5 piastres to the pound sterling, and it replaced the Egyptian ...
The Ptolemaic dynasty introduced standard coinage to Egypt, where pre-existing native dynasties made only very limited use of coins. Egyptian gold stater was the first coin ever minted in ancient Egypt around 360 BC during the reign of pharaoh Teos of the 30th Dynasty. These coins were used to pay salaries of Greek mercenaries in his service.
The piastre was based on the Turkish kuruş, introduced while Egypt was part of the Ottoman Empire. As in Turkey, debasement lead to the piastre falling significantly in value. In 1834, the pound, or gineih (Arabic), was introduced as the chief unit of currency, worth 100 piastre. The piastre continues in use to the present day as a subdivision ...
Hence the name piastre referred to two distinct kinds of coins in two distinct parts of the world, both of which had descended from the Spanish pieces of eight. Because of the debased values of the piastres in the Middle East, these piastres became subsidiary units for the Turkish, Lebanese, Cypriot, and Egyptian pounds. [1]
Since the trading of gold and silver coins in Egypt and until 1834, there was no one unit of currency to unify the country. In 1834, a decree was realised stating the forging of an Egyptian currency based on the two metals (gold and silver). In accordance with said decree, the minting of a currency in the shape of gold and silver Riyals began.
These included Egypt, Saudi Arabia, Syria, Lebanon and Turkey itself. Others, including Jordan and Sudan , adopted the kuruş as a denomination when they established their own currencies. At the beginning of the 19th century, silver coins were in circulation for 1 akçe, 1, 5, 10 and 20 para, 1, 2 and 2 + 1 ⁄ 2 kuruş, together with gold ...
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Neither representative nor fiat money, Gordon’s notes were more promissory in nature, and were personally guaranteed, [13] [14] with the backing of the Egyptian government. [14] Accepted by both merchants and soldiers, [ 15 ] the notes initially provided economic relief and trade stimulus, [ 16 ] but had begun to depreciate by July.
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