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Gold coins continued to be minted after the abolition of the gold standard, even into the 1920s, but their value far exceeded the value of the equivalent denominations in paper currency. The central Ottoman Bank first issued paper currency known as kaime in 1862, in the denomination of 200pt. The notes bore texts in Turkish and French.
kuruşlar) is a Turkish currency subunit, with one Turkish lira equal to 100 kuruş as of the 2005 revaluation of the lira. Until the 1844 subdivision of the former Ottoman gold lira, the kuruş was the standard unit of currency within the Ottoman Empire, and was subdivided into 40 para or 120 akçe.
The para (Ottoman Turkish: پاره, romanized: pare, para, from Persian پاره, Sorani Kurdish: پارە pâre, 'piece'; [1] [2] Cyrillic: пара) was a former currency of the Ottoman Empire, Turkey, Egypt, Montenegro, Albania and Yugoslavia and is the current subunit, although rarely used, of the Serbian dinar.
In a currency, there is usually a main unit (base) and a subunit that is a fraction of the main unit. In some countries, there are multiple levels of subunits. In the former Ottoman Empire, 1 lira = 100 [kuruş] = 4000 para = 12000 [akçe].
In the Ottoman Empire, the word piastre was a colloquial European name of Kuruş. Successive currency reforms by debasing the Ottoman currency had reduced the value of the Ottoman piastre by the late 19th century so as to be worth about two pence (2d) sterling.
The Venetian lira was one of the currencies in use in Italy and due to the economic power of the Venetian Republic a popular currency in the Eastern Mediterranean trade. During the 19th century, the Ottoman Empire and the Eyalet of Egypt adopted the lira as their national currency, equivalent to 100 piasters or kuruş. When the Ottoman Empire ...
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The economic history of the Ottoman Empire covers the period 1299–1923. Trade, agriculture, transportation, and religion make up the Ottoman Empire 's economy. The Ottomans saw military expansion of currency, more emphasis on manufacturing and industry in the wealth-power-wealth equation, and moving towards capitalist economics comprising ...