Monetary System in the Empire: Metal coins

The Ottoman Empire stood at the crossroads of intercontinental trade at the dawn of a new era called, capitalism. It was a time when the citizens of different empires and nations were starting to get together to trade.

For the empire, during the early days of capitalism, the metal coins used as currency were a major symbol of sovereignty, and one of the leading means of exchange. Throughout the 15th and 16th centuries, Ottoman coins, particularly gold coins competed with foreign currencies, since the quality of the coins were exceptional.

However, over time, and due to numerous wars, the empire became unable to meet financial obligations and was forced to devalue the currency.

The problems were coming for the empire, not yet surfaced, but coming in the next centuries, when the slow decline began, since devaluing currency was not the proper and smart action to take.

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