Larin – Basra Eyalet

In 1566, the currency situation in Basra Eyalet, a key Ottoman province at the head of the Persian Gulf, was characterized by a complex and often chaotic multiplicity of coins. The official Ottoman monetary system, based on the silver akçe and the gold sultani, was legally in force. However, the eyalet's role as a major international trading hub meant that a plethora of foreign currencies circulated freely and were essential for commerce. Merchants commonly used Spanish silver reales, Venetian ducats, Persian shahis, and various Indian and Portuguese coins, creating a dynamic but unstable financial environment where exchange rates fluctuated based on trade flows, metal purity, and merchant agreements.

This monetary diversity was driven by Basra's critical position in regional and long-distance trade networks. The city was a vital node connecting the Ottoman Empire to the Indian Ocean, Persia, and the Arabian Peninsula. Large-scale transactions, especially in the lucrative spice, textile, and date trades, required reliable, high-value currency. The foreign silver coins, particularly the Spanish real, were often preferred for their consistent silver content and wide acceptability, sometimes even overshadowing the official Ottoman coinage in everyday commercial use. This practical reliance on external currency limited the Ottoman state's direct control over the local economy.

The Ottoman central administration attempted to manage this system by mandating that all taxes and official state business be conducted in Ottoman coinage, creating a constant need for money changers (sarrafs). However, chronic shortages of minted specie and the distance from the imperial capital often led to difficulties. Provincial authorities likely faced challenges in remitting revenues in the proper currency and in maintaining a stable local supply of akçe. Consequently, the currency situation in 1566 Basra was one of a de facto hybrid system, where imperial fiscal policy interacted with, and was often subordinated to, the practical demands of a globalized mercantile economy.