1 Beslik – Aleppo Eyalet

In 1640, the currency situation in Aleppo Eyalet, a pivotal Ottoman province and global trade hub, was characterized by severe instability and a profound monetary crisis. This was primarily driven by the empire-wide "Great Debasement" of the silver akçe, which had been aggressively pursued by the central treasury since the 1580s to cover fiscal shortfalls. By 1640, the silver content of the akçe had been reduced to a fraction of its original value, causing rampant price inflation, a collapse in public confidence, and widespread hoarding of older, purer coins. In a mercantile city like Aleppo, where international transactions were paramount, this debasement disrupted all established exchange rates and contractual agreements.

The local economy responded by effectively sidelining the official currency for large-scale commerce. European merchant companies and local traders alike increasingly conducted business using a mosaic of high-value foreign coins, most notably the Spanish silver real (piece of eight) and the Dutch leeuwendaalder. These stable, externally minted currencies became the de facto units of account for wholesale trade, particularly in silk and spices, creating a dual monetary system. The Ottoman state attempted to introduce the para as a new unit, but in Aleppo, the disconnect between the debased official coinage and the sound "merchant money" created constant friction and complexity in daily transactions.

This monetary chaos was exacerbated by Aleppo's specific role as a fiscal engine for the empire. The eyalet was a major source of tax revenue, which the state demanded in sound currency, placing immense pressure on local governors and financiers. Furthermore, the "sarrafs" (money changers and bankers) of Aleppo gained extraordinary power as the essential intermediaries who could navigate this fractured system, assessing coin purity and facilitating exchange. Thus, by 1640, the currency situation reflected a broader Ottoman administrative strain, where the empire's financial policies were undermining the very commercial vitality of its most prosperous provinces.