Dirhem – Baghdad Eyalet
Iraq
Context
Year: 1618
Country: Iraq 
Issuer: Baghdad Eyalet
Ruler: Osman II
Currency:
(1535—1688)
Demonetized: Yes
Material
References
KM: #Click to copy to clipboard12
Numista: #142475
Value
Bullion value: $13.44
Obverse
Description:
Brief words,
carved in stone,
to honor a life,
remember a name,
and speak across time.
carved in stone,
to honor a life,
remember a name,
and speak across time.
Reverse
Edge
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1618 | — | — |
Historical background
In 1618, the currency situation in Baghdad Eyalet, a crucial Ottoman province, was characterized by instability and the pressures of imperial monetary policy. The primary circulating coin was the Ottoman silver akçe, but its value was in long-term decline due to repeated debasements by the central mint in Istanbul. These debasements, intended to finance imperial military campaigns and budgetary shortfalls, reduced the silver content of the coinage, leading to price inflation and a loss of public confidence. In a major trade hub like Baghdad, this instability was acutely felt in the bazaars, disrupting local commerce and complicating tax collection, which was often assessed in nominal akçe sums.
Alongside the official Ottoman coinage, a diverse array of foreign currencies circulated freely, a testament to Baghdad's role as a nexus of regional trade. The most important of these was the Iranian abbasi, a high-quality silver coin from the neighboring Safavid Empire. Its reliability often made it more desirable than the debased akçe for large commercial transactions. Spanish reales (pieces of eight) also flowed into the economy via Indian Ocean and overland trade routes, linking Baghdad to the global flow of New World silver. This monetary pluralism created a complex exchange environment where merchants and money changers (sarrafs) had to constantly negotiate rates between official, inferior Ottoman coins and stronger foreign specie.
The provincial government faced significant challenges in this environment. While taxes and official accounts were kept in the nominal akçe, the actual fiscal reality was dictated by the market value of silver. Governors had to navigate the disconnect between the central treasury's demands and local economic conditions, often relying on the expertise of local financial intermediaries. Thus, the currency situation in 1618 reflected both the weakening control of the Ottoman central mint and the enduring, market-driven integration of Baghdad into wider regional and global economic networks, setting the stage for continued monetary turbulence in the decades to come.
Alongside the official Ottoman coinage, a diverse array of foreign currencies circulated freely, a testament to Baghdad's role as a nexus of regional trade. The most important of these was the Iranian abbasi, a high-quality silver coin from the neighboring Safavid Empire. Its reliability often made it more desirable than the debased akçe for large commercial transactions. Spanish reales (pieces of eight) also flowed into the economy via Indian Ocean and overland trade routes, linking Baghdad to the global flow of New World silver. This monetary pluralism created a complex exchange environment where merchants and money changers (sarrafs) had to constantly negotiate rates between official, inferior Ottoman coins and stronger foreign specie.
The provincial government faced significant challenges in this environment. While taxes and official accounts were kept in the nominal akçe, the actual fiscal reality was dictated by the market value of silver. Governors had to navigate the disconnect between the central treasury's demands and local economic conditions, often relying on the expertise of local financial intermediaries. Thus, the currency situation in 1618 reflected both the weakening control of the Ottoman central mint and the enduring, market-driven integration of Baghdad into wider regional and global economic networks, setting the stage for continued monetary turbulence in the decades to come.
✨ Legendary