Piastres Sentence Examples
Partial relief was sought in the continual issue of debased currency (beshlik, altilik and their subdivisions), of which the excess of nominal value over intrinsic value ranged between 33 and 97%, and finally paper money (kaime) which was first issued in 1839, bearing an interest of 8%, reduced in 1842 to 6%, such interest being paid on notes of 500 piastres, but not on notes of 20 or 10 piastres, which were issued simultaneously.
The gold coins issued were 500, 250, 100, 50, and 25 piastres in value, the weight of the loo-piastre piece (Turkish pound), 7 .
In 1851 further attempts were made to withdraw the paper money from circulation, but these were interrupted by the Crimean War, and the government was, on the contrary, obliged to issue notes of 20 and io piastres.
It was transformed long since into a fixed amount per head of the animals taxed, which amount varies according to the region in which the tax is levied, the highest tariff being in the sanjak of Jerusalem (72 piastres) and the lowest in the Yemen (1 piastre).
The latter are bound to pay in to the local authorities all sums collected in five days in town districts, and in fifteen days in villages, if under 1500 piastres; sums of 1500 piastres and over are paid in at once.Advertisement
The silver coinage consisted of the mejidie (weight 24.055 grammes, 0.830 fine), equivalent to 20 piastres, and its subdivisions 10, 5, 2, I, and 2 piastre pieces.
The heavy depreciation in silver causing large losses to the government, free coinage was suspended in 1880, and the nominal value of the mejidie was reduced by decree to 19 piastres (105.26 piastres thus = £T1), while in the same year the debased currencies were reduced, altilik, the 6-piastre piece to 5 piastres, the 3-piastre piece to 22 piastres, the 12-piastre piece to 14 piastre; beshlik, the 5-piastre piece to 22 piastres, the 22-piastre piece to 1;-piastre; metallik, the 1-piastre piece to 2 piastre, the 2-piastre piece to 4 piastre, the *-piastre piece to a piastre - these values representing approximately the intrinsic value of the silver, at mejidie standard, contained in the debased coins.
The 20-piastre mejidie currency, in spite of the further enormous depreciation of silver since 1880, has scarcely varied in the Constantinople market, but has always remained at a discount of about 3% (between 108 and 109 piastres to the pound) under government rate; this is doubtless due to the fact that the demand and supply of the coins in that market are very evenly balanced.
The fractional mejidie coins (5, 2 and 1 piastres) are quoted at a separate rate in the market, usually at a premium over the 20-piastre piece.
Foreign gold coins, especially the pound sterling (par value 110 piastres) and the French 20-franc piece (par value 872 piastres) have free currency.Advertisement
Throughout Arabia and in Tripoli (Africa) the principal money used is the silver Maria Theresa dollar tariffed by the Ottoman government at 12 piastres.
The amounts of Turkish gold, silver and debased coinage in circulation are approximately £T16,500,000, in gold, £T8,70o,000 (940,000,000 piastres at 108) in silver mejidies and fractions, and 200,000,000 piastres in beshlik and metallik.
The fixed rent is pp piastres per jerib (about 10,000 square metres), to he paid whether the mine is worked or not.
The old terms his or purse (Soo piastres) and khazna or treasury (Iooo purses) are still occasionally used.
Their place has been taken by foreign gold, principally the English sovereign, which circulates at a value of 974 piastres.Advertisement
The copper coinage (113,000,000 piastres) and the paper currency (kaime) (1,600,000,000 piastres) referred to in the above sketch were withdrawn in 1880 by repudiation.
The general monetary confusion is greatly intensified by the fact that the piastre unit varies for almost every province; thus, while the pound at Constantinople is counted at 108 piastres silver, it is at about 127 piastres for one kind of transaction and 180 for another in Smyrna, 135 piastres at Adrianople, 140 at Jerusalem, and so forth, accounts being kept in " abusive piastres," which exist no longer.
In some districts there is a fixed price of blood; at Argyrokastro, for instance, the compensation paid by the homicide to the relatives of his victim is 1200 piastres (about £10), at Khimara 2000 piastres; once the debt has been acquitted amicable relations are restored.
The budget of 1907 balanced at 50,000,000 piastres.