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KÜÇÜKKALAY, A. Mesud-ELİBOL, Numan
The Reasons and the Mechanism of Coin Trade between Europe and the Ottoman Empire
By the eighteenth century the coin trade conducted by the European merchants in the Ottoman Empire has
gained momentum. This trade as reflected in the Ottoman documents was considered undesirable and was attempted to be
banned from time to time by the Ottoman State. But nevertheless, this trade went on to be conducted by the Ottoman and
foreign merchants who benefited from it. This study brings into light the major problems seen Ottoman monetary system
and tries to clarify the reasons why this trade was conducted, how it operated and which economic rationality was instrumental
in the profits of the merchants. This study also aims to open into discussion the solutions brought into two major
questions. The first question is how two different species each with different amount of precious metals can be exchanged
with each other. The second question focuses on one of the most important reasons why this exchange could be possible.
How the Ottoman merchants who received foreign coins with a lower amount of precious metals in return for Ottoman
coins with higher amount could make profits from their deal and why the Ottoman merchants and people admitted the
European debased coin.
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