The term "Ottoman Turkish piastre" refers to a unit of currency that was used in the late Ottoman Empire, primarily during the 19th and early 20th centuries. The piastre was a silver coin denomination, which served as a standard unit of exchange in many regions encompassing present-day Turkey, parts of the Balkans, and the Middle East.
The Ottoman Turkish piastre represented a fraction of the larger currency system, where higher denominations included the kurush and lira. However, due to hyperinflation and economic turmoil during the period, the piastre became the de facto currency in everyday transactions, and larger denominations were rarely used.
The Ottoman Turkish piastre had various denominations, including the 20 piastres, 40 piastres, and 100 piastres. The coins featured inscriptions in Turkish and Arabic, with intricate calligraphy and decorative elements. The piastre was minted in silver, which provided its intrinsic value and ensured its acceptance in trade and commerce.
Over time, the piastre lost its significance as the Ottoman Empire faced economic decline and political upheaval. After the establishment of the Turkish Republic in 1923, the Ottoman Turkish piastre was gradually replaced by the new Turkish currency, the Turkish lira.
In summary, the Ottoman Turkish piastre was a silver coin denomination that served as a measure of currency in the declining years of the Ottoman Empire. It played a crucial role in everyday transactions, encompassing regions in the Middle East, the Balkans, and Turkey, before being phased out in favor of the Turkish lira.
