This note was issued under the administration of the Ottoman Public Debt — the Düyun-u Umumiye — during one of the empire's most acute fiscal crises, precipitated by the catastrophic costs of suppressing the Balkan uprisings and the subsequent Russo-Turkish War of 1877–78. The empire had formally defaulted on its external debt in 1875, making any paper it issued during this window deeply suspect to holders.
The kaime notes of this series circulated under severe inflationary pressure and were frequently refused at face value in provincial markets. Exchange rates against gold coinage varied wildly depending on location and the political news of the week.
This note was issued under the administration of the Ottoman Public Debt — the Düyun-u Umumiye — during one of the empire's most acute fiscal crises, precipitated by the catastrophic costs of suppressing the Balkan uprisings and the subsequent Russo-Turkish War of 1877–78. The empire had formally defaulted on its external debt in 1875, making any paper it issued during this window deeply suspect to holders.
The kaime notes of this series circulated under severe inflationary pressure and were frequently refused at face value in provincial markets. Exchange rates against gold coinage varied wildly depending on location and the political news of the week.