40 Para - Mahmud II type A

Tripoli's regency coinage of this period occupies an awkward administrative space — nominally Ottoman, practically autonomous. The Karamanli dynasty had governed Tripoli as a hereditary pashalik since 1711, and while coins were struck in the name of the reigning sultan, local monetary policy answered first to Yusuf Karamanli, whose tenure was marked by chronic fiscal pressure, not least from the ongoing costs of the First Barbary War concluded just three years prior. Billon issues like this one reflect that squeeze — a debased alloy stretching limited silver reserves.