5 Livres

The Ottoman Public Debt Administration was not a bank — it was an international creditor body established by the 1881 Muharrem Decree to manage the empire's defaulted sovereign debt on behalf of European bondholders. That it issued paper currency at all is a wartime anomaly. By 1916, the empire's financial system was under severe strain from World War I, and the OPDA's notes circulated alongside those of the Banque Impériale Ottomane in a crowded, increasingly unstable monetary environment.

The series of which this is part represents one of the stranger institutional footnotes in Ottoman monetary history — a debt administration acting as a currency issuer out of wartime necessity rather than any conventional banking mandate.