The first banknote in the Ottoman Empire was issued during the reign of Abdülmecit in 1839. They were not banknotes in the true sense of the term but were more like treasury bonds which brought interest. These banknotes were not printed but were written by hand and bore an official stamp. The interest rate on these banknotes was 8%. They were valid for eight years and amounted to 160,000 liras. Since these banknotes could be easily copied, they began to be printed in 1842 and handwritten ones were exchanged for the printed ones. The banknotes issued during the reign of Sultan Abdülmecit were in circulation for 23 years. Banknotes were issued for a second time during the reign of Abdulhamit II in 1876. The new banknotes called "kaime", went into circulation under the supervision of the Finance Ministry and were sponsored by the Ottoman Bank, founded in 1863. The Ottoman Bank was the first institution which had the privilege of issuing banknotes. These banknotes in denominations of 5, 10, 20, 50 and 100 kurush bore the stamps of both the Finance Ministry and the Ottoman Bank. In Ottoman times, banknotes were issued for a third time during the First World War. These banknotes which amounted to 161 million liras in a total series of seven were later transferred to the Turkish Republic after 1915 under the name, (cash documents).
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P# Standard Catalog of World Paper Money
by George S. Cuhaj
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