This week's Featured Web site is an online gallery of Bulgarian paper money.
In 1844 with a law passed by the Turkish Empire within borders of which was Bulgaria the bimetallic monetary, system was adopted in correlation gold: silver = 1: 15
The Turkish lira was adopted as main unit of currency. It contained 7,216 drams of gold with hallmark 916,6. Every Turkish lira was equal to 5 Turkish silver coins (medzhidia) and every medzhidia was equal to 20 groshes.
In 1863 the Empire Ottoman Bank was established and it had the rights to issue banknote (kaimeta). But the first Turkish paper money failed, because the Bank was very far and the traveling to it was very expensive and dangerous. Despite the enormous gold holding of the Bank the exchange of banknote was practically impossible. The people didn't trust those "paper pieces", and didn't accept them as units of currency. During that period different kinds of silver coins went into circulation and the gold (pendaras) were used in the most important deals.
Wayne Homren, Editor
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