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EXCHANGE-RATE POLICIES IN FIFTEENTH-CENTURY EGYPT*) BY BOAZ SHOSHAN (Ben-Gurion University, Beersheva) Significant progress has been registered in recent years in the study of Egypt's monetary system in the Mamluk era, especially during the reign of the Circassian Mamluks (1382-1517). What has attracted scholarly interest may be listed under two main headings. One is Egypt's bullion-specie supply and the effect of the country's position vis-a-vis the "international" monetary flow on the shaping of its monetary system and organization. The other is Mamluk policies with regard to various monetary issues. Concerning the question of supply, the utilization of Western ar- chival material and of Arabic chronicles has established that late medieval Egypt was almost totally dependent on European metallic reserves'). It also becomes now clear that, following a marked decline in the flow of European silver eastward in the second half of the four- teenth century, copper money played an important role in fifteenth- century Egypt2). Mamluk monetary policies have been examined 29 with respect to the three Egyptian currencies, gold, silver, and cop- per. As a result we know that starting in ca. 1400 the Circassian regime strove to replace the foreign gold coins (the Venetian ducat in particular)-then
Journal of the Economic and Social History of the Orient – Brill
Published: Jan 1, 1986
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