Precious Metals in the Later Medieval and Early Modern Worlds Edited by J. F. Richards Carolina Academic Press Durham, North CarolinaGraph If: Coinage Outputs of England and the Low Countries Pounds Sterling Constant 158 ) ad the Low Countries ‘OF SSIS values | gold coinage outptsof England (1290-198) (1340-1498) Decensial means in constant pounds se “The aggregate silver and 130,000 120,000 English Teend Line of Regesion, 1350-1499 YiE'.2565 —WETTIN ENGLAND. 110,000 es Trend Line of Regression, 130-1499 Yn 9eo29 8 — 448 26X == ===== Low COUNTRIES Plnders 134089) Low Cou 80,000 3.092 3862 a 70,000 3 ee z 100,000 50,000 0,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 1500 © 7 6 so 2» 30 0 1400 30 40 9 6 7 80 20 0 5 Monetary movements in medieval Egypt, 1171-1517 JERE L. BACHARACH Goography is the sine qua non for understanding monetary movements in medieval Egypt.’ First, the Nile Valley was a crossroads for trade routes from ‘West Aftica, South Asia, Europe and Greater Syria-Iran-Central Asi Egyp- tian coins were an important item carried inthis international trade. Some- times metals left Egypt in the form of raw or worked gold, silver or copper. “Trade also brought gold, silver and copper into Eaypt, and this fact illas- trates the second geographic factor. During the years understudy, 1171-1517, Egypt, which lacked indigenous raw materials to produce dindr (gold coins). dirhams (silver coins) and fas (copper coins), was dependent upon earlier stocks or imports for these metals “The primary purpose of this essay (within the obvious limitations created by the data found in medieval sources) isto trace the flow of coins and metals into and out of Egypt. Quantitative data are lacking. A second goal is to ‘denity significant turning points within Egypt in terms of ts medieval monetary history. The medieval scholar l-Magrii wrote the fist sjstematic examination of the monetary and numismatic changes in Egypt.” His treatise, composed in 1415, has been the basis for almost every modern study. * In the mid-1950s_ Professor Andrew S, Ehrenkrevtz broke new ground by combining textual data with the numismatic evidence.* By 1970 new information and interpre- 1. The tem aie i dvivedfeom European wage and ims time period which nde inthe late 15th or erty lth century. I oes not imply any particular characteristics 10 Muslin soit: 2 Fort bie sketch of al-Magra’s contributions to monetary history, se Jere " TARCE, Bacharach's “Circassian Matluk Historians and Tei Quantitative Economic Dt XML 978) 77-78 3. The best dition of the Shudhir al: Ugid ff DhikralsNugid i Daniel Eustache, “fades de muminmatique et de metoogie usulmanes: I." Hespes-Famudd, X (1969) 95-19, Seep 189 for ais of ere editions ofthis work, One ofthe fst majo tiesto daw extensively Tram abMagea was ML de Bouard, "Sur Fevoltion monearie de VExypte ‘medivae," EC, XXX (1939) 427-458, ‘4 Andrew §, Ehrenkreute, “The Standard of Fineness of Gold Coins Circulating in Eaype sat the Time of the Crusade,” 7405, LXXIV (1984) 162-166, and "The Cass of dinars the Egypt of Saain.” AOS, LXXV (1986) 178.84 159160 JERE BACHARACH tations had been published by Ashtor, Balog and Watson, emong other scholars.° Within the last half decade the numberof publications directly and indirectly related to Egyptian monetary developments for the years under study has increased dramatcaly.* Scholars have divided the 350 yeas under survey int tree periods which coincide with major political divisions: * the Avyubid Period (1171-1250). the Bahri Mamluk Period (1250-1382), and + the Circassian Mamluk Period (1382-1517). ‘The first begins with the Sunni Muslim Kurd, Saladin (1171-1193), who deposed the Fatimid Shi'ite rulers of Egypt (969-1171). Until 1174 Saladin ‘ed allegiance to an overlord in Mosul. After this date he spent most of his career bringing Syria and Northern Iraq under his contol, and then fighting the Crusaders. Although the senior member of the Ayyubid family ruled from Csiro after Saladin’s death, the Ayyubids of Egypt rarely controlled Syria ‘The second or Bahri Mamluk Period begins in 1250, but it was only with the rule of the Sultan Baybars (1260-1277) that a strong government was established over Egypt and Syria. In fat, from 1260 until the Ottoman conquest in 1517, Syria ean be considered a province of Egypt. Almost all of 5, Forthemextthoroughbibigraph forthe pee-1963 years, sce Subbi Labi, andelgehicke Agen im Satie 1171-1817 Wiesbaden, 1968 Prot Egahu Ashors contributions include ro Books: Hise des prix det sales dom Poem midacal Pars, 1969), and Les esprit le balece des payomons du PrcheOnent la base epoque Pais, 1971), Besides numerous ales, Dr. Pal Balog published The Comage ofthe Mami San of Bvt, tnd Soa (New York 194) This ithe sale ox important wor om Mamluk umm. Dr. Balog as generously shared with the author the manasript of his frticoming corpus of| “The Coinage ofthe Axpubid.” T am most grate for his continuing help and suppor. ‘6. Profesor Eliya Asor has polished many aries naditian tothe two Books ted in noe 5, works which are dizelly elated w monetary developments. Some ofthe are “Banking Irstrumente Between the Musk East and Christian West” JEEH, 11972: 35553 ‘ades aur systeme monet des Mamluk Cirasiens.” rae! Onentl Sais, VI (1976 264287, “Observations on Venetian Trade inthe Levant in the XIVUh century,” JEBH, V (agro): 533-586 "Profits from trade with the Levant ia the fteemh century," BSOAS, XXXVI (1975); 250-275, “Queues problems que soueve Uhistire des prix dans Forint redial,” Sade m Memon of Cason Wie, ed. By Mam Rosen-Ayaon Jerusalem 197, fp. 202-334, and “The Volume of Levantine Trade in the Later Mile Ags (1370-1498)" TEEH, IV (1975), $73.612. The mos detailed study of the Ayyubid and Ban periods is Hasunein Rabie, The Procial Sytem of Egypt Av Hl 64-741 A.D. 169-136 (Landon, 1972) A number of articles bave been writen by Gilles Heaseguin, including * Bonne’ ou "auras ‘monnic? Mutations monétaies et loi de Gresham avant Tepoque moderne,” L'infmatin Iesongue, SXXIX, No.5, (1977) 2082125 “Manlouks et mézaux prsiwx,” AT XI 0974: B7-s; "Nowwegu aperis sor histoire monetie de "Egypte a afin dt moyen ages" AP (a? 179.215 "Pomes de vue sur Phiuie monctire de PEgypte masuimane av moven Sg, "AL (1978) 1-36; and “Problemesthrgues ct pratigics dela mona ange et mala, AT (1972) 5. There te hic rtilsdtety Felted othe Creassian period by this author. eve L. Bacharch, "The Dinar Vers the Ducat,” I7MES, 1V (973). 77-9, “Circassian Monetary History: Ser.” Numismatic Chromic, Mh Ser, XI (1972: 267-281, and "Cireassian Monetary Poiy: Copne." FESHO, XIX (1976): 3247 Monetary movements in medieval Egypt, 1171-1517 161 the Bahri sultans were descendants of Sultan Qeli'dn (1280-1290), although ‘more and more power rested with the Mamluks serving the court. (A Mamiuk ‘was a male of slave origin, usually a speaker of « Turkish language who had ‘been converted to Islam, trained asa cavalryman and manumitted. Mamluks, formed a foreign-born elite in Egypt and Syria.) In 1382 the “‘dynastic” rule fended when Bargiiq (1382-1399) seized power. The third or Circassian Period, 1362-1517, was marked by periods of rule by a strong sultan, fol lowed by an interregnum, and then another powerful sultan, This study will follow the standard political periodization, but conclude that for Egyptian monetary history different chronological divisions are more significant. The reign of Saladin (1171-1193), which introduced into Egypt a new dynasty, new military and taxing systems, and for monetary historians, a new era—the age of slver—is the logical place to begin. However, a number of points concerning monetary developments under the preceding dynasty, the Shi'ite Fatimids (969-1171), must first be made. Egyptian Fatimid coinage was dominated by the use of gold coins.” ‘Among these dinars of exceptionally fine quality many met the canonical ‘mithgdl weight standard (4.25 grams). Until the 1070s West Africa was the primary supplier of bullion to Egypt.* After that date the source for gold bullion needs, is uncertain. Supplies from local mines, from Ethiopia, poss bly some trade with West Africa (undocumented), and existing stocks appear to have been adequate. The origin of the relatively small quantities of silver bullion used for coins, vessels and artifacts is very difficult to determine. It is possible some came from Spain? and some through Greater Syria from Central Asia or Anatolia Although extant Egyptian Fatimid dirhams (silver coins) are very rare, @ ‘number of exchange rates between Fatimid dinars and dirhams can be found. in the sources." Individual market rates could always vary, but the majority of rates can be converted into gol: silver ratio of 1:93. In view of the many pitfalls in calculating gold: silver ratios, we should explain that this ratio derived from the following calculation: one “pure” dinar of a mithaal 7. P. Balog, “History of the Dirham in Fypt from the Fatimid Conquest Until the Collapse of the Mamie Empze.” Revue Numiomatiue, 6 Ser Il (196): 128 OR. Messier, “The Almoravide: West Afican Gold and Gold Currey of the Medi- ‘erannean Basin,” JESHO 17 (197) 31-47. Material on inet West Aiiap-Egypsan tad is ‘an be found in AShor, Les mean price, pp. 18-22; Nema Leviion, Ancien’ Ghans and Mali, (New York, 1973, pp. 124138; and Jean Devise, “Routes de commerce et echanges en aigque ocidntale en rlton avec la Mediterance: Un esas le cammerce afcain med (ral de XI-au XV stl,” Revue hse comomigee scale, (1972) 42-73, 387-397 9. The most important work forthe Egyptian Idan trades S.D. Goin’ “Letters and DDocimentson the Indian Trade in Medieval Te.” reprinted) ia Sir lei Hs od Iran (Leiden, 1966), pp. 329380. Additional data can also be found in. D. Goin Ltr of Medical Jesh Traders, (ricer, 1973) especially pp. 175-250, For Spanish silver see Gatin, Later, p26 10. S.D. Golten, “The Exchange Rate of Gol and Silver Money i Fatimid and Ayyubid “Times,” FESHO, VII 1968) 30:3,162 JERE BACHARACH weight was worth 40 dirhams of 33% silver, and the dindr and dirhams have a 7:10 ratio in terms of their respective weights. When the gold: silver ratio of 19.3 was first established in Egypt is not clear, but during the Fatimid era this ratio was the most comon, and as this essay argues, was the standard to which all later minor or temporary changes returned until the 15th century, In the first decades of that century the 1:9.3 gold: silver ratio, which had been the norm for at least four hundred years, was replaced by new ratios that reflect a significant shift in the relative value of gold and silver. (This argument does not affect the corrolary statement that short-term variations in the ratio did have a very real impact on merchants, government business, te.) During the last years of Fatimid rule the Egyptian treasury was faced with a serious bullion shortage, The local gold mines had run dry, the tombs of the Pharoahs had been sacked, and the treasury was empty. The rulers had created a financial drain by maintaining a lavish court, and, more important- ly, paying large sums of gold to placate or fight the Crusaders. There may ‘even have been a disruption of the gold trade from the Western Sudan because of the activities of the Almohads in North Africa. One result of the crisis was the fact that Fatimid dindrs no longer weighed the canonical ‘mithgal weight standard (4.25 grams). However, historians know from specific sravity tests that the dindr’s fineness was not lowered." ‘The monetary policies of Saladin have been analyzed by more scholars than the polices of any other Egyptian ruler. Numismatists have focused ‘upon the Sunni inscriptions and styles of his coinage, the diminution of the weight standard for the dinar, and its debasement. Students of monetary history have stressed the last two aspects, as well as Saladin’s use of the dirham as the basic unit of the monetary system. There has also been a debate ‘over the quality of Saladin’s Egyptian dirhams. The impact of all these developments has always been studied from the short-run point of views that is, the reign of this ruler. This essay re-examines Saladin’s policies in the context of a longer time span. ‘The medieval scholar Al-Magrizi, described the monetary crisis associ- ated with Saladin’s reign as follows: “Gold and silver left the country [and that] to say the name of a pure dinar was like mentioning the name of a wife to a jealous husband, while to hold such a coin in one's hand was like ‘crossing the doors to paradise.” Its true that Saladin’s need for money was at least as great as that of the last Fatimids. He had to maintain a large army, and until 1174, he was expected to send money to his overlord in Mosul. He ‘met his needs by using less gold in each dinar. Professor Ehrenkreutz was the fist to prove that Saladin debased the dinar."* With very few exeptions, Egyptian dindrs had always been be- 1, Bhrenkreutz, 7405, 1984 12 Shad, p17 13, Bhrenkrentz, JAS, 196, Monetary movements in medieoal Egypt, 1171-1517 163 ‘on tween 98% and 100% gold. All dindridisham exchange rates had been calculated as if the dinar weighed a michgal and was pure gold, Even when dindrs did not weigh a mithgdl (as under the last Fatimids), it was easy to weigh a number of them and calculate how many mithgdls’ worth of stamped pure gold were present. Thus, debasing the dinars created a far more serious problem for all who used the coin than just dropping a fixed weight standard, Te was not easy to determine the exact percentage of gold in the coin." There probably was an immediate inflationary effect created by Saladin’s debased dindrs, but the very limited records on prices for his reign do not indicate that Egype suffered a major crisis." It is even possible that after his initial windfall profits, Saladin mixed good and bad dinars, and exchange tates reflected the value of the good ones.'* In any case, immediately after the reign of Saladin, the Ayyubid rulers of Egypt minted almost pure gold coins, and for the next two hundred years the Egyptian dinars, with a very few exceptions, were of a very high degree of fineness (see Table | below) Besides debasing the Egyptian dindrs, Saladin changed the basis of record-keeping from dindrs to dirhams: In the Judaeo-Arabic documents dating from the Fatimid period which have been found in the Cairo geniza prices and values are indicated in dinars, whereas in those of the Ayyubid period they are fixed in dirhams.” In addition, according to al-Magrial, Saladin issued new dirhams in 1187 composed of 50% silver to replace the Fatimid and early Avyubid black dirhams (dirham warag), which contained only 33% silver."* Modern scholars, such as Rabie and Ashtor, believe that this event marked the introduction of a silver standard in Egypt, and that gold “considered from then on only as a commodity with a daily fluctuation market price to be calculated in silver ddithams, lost its position as the standard of currency.” ‘The history of Saladin’s silver issues is difficult to reconstruct because of the lack of data. The number of known Syrian Saladin pieces is almost four times the number of extant Egyptian ones.”” Among the latter, only 10% of 1H, A. S. Bhrenkreutz, “Exteacs From dhe Tecaizal Manual on the Ayyubid Mint in Cir,” BSOAS, XV (1988): $0214. JL Bacharach, “Foreign Cains, Forges and Forgeies, in Piteenh Ceury Egypt," Aces di congesmenaronal de mowiargue (Pars Bale, 1976), pp. SO4S0S 15. Astor, Hisar des pix, pp. 124133 16. The limited dat for dni iho exchange ates sw demonsteate major change inthe monetary conditions of Sal's Env Before fe began debasing the dnd the dinar dha ‘exchange fate was 40a gldsve ati of 19, The ne tum from he mile ois eg is fora davdirham rate 1:37-8 (Shudhar,p, 131) ft assumed that the dni spre fold, then the goldsiver ratio is 18.3, but i the exchange ate asusted 1a dbase ind of Si ol, then the godsiver ratio remained constant st 19.3, By the ead of Saladin’ eign he ratio was definitely 19,3, 17 ator, A Socal and Economic History, p. 239 18. Shudhr,p 129. 19 Asbior, bid. p. 239 and Rabi, p17, 20, Balog, Catalogu f Ayubid Co, unpubishe.164 JERE BACHARACH, them have the shape of the new 1187 issue. None of these pieces have been tested for their degree of fineness, and there is no contemporary market record indicating that they were purer than the “black dirhams” of one-third silver. Thus, we may assume that there Were few silver coins in Saladin’s Egypt at the beginning of the “age of silver” and they were of relatively poor quality. ‘The switch to a monetary system, based on silver rather than gold, does not necessitate major economic or monetary changes. Assuming a relatively free market—and it is only under the Circassian Mamluks that this state cannot be assumed—then exchange rates and pieces can adjust easily to a new bookkeeping system. Saladin’s policy of using dirhams for record- keeping did not have to be disruptive. He probably initiated the policy for the following reasons: By calculating wages, price, et., in dirhams and paying in debased dindrs, the state acquired a windfall profit; and as Saladin spent his carly career in Northern Irag where silver was relatively abundant, he may hhave come to think of it as the standard currency and simply applied his earlier experience to Egypt. If, as argued, Saladin’s internal monetary policy was not significant in its long-term effect, did his policies have a major effect on monetary and bullion flows and/or Egyp’s balance of payments? The type of data used by modern «economists to answer either question is lacking, but possible answers can be suggested Saladin’s active military policies against Muslims and Crusaders in Greater Syria necessitated increasing demands on the Egyptian treasury. The debas- ing of his dinars is one piece of evidence. These and other available dinars (and gold) were shipped to Syria to pay his troops. This Syrian drain probably ended with his death, since most of his successors in Egypt spent their revenues locally. Using the number of existing Egyptian Ayyubid dirhams as evidence, there was a relative increase in the flow of silver to Egypt. The silver, as booty and trade, probably came from Syria, now under Ayyubid control, where it was more abundant, The role of the Indian and European trade in the balance of payments is impossible to calculate. Profes- sor Ashtor states that trade in both areas picked up.”! This means that more spices were traveling East to West, while the Indian market demanded finished goods, chemicals and metals, especially copper and gold.” The Position of this author is that Egypt had a temporary shortage of gold, but not 2 balance-of-payments deficit. In short, from the details cited, we may argue that Saladin’s monetary policies were neither radical nor revolutionary’, nor, in the long term, significantly different from those of the later Fatimids. According to al-Magrizi and modern scholars, the next major develop- ‘ment in the monetary history of Egypt took place during the reign of al-Kamil (1218-1238). The medieval historian informs us that al-Kamil 21 Asbor iid, p24. 22. Goten,Leters, 17S, Monetary movements in medieval Egypt, 1171-1517 165 issued, in 1225, new silver eoins which were to be composed of two-thirds silver In the words of Dr. Balog: “The reform wasa huge fraud. Instead of being better, the average silver content of the round ditham was now even a litele less than that of the dirham warag.”"* One possible explanation for al-Kamil's claim that he issued a finer dirham was that he could pay some debts with them at a favorable rate before the market realized that these ‘tirhoms were in Fact the same quality asthe older ones. This windfall profit policy would have hurt some individuals. However, this policy and that Concerning copper coins had no significant effect on monetary flows or the balance of payments. In the same year of 1225 al-Kamil issued copper coins (fis; plural: ful) a an official curzency in order to facilitate small-scale exchanges, The quantity of copper available was very limited, however, and within a short time the circulating coins were being debased by even cheaper materials Egyptian copper was probably being shipped to India.” Therefore, by 1233 the fults were officially withdrawn fom circulation. In fat, copper 35 a local Egyptian currency eame to play a major role only inthe latter half ofthe 1th century. ‘A more fundamental change in the Egyptian monetary situation tran- spied during the period encompassing the reigns {rom that of the Ayyubid al-Salih (1240-1249) through that ofthe Bahri Manniuk Baybars (1260-1277. Gold dindrs continued to be minted in varying weights, but of high quality ‘The new clement was a significant change in the quantity of silver in circula tion in Egypt and inthe dirhoms’s degree of fineness. The new Egyptian silver coins, composed of approximately two-thirds silver, were closer £0 the theo- retical weight of a silver dirham (2.975 grams) than any earlier Ayyubid Egyptian coins. While many scholars have noted the improvement in quality and changes in inscription and design, there has been no discussion of why silver became relatively abundant. During the reign of al-Sali Ayub, Syria came under his control. AS ruler of Damascus, he was able 0 gain control of the locally circulating Syrian, Crusader and Central Asian silver coins. This money was the bullion source for his Egyptian silver coins. In addition, the weight and degree of fineness of his new Egyptian pisces were similar to those that were circulating in Syria ‘Between the death of al-Sali Ayyulb and the reign of Baybars, Sy was, once more, independent of Egyptian control. Based on numismatie studies, the quality —and probably the quantity —of Egyptian silver isues declined.” Egypt lacked Syria’ silver resources, Thus itis probable, based 28. Shudhar, p13 24 Balog, RN, p. 130, 28. Gotein,“Tadia Trade,” p. 30. 26. Bouard p41: apd Rabie, p83 237. The data were gxbered from Dr Halos catalogs on Ayyubid snd Mamluk coinage. Soa er came from Los IX's oops who foughr in Egypt, Ashtor, ip. 292166 JERE BACHARACH ‘on one indirect datum, that silver was sill more highly valued in Syria than it was in Egypt.”* The result was that, although Egypt minted dirhams using bullion which it had derived from Syria, the coinage tended to flow back to Soria, ‘Baybars reconquered Syria after the defeat of the Mongols in Palestine in 1260. He confiscated Syrian and Crusader silver coins, carried them back to Egypt, and had them reminted as his own new-style coinage.”” The relative abundance of Egyptian dirhams for his reign may have been the cause for a shift in the gold: silver ratio for Egypt, whereby gold increased in its relative value.” If, as has been argued, silver was more valued in Syria than in Egypt when the latter’s gold: silver ratio was 1:9.3, then the new situation only increased the profitability of shipping silver back to Syria. Baybars’ own policies of sending large sums in dirhams to Syria as gifts, or to pay for garrisons, only intensified the flow of silver from Egypt.” The net result was that the older Egyptian gold: silver ratio was re-established Unfortunately, data are lacking for a more precise analysis of monetary changes, bullion flows and balance-of-payments conditions. We can assume that enough gold flowed into Egypt and remained to meet its needs, oF atleast to avoid debasement of the dindr. Copper was not a major metal for coinage. Egypt probably retained a balance-of payments surplus. A relatively new development pattern under Baybars however was the influx of Syrian silver and its apparent return to the Levant. Thus, it is not surprising that the reigns of succeeding Bahri sultans are noted for their increasing lack of dirhams ‘The next major attempt to remedy Egypt's silver shortage took place during the third reign of al-Nasir Muhammad (1310-1341). Following a series of military campaigns into Anatolia, the Kingdom of Little Armenia began, in 1323, sending an annual tribute of 100,000 dirhams to Egypt. The need for dirhams within the Mamluk Empire was so great that large numbers of the Armenian coins were merely overstruck with Muslim inscriptions rather than being reminted.”* At the end of 1339 Sultan al-Nasir Mubam- ‘mad emptied his treasury of 2,000,000 dirkams, but according to an Arab chronicler, this still did not meet the market needs.”* The number of extant Egyptian silver coins continued to decline. ‘The disappearance of Egyptian dirhams, after the Sultans a-Salih, Ayyub, Baybars and al-Nasir Muhammad were able to import large quantities of 28, Balog, RN, p. 129: and Aco sbi 29, The most detailed study of is coinage Michael LBtes, "The Coinage of the Maslak Sultan Baybars I: Additions a Corections,” ANSMN, 28 1977) 51-174 130, Ashtr, Ler metus pris, pp. 3738 3, Th p38 52, Balog, Mam Coinage, pp 146147; and Ashton, ae Orit Saey p27, 3%. Rae, p. 194, AlMagia, Sulu, 11488, records an exchange rate of one din or lrhans If these dirhams were ony 80% silver whi posible base on he tests of Dr Blog, ‘en the golive ratio woud he abot 19, Monetary movements in medieval Egypt, 1171-1517 167 ‘coins and bullion, raises the question of the causes for this loss. Perhaps the simplest explanation is that Egypt valued gold more than silver relative to its immediate trading partners. Thus Avyibid Egypt found it profitable wo ‘export silver to Syria and possibly to Europe for gold, local produets and future Mamluks who were carried by Italian slave merchants from the Black Sea. In the opposite direction, some of the silver flowed to Yemen and was, vse in the Inti trade. ‘The reign of al-Nasir Mubammad is also associated with a series of developments affecting the dindr, but, as in the case of silver, the basic Jong-term relationships remained unchanged. The first change in the status, of the Egyptian gold coins took place during the second reign of al-Nasi ‘Muhammad (1291-1309). In order to buy the loyalty of his troops andl to meet the expenses of raising, in 1299, a large army to fight the Mongols of Iran, a-Nagir issued large numbers of gold coins. The Arabic sources record an exchange rate of one dindr equalling 17 dirhams." ‘The standard interpretation for this new rate is that the market, flooded with dindrs, saw theie value declined relative to silver. This may be true, but we may suggest an alternate interpretation. Specific gravity tests of al- Nasie’s dindrs for this period prove that they were more debased than almost any Egyptian dinar since Saladin’s reign. Therefore, the drop in ‘exchange rates could be interpreted as market adjustment on the basis of a sold: silver ratio of 1:9.3 to debased dindrs. One other datum can be used to support this argument. According to Professor H. Rabie, the Venetian ducat issued in 1284 was first accepted in Egypt in 1302." The temporary interest, in the Venetian gold coin may have been due to al-Nasir debasing the dinar. The ducat may have been the source of bullion for al-Nasi’s 1299 issue. In any case, the Venetian ducat did not play a major role within the ‘Mamluk Empire of Egypt, Syria and the Hijaz until after 1399. In one other period —this time during al-Nasir’s third reign —the value of gold relative to sver may have dropped due tothe flooding of the market with large quantities of gold. This event is associated with the 1324 pilgeim- age of the West Sudanic (Takrtr) leader Mansa Musa. A number of West Alrican pilgrimages are recorded in the Arab chronicles after Mansa Musa, bbut none was on as grand a scale. All ofthese African caravans carried ample supplies of gold. ‘How much gold was imported from Africa during the years surveyed, and Whether there were major changes in the trade pattern, cannot be docu- mented. It is possible that an increasing quantity of African gold dust was, 34. Fourteenth century Yemiai Rasuli dims were found inthe Broach Inia hoard of 1880, W. FPrienux "Coins of te Hence Rasol Dynasty of South Arabs,” FBBRAS NUL T8385): 816. BS ALMages, Sul, 199, 36. Rabi. 189. The cui hoard found in Broach, lai ia 1880 also inluded Manuk and Venetian pieces. The east dat was tom the reign of Doge Gradenio (139-1382), 0, Godsington, "Ona Hoard of Coins Fond st Broach," JBBRAS XV TRSI-1882 50168, JERE BACHARACH diverted north in the 14th century to meet Europe's need for bullion for their znew gold currencies, but then, European traders also carried more gold coins to Alexandria where they bought spices. Therefore, a shift in the Sudanic trade did not necessarily mean a significant decline in the quantity of gold ‘metal available for the Mamluk sultans to remint into their own coinage, or to export. ‘The monetary history of Egypt for the last half of the 14th century represents. transitional period. Many of the patterns which date from before Saladin’s reign continued through the end of the Bahri “dynasty.” ‘In 1382 a major political change occurred in Egypt. The Circassian era, beginning with the reign of Barqug (1382-1399), was marked with alternat- ing periods of stability and instability until the Ottoman conquest of 1517, But the general monetary picture did not change. Mamluk dinars continued to be almost 100% gold and of varying weight. Dirhams were still one-third silver and in relatively short supply. The gold: silver ratio remained, on the average, 1:9.3, The new trends from mid-century were the increasing appearance ‘of European coins, especially ducats. Data from the Arabic sources indicate Uthat these coins traded ata rate relative to their intrinsic value,"” while hoard evidence proves that some of them were carried to India.** Copper was becoming a more important European export item.” Copper was used for ‘Mamluk fals,"° but some of it was probably exported to India. It is possible that, due to a number of factors including the recurring impact of the Black Death, the increasing rapacity of the ruling Mamluks, significant levels of hoarding, ect., Egypt suffered a balance-of-payments deficit AA critical turning point in Egyptian monetary history took place immedi- ately following the death of Bargug. His son Faraj (1399-1412) became sultan, but was challenged in that position by numerous rivals. There was a sudden lack of confidence in the government, Fara) needed vast quantities of gold as quickly as possible to buy the support of his troops. He probably used ‘money stored in the treasury, including European gold coins which had not been reminted, The net result of hs action was that the European coinage—and in particular the Venetian ducat—began to circulate widely within the Mamluk Empire. In fact, the ducat became the most important gold coin within Egypt until the mid-1420s, AAs this writer has argued earlier, the triumph of the ducat was not due to 5, Bacharach, “Dina” 79.80 54. The most rcent Venetian digas inthe Broach hoa are date rm the ese of Doge Conan (1367-1283), 39, Trofewor Ashor discusses Eutopean copper exports to Egypt ina numberof his works, eg. Les mas prin, 8. 4, The rend toward the us of copper andthe dropping of sve mtn in 1391 when official named Jamal al-Din Mab al-Ustae (1397), ith the unofficial support of "he sultan, sold Europeans Egan sive and faded the market with copper. The himate resule was thar the quaty of the dihew repreately declined, but a the same time the ‘naydham exchange rate increased, with Avnet eesull thatthe 19.3 goldsiver «aio was maintained Bacharach, “Coppet,”p. 38 and "Siver,”p. 270 Monetary movements in medieval Egypt, 1171-1517 169 its having a higher degree of purity than that of the Muslim coin, nor even a uniformity of weight which was lacking in the Muslim dindrs, but because, in terms of Gresham's Law, it was “bad money.’ Specifically, the Venetian dducat was overvalued in relation to the existing Muslim dindrs. Ac the very most, the ducat contained alittle over 80% ofthe gold in a theoretical mithgal ‘Muslim coin, but was valued at 90% to 95% of the theoretical Muslim gold coin # Recause of the political crisis af 1999, large numbers of the overvalued ducats were circulating in the interior of Egypt and Gresham's Law went into effect. ‘As indicated before, silver coins were being constantly debased because of 4 shortage of the metal. This situation reached a point of no return in 1403 ‘when Egypt suffered one of its worst famines, Prices skyrocketed. This pressure, together with the continued debasement of the dirham, broke the traditional relationship between gold and silver, which had existed at least from the Fatimid era. According to a contemporary Arab source, all transac tions were being undertaken in copper, not silver.*® The problem was that there had never been a traditional relationship between copper and gold ot silver. The opportunity to manipulate the exchange rates, as well as pressures from price rises, created a situation in which even copper exchanged as a commodity. All accounts came to be calculated in a new money of account called “dirhams of copper” or “trade dirhams” —from the Arabic dardhim ‘min al-fuls (dirhams of fulis). Unlike many other systems in which a money fof account is used, the “trade dirhams” had no fixed relationship to any coinage, and therefore all coins were calculated in as many “trade dirhams” as ‘market conditions warranted." Silver coins were in short supply** and even copper began to disappear from the Egyptian market. In this ease itis more difficult to determine the effective causes for this deficiency. Into the 1430s we find references to an increased shortage of copper and its continual debasement by cheaper met- als. A decline may have occurred in copper imports from Europe, but far ‘more significant was the patterns of internal use and exportation. The Arab historians do speak of the domestic use of copper for vessels and other 41, Bacharach, “Dinar,” 80 42. Ashtors al Oneal Society, pp. 267-271. The percentage of gl in Venetian ducts is tase on an anal of a collection aoqired in Egypt and ees only one sample of pieces mined forthe Exyptian trade "2. al'Ayniy Tad alJumin fi Takk AR! afZamdn (MS, Cairo: Dar al-Kutub a Misaiya, Tekh, No. 1104), IV: 187, “H. Bacharch, “Silver,” p. 270 45. Profesor Hour Shashon of Beesbeva Univer, Irae, has shared with mea umber of his forthcoming stuies on Citcassian monetary and esonomic history. Tam convinced By is frguments forte npact of copper andthe dfrences between official and market cates. He ‘Iso argues that the ol sve ati for 4031610 should he 17 and noe E14 Table DT ot yet coovined by this argument bur greatly appreciate the opportunity to have read his Inaterilin manvscip, {look forward to publication, 46, Bacharach, "Copper," pp. 41-2170 JERE BACHARACH utensils. Of far greater importance is the shipment of this metal eastward. As part of the trade to India, copper was shipped through the Hijaz and Yemen, Calls to stop the exportation appear to have been unsuccessful, as merchants recognized that copper had a greater value further East than it did as domestic currency.” By the end of the first decade ofthe ISth century, Egypt appeared to be losing its gold, silver and copper coinage, due to an unfavor- able balance-of-payments and poor domestic monetary policies. ‘Muslim gold, silver and copper coins were to return to the Egyptian scene, but at different times and in different circumstances. Silver, eappear- ing first, did not re-establish the monetary preeminence it had during the Ayyubid and Bahri Periods. A new Muslim gold coin became the major gold piece for the Mamluk Empire and greatly influenced its Muslim neighbors. ‘Daring the last quarter of the 15th century copper coins became available abundant number. A detailed analysis of all three developments has been given by this author in other works and the following should only be considered as a summary of more elaborately detailed and fully documented arguments. The silver shortage in Egypt ended during the reign of akMu'ayyad Shaykh (1412-1421). In early 1412 a rival, Nawraz (d, 1414), controlled Syria. Nawraz began to issue a new silver coin of roughly 1.45 grams of almost 100% silver. The degree of fineness and weight were based on the Venetian grosso which was circulated in Syria, Nevertheless, the weight ofthe new coin at a half dirham (or nisf) ft into the traditional Muslim dirham ‘weight system. However the exchange rates established for the nisfand grosso ‘made the nif overvalued in relation to the Venetian coin, ‘Mu'ayyad Shaykh attempted to issue a similar coin in Egypt but lacked the bullion resources to do so. In December 1414 he defeated Nawréz and seized Syria as well as Nawruz’ treasury. The Egyptian market suffered from a brief inflation when it was flooded with the new Syrian nisf coinage, but Shaykh now had enough bullion to issue his own silver in large quantity. Despite the Sultan's attempt to make silver the basis of all calculations, inadequate silvers stocks meant that the “trade dirham’ system continued to be used in Egypt, For the next fifty years good quality silver coins were issued in Egypt However, in order to make a limited supply of bullion go further, the weights of the coins were systematically lowered by each succeeding ruler. In fact, one Sultan even inscribed 3/8ths on his coin, which bad been modeled after the nisf(4/8ths) coin of his predecessor. Other problems, a least according to ‘one medieval author, were that such silver was being hoarded in the form of domestic vessels or was being exported to the Hijaz,"* though in what quantity is unknown, 97, Tid. 438. abMagrgi, Salih, IV: 977. a Hair alAsgalni fn a2Ghame Bictnba ol Cr (M45. Caio: Dar al Kutub a Misia, Ta'ikh, No. 2476, If 326, Monetary movements in medicoal Egypt, 1171-1517 m The return of a Muslim gold coin is associated with Sultan al-Ashraf Barsbiy (1422-1437) and his coin, the ashrai. Earlier attempts to supplant the ducat failed because the Muslim coins were always undervalued in relation to the ducat. In the few cases when they were not, there was not enough Muslim gold minted to put Gresham's Law into effec to reverse the dominance ofthe ducat. In 1425 Barsbay began another attempt to supplant the ducat. His new gold issue, called the aohvaf was based on the weight of the ducat, or rather it weighed slightly less than the ducat, and was to be traded at par. His initial attempts to have his coin accepted in the market appear to have failed. In 1429 after he reminted 50,000 ducats which had been paid as ransom by the Cypriot King James I, Barsby was able to place large numbers of his coins on the market. By enforcing exchange rates that made his coin averval- ued in relation to the Venetian money, Gresham's Law went into effec. For all intents and purposes, the ducat disappeared from the interior of the Mamluk Empire, Ducats continued to circulate in Egypt after 1429. Some- times they were overvalued or undervalued in relation to the ashraf, but the basic relationship that Barsbay had established, and which his suecessors maintained, was that, in market terms, the Muslim coin acted as the bad money and the Venetian money as the good. ‘The export pattern ofthe ducat and the ashrafi appear to stabilize for the rest ofthe fifteenth century. Gold coinage moved from Eeypt (and probably Syria) into the Hijaz to Aden, and then on to India."* The quantities can never be calculated, but it appears that gold and copper plaved a significant role in paying for the spices which were in ever-increasing demand in the Wes. ‘The re-appearance of copper coins and the end ofthe Mamluk gold/silver monetary system can be associated with the long reign of Sultan Qayitbay (1468-1496). We find no evidence of a major disruption inthe supply of gold from Europe and the Western Sudan during his reign. It is even possible that the quantity of coins imported by the Venetians grew as the value ofthe trade in spices increased." Qayithiy also imported large quantities of copper which were re-issued as fulas, probably to meet local neds for small chane.*t Presumably the eventual state monetary crisis was not due primarily to supply patterns. avitbay perceived himself as a pious Muslim ruler. In particular, he translated this belief into an extremely active building policy, endowing a large number of mosques and schools and assigning them local revenues. La other words, a growing percentage of Egyp’s internal economy was geared 10 economically non-productive activities. State revenues from internal sources 49. Abu Mubarnmad al-Tayyib Qildoh al-Nabr ft Wapiah ayn akDaty (MS, Cai Dir a Kuta a- Misys, Tat, No, 167), I 116; and Bacharach, “Dina,” pp. 88499, ‘0. Biya Astor, "The Volume of Levantine Trade,” pp. 09-612. SH Ashi, Le metas précis, pp 8236m2 JERE BACHARACH declined. At the same time, and often for reasons of religious prestige Quyitbay was involved in a series of wars against the Otomans in Anatolia Millions of dindrs were spent on his numerous campaigns. Troops had to be paid; weapons and horses and slave manpower (future Mamluks) had to be imported. As most of the campaigns occurred outside his empire, even the ‘money spent by his troops did not stay to be recirculated. The result was that the dindr was reduced in weight and debased, a policy which his successors intensified during the first decade-and-a-half of the next century. Whatever importance the Portugueses rounding of the Cape may have had on spice prices, and earlier European activities in Africa on the possible flow of Sudanic gold to Egypt, it was Qayithay’s own policies which caused the final, significant disruption of the Mamluk gold system. Dirhams, which had becn in short supply anyway, but which had been since 1415 an almost pure silver coin, were debased. This trend continued until the Ottoman conquest of 1517. Finally, in order to meet local domestic needs and possibly the demands of the Indian trade, copper became a major import item and large numbers of fulus circulated. From the numismatic evidence, even these coins appear to be of poor quality after his reign. On the eve of the Ottoman conquest, all three currencies— gold, silver and copper —were of poor quality and in limited supply. It was the Ottomans, often pictured in modern literature as desecrators of Egypt, who brought political stability, economic development, and an improved ‘monetary situation to Egypt. ‘The monetary history of Egypt from 1171 to 1517 can be divided into two periods which do not conform precisely with the traditional political divi sions. The first period began before Saladin and continued to 1399. One feature was the relative stability of the gold: silver ratio. Despite a few short-term distuptions—e.g., under Saladin, al-Salih Ayyb, Baybars and al-Nasir Muhammad, and daily variations—the vast majority of exchange rates reflected a 1:9.3 ratio. A second feature was the relative stability of the coins themselves in terms of their quality and relative quantity. Dinars were almost always of the highest purity, but had no fixed weight standard for individual pieces. They could not be traded by number. The weight of individual dirhams was closer to a fixed standard, but the quality was significantly poorer. With minor exceptions, the supply of gold relative to silver remained constant, permitting the gold: silver ratio to remain constant. Finally copper did not play a major role as a local currency, although it, along with the gold and silver, was an important metal carried in the international trade. ‘When the period under study began, Egypt received its gold from local sources, Ethiopia and possibly West Africa. By the second half of the ldth century West Africa was the primary source for gold, with Europe playing an increasingly important role. More silver reached Egypt from Syria than from any other area. By the end of this period direct shipments of silver from Europe were steadily increasing. Europe had also become extremely impor: tant for Egypt's copper supply. ennai RSIS sea Monetary movements in mediccal Egypt, 1171-1517 173 ‘When gold, silver and copper reached Egypt, they served a number of purposes. Besides being a source for minted coin, they were used for manu factured goods and decoration. The largest quantities were probably used to pay for goods and services imported into Egypt. As a general rule, gold and copper flowed through the Hijaz andior Yemen to India. The silver flow is ‘more difficult to trace, but most of it was shipped to Syria, and to a lesser degree to Yemen. Finally, Egypt probably held a balance-of-payments sur- plus for most of this period. Ifthe first chronological division is noted for stability and relative eco- nomic prosperity, then the second period, 1399-1517, was the reverse. While the new trends date to the 14th century, the ISth century was one of political, ‘economic and monetary crisis and chaos. European gold, which dominated the domestic market, was only supplemented by a Muslim coin based on a Venetian standard. The new silver pieces were also derived from a Venetian model, although they fit into a Muslim system of weights. Copper became a major local currency. Rates of exchange changed rapidly and significant fluctuations in the gold: silver ratio took place. ‘The external drain of coin and metal became so severe that the Circassian. sultans attempted to outlaw it. The direction in which the metals lowed did not change, only their relative quantity. Egypt suffered a growing balance-of payments deficit, The cost of Qayitbay’s wars and the Portuguese disruption of the spice trade only exasperated Egypt's poor monetary and trade position. ‘The Ottomans conquered an impoverished nation, a condition very different from the Egypt Saladin seized. ‘Table 1. Purity of gold coins minted in Egypt (1171-1517)" ‘Muslim Christian Ruler Mint Date Date Degree of fineness Ayyubids Saladin Unuer 99113), 90, 913), 92, 569-89/1171-93) 5412), 956), 9666), 975), 9812), 915 al Aa 93, 98, 9, 1006) (589-95/1193-98) ae Adil 1 98, 99, 10066) ($96-615/1198-1200) a-Kamil 93, 94, 9514), 96(8), 15-35/1200-18) 98(4), 996), 100(5) al-Adit IL Cairo 6351238 7 (635-37/1238-40) "6331288 97 Lib Caio 6371240 99 (637-47/1240-49) 638124198 6391242 981% JERE BACHARACH Monetary movements in medicval Egypt, 1171-1517 Vs Table 1. (continued) Table 1. (conined) ) ‘Muslim Christian Muslim Christian Ruler Mint_Date Date Degree of fineness Ruler Mint Date Date Degree of fineness 6H 282 98, 99 73913 98, 99 oa 7 7401329 96 62 2H 98 "Th Ba 98 > "6s 1245. 98 ND. ND. 9 oH 146 97 Ismail 7B 12 98 66 1248 97 (743-46/1342-85) 746 1348-98, 99 Shaan 1 77 Las 99 Bahri Mamluks (746-47/1345-46) Shajar al-Durr Cairo 6481250 93, 98 Haji 7 6 97 (64811250) (747-48)1346-47) Aybak Caio 654125698 Hasan (1st reign) Cairo 750134997, 99 (648-55/1250-57) Alex. 6541256. 94, 99 (748-52/1347-51) "7811380. 97, 99 “Alt Cairo 657125997 182 Bs (6SS-S7/1257-59) Alex. 657125996, 97, 98, 99, 99 sai Cairo 752 BSL 99 Qutue Ales. 658 126097, 97, 98, 98, 99, 9, 100 (752-Ss/1351-88) "7831352, 96, 99 (687-S8/1259-60) 734 1353.97, 98 Baybars Cairo 6591261 99 Hasan Gnd reign) Cairo 7561385. 99 (638-76/1260-77) “6601262 97,99 (7SS-42/135461) "7ST 1336 98 "6611263. 96 "788 1387 97 6661268 99 "7601359. 99 Ales. 659 126198 Ales, 756 1355.97 6601262 96, 97 758 1357 9 667 1289 97, 98 7591388 98 * OND. ND. 97, 98, 99, 99, 99 ND. ND. 98,99 Baraka Qan Alex. 676 1277 95,97, ‘Muhammad Cairo 753° 1361 99 (676-7811277-79) (762-64/1361-63) "7531362 99 Qala'an Cairo 6891290 98 7 13639 (678-93/1279-90) "OND. ND. 98 Ales. 762 136) 96 Ale. ND. N.D. 98,98, 99 "764 136397 Khalil Giro 69012919 j Shalbain IL Cairo 7681366. 99 (689-93/1290-93) 691129287, 92 (764-78/1363-77) 7691367 94, 98 692293 9) TTL 1369 97,99, 99 Alex. 692 1203 98 “m7 98,99 Kitbugha Cairo 69129597, 97 “Tm Bn (694-96/1294-96) ; TT 1372 98, 99 Lajin Cairo 6971297 96, 98 mI 9 (696-98/1296-99) ND. N.D. 96, 96 TR 1376 98 alNésir Mu Cairo 708) 1308 97 Ales, 7691367 99, 9 (698-708 “071306 92 7731371 98, 99 1299-1309) ND. ND. 92,92,9 + ms 1B 8 JOL-4VBIO-41) — Cato FLL 98 “att Cairo 7781377 98 "713 BIB 98 (778-83/1377-81) "7791378 97,99 m BR» © TRL B80. 98) 99 "RB B32 98 aii Cairo 783138196 (783-84/1381-82)Monetary movements in mediewal Egypt, 1171-1517 7 ai JERE BACHARACH Table 1. (omined) Table 1. comin) ‘Muslim Christian ~ ‘Muslim Christian Ruler Mint Date Date Degree of fineness Ruler ‘Mint = Date Date Degree of fineness (Grcassian Mais ‘Ahmad WE W642}, 962) ‘Berane Cima ae “$65/161) Gaeauisseg) Saas tushgadam “ND. ND. 93,95(2), 96), 9703), 984) and 792-801) - 7860 1384 (865-72/1461-67) 1590.99) meer Temirbush - ND. ND. : oe oer (872-75 1461-68) * om 60 cayttay + ND. ND. Under 70, $82) 902) 915 see (873-9011468-96) 518), 98), 94), 989), cet) 96.12), 913), 9813), 98 ir Lee aig M ND. ND. 91,930,972, 98 381395 (301-081896-58) Ale, 78886 a "ND. ND. 93,942) m1 1389 Pari Caio 80398 + 9961501 8 *501-0911399-1405 sos 402 and 809-15" a6 os aLQinsih a-Ghowsi = “ND. NAD. Under 703), 704), 74 1406-12) a7 oe (906-22 801-16) 736), 806), 816), 87, ~ ams os 855), 91), 926), 93. 98 09405 Tuminbay ~ 2 ast7 Under 70, 700),78 + 81007 98,95, 96,97, 98, 98,99 R817) + 82 09 98 Ee si Ll 98 *The data for the coins from al- Adil II were obtained by the author from specific Alex ND. ND. 95, 95,98 trav tests on specimens in New York, Landon, Pais and the Horowitz cl ‘Shaykh Cairo 815141295, 95 ‘The data on the earlier coins were done by Andrew S. Ehrenkrentz, “The Cr @iszwaz2) Ble 1813-92, 95,96 “Dinar inthe Egypt of Slain” 7408 UXXVT (1986) 181 aie is 95 923 0 96 Ale. N.D. ND. 93 jer coins minted in L517 (and Basbay eMedia Table 2. Parity of si ited in Egypt, 1171-1817 (and *Syra) GS4UIs223) 8143097, 98, 99 Ss ter 97 Rater Percentage of pity 861432 94,96 —— 8 95,98, 98 Asytbis 38 37.97.98 Saladin (566-891171-1198) oO 3.9 (dirhams waras) 27,280), 292),30 a » al aie (589-95 1193-98) Yosut ND. 7,98, 99 (dirhams wares) 26, 283) 4142638) al Mango 595-461198-1200) Jama * ND. ND. 95,96, 970, 989), 990) shams waraq) ne 82-571838-53) als All (596-6181200-18) ‘Uthmin ~ 8571453. 98. (dirhams waraq) 28 (8577653) aKa (615-38 1200-18) Aynal “ N.D, N.D. 97, 98(3), 99(3) (dirhams waraq) 28(2), 29 (857-65/1453-61)178 Table 2. (continued) Ruler TERE BACHARACH Rule Céecentage of purity al Adil I (635-37/1238-40) (lobular dirhams) l-SaliyAyyub (637471124049) (lobular dithams) (ormal fan) Babe Mamlks ‘Aybak (648-5/1250-57) ‘AI (655-57/1257-59) Quiz (657-58'1259-60) Baybars (658-76 1260-77) Baraka Qun (676-78'1277-79) Salamish (67811279) Qals'an (675-89 1279-90) hall (689-93/1290-98) itu (694-96'1294-96) Lajin 696-98'1296-99) al-Nisit Muhammad (709-41/1310-41), (Gichams warag) (ooemal lan) (Armenian overstruck pieces) Hasan (755-62/1354-61) Sha ban Il (764-78/1363-77) ‘All (778-63/1377-81) Hojt I 778-86/1381-82) Circassian Sultans ‘Bargag (784-801/1382-99) Mustain (815/1412) ‘Shaykh (815-24/1412-21) al-Salih M_(824-25/1421-22) Bursbay (825-41/1422-37) ‘Yosuf (841-42/1437-38) Fagmag (842-57 1438-53) Aynal (857-65/1453-61) Khushgadam (865-72/1461-67) ayithay (873-901/1468-96) al/Nisir M. G01-04/1496-98) -Qanguh al-Ghawt (906-22/1501-16) 26,27, 28 26, 27, 28 70,75 66(2), 703), 71(3), 7202), 74, 75, 59, 6112), 62, 64, 65(4), 66, 68, (3), 71 53, $4.56, 57, $8, 59, 6002), 61 57, 60, 62(4), 632), 68.2), 662), 67, 73,77 $9,.67,77 6s 6502), 68 59, 65, 66, 67,68. 69 61,63 $612), 61 46, 50, 52, 64, 65, 66(3), 68, 73,78 58, 68,72, 742), 742), 77 6s 65, 66 39, 70 i 2702), 46, 48, 55, 8, 60, 61 50 9012), 92, 93, 95, Bt, 88 (6, 73, 74.75, 823), 8414), 85(3), 86, 18702), 8(4), 904), 912), 9212), 935), 94, 98, 98, 9 4 83, 85, 88, 92,93, 84, 86, 88, 90 83, 92, 98 81, 83, 89, 90, 92, 98, 94, 95 86, 87, 91 62,82, 8 ‘The data are derived from Jere L. Bacharach and Adon A. Gordus “Studies on the Fineness of Silver coins” JESHO XI (1968): 314-17 and Paul Balog “History ofthe Dirham in Egype” RN, HHL (1961): 109-46, ‘Monetary movements in medieval Egypt, 1171-1517 Table 3. Gold: silver ratios Christian year Ayyubid period® Fatimid period average 1179 or 83 1194 oF 99 ny 1223 1232 1233 1239) Bahri Mamliks Baybars (1260-77) (Qali’an (1280-90) 1289 1296 End of 13th cent Beg. of Mth cent Bb bis B16 BI 1318 1323 1324 1324-36 1324 1332 1333 1338) 139 139 1340 at Bas 1s 1s 1350-82 1356-89 39 1360 182 to 1403 Circassian Mamloks 1403 M04 Gold: silver ratio Lea ES. (or 1:93) L893 L938 19.3 193 19.0 186 L134 (or 111.9) L99 L393 193 Ens 18 19.3 19.3 193 193 Les 193 Lu? 1103 E81 19.3 179180 JERE BACHARACH Table 3. (continued) (Christian year Gold: silver ratio Mos 1406 1407 10 MIL ui wa 4 M15 116 ui wis M19 15106 1420 1106 121 110.6 Mat Las. 1423 188 1424 192, 1430 1512.2 1430) Les 1432 halt 1433 rita 1439) 1210.2 143 110.1 1456, 10.1 1463 Lo. 1466, 1103 1470 110.3 wn 1103 9, 1103 1483 ti 1498 Lis 1307 Iss "The gold: silver ratios are calculated from data in Eliyahu Ashtor, Les Alétaux Preciews et a balance des pavemens du proche-oren ala basse épogue (Pats, 1971), Jere L. Bacharach “A Study of the Correlation between Textual Sources and Numis- ‘matic Evidence for Mamluk Egypt and Syria A. H. 784-872A.D. 1382-1468" Unpublished Ph.D. Thesis, University of Michigan, 1967 and S. D. Goitein "The Exchange Rate of Gold and Silver in Fannimid and Ayyubid Times,” JESHO VIL (1965): 1-46. “"*This ratio assumes that the increasing market rate of dirhams forthe dinar paral- Ieled a decrease inthe purity of the dirhams. Monetary movements in medicoal Egypt, 1171-1517 "Egypte comerporire {FAOS~—Joursal ofthe American Oven Society [FEEH—Journa of European Esonomic History 'BSOAS—Billetn ofthe School of Oriental and Afrie Stusies, London Usivesty AL— Annales telamoleie FESHO™ Journal of the Beoonsc and Social History ofthe Orient ‘7MES —Ioteroaciona Journal of Middle East Staies ‘RN—Revue numimaique ANSMN~— American Numismatic Society Museum Notes TBBRAS—Jooral ofthe Bombay Branch of the Royal Ase Soci 181