The use of paper money (Kaime) during the reign of Ottoman Sultan Abdulaziz (1867-1876) was unsuccessful. In the following years, on the eve of the Ottoman-Russian war, the provision of funding requirements made it necessary for Sultan Murat V to attempt to establish its use again. The Sultan announced the Kaime Regulation to restart printing kaime on August 6th, 1877. However, the new Kaimes were not exchanged for gold and silver. The value of the paper currency began to fall and the public lost confidence in using Kaimes.
- Published in Culture & Art