In the same year he published Banks, Banking, and Paper Currencies, a work which helped to promote the growth of the free banking system in America.
And Abd-ul-Mejid, and the second in the reign of Mahmud only, were not included in the reform; these were debased currencies bearing a nominal value, the altilik of 6, 3 and 12 piastres, the beshlik of 5 and 22 piastres, the metallik of 1, 2 and 4 piastres; they represented the last degree of an agelong monetary depreciation, the original piastre having had a value of about 5s.
These debased currencies are usually at a premium over gold owing to the extreme scarcity of fractional coinage.
- The monetary system, which has been greatly complicated by the use of two depreciated currencies, silver and paper, has been undergoing a radical reform since 1905, the government proposing to redeem the depreciated paper and establish a new uniform currency on a gold basis.
They might even own foreign currencies the same way.