Skip to main content
SpringerLink
Log in

Money without a State: Currencies of the Orthodox Christians in the Balkan Provinces of the Ottoman Empire (17th –19th centuries)

  • Published:
The Review of Austrian Economics Aims and scope Submit manuscript

Abstract

The paper presents a historical and theoretical analysis of the issue of local currency (coins and paper money), undertaken in various forms by the Orthodox Christians in the Balkan provinces of the Ottoman Empire (XVII –XIX centuries). The paper has two main goals. The first is to enrich the discussion on the diversity and complexity of monetary practices in historical perspective by including experience of the Ottoman Empire. The second is to contribute to a better understanding and rethinking of the economic and social processes in the Ottoman Empire which helped its centuries-long resilience and vitality. In fact, the monetary architecture of the Ottoman Empire was relatively complex. Despite the tension between its different monetary areas and layers, on the whole it managed to ensure flexibility, sustainability, and efficiency in the long-run.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

Notes

  1. The existing literature on the origin and functions of money and banks is enormous. Regarding the free banking school we are inspired by the classical works of Menger (2009 [1892]), Mises (1953 [1912]), Selgin (1988), Dowd (1993) and White (1995) among many others.

  2. The valuable experience of Empires for the European integration is highlighted for instance in Snyder (2013) and Cooper (2013), in this case, the Habsburg monarchy.

  3. See also Burdekin and all. (2010).

  4. This way church boards made a step further from the widespread custom among the Bulgarian peasant population of lending without interest (for non-interest loans in the common law of Bulgarians see Marinov (1995, 409–412).

  5. Church boards were not the only Orthodox institutions engaged in lending. A well-known fact is that monks from Mount Athos extended loans. Towards the middle of 19th century the Rila Monastery too registered loan transactions but the Monastery was more often in the role of a borrower than in the role of a lender (Sakuzov, 1926). In general the Orthodox Christians that inherited the traditions of Byzantium regarded as a sin only immoderate interest (Rubin, 2010)

  6. For the existence of such medieval coins in Bulgaria before it fell under the Ottoman domination see: Penchev 2000, 100; Haralanov 2008, 57.

  7. For in-depth study on O. Pazvantoglu see Gradeva (2006).

  8. The exchange rate so determined by the numismatist, Hristo Haritonov, is based on the 19th century Bulgarian researcher and diplomat Naiden Gerov’s words in his Dictionary of the Bulgarian Language that “the “bodka” is one-third of the price of the “para”” (Gerov 1975, 1957). This opinion should be regarded with some reservation because of a view existing in literature that the “bodka” is equal to one-fourth of the “para” (Mushmov 1975, 38). At any rate, however, the value of the coin is much lower.

  9. The information on church coin striking in Turgovishte is taken from the Church Board Chronicle:

    (http://193.200.14.178/DWWebClient/%28X%281%29S%28gum4q1umnw2cr455a20qckvd%29%29/ViewerWindow.ashx?WebpartKey=Viewer_Viewer_19245&v=1) After the defeat of the Hungarian Revolution in 1848–1849, one of its leaders, Lajos Kossuth, together with many of his followers migrated to and settled in Shumen.

  10. For the currency chaos in the Principality of Bulgaria after 1878 see Kyoseva (2000).

  11. Bulgarian National Bank is the Central bank of the Bulgarian Principality

  12. In the above mentioned historical examples money is a method of communication, of language – qualities which have been theoretically analysed on other occasions by a number of authors (Dyer 1989; Horvitz 1992; Zelizer 1997 [1994]).

  13. See also: Daskalov (1925), History of the “St. Archangel Michael” church in Tryavna”, Tryavna, 29–30; Bluskov, Iliya (2011), Materials on the History of our National Revival, Shumen, 2011, pp. 47–48.

  14. A place or a tray in a church where voluntary contributions are gathered for maintenance of the church, schools, and the like.

  15. See for instance Einaudi (1936), Cipolla (2001 [1975]), Bloch (1981 [1954]), and Fantacci (2005).

  16. See for more see Maurer (2006), Théret (2008).

References

In Bulgarian and Russian

  • Aprilov, V. (1968). Selected Works. Sofia: Nauka i Izkustvo.

    Google Scholar 

  • Archimandrite, E. (1926). Excerpts from the church ledger of “St. Virgin Mary” Church of 1814 to 1843. Jubilee Compendium on Koprivshtitsa’s Past (pp. 617–634). Sofia: Royal Court Printing House.

    Google Scholar 

  • Atanassov, H. (2008). On the Ottoman periphery: society and economy in Vidin and the surrounding area in the ХVІІІ century. Sofia: Sineva Publisher.

    Google Scholar 

  • Bluskov, I (2011). Materials on the History of our National Revival, Shumen.

  • Bobchev, S. (1927). Elena Region during the Ottoman Rule, Elena Compendium. Socio-historical, cultural and educational essays, Sofia, issue ІІ.

  • Bulgarian National Bank. (1998). Compendium of documents, Volume І, 1879–1900. Sofia: GUA BNB Publisher.

    Google Scholar 

  • Bur-Markovska, M. (1983). For the functions of church boards during the National Revival. Studia Balcanica, 17, 75–87.

    Google Scholar 

  • Genchev, N. (2010 [1986]). The Bulgarian Revival, East–west Publisher, Sofia.

  • Genchev, N. (2011 [1988]). Essays. Psychological types in Bulgarian History, East–west Publisher, Sofia.

  • Gerassimov, T. (1963). Popular names for coins, Bulletin of the ethnographic institute with museum, issue VІ1.

  • Gerov, N. (1975 [1895]). Dictionary of the Bulgarian Language, Part 1, Volume 1, Bulgarian Academy of Sciences, Sofia.

  • Daskalov, B. (1925). History of the Tryavna Church St Archangel, Tryavna.

  • Dimitrov, I. (1930) Foreign coins of more modern times, Compendium: Lovech and the Lovech Area. Geographical, historical and cultural description, issue І

  • Ihchiev, D. (1911). Materials on the monetary affairs in Turkey, Bulletin of the Historical Society in Sofia, 1911 (ІІІ): 144–187.

  • Ivanov, I. (2001). Zlatitsa an Pirdop during the Revival. Sofia: Zlaten Zmei Publisher.

    Google Scholar 

  • Koychev, A., & Mutafov, V. (1999). The Ahtopol coin minting in the ХІХ century “Church Coinage” in the town of Ahtopol. Numismatics and Sphragistics, 2, 107–115.

    Google Scholar 

  • Kyoseva, N. (2000). History of the Currency Crises in Bulgaria 1879–1912. Sofia: University Publishing House “Stopanstvo”.

    Google Scholar 

  • Lachev, M. (1988a). Church coins in the town of Lom during the National Revival. Numismatics, 1988(2), 44–45.

    Google Scholar 

  • Lachev, M. (1988b). Documents on the Vidin church bonds of 1881. Numismatics, 1988(4), 41–45.

    Google Scholar 

  • Macedonia, & Adrianople. (1995). 1873 Statistics of the population. Sofia: Macedonian Institute.

    Google Scholar 

  • Marinov, D. (1995). Bulgarian common law. Second phototype edition. Sofia: Nauka i Izkustvo.

    Google Scholar 

  • Markova, Z. (1976). The Bulgarian Church-national Movement after the Crimean War. Sofia: Bulgarian Academy of Sciences Publisher.

    Google Scholar 

  • Mutafchieva, B. (1993). Kurdjali Times. Sofia: Publisher: BAS.

    Google Scholar 

  • Mushmov, N. (1975). Names of Bulgarian coins, Numismatics, 1975 (1).

  • Nikolov, T. (1989). Recollections from my past. Sofia: OF publisher.

    Google Scholar 

  • Panova, S. (1996). Bulgarian trade companies on the Austrian market in the ХVІІІ century. Sofia: University Publishing House “St. Kliment Ohridski”.

    Google Scholar 

  • Penchev, V. (2000). Production in Druster of copper plates without images or inscriptions which played the function of coins, Numismatics and Sphragistics, 2000 (1).

  • Petrov, T., I. Vrachev (1996). Struggles for Liberation and Revival of the Gabrovo Region 1393–1878, Gabrovo.

  • Rusev, I. (1996). Firms and Manufactures in the Region of Sliven and Kotel during the Renaissance. V. Tarnovo: Faber.

    Google Scholar 

  • Pavlovska, T. (1985). Sopot during the Revival. Hr. G. Danov, Plovdiv.

  • Sakuzov, I. (1926). Monastery economy in Ottoman times. Spiritual Culture, 1925(25–26), 233–234.

    Google Scholar 

  • Stoyanov, M. (1941). The Town of Pirdop: Past and Present. Sofia: Printing Co-operation Edison.

    Google Scholar 

  • Shopov, A. (2008). Panagyurishte in the Church-National Movement, Oborishte Publisher.

  • Todorov, N. (1972). The Balkan Town XV – XIX c. Sofia: Nauka I Izkustvo.

    Google Scholar 

  • Tonev, V. (1995). The Bulgarian Black Sea Coast during the Revival. Sofia: Academic Publisher “Marin Drinov”.

    Google Scholar 

  • Tsonchev, P. (1996 [1936]). Outlines of the Social and Cultural Past of Gabrovo. Historical Contributions, Second edition, Gabrovo.

  • Haralanov, V. (2008). Of the coinage circulation in old Shumen, Jubilee Compendium: One hundred years anniversary of Professor Vassil Haralanov (1907–2007), Shumen 2008.

  • Haralanov, V. (1977). The church coins of Shumen. Numismatics, 1977(3), 23–39.

    Google Scholar 

  • Haritonov, H. (2010). Coins of Christian churches in Bulgaria. Veliko Tarnovo: Abagar.

    Google Scholar 

  • Haritonov, H. (2011). Coins of the Shumen Christian Churches: Here is where Bulgaria starts from. Materials from the Second National Conference of History, Archeology and Cultural Tourism, “Journey to Bulgaria”, 543–552.

In Western languages

  • Blanc, J. (2006). Local currencies in European history: an analytical framework, paper presented at the conference in Weimar University, “Monetary regionalization. Local currency as catalysts for endogenous regional development”, 28/29 September, University of Weimar.

  • Blanc, J. (2009). Beyond the competition approach to money: a conceptual framework applied to the early modern France, paper presented at XVth World Economic History Congress, Utrecht University, 3/7 august, University of Utrecht.

  • Blanc, J. (2011). Classifying “CCs”: community, complementary and local currencies types and generations. International Journal of Community Currencies Research, 15(D), 4–10.

    Google Scholar 

  • Bloch, M. (1981 [1954]). Lineamenti di una storia monetaria d’Europa, Einaudi, Torino.

  • Burdekin, R., M. Keskinel, M. Weidenmier (2010). Liquidity Preference and Interest-Bearing Money: The Ottoman Empire, 1840–1851, draft.

  • Castellan, G. (1999). Histoire des Balkans XIVeme - XXeme siècle. Paris: Fayard.

    Google Scholar 

  • Cipolla, C. (2001 [1975]). Le aventure della lira, Il Mulino, Bologna.

  • Cooper, R. (2013). The European Union and the Habsburg Monarchy, IWMpost N 111: 5–6. Wien: Institute for Human Sciences.

    Google Scholar 

  • Dowd, K. (1993). Laissez Faire Banking. London: Routledge.

    Book  Google Scholar 

  • Dyer, A. (1989). Making semiotic sense of money as a medium of exchange. Journal of Economic Issues, 23(2), 503–510.

    Article  Google Scholar 

  • Einaudi, L. (1936). Teoria della moneta immaginaria nel tempo da Carlomagno alla rivoluzione francese. Rivista di Storia Economica, 1(1), 1–35.

    Google Scholar 

  • Fantacci, L. (2005a). La moneta Storia di un’istituzione mancata. Venezia: Marsilio.

    Google Scholar 

  • Fantacci, L. (2005b). Complementary currencies: a prospecto on money form a retrospect on premodern practices. Financial History Review, 12(1), 43–61.

    Article  Google Scholar 

  • Gradeva, R. (2006), Osman Pazvantoglu of Vidin: Between Old and New, The Ottoman Balkans, 1750–1830. Frederick F. Anscomb ed., Princeton, 2006: 115–162.

  • Greco, T. (2009). The end of money and the future of civilization. Vermont: Chelsea Green Publishing, White River Junction.

    Google Scholar 

  • Jelavich, B. (1983). History of the Balkans, Eighteenth and Nineteenth centuries, Cambridge University Press.

  • Horvitz, S. (1992). Monetary exchange as an extra-linguistic social communication process. Review of Social Economy, 50(2), 193–212.

    Article  Google Scholar 

  • Kuroda, A. (2008). What is the complementarity among monies? An introductory note. Financial History Review, 15(1), 7–15.

    Google Scholar 

  • Kuroda, A. (2009). The Eurasian silver century 1276–1359: Commensurability and muplitplicity. Journal of Global History, 4(2), 245–269.

    Article  Google Scholar 

  • Kuroda, A. (2005). The Collapse of the Chinese Imperial Monetary System, in: in K. Sougihara ed., Japan, China, and the Growth of the Asian International Economy, 1850–1949, 103–126.

  • Labrot, J., I. Rousselin (2008). Méreaux et enseignes de la confrérie Saint-Jacques-aux-pèlerins de Paris (XIVe-XVe siècle), Saint Jacques Info, http://lodel.irevues.inist.fr/saintjacquesinfo/index.php?id=922.

  • Lardin, P. (2007). Monnaie de compte et monnaie réelle: des relations mal étudiées. Revue européenne des sciences sociales, 45(137), 45–68.

    Article  Google Scholar 

  • Le Goff, J. (1986). La Bourse et la vie. Economie et religion au Moyen Age. Paris: Hachette.

    Google Scholar 

  • Le Goff, J. (2010). Le Moyen Age et l’argent. Paris: Perrin.

    Google Scholar 

  • Maurer, B. (2006). The anthropology of money. The Annual Review of Anthropology, 35(2), 15–36.

    Article  Google Scholar 

  • Menger, C. (2009 [1892]). On the Origins of Money. Ludwig von Mises Institute, Auburn Alabama.

  • Mises, L. (1953 [1912]). The Theory of Money and Credit. New Haven: Yale University Press.

  • Pamuk, S. (2000). A Monetary History of the Ottoman Empire, Cambridge University Press.

  • Pamuk, S. (2004). Institutional change and the longevity of the Ottoman Empire, 1500–1800. Journal of Interdisciplinary History, 35(2), 225–247.

    Article  Google Scholar 

  • Panatazoupolos, N. J. (1967). Church and Law in the Balkan peninsula during the Ottoman Rule, Thessaloniki.

  • Rothbard, M. (2011). The Mystery of Banking. Terra Libertas: Third edition.

    Google Scholar 

  • Rubin, J. (2010). Bills of exchange, interest bans, and impersonal exchange in Islam and Christianity. Explorations in Economic History, 47(2010), 213–227.

    Article  Google Scholar 

  • Runciman, S. (1968). The Great Church in Captivity, Cambridge University Press.

  • Sargent, T., & Velde, F. (2003). The Big Problem of Small Change. Princeton University: Press.

    Google Scholar 

  • Servet, J. M. (2013). Monanie: l’occultation du partage par la dette, differents drafts.

    Google Scholar 

  • Selgin, G. (1988). The Theory of Free Banking: Money Supply under Competitive Note Issue, Rowman & Littlefield

  • Snyder, T. (2013). Integration, Counter-Integration, Disintegration, IWMpost N 111: 3–4. Wien: Institute for Human Sciences.

    Google Scholar 

  • Theret, B. (2008). Les trois états de la monnaie. Approche interdisciplinaire du fait monétaire. Revue économique, 59(4), 813–841.

    Article  Google Scholar 

  • Theret, B. (2013). Monetary experiments of complementarity among fiscal money in contemporary federal polities: some general principles and the case of Argentina between 1984 and 2003 with special attention paid to the Tucuman Bocade, Draft.

  • Theret, B., W. Kalinowski (2012). The Euro as Common Money, not Single Currency. A Plea for European Monetary Federalism, Veblen Institute for Economic Reform.

  • Tunçer, A. (2013). The Black Swan of the Golden Periphery: The Ottoman Empire during the Classical Gold Standard Era, London School of Economics CWPESH N 13.

  • White, L. (1995). Free Banking in Britain. Theory, Experience and Debate, 1800–1845. Second Edition (Revised and Extended). London: The Institute of Economic Affairs.

    Google Scholar 

  • Zelizer, V. (1997 [1994]). The Social Meaning Of Money, Princeton University Press, New Jersey.

Download references

Author information

Authors and Affiliations

  1. CRIISEA, University of Picardie Jules Verne, Amiens; ICER Torino, Amiens, France

    Nikolay Nenovsky

  2. University of National and World Economy, Sofia, Bulgaria

    Pencho Penchev

  3. CRIISEA, University of Picardie Jules Verne, Amiens, France

    Pencho Penchev

Authors
  1. Nikolay Nenovsky
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Pencho Penchev
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Nikolay Nenovsky.

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Nenovsky, N., Penchev, P. Money without a State: Currencies of the Orthodox Christians in the Balkan Provinces of the Ottoman Empire (17th –19th centuries). Rev Austrian Econ 29, 33–51 (2016). https://doi.org/10.1007/s11138-014-0281-9

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11138-014-0281-9

JEL Codes

Keywords

Search

Navigation