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Yuka Kadoi

Apart from a short-lived introduction of paper currency in Ilkhanid Iran under the inspiration of Chinese models, paper money was virtually unknown in the Islamic world until the mid-19th century, as the right to strike Coins was one of the most traditional and important symbols of sovereignty. The Ottoman Empire was one of the first Islamic states to issue machine-made banknotes during the 1850s, as part of its modernization policy. As Western standards of administration, including the modern banking system, were put in force, paper money began to be circulated in Iran in ...