He was also concerned in the reform of the currency by the withdrawal of the debased Bolivian coins.
The architecture is a peculiar and debased imitation of classic style, attributed by architects to the 2nd century A.D.
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.
The heavy depreciation in silver causing large losses to the government, free coinage was suspended in 1880, and the nominal value of the mejidie was reduced by decree to 19 piastres (105.26 piastres thus = £T1), while in the same year the debased currencies were reduced, altilik, the 6-piastre piece to 5 piastres, the 3-piastre piece to 22 piastres, the 12-piastre piece to 14 piastre; beshlik, the 5-piastre piece to 22 piastres, the 22-piastre piece to 1;-piastre; metallik, the 1-piastre piece to 2 piastre, the 2-piastre piece to 4 piastre, the *-piastre piece to a piastre - these values representing approximately the intrinsic value of the silver, at mejidie standard, contained in the debased coins.
These debased currencies are usually at a premium over gold owing to the extreme scarcity of fractional coinage.