Gold Egyptian piastres are rare and valuable coins that were used in Egypt and were often minted for special occasions or commemorations. These gold coins represent a significant part of Egypt’s numismatic heritage.
Historical Background of the Egyptian Piastre
Origin of the Term Piastre
The term “piastre” originates from the Italian word piastra, which means a thin metal plate. This word evolved into a term for coinage and soon influenced other cultures. Venetian traders in the 16th century used it to describe Spanish pieces of eight, or pesos. The term was later adopted in other regions, including Egypt, which was influenced by European colonial powers.
Qirsh, on the other hand, comes from the Arabic word for “shark” and was influenced by the Ottoman Empire’s currency system. The qirsh was a subdivision of the Ottoman lira and is still used in the Arabic language to refer to small denominations of currency. Both terms reflect the historical and linguistic influences on Egyptian currency.
Ottoman Influence on Egyptian Currency
During Ottoman rule, the Egyptian monetary system was integrated into the larger Ottoman framework. Coins minted during this era often featured Arabic inscriptions alongside Ottoman Turkish script. The designs were heavily influenced by Islamic art, which emphasized intricate patterns and calligraphy. Local mints in Egypt produced coins that met the needs of the local economy while adhering to Ottoman standards. These coins featured the reigning sultan’s name and title, as well as decorative inscriptions.
The Evolution of the Piastre
Early in the 19th century, Egypt and Türkiye shared a common currency, the Ottoman piastre, which was divided into 40 paras. However, in 1834, a decree established an exclusively Egyptian monetary system, which moved Egypt to a silver and gold bimetallic standard based on the Maria Theresa thaler, rated at 20 piastres. This silver trade coin was popular in the region at the time. Under the Turkish-Egyptian treaty of 1840, Egyptian and Turkish coins maintained equal value until 1844, when the Ottoman piastre was devalued. Egypt did not follow suit.
Notable Gold Egyptian Piastres
1916 Gold 100 Piastres Coin
The 1916 Gold 100 Piastres coin was minted during the reign of Sultan Hussein Kamel, who ruled Egypt from December 1914 until October 1919. He was the first to hold the title of Sultan of Egypt since the Ottoman reign in 1517.
Composition
Composed of gold with a fineness of 0.875, it weighs approximately 8.5 grams and has a diameter of 22 mm.
Design
The obverse features Sultan Hussein Kamel’s name surrounded by inscriptions detailing the Hijri calendar year 1335.
The reverse displays the denomination and minting year in both Gregorian and Hijri calendars (100 Piastres Egyptian Sultanate 1335 – 1916), adorned with a decorative wreath.
Rarity
Genuine examples are rare and highly valued. Counterfeits exist and are often identified by their lack of defined text and repeating marks.
1938 Gold 500 Piastres Coin
The 1938 Gold 500 Piastres coin is a standout example of Egyptian gold piastres. It was issued to commemorate King Farouk’s royal wedding to Queen Farida.
Composition
Composed of 0.875 fine gold, the 1938 gold 500 piastres weighs 42.5 grams.
Design
The obverse features a uniformed bust of King Farouk facing left. Inscriptions detail King Farouk’s name, as well as the phrase King of Egypt.
The reverse depicts the denomination, the Arabic and Gregorian dates within a circle, and a decorative vine pattern.
Rarity
The gold 500 piastre coins are considered rare, especially in higher grades. Only a few specimens have been graded PF-65 by PCGS.
King Farouk and His Collection
King Farouk, the first modern King of Egypt, ruled from 1936 to 1952 and was an avid and prolific coin collector. His collection boasted an estimated 8,500 medals and gold coins, many of which were rare and valuable. Farouk’s passion for numismatics led him to acquire coins from around the world, including specially minted pieces and rare finds.
His collection’s significance lies in its breadth and the historical narrative it encapsulates. After Farouk was overthrown by the military in 1952, his collection was auctioned off by Sotheby’s and Baldwin & Co. and attracted global attention from collectors and dealers.
