A Blog by the Editor of The Middle East Journal

Putting Middle Eastern Events in Cultural and Historical Context

Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Monday, January 6, 2014

Al-Ahram Comments on 115 Years Since First Egyptian Pound, Still Doesn't Explain Bactrian Camel

Yesterday Ahram Online noted the 115th anniversary of the first Egyptian pound note. Though the Egyptian pound was first authorized in 1834, it circulated as specie until 1899, when the first Egyptian paper pound appeared (January 5 marked its anniversary).  I noted the same thing a year ago, 

People called it Abu al Gamalayn for its two camels, but Ahram still ignores my question from last year:  why is one of the camels a long-haired, two humped Bactrian from cold countries much further East? The only Bactrians in Egypt are in zoos.





Monday, January 7, 2013

Egypt's First Paper Pound: Where'd That Bactrian Come From?

Here's one for any of you who are numismatists or historians of paper currency. Though the Egyptian pound was first authorized in 1834, it circulated as specie until 1899, when the first Egyptian paper pound appeared (January 5 marked its anniversary):
Look at the camels. The sitting camel has two humps: it's a Bactrian, from Iran, Afghanistan, Central Asia or points East. Outside of zoos, there are no Bactrians in Egypt or the rest of North Africa. (And while it may be due to the artist, it seems smaller than the one-humped camel, whereas Bactrians tend to be rather bulky and have longer hair.)

So why? A European engraver who had no clue about camels? Lobbying by the Camel Campaign for Equal Humps? (And all this is without commenting on the stereotype of choosing camels as Egypt's symbol in the first place: why not pyramids?)

More to the point, what did Egyptians using this banknote think of it?

Thursday, March 11, 2010

Coins versus Bills:The Egyptian Case

The US has tried for years to persuade Americans to use a one dollar coin, which lasts much longer than a paper bill, with little success. Not since silver dollars made of real silver went out of circulation have Americans wanted to use a dollar coin. In my own day I can remember the Eisenhower dollar, the Susan B. Anthony dollar, the Sacagawea dollar, and currently, the Presidential series of dollar coins, of which in the two or three years it's been coming out, I've encountered three.

The only way Americans will accept dollar coins is if they stop printing dollar bills, and in a democracy where people vote for all sorts of niche issues, banning the bills — as our Canadian and British cousins did when they introduced dollar and pound coins — just isn't in the cards. (The first time I went to the UK after the pound coin came in, I think I was tipping with them for days thinking they were 50p coins. The establishments presumably thought I was a big tipper.)

Well, here's an article at Bikya Masr on the same phenomenon in Egypt. One pound and one-and-a-half pound coins were not only rejected by customers in favor of paper, but also by shopkeepers, taxi drivers, etc. (Change has always been a problem in Egypt: ma fish fakka — there's no change — is the plea of many a taxi driver.) When I first went to Egypt in 1972, the smallest coin was the ta‘rifa, or half a piaster, but in those days the pound was a fair amount of money. Today, half a piaster would make no sense, as it wouldn't buy anything at all.

Now, they're minting the coins but not printing the bills. An authoritarian government like Egypt or even a rather paternalistic state like the UK or Canada can pull that off, but I still doubt that you'll see Americans do it any time soon. We're too contrarian, and the politician who stops printing dollar bills is dissing George Washington, of all people. Americans like their dollar bills.

Anybody want a Sacagawea dollar?