Debasement the intrinsic value of the coinage and so more coins can be made with the same quantity of precious metal. If done too frequently, debasement may lead to a new coin being adopted as a standard currency, as when the Ottoman Akçe was replaced by the kuruş (1 kuru = 120 akçe), with the para (1/40 kuruş) as a subunit. The kuruş in turn later became a subdivision of the lira. Debasement Debasement is the practice of lowering the value of currency. It is particularly used in connection with commodity money such as gold or silver coins. A coin is
Phoenix (currency) phoenixes were minted at the National Mint of Aegina, which continued to operate until 1833. Coincidentally, Aegina is where the first ancient and modern Greek coins were minted – the staters of Aegina were minted in around 700 BC and were the first to circulate in the Ancient Greek world. Only a small number of coins were minted, estimated to just under twelve thousand and most transactions in Greece continued to be carried in foreign currency at a rate fixed by the newly established Committee of Economy. Lacking precious metals to mint more coins, the government in 1831 issued an