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.
With the accession of Ismail (q.v.) there followed a period of wild extravagance and reckless borrowing accompanied by the extortion of every piastre possible from the fellahin.
The coinage formerly was the caroub and piastre (the latter worth about 6d.), but in 1891 the French reformed the coinage, substituting the franc as a unit, and having the money minted at Paris.
The silver coinage consisted of the mejidie (weight 24.055 grammes, 0.830 fine), equivalent to 20 piastres, and its subdivisions 10, 5, 2, I, and 2 piastre pieces.
The silver coins were of 20, 10, 5, 2, I and 2 piastre in value, the 20-piastre piece weighing 24.055 grammes, .830 fine.