Kingdom of Kartl-k’akheti vs. Caucasian khanates: peculiarities of monetary policy in the 2nd half of the 18th century - early 19th century

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Kingdom of Kartl-k'akheti vs. Caucasian khanates: peculiarities of monetary policy in the 2nd half of the 18th century - early 19th century

картлі-кахетинське царство проти кавказьких ханств: особливості грошово-кредитної політики у 2-й половині 18 століття - на початку 19 ст.

Іраклій Пагава PhD (історія),

PhD (медицина)

Доцент,

Інститут сходознавства ім. Г. Церетелі, Державний університет Ілії (Тбілісі, Грузія)

Irakli Paghava PhD in History (2015), PhD in Medicine (2007)

Associate Professor,

G. Tsereteli Institute of Oriental Studies, Ilia State University (Tbilisi, Georgia)



Abstracts

We researched the monetary policy pursued by the monarchs of the south-east- Caucasian polities nascent in the 2nd half of the 18th century, after the murder of Nader Shah, and lasting through the 1st quarter of the 19th century, when they were one by one either annexed by the Russian Empire or Qajar Iran. We concentrated upon the general numismatic history of the region, rather than the coin type sequences issued locally.

From methodological point of view, we considered it promising to conduct the comparative analysis of the monetary policies pursued by the polities classified into two major groups according to the ethnicity and religion of the ruling elite (and population, to an extent): 1) the Kingdom of Kartl-K'akheti (henseforward, KKK), a national Georgian state with predominantly Christian and Georgian population, ruled by Christian Georgian kings; and, 2) khanates governed by Muslim (mostly Turkic) rulers, with mixed population comprising various, mostly (Shi`a and Sunni) Muslim, but also Christian (Georgian, Udi, and Armenian) ethnic groups. Our article is divided into three major sections: 1) Descriptive, comprising four subsections (Producing the coinage, Designing the coinage, Manipulating the coinage, and Controlling the coin market); 2) Analytical, researching the underlying factors predetermining and affecting the monetary policy pursued by the local rulers; and 3) Qualificatory, in which we attempt to evaluate its efficacy. monetary policy monarch kingdom

We came to a conclusion that differences in monetary policy of the KKK and khanates authorities could be foredestined by 1) The economic geography of the region (availability vs. presumably limited supply of the traditional coin metals in correspondingly the KKK and khanates; involvement in international trade, i.e. location with regard to trade routes; extent of territory and population); 2) The local minting traditions and paradigm (centuries long tradition and technical expertise of striking coins manually at some of the local mints, farmed out; retaining Safavid triadic system of coinage; historical memory of renovatio monetae and weight reductions); however, local rulers also employed novel methods for gaining more profit, like debasing the alloy as a state policy, or countermarking the coins; 3) The omnipresent foreign threat, precluding local rulers from appropriating the right of sikka, and forcing them to acknowledge the prevailing foreign overlord, or issue posthumous or anonymous, frequently immobilized coinage; 4) The mindset of the local monarchs, specifically their adherence to historical and national tradition, obvious in case of the KKK, but not the khanates.

The majority of the Caucasian polities pursued some active monetary policy, issuing their own currency, predominantly in silver and copper (the latter also being an integral part of their monetary policy and monetary heritage). Even the khanates operating no mint, or minting coins only during the limited period of time, had to deal with the money circulation on their territory. The meta-analysis of the hoards makes it clear that the KKK and khanates were capable of saturating at least the local economy with their coinage; Irak'li II of KKK even managed to regulate the monetary market in his realm. Farming out the mint provided the king of the KKK with annual (?) income of up to 500 tumans (in the 1790s); in the khanates the figure would be comparable, or less. In the KKK the authorities more or less successfully converted their copper coinage into a powerful mass-media outlet aggrandizing the Georgian monarch and disseminating Christian iconography. Both the KKK kings and khans manipulated the coinage minted and circulating locally in many different ways (by altering or immobilizing the weight and silver standards as well as the general design; countermarking; restriking; renovating the coinage) in order to gain more profit. However, it is hard to say whether this policy was reasonable in the long run.

Further studies would hopefully further elucidate the monetary policy pursued by the local monarchs. Nevetheless, it is already clear that the currencies issued, and circulating in south-eastern Caucasus in the 2nd half of the 18th century - 1st quarter of the 9th century constitute a powerful tool for researching various issues of regional history. The relatively short story of the KKK and khanates ended in Russian conquest; however, that was an instructive and consequential phase in the history of the region and its population, albeit an abortive one. Consequently, the numismatic history of the local 18th-19th c. polities gains particular significance.

Keywords: monetary policy, Caucasus, Kartli-Kakheti kingdom, coins.



Анотація

Наша робота присвячена вивченню грошової політики, яку проводили монархи держав південно-східного Кавказу, що зародилися після вбивства Надер Шаха в другій половині XVIII ст., і проіснували до поглинання Російською імперією або Каджарським Іраном у першій чверті XIX ст. Ми вважали за краще сфокусуватися на вивченні загальної нумізматичної історії регіону, ніж на розборі послідовності місцевих монетних типів.

З методологічного погляду заслуговує на увагу рішення провести порівняльний аналіз грошової політики, яку проводили місцеві держави, які ми об'єднали у дві основні групи на основі етнічної приналежності та релігії правлячої еліти (і, певною мірою, населення): 1) Царство Картлі-Кахеті (надалі, ЦКК), національна грузинська держава, здебільшого з грузинським населенням, яке сповідує Християнство і яким керували царі - грузини-християни, та 2) ханства, якими керували мусульмани (здебільшого, тюрки), зі змішаним населенням (мусульмани-шиїти та суніти, а також християни - грузини, удіі, вірмени). Стаття поділяється на три основні розділи: 1) Описовий, який, своєю чергою, складається з чотирьох підрозділів (Виробництво грошей, Дизайн грошей, Маніпулювання грошима, Контроль над монетним ринком); 2) Аналітичний, у якому ми розглядаємо різноманітні фактори, які вплинули на грошову політику місцевих можновладців; 3) Прикінцевий, у якому ми намагаємось оцінити її ефективність.

Ми дійшли висновку, що відмінності в грошовій політиці, яку проводили в ЦКК і ханствах, могли бути зумовлені 1) економічною географією регіону (доступність або недоступність традиційних монетних металів; участь у міжнародній торгівлі, тобто розташування на торгових шляхах; масштаб території та населення); 2) місцевою традицією карбування (багатовікова традиція й технічні можливості карбування монет вручну на деяких монетних дворах, які віддавалися на відкуп; збереження Сефевідської грошової тріади; історична традиція зниження вагового стандарту і renovatio monetae); однак, місцеві правителі з метою отримання додаткового прибутку використовували і відносно новаторські способи, як от: зниження проби металу і надкарбування монет; 3) всюдисуща зовнішня загроза, що не давала змоги місцевим правителям привласнювати право сикке, і змушувала їх вказувати на грошах домінантного іноземного сюзерена, а також емітувати посмертні або анонімні випуски, часто іммобілізуючи монетний тип; 4) умонастрій місцевих монархів, їхня прихильність до тієї чи іншої історичної чи національної традиції, що так помітно у разі правителів ЦКК, але не ханств.

Більшість кавказьких держава проводила якусь грошову політику, випускала власну монету, здебільшого срібло і мідь (мідні монети безпосередньо належили до грошової спадщини цих політичних утворень).

Правителям навіть тих ханств, де не було власного монетного двору, або той працював нетривало, доводилося мати справу з грошовим обігом на підконтрольній їм території. Мета-аналіз скарбів показав, що і ЦКК, і ханства зуміли наситити дзвінкою монетою щонайменше місцеві економіки; Іраклі II, цар ЦКК навіть міг регулювати грошовий ринок у своїй державі. Відкуп монетного двору забезпечував царя ЦКК щорічним (?) доходом розміром до 500 туманів (у 1790-их рр.); у ханствах цифра мусила бути співставною, або нижчою. У ЦКК влада зуміла більш-менш успішно перетворити мідну монету на потужний медіа- інструмент, що звеличував грузинського монарха і поширював християнську іконографію. Намагаючись отримати більше прибутку, правителі як ЦКК, так і ханств активно маніпулювали монетою, що карбувалася або перебувала в обігу (змінюючи ваговий стандарт і пробу металу, так само як і загальний дизайн; надкарбуючи, перекарбовуючи й оновлюючи різні монети). Однак, складно сказати, наскільки розумною була подібна політика в далекій перспективі.

Маємо сподівання, що вивчення грошової політики в кавказькому регіоні продовжиться і надалі. Проте вже цілком зрозуміло, що ті гроші, які випускалися й перебували в обігу в південно-східній частині Кавказу в 2-й половині XVIII ст. - 1й чверті XIX ст., - є важливим першоджерелом для вивчення різних питань історії цього регіону. Порівняно коротка історія ЦКК і ханств завершилася російським завоюванням. Проте, це був повчальний і такий, що зумовлює майбутнє, період в історії регіону та його населення. Відповідно і нумізматична історія місцевих держав XVIII-XIX ст. набуває особливого значення.

Ключові слова: грошова політика, Кавказ, царство Картлі-Кахеті, монети.



The fall of the Safavids as the regional super-power in the first third of the 18th century led to relative political vacuum in south-eastern Caucasus, at the periphery of the former Safavid state. The Ottomans and Russians attempted to fill it in, as well as various “local” dynasties, like Afsharids, Zands, and Qajars, all aspiring to restore the Safavid realm of old. Eventually, the Qajars emerged victorious, but were forced to cede the Caucasus to the Russian Empire. Nevertheless, the Caucasian lands enjoyed relative autonomy and even de facto independence in the 50-70-year-long period between the death of Nader Shah in 1747 and Russian annexations in the first decades of the 19th century; this intermezzo provided local ruling elites with a unique opportunity for statebuilding.

Various petty states emerged on the Caucasian lands previosly controlled by the Safavlds: the Kingdom of Kartl-K'akheti in eastern Georgia (henceforward abbreviated as KKK) and several khanates and sultanates on the territory of the modern republics of Armenia and Azerbaijan. We opted to ignore the khanates located to the south of the Aras and Kur rivers, and focused on those to the north, i.e. the Khanates of Irawan, Nakhjewan, Ganja, Qarabagh, Shakl, Shirwan, Derbend, Quba, Baku, and various even smaller units like Sultanate of Ellsu or free communities of Jar (with an addition of the Talesh Khanate). We also ignored the petty Daghestani states or communities, including the Nutsaldom of Avaria, as they issued no original coinage whatsoever in this period; except for the aul of Kubachl, where local artisans forged Iranian, Ottoman, and Russian coins1.

Our goal is to research the monetary policy pursued by the monarchs of the south- east-Caucasian polities in the 2nd half of the 18th century, after the murder of Nader Shah, and through the 1st quarter of the 19th century, when they were one by one either annexed by the Russian Empire or incorporated into the Qajar Iran; rather then discussing the type sequences of local coins, we considered it more productive to concentrate upon the general numismatic history of the region, - with particular emphasis on the decisions rendered by local authorities with regard to what would they mint, if anything: how would they design their coinage, considering the political and economic milieu; and, what provisions would they make in order to increase the profits and comply with needs of local economy.

All the south-Caucasian states of this period are easily classified into two major groups according to the ethnicity and religion of the ruling elite (and population, to an extent): 1) the KKK established by the K'akheti branch of the Georgian royal family of Bagrationi, uniting the east-Georgian provinces of Kartli and K'akheti in 1744 (enjoying the benevolence of Nader Shah); this kingdom constituted the national Georgian state with predominantly Christian and Georgian population, and ruled by Teimuraz II, Irak'li II, and Giorgi XII, Christian kings; and, 2) several khanates and sultanates governed by Muslim (mostly Turkic) rulers, with mixed population comprising various, mostly (Sh!`a and Sunni) Muslim, but partially also Christian (Georgian, Udi, and Armenian) ethnic groups.

From methodological point of view, we consider it promising to conduct the comparative analysis of the monetary policies pursued by the polities pertaining to these two groups.

It also seems feasible to divide our work into three major sections: 1) Descriptive, constituting a general comparative survey of the local coinages; 2) Analytical, researching the underlying factors predetermining and affecting the monetary policy pursued by the KKK and khanates, and its variability; and 3) Qualificatory, in which we Pagava, 2018: 98-116. attempt to evaluate the efficacy of the monetary policy pursued by the monarchs of the aforesaid states.

The Descriptive part conveniently lends itself to further breaking into four subsections: 1) Producing the coinage, implying the general geography and chronology of local coin issues; 2) Designing the coinage, analysing the different styles of the precious metal and copper coins, including the selection of monetary legends and delegating or appropriating the right of sikka; 3) Manipulating the coinage, studying various means employed by the rulers to maximize the profits generated by coin-minting activities or to adjust their currencies to local economic conditions; 4) Controlling the coin market, covering the extent of control exerted by local sovereigns over the monetary circulation within their subject territories.

Eventually, we will summarize our findings and endeavour to assess the effectiveness of the monetary policy pursued by the south-east-Caucasian states in the 2nd half of the 18th century - 1st quarter of the 9th century.

*

Producing the coinage.

The right of coinage (das Munzregal) was one of the conventional sovereign rights. Minting one's own money provided the emitter with convenient tool to gain some profit and herald selected message/s, while simultaneously facilitating the local economy. Unsuprisingly, the rulers of the newly founded polities opted to start issuing the coinage; many of them, but not all. The Talesh Khanate, the Sultanate of El!su and the free communities of Jar have evidently issued no coinage in this period; some coppers issued at the “Badkuba” (?) mint have only tentatively been attributed to the Baku Khanate Racabli, 2012: 259, 261. Paghava, Turkia, and Janjgava, 2010: 13-15; Paghava, 2010b: 517-520, 526-529; Paghava, 2010c: 15-17; Paghava, Bichik'ashvili, and Chagunava, 2014: 200-272.. Moreover, some of the khanates evidently issued only either copper (Baku Khanate?) or silver coinage (Quba mint?).The KKK was the only Caucasian state to issue gold coinage more or less systematically, albeit in small quantity: Afsharid type gold, and sirma gold shauris3; Ganja and Irawan Khanates issued gold only sporadically Farahbakhsh, 2007: 68; Akopyan, 2021: 171..

All the polities pursued the single-mint policy. The only mint was located in the capital city: TifUs (the KKK); Irawan (Irawan Khanate), Nakhjewan (Nakhjewan Khanate), Shak!/Nukhw! (Shak! Khanate), Ganja (Ganja Khanate), Panahabad (Qarabagh Khanate), Shamakh! (Shirwan Khanate), Baku? (Baku Khanate). The Quba Khanate was seemingly the only exclusion: Fath-`Al! Khan of Quba conquered the Derbend and Shirvan Khanates (in correspondingly 1765 and 1768); this amorphous state operated the mints not only in Quba, but also in Derbend and Shamakh!, the other major urban centers.

The duration and time period of minting in various local states did not coincide either. The KKK, Ganja and Shirwan Khanates were perhaps the most prolific and stable emitters; their mints issued coinage already in the late AfsharId period (1747-1750s) and continued functioning till Russian annexations in 1801-1820 Album, 2011: 297-300; Paghava, 2023: 155-172.. Qarabagh, ShakI, Quba and Derbend Khanates initiated their own coinage much later, evidently, only in the 1790s, and continued striking coinage through the first decades of the 19th century, when the Russian Empire was gaining a foothold in South Caucasus; the khans retained the right to issue coinage even after having been forced to accept the suzerainty of the Russian Empire, and proceeded with minting operations till immediate incorporation into the Russian Empire in the first decades of the 19th century Cf. Rajabli, 1997: 167; Album, 2011: 298-299; Racabli, 2012: 259.. Remarkably, the Panahabad, ShakI, Quba and Derbend mints, particularly the latter two, clearly produced less coins than those listed above. Irawan, Nakhjewan and Baku Khanates issued coins only sporadically, in the 18 th century Idem: 259, 261-262; Cf. Akopyan, 2021: 171-172..

The TiflIs mint was farmed out to private entrepreneurs (according to the 1770 testimony by captain Yazykov, and the documents dated 1792 and 1795) Paghava, 2023: 173-183.. The Panahabad mint was farmed out as well Akopyan, 2018: 49.. Generally, farming the mint out was a common practice in the SafavId period Rajabli, 1997: 185-186; Matthee, Floor, and Clawson, 2013: 13-18. Romanov, 1893: I-V, 22-59, 61-64, tab. I-III; fon Vinkler, 1898: 285-328; Kapanadze, 1969: 160-166.; we would conjecture that the mints were farmed out in all of the khanates.

The coins produced in the region in that period are not uniform; evidently, no machines were employed: both the KKK and khanate mints produced coinage by manually hammering the blanks; the first milled coinage was produced in the region by the Russian imperial authorities in TiflIs only in 1804-1834, already after having annexed the KKK11.

Designing the coinage.

As far as it regards the copper coinage, it was commonly styled after the typical anonymous Persian black money, i.e. civic coppers, with some (random?) effigy on one side, and the traditional mint-date formula on another Kutelia, 1990: 11-13, 53.:

[AH date, mintname] struckfultls /

Teimuraz II, Irak'li II and Giorgi XII of the KKK resurrected the tradition established in the early 18th century by the representatives of Kartli branch of the Bagrationi family Kuteliya, 1979: 60-65.

Seemingly there is the Arabic initial ayn (±) of Aleksandre (`AlI mirza), the King of K'akheti on some specimens of the AH 1148 type issued in occupied TiflIs. Idem: 64-65., and indicated their names on the TiflIs coppers; first abbreviated, and later in full, in Georgian language and Georgian script, first in common Mkhedruli, later switching to more pompous (prestigious) Asomtavruli script14. Nevertheless, they still employed Arabic for writing the mint-date formula till the very end of the KKK (only the last and anonymous coin type dated [AH] 1215 had the mint name in Georgian (tfls / Tfs)15.

In contrast, Muslim and Turkic rulers of the khanates never mentioned themselves on their copper coinage; to our knowledge, no Turkic word was ever indicated, and all the legends were in Arabic and Persian.

The Kings of the KKK elaborated also the iconography of their copper coinage16, and transformed it into a heraldic emblem (Coat of Arms of the Bagrationi family on the AH 1179 type); however, later on they altered the iconography again, perphaps degrading it, and introduced the effigies of a fish (Christian symbol), and double- or single-headed eagle, Georgian rather than Russian heraldic element17.

To our understanding, the alternating effigies we see on the black puls of the Khanates, bear no comparable semantic significance. However, the copper currencies issued in these states still await a comprehensive study; so far only the copper issues of the Ganja Khanate have been researched in toto18. Generally, we can observe some deviations from the civic copper standard in case of the khanates as well: The later relatively rare coppers of the Qarabagh Khanate bear the presumably Ottoman tughra; Irakli Paghava interpreted its appearance as Ibrahim Khans desperate attempt to survive the Russian expansion by affiliating himself with the Ottoman Empire19; rare type of Ganja bears the Shi`a shahadah20; most interestingly, the AH 1215-1218 coppers of Derbend bear the standard Imamite formula (vide infra) jL J' I (Oh, Lord of Time) Paghava, 2017a: 94-97; Paghava, 2017b: 252-253. Pakhomov, 1970: 269. Paghava, 2017a: 94-95; Paghava, 2017b: 252. Paghava, 2017a: 95; Paghava, 2017b: 252. Pagava, 2013b: 217-222; Paghava, 2016: 27-28. Pagava, 2013b: 210. Idem: 209-210. Mayer, 2005: 158-159, ##1301-1305. Pagava, 2013b: 209, Ris. 3-6.; some copper coins of the Shaki Khanate (Nukhwi mint) bear the effigy of the crown of two different types borrowed from the Russian Empire (correspondingly, Russian and Russo-Georgian) coins22.

As to the precious metal coins, both Georgian and Turkic rulers unanimously produced typical Oriental, Islamic coinage: aniconic (apart from the cartouches and borders, as well as floral decorations); with Arabic and Persian legends (mostly, religious formulas) in Arabic script.

Remarkably, all of the local monarchs abstained from indicating their name on their own (precious metal) coinage, i.e. from appropriating the right of sikka. They rather

ceded it to contemporary foreign (but nominal or distant, for the least) overlord: the KKK and Ganja Khanate issued the coinage in the name of Ibrahim and Shahrokh the

Afsharids; later on, the Ganja, Irawan and Shirwan Khanates and KKK produced coinage with Karim Khan's invocation Paghava, 2023: 52.; by the end of the 19th c. the Ganja Khanate acknowledged Agha Muhammad Khan Qajar by issuing silver coinage with invocation Ya, Muhammad; the Qarabagh Khanate issuedpanahabadis in the name of the Fath-`Ali Shah Qajar Racabli, 2012: 253.;

struck the coins in the name of the deceased overlord, i.e. minted posthumous issues: the KKK issued naderi in the name of the murdered Nader Shah in AH 1162 Pagava, 2013b: 215. Paghava, 2023: 139, 164-166, 171-172, 295.; later on, Tiflis mint issued sirma coinage with Karim Khan's invocation Ya, Karim, long after the demise of vakil26. The Ganja Khanate issued series of relatively light-weight coins also in the name of Nader Shah Album, 2011: 297; Akopyan, 2011: 30; Pagava, 2013b: 215.;

issued anonymous coinage: Many of the khanates deliberately decided to abstain from indicating any ruler and issued the coinage with standard Imamite formulas, referring to the 12th Imam Rajabli, 1997: 160-161.:

or:

Oh, Lord of Time

The sun and moon have become gold and silver throughout the world, by the coins of the

Imam, indeed, the Lord of Time

Alternatively, the Shi`a shahadah was indicated, for instance, on some of the Qarabagh Khanate coin types Racabli, 2012, p. 252-253; or the legend comprised just the mint and date formula, as on the some of the Shaki Khanate coins Idem: 257-258..

In both the KKK and khanates the authorities sometimes opted to imitate the coin types issued elsewhere (normally, in one of the neighbouring states). The KKK borrowed the chain-of-crosses element for its 1A-abazi denomination from the coinage of the Nakhjewan and Tabriz Khanates (or, was that envisioned by some agreement?) Paghava, 2023: 128-130, 381-382.; synchronously, two coins types imitating the sirma coins of the KKK in terms of design or design and weight standard were issued in Ganja in AH 1201-1205 Idem: 276-285.; already in the 19th c. Shaki and Qarabagh Khanates borrowed correspondingly the crown and the branches from regular Russian and Georgian-Russian coinage (1804-1834); heralding these iconographic elements hardly indicates any commitment on part of the khans, but rather their decision to imitate the popular contemporary coins, like Russian roubles or Georgian-Russian silver and copper coinage.

It is remarkable how the local polities vaccilated between the visual stability vs. the versatility of their currency. For instance, the Ganja and Qarabagh Khanates modified the design and size of their coinage on a regular basis (undoubtedly, due to developing geopolitical situtation and need to indicate the alteration of the weight standard). Per contra, the KKK never altered the design of its sirma silver (and gold) coins since the first issue in 1765/6 and till the very end of the kingdom in 180 1 Idem: 139, 295-297.; similarly, except for one year only the Shirwan Khanate constantly issed silver `abbasls with the short legend yUj/Jil ^4® h . According to Yevgeniy Pakhomov Pakhomov, 1959: 29., the authorities ordered a lengthier one only in AH 1187 (1773/4):

By preserving the visual (and metrological, i.e. weight and silver standard) stability of the coin type, and in some cases also minting the posthumous issues, many of the local polities actually immobilized their coinage for decades.

Both silver and copper coins produced in the Muslim polities bore exclusively the AH dates in Arabic numerals; the precious metal coinage of the KKK was dated in a similar way, while some copper issues also bore the AD date in European Arabic numerals Pakhomov, 1970: 251-255, 263-268; Kuteliya, 1979: 60-63..

Manipulating the coinage.

Some of the Caucasian states attempted to obtain more profit by means of controlling the monetary market, including the circulating coinage, both imported and issued locally.

Decreasing the weight standard of the issued silver coins would have provided the emitter with short-term but substantial income, i.e. extra hard money available; however, the purchasing power of the new, lower-weight currency with the same nominal value would have remained unaltered only until the market prices reacted to the decreasing intrinsic value of the new, nominally identical currency. Drops in weight standard of the silver coins of the khanates have been studied only partially so far Cf. Akopyan, 2016: 285-301.. Nevertheless, the local polities demonstrated diverse approach: the KKK seemingly never decreased the weight standard of its coinage after introducing the sirma currency (1765/6-1798/9), whereas for instance the Ganja Khanate constantly did that (hence the design versatility of the coinage issued in Ganja, in contrast to that of the sirma coins). The decline in weight standard was normally heralded by cardinal alteration of the coin type; however, at times only some minor alteration of the generally unaltered design indicated the light decrease therein, understandable only to an expert Pakhomov, 1957: 84, #1857..

Yet another technique to increase the stock of money and gain some extra profit (at least at the early stage of the process) was to debase the coinage. Generally speaking, the Safavid Except for the relatively brief period in the 1670s-1680s. Matthee, Floor, and Clawson, 2013: 118-131. and Afsharid coinage was normally issued in a very high standard silver (the Ottoman authorities seemingly pursued the same policy at mints of Tiflls, Rewan, Ganja and Tabriz controlled by them in 1723-1735). Johann Anton Guldenstadt and Step'an Burnashev even considered that Georgians and Persians did not know how to alloy silver coins Giuldensht'edt'i, 1962: 234-236; Burnashev, 2020: 160; Paghava, 2023: 209-210.. This is certainly wrong, as we know for sure from Dasturlamali of Vakhtang VI Cf. Surguladze, 1970: 533-534., king of Kartli, that the addition alloy was intentionally admixed in order to regulate (diminish) the standard of silver intended for striking silver coins at Tiflis mint Koiava, 1963: 36; Paghava, 2023: 209-211.. Nevertheless, the intended standard of the alloyage was very high, and approximated 97.4% Idem: 211.. The destructive lab analysis of the KKK coins demonstrated the comparable figures: 94.2-98.4% O monetnom dele, 1832: 121-122, Tablitsa; Areshidze, 1950: 80-81, 118-119; Kapanadze, 1943: 573-576; Paghava, 2023: 211-213.. Evidently, the kings of the KKK opted for having a high-standard silver currency, and never debased it We would not overestimate the significance of the sole instance, when the standard of one AH 1192 sirma abazi was established as 72.0%. Kapanadze, 1943: 573-574; Paghava, 2023: 213. De visu, all of hundreds of the sirma silver coins that we have studied over two decades had an appearance of very fine silver. That low-standard abazi seems to be an outlier.. In contrast, the khanate authorities, except perhaps for Ganja khanate only, chose rather to exploit their right of coinage differenty, and attempted to increase their profits by debasing their silver coinage; According to essays conducted in Saint-Petersburg in 1830, the standard of some of the coins issued in the khanates was as low as 66.5% (or even 58.7%) O monetnom dele, 1832: 121-122, Tablitsa.. Cf. Table 1. P'aata Gugushvili's translation is incomplete, and even erroneous. Gugushvili, 1956: 76-77.

Table 1. Silver standard of the coinage minted in the Kingdom of Kartl-K'akheti and khanates

Coinage	Fineness
	Russian Empire zolotnik standard	Millesimal
Shamakhi `abbasis	89%	929
Shaki `abbasis	89%	929
Shusha `abbasis	89	927
Baku `abbasis (?)	56%	587
Quba `abbasis	63%	665
Lankaran `abbasis (?)	59%	623
Old Georgian abazis, minted in the Kings' time [the KKK abazis]	93%	972
Ganja `abbasis	91	948
Old Georgian abazis, minted in the Kings' time [the KKK abazis]	94	979
Nukha `abbasis	86%	901
Nukha `abbasis of novel type	80%	837
Nukha `abbasis	87%	913
Shirwan `abbasis	89	927
Ja`far Quli-khan's `abbasis: essayed for the 1st time
based on 1 high quality `abbasi	76	792
based on 1 low quality `abbasi	72	750
essaying for the 2nd time the mixture of all o	f his coins
of higher quality	73	760
of lower quality	70	729
Qarabagh pana[ha]badi	75%	785
Ganja pana[ha]badi (?)	91%	951
Ganja rouble [minaltun?]	92	958
Ganja 80-copeck coin	93	969

(?) - stands in need of verification; Ja`far Quli-khan was the khan of Shaki in 18061814.

One of the principal arrangements to increase the profitability of minting was recurrent renovatio monetae, i.e. replacing the coinage minted earlier, with the new one. Generally speaking, any coinage could be novelized. However, it would have been demanding to force the population to relinquish silver coins; being produced from precious metal it had intrinsic value which could not be annulled by authorities' decision, and circulated freely for many decades: The monetary circulation of the region comprised a wide variety of silver currencies, some coins being minted by Sultan Husayn I or even earlier Pakhomov, 1926: 32-34; Rajabli, 1997: 160; Paghava, 2010a: 391-407.. In contrast, and most importantly, civic copper coins constituted mostly fiat money, with limited (though not negligible) intrinsic value (copper being much cheaper than silver or gold), and its current value was established at discretion of the authorities; the latter were free to devalue or even annul the circulating coppers and initiate new emission, to be declared the only valid one, forcing the population to surrender the coppers they possessed for reminting, or, possibly, contermarking (vide infra). Reminting silver coinage would provide the mint operator with only limited profit equal to less than 2-2.5% of the processed metal Paghava, 2023: 179-180.; on the contrary, minting copper coins implied a huge profit margin of 60-65% (nominal value of the produced copper coins being almost three times higher than the production costs, including the value of copper expended) Paghava, 2017b: 248-249.. Evidently, the authorities had greater financial incentive to strike copper rather than silver coins of new type (higher intrinsic value of the latter notwithstanding). Renovatio of the copper coins was the modus operandi practised in the late-SafavId epoch, and, evidently, also after the fall of Isfahan to the Afghans, as proved by the total absence of the hoards of local copper coins issued in the KKK or khanates, and comprising the specimens of more than one coin type, as it was senseless to deposit the soon-to-be-devalued or annuled coins.

Both kings of the KKK and khans employed countermarking to validate, revalidate and, perhaps, revaluate the coinage. However, the type of currency subjected to this procedure was absolutely different: both local and imported or outdated copper coins in the KKK, and mostly silver `abbasIs in the khanates. Teimuraz II employed as countermark the initial letter of his name: T (“T”) in hexagonal frame, while Irak'li II applied two different countermarks, both constituting (abbreviated?) monogram of his name: the devalued (annuled?) Tiflls coppers of previous type were countermarked, as well as imported and outdated ones, including even the medieval copper coins; the coins revalidated with Teimuraz's c/m had to be revalidated later anew, as we know specimens bearing two countermarks, those of Teimuraz II and Irak'li II Paghava, Lobzhanidze, and Turkia, 2008; Pagava, 2013b: 225-226, Ris. 16.. The attribution of all three is self-evident. In contrast, in the Muslim state the rayij (ZeCm) (= valid, current) countermark was applied; to our knowledge, no die analysis or any general research has ever been conducted with regard to this countermark; therefore, this countermark's attribution to the khanates is only tentative; however, it's typically encountered on the khanate coins, primarily the silver ones (?), and was presumably applied in one or several of them (however, for the moment we cannot establish in which one/s exactly); it was applied already before AH 1190 (1776/7) Pakhomov, 1949b: 44, #1496.. Tinatin Kutelia has published an AH 1147 (?) (1734/5?) copper coin bearing the same countermark Kutelia, 1990: 12, 87, t'abula XXV, #409..

There is some evidence, that the khanate authorites counted on the coinage imports as a source of coin metal for local monetary production. Ganja Khanate coin restruck on the KKK copper has been published Paghava, 2016: 28.. It was also conjectured that the sirma silver coinage of the KKK, while circulating in the Khanates, was also smelted and then transformed into the local currencies, as perhaps indicated by the highly varying share (0.98-85.0%) of sirma coinage in the hoards discovered on the territory of the khanates Paghava, 2023: 261-264, diagrama 7.. In the 19th century already the heavy-weight Russian Empire roubles became a subject of re-minting into the local currencies in the khanates АКАК, Том VIII, 1881: 65-66..

The authorities also attempted to increase their profits by minting more copper coins, and replacing the small denomination (i.e. low-weight) silver coins with large denomination (i.e. relatively heavy-weight) copper coins to that effect: the financial gain was to be two-fold: 1) sparing precious silver, i.e. hard money, or, better say, increasing the stock of disposable money spending the same amount of precious metal; and, 2) issuing mostly much more profitable token coinage. The KKK unsuccessfully attempted to issue copper shauri (shahi) and also copper bisti in AH 1179 (1765/6) (the latter successfully reintroduced only in the 1780s) Paghava, 2017b: 250; Paghava, 2021: 360.; the Ganja Khanate also attempted to introduce the heavy weight copper coin with effigy of a rabbit in AH 1207 (1792/3) Three specimens have been published by Tinatin Kutelia, with weights 27.23, 30.71 and 31.35 g (№497-499). Kutelia, 1990: 92, 110, t'abula XXXI, #497.

Remarkably, recently a specimen of this type was discovered in the Lower (Kvemo) Kartli region of Georgia, to the south from TiflIs, testisfying to penetration of Ganja copppers.. The rest of the local states evidently issued metrologically more traditional copper currency. However, the debasement and decrease in weight standard of the currencies in the post-SafavId area naturally instigated the rulers to start issuing higher denominations in copper: for instance, we know the copper shahls minted in Rasht in AH 1204 (1789/90) and 1211 (1796/7), weighing only correspondingly 12.70, 13.29, and 16.35, 16.75 g Idem: 18..

Controlling the coin market.

How efficient was the state control over the monetary affairs within the territory ruled by the authorities? Did they succeed in controlling their own monetary market, let alone the regional one?

We consider the hoards discovered on the territory of the KKK and the khanates and comprising the coins issued by the corresponding mints to be the primary source of information thereupon; mata-analysis of these monetary complexes would yield the most reliable results.

In the first place, we have to reiterate that no hoards of copper coins issued by either the KKK or the khanates have ever been discovered. The Gori uyezd hoard of Georgian and Russian silver and copper coins constitutes the sole exclusion of dubitable reliability, to be analyzed and discussed separately in the future.

In contrast, we know many hoards comprising almost exclusively silver coins of various types, deposited on the territory of both the KKK and the khanates. Many of the

latter were registered already by Yevgeniy Pakhomov (vide infra), and then reviewed by Yelena SinitsynaSinitsina, 1992: 17-23.. 14 hoards reflecting the monetary circulation in the KKK have been meta-analysed and published in 2023Paghava, 2023: 229-233, 239-247, diagrama 3-4, 260-261.. It would be expedient to meta-analyse also the hoards discovered on the territory of the khanates.

We would consider only the hoards comprising at least a minor percentage of the khanate coins (including the ones issued in the name of the last Afsharld rulers); the hoards comprising exclusively the earlier coins could be deposited in the khanates' epoch as well, but we cannot exclude the possibility they were not; hence, unless the youngest coin pertains to that period of time, we opted to ignore such hoards. The hoards are listed in accordance with contemporary political borders, to reflect the monetary circulation in specific khanates or KKK. Find locations are indicated by citing the toponyms from the original publications. For the sake of brevity we provide only the principal data, like hoard composition in brief, find location and year, approximate date of tesauration (in parenthesis) and the reference (more information is generally available in referenced original publications). The hoards' composition by mints / issuing polities is represented in diagrams (the share of the KKK and khanates' coins is indicated in percentage). We disregarded the typological varieties.

Diagram 1. Hoards discovered on the territory of the Kingdom of Kartl-K'akheti The KKK (Diagram 1): 14 hoardsIbid.:

Lalakend (1897): silver coins (exclusively sirma abazis?), incl. 73 sirma abazis, AH 1211 (1796/7) and “1212” (1797/8) being the latest; deposited by the end of the 18th c.;

Gori uyezd (1906): Copper coins of KKK and Russian Empire, and approximately 60 sirma abazis; deposited probably by the end of the 18th c.;

Chikaani (1927): >100 sirma abazis, the latest dated AH 1213 (1798/9); deposited by the end of the 18 th c.;

Unknown find location I (2004): >100 sirma abazis, the latest dated AH 1213 (1798/9); deposited by the end of the 18th c.;

Unknown find location II (2005): >100 sirma abazis, the latest dated AH 1213 (1798/9); deposited by the end of the 18th c.;

Bolnisi (2010s): 35 sirma coins, including 33 abazis, and 2 half-abazis, the latest dated AH 1211 (1796/7); deposited by the end of the 18th c.;

Manavi (2009): 116 were registered (60% of the total number?), all being sirma abazis, the latest dated AH 1213 (1798/9); deposited by the end of the 18th c.;

Kojori II (2022): 36 coins of sirma type, including 35 sirma abazis, and 1 Ganja abazi of sirma type, the latest dated AH 1211 (1796/7); all coins had the traces of soldering; the latest was dated AH 1211 (1796/7); deposited by the end of the 18th c.;

Dusheti (2005): 5 sirma coins, including 4 abazis, and 1 half-abazi, the latest dated AH 1211 (1796/7); deposited by the end of the 18th c.;

Unknown find location (Kartli) (2017?): 4 (or 5?) sirma abazis, the latest dated AH 1201 (1786/7); deposited by the end of 1780s or in 1790s;

Unknown find location III (2010s): 4 sirma abazis, the latest known date being AH 1210 (1795/6); deposited by the end of the 18th c.;

Mtianeti I (2020?): 23 silver coins and artifacts, including 1 “reduced” Georgian late-feudal coin; 2 Ottoman paras of Mustafa III and Selim III; silver 5-copeck of Elisabeth II, and 4 grivenniks of Catherine II of the Russian Empire; KKK shauri in the name of Shahrokh Afshand; 14 sirma coins including 8 abazis, 3 half-abazis, and 3 quarter-abazis; the latest dated AH 1213 (1798/9); deposited by the end of the 18th c.;

Mtianeti II (2023?): 6 sirma coins, including 1 half-abazi and 5 quarter-abazis, the latest dated AH 1211 (1796/7); deposited by the end of the 18th c.;

Pshaveli (1963): 3 sirma abazis;, 3 Ottoman coins of the late 18th century; 11 Russian Empire coins of Elisabeth II, Catherine II and Paul I; probably deposited by the end of the 18 th c.;

Diagram 2. Hoards discovered on the territory of Irawan Khanate

Irawan Khanate (Diagram 2):

Sovetashen, close to Irawan (1938): 15 silver coins, including 2 sirma HA-abazis of Tiflis; 12 Irawan Khanate coins dated AH 1181, 1185, and w/o date, and 1 Tabriz coin dated AH 1185; the latest coins dated AH 1185 (1771/2) Pakhomov, 1949a: 77, #1209.; deposited in the 1770s;

“Irawan I” (unspecified location) (2008): a hoard of 20 silver coins, including 17 sirma abazis of the KKK, 2 Ganja Khanate `abbasis, 1 Georgian-Russian coin dated 1819 (the latest coin of the hoard); deposited by the late 1810s? Paghava, 2023: 236-237, #21.;

“Irawan II” (unspecified location) (early 1210s): an unspecified number of silver coins, including 3 sirma abazis and 1 Ganja Khanate `abbasi of sirma type; the latest coin dated AH 1211 (1796/7); probably deposited before 1801? Idem: 234, #19.;

Nakhjewan Khanate:

Daralagyoz, Mikoyan rayon (1934): a hoard of silver artifacts (including 9 silver earrings with coin pendants and 33 buttons produced from coins), and 631 silver coins, mostly abazis and few half-abazis of Tiflis (of sirma type), and also a lesser number of Ganja Khanate `abbasis; deposited by the end of the 18th c. Pakhomov, 1940: 64-65, #918.;

Diagram 3. Hoards discovered on the territory of Ganja Khanate

Ganja Khanate (Diagram 3):

Kirovabad (=Ganja) I, 1935: 59 silver `abbasis of the khanates, including 10 of Shamakhi, 49 of Ganja; the earliest date AH 1182 (1768/9), the latest AH 1189 (1775/6) Idem: 64, #915.; deposited in the late 1770s?

Kirovabad (=Ganja) II, 1935: [was this hoard discovered in the vicinities of Shamakhi?) (1935): 62 Shamakhi Khanate coins; the earliest date AH 1195 (1780/1), the latest AH 1203 (1788/9) Idem: 64, #916.; deposited in the late 1780s?

Chaykend, 1953: 1259 unbroken coins and 13 coin fragments (1266 coins in total?), including 1 Tiflis shahi in the name of Shahrokh and 71 Tiflis sirma abazis; 79 `abbasis of Shirwan Khanate; 295 `abbasis of Ganja Khanate; the latest coin dated AH 1201 (1786/7) Pakhomov, 1959: 27-32, #2022.; deposited in the late 1780s, early 1790s;

Kush'i, Dashkesan rayon (Y. Pakhomov: “Shemakhi rayon (?)”) (1890): 14 gold and 340 silver coins, including 30 of Ganja Khanate, and 61 of Shirwan Khanate; the latest coin dated AH 1202 (1787/8) Pakhomov, 1926: 69, #221; Pakhomov, 1959: 51-52, #K vyp. I,221.; deposited in the late 1780s, early 1790s;

Diagram 4. Hoards discovered on the territory of Qarabagh Khanate

Qarabagh Khanate (Diagram 4):

Qarabagh (1830): 120 silver coins of the 17th-18th c.; only 8 were registered, and included the Shamakhi and Ganja silver coins; the latest coin seemingly being the Ganja one dated AH 1191 (1780/1) Pakhomov, 1926: 70, #228.; deposited in the early 1780s;

Stepanakert / Khankendi I (1934): 13 silver khanate `abbasis, including 2 Shamakhi and 11 Ganja coins. The earliest date AH 1188 (1774/5), the latest 1190 (1776/7) Pakhomov, 1938: 58, #534.; deposited in the late 1770s?

Stepanakert / Khankendi II (1934): 35 silver khanate `abbasis, including Shamakhi “1187” (?), 1183 (with c/m), 1189 (4), no date (4); Ganja 1189 (6, incl. 1 with c/m), 1190 (10), 1191 (9). The earliest date AH 1187 (1773/4), the latest 1191 (1777/8) Idem: 58, #535.; deposited in the late 1770s?

Trakhtik, Hadrut rayon (1939): anonymous silver `abbasis of the khanate period; only 64 became available for study - 29 `abbasis of Shamakhi, 30 of Ganja (including 1 of sirma type), 5 of Panahabad, all dated AH 1209 (being the latest year present in the hoard). Probably, deposited in 1795 Pakhomov, 1949b: 43-44, #1496. (?);

Shusha uyezd (1841): An unspecified number of various silver coins, including the Ganja and Tiflis issues of Ibrahim and Shahrokh Afshars and possibly Shamakhi `abbasi Pakhomov, 1926: 68-69, #216.; deposited in 1760s?

Kirkijan, Mountainous Qarabagh (1939): a hoard of silver coins; the majority of which were studied by Yevgeniy Pakhomov: 4 Tiflls coins of Ibrahim and Shahrokh Afshars; 14 Ganja coins (10 of Ibrahim and Shahrokh Afshars and 4 posthumously issued coins in the name of Nader Shah); the latest coin dated AH 1172 (1758/9) Pakhomov, 1949a: 76-77, #1208.; deposited in the early 1760s?

Begum-Sarov, Terter rayon (1939): A hoard of silver coins, of which only 14 were studied: 13 coins of Ganja Khanate; 1 coin of Shirwan Khanate; the latest coin dated AH 1202 (1787/8) Idem: 78-79, #1214.; deposited in the late 1780s, early 1790s;

“Qarabagh I” (unspecified location) (2015): a hoard of more than 400 silver coins: Ganja and Shirwan Khanates, sirma abazis of the KKK (approximately 25%); only 14 sirma abazis of Tiflis mint could be studied, the latest dated AH 1195 (1780/1); no coins of the Qarabagh Khanate or Russian Empire; probably deposited before 1790s Paghava, 2023: 234, #18.;

“Qarabagh II” (unspecified location) (2013): a hoard of 102 coins, including 98 identified silver ones: 2 `abbasis of Tabriz; 9 anonymous `abbasis of Shirwan Khanate; 46 coins of various types of the Qarabagh Khanate; 10 `abbasis of Ganja Khanate; 2 `abbasis of Shaki Khanate; 1 sirma abazi of the KKK; the latest coin dated AH 1223 (1808/9); deposited in the late 1810s? Idem: 234-236, #20.;

Diagram 5. Hoards discovered on the territory of Shaki Khanate

Shaki Khanate (Diagram 5):

1) Karadaghly, Aresh uyezd (=Aghdash) (1890): silver artifacts and 236 silver Persian and Caucasian coins dated AH 1122-1220 (1710-1808), the majority being minted in Shamakhi and Ganja: 2 Tiflis coins in the name of Ibrahim and Shahrokh Afshars; 83 of

Shirwan Khanate; 66 (?) of Ganja Khanate; 16 unspecified coins (?) (the total makes only 215!); deposited in the late 1780s? Pakhomov, 1926: 72, #238; Pakhomov, 1959: 55-56, #K vyp. I,238.;

Karadaghly-Jeynam, Aresh uyezd (=Aghdash) (1902): 49 Safavid, “Uwaysid” (sic) (=Jalayrid?), Afsharid, Zand, Ganja Khanate and Shirwan Khanate silver coins of the 18th c. Pakhomov, 1926: 69, #219.; later on Yevgeniy Pakhomos specified that these 49 coins (found in Karadagly- Jeynam of Ujar rayon?) included 13 coins of Ganja Khanate (1 in the name of Shahrokh), and 23 coins the Shirwan Khanate; the latest coin dated AH 1195 (1780/1) Pakhomov, 1959: 50-51, #K vyp. I,219.; deposited in the 1780s;

Aghdash, Aghdash rayon (1934): “246” anonymous silver `abbasis of the khanates (the total makes 345), including 144 Shamakhi ones of the same type (2 of them with countermarks); and, 201 (9 with countermarks) of Ganja (the total is only 245?); the earliest date is AH 1187 (1773/4), the latest 1200 (1785/6) Pakhomov, 1938: 58, #536.; deposited in the late 1780s;

Nukha (1825): >150 of “contemporary” Islamic coins, including those of various khanates; deposited in the early 1820s? Idem: 59, #540.;

Nukha (2009): Tens (?) of Nukhw! coins; 14 published. 1 coin of the early epigraphic type (AH 1214), 13 of late type with the effigy of the turretted crown borrowed from the Georgian-Russian coins (dated AH 1222-1227); the youngest coin dated AH 1227 (or 1228?) / 1812/3, or 1813/4. Deposited in or after that year (early 1810s) Paghava, 2013a: 15-19.;

Shaki uyezd (1841): An unspecified number of various silver coins, including the Ganja and Tifl!s issues of Ibrahim and Shahrokh Afshar and possibly Shamakh! `abbasls; (coins of Tiflis, Shamakh!, Ganja) Pakhomov, 1926: 68-69, #216.; deposited in the 1760s?

Kutkashen, Kutkashen rayon (1956): a hoard of silver coins, of which only 95 were published, including 2 Tiflis coins of Shahrokh; 2 `abbasls of Shirwan khanate; 5 Ganja Khanate coins (2 in the name of Shahrokh and 3 anonymous ones), 1 unspecified `abbas! of the khanate type Pakhomov, 1959: 25-26, #2020.; deposited by the late AH 1180s, or early 1190s, i.e. approximately 1770s;

Padar, Vartashen rayon (1955): a hoard of silver coins, of which only 177 were published, including 6 Tiflis coins of Ibrahim and Shahrokh Afshars; 32 `abbasls of Shirwan khanate; 34 Ganja Khanate coins (8 in the name of Ibrahim and Shahrokh Afshars and 26 of later types); 1 unspecified `abbasi of the khanate type Idem: 26, #2021; the latest coin is dated AH 1191 (1777/8), and the hoard was deposited in the late 1770s, early 1780s;

Vezirkhan, close to Nukha (1953): of which only 118 coins were studied, including 27 anonymous `abbasls of Shamakhi; 10 of Ganja Khanate; the latest coins dated AH 1189 (1775/6) Pakhomov, 1957: 82-84, #1857.; deposited in the late 1770s, early 1780s.

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