Appearance of first money in Kazakhstan

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Ministry of education and science

Almaty management university

Department “Finance, accounting and audit”

Essay

Appearance of first money in Kazakhstan

Done: Azamat Akimkulov

Finance-1401

Checked: Serikbayeva Zh.D.

c.ec.sc., docent

Almaty, 2016

How it was in the beginning. Usually when there is a conversation about ancient coins people expect to see something round and sparkling. But in reality ancient coins look like irregular shaped turned green pieces of copper.

My purpose in this essay to write about progress and development of money in Kazakhstan territory: since Chinese “Ushu” to modern “Tenge”; Where this coins are minted, how to change, their value.

Otrar is an ancient city where the whole history of money which was used by people of Kazakhstan is reflected like in the mirror of time. This money was very different. And at that time the currency reforms took place more often than now.

It is fact that the first coins which were used in Kazakhstan were Chinese ones. The archeologists have found coins which are called "ushu" in Mardan tomb of Otrar oasis. They are related to the turn of AD. People of South Kazakhstan began using money at the time of Tiberius' governing in.

There was great state of Kangyui flourishing at the territory of South Kazakhstan. Trade on Great Silk Way was flourishing also. That's why money circulation was supplied and implemented by China. Stamping of "Ushu" coins or as it is also called "Ushutsan" - was continuing in China for a period of several dynasties and ended only in VI century AD. After that there in cities of South Kazakhstan started to appear new kind of Chinese coins such as "Kaiyuan" and "Tunbao”. And it was VII century when Chinese money monopoly was undermined by sogdians.

Great amount of Chinese and sogdian coins have been found during the excavations at the marketplace of Otrar city. These coins were dated to the VII-VIII centuries. But on the contrary cities and trade at the middle Syrdarya were flourishing. These cities began to stamp their own bronze coins by following the example of sogdians' coins stamping model. But the Chinese origin of coins hadn't been forgotten in that region and in memory of it there were square holes in the middle of coins. Such money was in circulation at the region of Kazakhstan for two centuries.

As a matter of fact Turkic states also began to stamp their own money very early. And the major role in stamping had the Khaganate of Turgeshs.

Turks were the governors of the cities and they used to lions on the one side and their own tamga on another one of their coins. Such coins are typical examples of currency at the territory of Semirechye and also in Otrar and Chach (Tashkent) oases. Ancient Turkic Chach coins are usually divided in two main groups:

1) without Turkic titles

2) with Turkic titles transferred by sogdians' scriptures

There were four types of coins which Turgesh Khans used to stamp. This money was in circulation on the great territory from Zhetysu to Sogda (Present day it's Tajikistan). These coins were stamped in Taraz city and in Suyab city. On the one side of coin there was Khan's tamga and on another one there was a scripture - "the denga of heavenly Turgesh-Khakan".

There wasn't only domestic currency in the region of our land but also foreign one. The name of it was Felses. This money was brought to the region by Arabs, who started their invasion to Middle Asia in the beginning of VIII century.

However the cities of the South Kazakhstan region were continuing their intensive growing. For example total area of Shymkent at that time came up to 30 hectares. Apart from copper coins the circulation of gold started there. But it wasn't coins made of gold. But just pieces of this metal which archeologist find in plenty of hoards. The result of crisis was that counterfeit money was recognized and used as legal.

Shortly after that Samanids and Takhirids who were the southern neighbors of Karluks turned Islam. They started to stamp "world money" of that time, which was silver and called “Dirkhems”. In IX-XI centuries these Dirkhems turned be the main currency.

Adding copper into the silver of a coin decreases its purchasing power. And we can see that the government was in economical depression at that time. But on the other hand when the economic state was flourishing coins consisted of six kinds of metal. And sometimes silver Dirkhems contained gold Dirkhems of Termez. In the middle of the outer face of the coin there is stylized image of bow with arrow. In four corners of it there are Sultan's accoutrements of power- "Sultan the Greatest, the height of peace and faith. In the upper part of the coin there is an unintelligible word and there is an ornament below "Black Dirkhems" have started to disappear in the middle of the next century. New dynasty came into power and started to stamp its own coins, which was made of bronze and copper. But they have been used for 400 years.

Kazakhstan was a part of Mongols where the minting of silver, and this money was of great quality. In Otrar and in Khodjent golden dinars were produced.

Such cities of South Kazakhstan like Taraz, Otrar and Kendje were actually in the lead of producing silver money in the whole Chagatads' empire. The coins which were produced in these three centers were practically identical.

As soon as many Mongols' states had fallen, money stamping business decline too. The money stamping process stopped in Otrar in the period of XIV century when major portion of Kazakhstan had been the part of Ak-orda. But when in the end of the century Timur had come to this region economy became more brisk.

Copper coins stamping started again in Otrar. But for trade there were silver "Tanga" too, which were produced at the territory of the south part of contemporary Uzbekistan, substantially in Bukhara.

That's how the name of contemporary Kazakh currency at first time has appeared at the territory of land. But at that time nobody knew about "Tiyns".

In 1428 old copper money was changed to new ones and after that all mint places were closed. And over a period of sixty years there was single currency in the empire.

The date of accomplishment of reform is the year 1508 when new Tanga, identical by their weight, inscriptions content and whole appearance, had been released in many cities and regions of spacious Sheibanids' empire. The cities were - Samarkand, Bokhara, Merva, Neese, Serakhs, Gerat, Meshkhed, Nishapur, Kain, Sebzevar. Equal silver coins had the same status and circulation throughout the state. Very important event of that time was the regular release of golden coins which started in XVIII century by Djanids who were the descendants of Astrakhan's khans. One golden coin "Ashrafi" cost about 50-80 silver coins (depends on theirs hallmark and rate). All of them also circulated throughout South Kazakhstan and penetrated to the north.

After the unconstrained connection of Kazakhstan to Russia (1731-1798) there appeared Russian coins, Kokand's and Tashkent's khans' coins in money circulation of the region. In the XIX century all trade operations were conducted with Russian money. And money circulation in Kazakhstan turned to be part of money circulation of Russia.

The system of golden monometallism with circulation of golden coins was brought into service by the currency reform of 1895-1897 in pre-revolutionary Kazakhstan. There were golden, silver and copper coins in circulation. But the main type of money was the bank-notes of Russian State Bank which were based by gold on 92 per cent.

Before becoming our currency, the money in our country have come a long way. From Chinese money to tango. After logging in the USSR we used ruble. It was only after independence, and recalled the ancient name for 2 years produced the first coins and banknotes.

Also design of coins and bank notes was changed. In November 15, 1993 - the national currency of Kazakhstan - tenge was released in circulation. In November 15, 2006 - banknotes of new design had been released in circulation.

In conclusion I think that our money has a long history and development. But today we use one of the weakest currencies in Europe and CIS.

I hope that we in the future will not depend on oil and we begin to develop other sectors of our economy, for example, we can develop business, renewable resources (our territory allows us to do this). I know, our Tenge it will be one of the most stable currencies in the future.

References

money currency coin

1. http://archeologia.narod.ru.

2. http://www.nationalbank.kz.

3. http://www.nationsencyclopedia.com.

4. http://www.zeno.ru/showgallery.

5. http://www.kazportal.kz.

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