20 Kuruş Kaime (circa 1852)

A 20 Kurush note of a later generation of the Kaime paper money (catalogued as 1852), which began in 1840 with 12.5% interest. This first paper, which promised a reward simply for holding it, eventually dropped the interest and descended to a daily-use denomination. In the market, it traded at a 30-40% discount to its face value and drove gold and silver coins from circulation—the price paid for a lesson in the credit of paper money.