Altun

The Altun, a term that simply means ‘gold’ in Turkish, is an important Ottoman gold coin that was introduced under the reign of Sultan Mehmed II, also known as Mehmed the Conqueror. After the conquest of Constantinople in 1453, the sultan initiated comprehensive reforms in the coinage system to stabilise the Ottoman Empire economically and make its new capital a central trading hub between Europe and Asia. In this context, the Altun was minted as a high-quality gold coin, which quickly established itself as one of the most important trading coins in the Islamic world.
The Altun was not only widespread in the heartland of the Ottoman Empire, but also found widespread use in other parts of the Islamic world. In Egypt and North Africa, the coin became known as the Aschrafi or Sultani, reflecting different local coinage traditions and linguistic influences. Despite the different names, these were always comparable gold coins of high fineness that represented Ottoman sovereignty and economic strength. The introduction of the altun was part of a deliberate strategy to promote trade with neighbouring regions and make the Ottoman currency competitive with European and Arab coinage systems.
In a numismatic context, the Altun is an outstanding example of 15th-century Ottoman coinage. It is characterised by delicate calligraphy, often bearing the name of the ruler, religious formulas and the year of minting according to the Islamic calendar. The Altun was manufactured to a high standard and was long regarded as a reliable measure of value for international transactions, especially in the Mediterranean region and along the Silk Road. Its stability, precious material and sophisticated craftsmanship make it a sought-after object for collectors, historians and numismatists to this day.
However, the significance of the Altun goes beyond its pure monetary value: it is a symbol of the economic and political rise of the Ottoman Empire in the late Middle Ages. The deliberate introduction of a strong gold coin after the conquest of Constantinople served not only to consolidate the economy but also to demonstrate international power. At a time when coins were not only a means of payment but also a symbol of power and religion, the Altun stands as a defining example of Ottoman monetary policy and its cultural dimension.