HISTORY of COINS in AZERBAIJANBack to Main

Feudal States
(15th Century-17th Century C.E.)

As the Mongol Empire fell, feudal states redeveloped in Azerbaijani territory. The states struggled to regain economic stability. Mints were established in nearly every state, such as the Turkic states of Kara Koyunlu (1375-1468) and Ak Koyunlu (1378-1508), creating inflation in the local market. After the Turkic-speaking Safavid dynasty was established in Azerbaijan, the economy stabilized and improved. The Safavids minted a stronger currency, based on a heavyweight silver unit.

Safavid Coin

Image of Safavid coin, 1694-1722. From the Joel and Linda Forman Collection, Karabakh Foundation. Image of Safavid coin, 1694-1722, From the Joel and Linda Forman Collection, Karabakh Foundation
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COINS and CURRENCY of AZERBAIJAN

Azerbaijan’s historic coinage reflects the nation's complex political history, from ancient times to the modern day. At the historic crossroads between Europe, Asia, and the Middle East, the design and format of Azerbaijani coins and currency have been greatly influenced by frequent invasions and political upheaval in the region. Hellenic, Roman, Parthian, Persian, Arabic, Turkic, and Russian influences can be seen throughout nearly 3,000 years of coinage. Today, Azerbaijan’s coinage reflects the diverse history and culture of the country.