💰 The Intricacies of SATTŪQAH: Base Coins in Islamic Commerce
Definition
Sattūqah (ستوقة) refers to a type of base coin utilized within the merchant class but not recognized within the official public treasury. Unlike standard currencies, these coins notably contain a lesser purity of metal, typically acting as lesser-value currency primarily for commercial exchange.
Etymology
Sattūqah derives from the Arabic root “س-ت-ق”, which can refer to something being substandard or of lesser quality. The exact phrasing symbolizes the mundane and oft-devalued nature of these coins.
Background
In the historical context of Islamic economics, currency bore significant weight in daily life and commerce. Maintaining a balance between trade fluidity and currency value integrity was crucial. Sattūqah represents instances where trade required smaller denominations or reduced value units that official treasuries might not back, thus forming an essential part of everyday transactions among merchants.
Cultural Differences and Similarities
Islamic economics underscores principles of fairness and mutual consent in trade. Similar to token coins or minor coinages in other cultures, Sattūqah units allowed for small-scale day-to-day transactions without delving into more precious commodities. However, Islamic principles may view the notion of Sattūqah from a perspective of ensuring economic justice and avoiding unfair devaluation.
Synonyms:
- Minor coin
- Token coin
- Small denomination
Antonyms:
- Standard coin
- Treasury coin
- Pure metal currency
Related Terms:
- Dinar: A high-value coin often made from gold.
- Dirham: A silver coin commonly used in historic Islamic contexts.
- Nummus: Refers to coins of any generic denomination in ancient times.
- Fiqh al-Muamalat: Islamic jurisprudence related to economic transactions.
Exciting Facts
- Adaptability: Sattūqah illustrated the ability of early Islamic economies to adapt to varying financial needs.
- Evolution of Currency: It offers insights into the evolution of currency systems and how societies developed methods to handle transactional dynamics.
Quotations
“The smallest coin used in the thickness of trade reveals the expanse of commerce’s underbelly.” - Hasan al-Kindi, Islamic Economist
Suggested Literature for Further Study
- “Islamic Money: The History of Currency in Early Islamic Civilizations” by Farah Nawar
- “Islamic Finance: Principles and Practice” by Mahmoud A. El-Gamal
- “The Hidāyah” translated by Charles Hamilton
References
- Hamilton’s Hidāyah, vol. ii. p. 560.
- El-Gamal, M. A. (2006). Islamic Finance: Principles and Practice. Cambridge University Press.
Quizzes
With this comprehensive understanding of Sattūqah, you now have deeper insight into one of the more subtle facets of historical Islamic finance and commerce. May you find this knowledge fruitful and inspiring in your continued exploration of Islamic economics.
I leave you with this inspiration: “In the simplest of exchanges, the foundation of vast economies is built. Never underestimate the power of humble currency.”
Publishing with Inspiration,
Hadijah al-Mansuri
2023-10-05
