25 Livres

Issued in the final year of the First World War, this note belongs to the last emission of Ottoman paper currency before the empire's collapse. The Reichsdruckerei in Berlin handled much of the later Ottoman wartime printing — a direct consequence of the German-Ottoman alliance, which gave the Porte access to superior European intaglio production at a moment when the imperial treasury was chronically insolvent and unable to sustain domestic printing infrastructure.

Rapid depreciation had already set in well before 1918. By the Armistice, public confidence in Hazine-i Maliye paper had effectively collapsed, and redemption was a political fiction rather than a financial reality.