Turkish Lira is the monetary unit of Turkey and Turkish Republic of Northern Cyprus.
First Turkish lira (1923-2005)Edit
Both Livre Turque (French) and تورك لیراسی (Ottoman Turkish) phrases used on first-issue banknotes.Historical banknotes from the second, third and fourth issues have portraits of İsmet İnönü on the obverse side. This change was done according to the 12 January 1926 issue of the official gazette and canceled by the Democrat Party after World War II.Yep.
After periods of the lira pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.
- 1966 – 1 U.S. dollar = 9 Turkish lira
- 1980 – 1 U.S. dollar = 90 Turkish lira
- 1988 – 1 U.S. dollar = 1,300 Turkish lira
- 1995 – 1 U.S. dollar = 45,000 Turkish lira
- 2001 – 1 U.S. dollar = 1,650,000 Turkish lira
The Guinness Book of Records ranked the Turkish lira as the world's least-valuable currency in 1995 and 1996, and again from 1999 to 2004. The Turkish lira had slid in value so far that one original gold lira coin could be sold for 154,400,000 Turkish lira before the 2005 revaluation.
Second Turkish lira (2005-present)Edit
In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, and the creation of a new currency. It was introduced on 1 January 2005, replacing the previous Turkish lira (which remained valid in circulation until the end of 2005) at a rate of 1 second Turkish lira (ISO 4217 code "TRY") = 1,000,000 first Turkish lira (ISO 4217 code "TRL"). With the revaluation of the Turkish lira, the Romanian leu (also revalued in July 2005) briefly became the world's least-valued currency unit. At the same time, the Government introduced two new banknotes called TRY100 and TRY50.
In the transition period between January 2005 and December 2008, the second Turkish lira was officially called Yeni Türk Lirası (New Turkish lira). It was officially abbreviated "YTL" and subdivided into 100 new kuruş (yeni kuruş). Starting in January 2009, the "new" marking was removed from the second Turkish lira, its official name becoming just "Turkish lira" again, abbreviated "TL".
Main article: Turkish lira sign
Ankyra coin from Roman emperor Gallienus period. Name of Ankara, capital city of Turkey meaning Anchor in Greek (Ἄγκυρα).The current currency sign of Turkish lira was created by the Central Bank of the Republic of Turkey in 2012. The new sign was selected after a country-wide contest. The new symbol, created by Tülay Lale, is composed of the letter 'L' shaped like a half anchor, and embedded double-striped letter 'T' angled at 20 degrees.
Prime Minister Recep Tayyip Erdoğan announced the new symbol on 1 March 2012. At its unveiling, Erdoğan explained the design as "the anchor shape hopes to convey that the currency is a 'safe harbor' while the upward-facing lines represent its rising prestige".
In May 2012, the Unicode Technical Committee accepted the encoding of a new character U+20BA ₺ turkish lira sign for the currency sign, which was included in Unicode 6.2 released in September 2012.
Main article: Coins of TurkeyFrom 1 January 2009, the phrase "new" was removed from the second Turkish lira, its official name in Turkey becoming just "Turkish lira" again; new coins without the word "yeni" were introduced in denominations of 1, 5, 10, 25, 50 kuruş and 1 Turkish lira. Also, the center and ring alloys of the 50 kuruş and 1 Turkish lira coins were reversed.
|[show]Current Turkish lira coins |
Main article: Banknotes of TurkeyA new series of banknotes, the "E-9 Emission Group" entered circulation on 1 January 2009, with the E-8 group ceasing to be valid after 31 December 2009 (although still redeemable at branches of the Central Bank until 31 December 2019). The E-9 banknotes refer to the currency as "Turkish lira" rather than "new Turkish lira" and include a new 200-Turkish-lira denomination. The new banknotes have different sizes to prevent forgery. The main specificity of this new series is that each denomination depicts a famous Turkish personality, rather than geographical sites and architectural features of Turkey. The dominant color of the 5-Turkish-lira banknote has been determined as "purple" on second series of current banknotes.
|[show]Current Turkish lira banknotes |
- 2005 – 1 U.S. dollar = 1.29 new Turkish lira (The use of New Turkish lira, which drops 6 zeros from the currency Turkish lira, was implemented in 2005)
- 2010 – 1 U.S. dollar = 1.55 Turkish lira
- 2012 – 1 U.S. dollar = 1.80 Turkish lira (average)
- 2014 – 1 U.S. dollar = 2.09 Turkish lira (average)