World coins chat: Turkey

The Republic of Turkey is a country in Europe and Asia. A small part is located on the southeastern tip of the Balkans bordering Bulgaria and Greece, and the main part in Anatolia bordering the Transcaucasian countries Georgia, Armenia and Azerbaijan (through the exclave of Nakhichevan) to the northeast, Iran to the east and the Levantine countries of Iraq and Syria to the southeast. Turkey has a population of almost 80 million, with an 80% majority of Turks next to Kurdish, Armenian, Greek, Assyrian, Jewish and Circassian minorities.

History
Anatolia has been inhabited for many thousands of years, which produced a wealth of cultural heritage in Turkey today. It was the location of the Hittite and Assyrian Empires before it became mostly Greek after the conquests of Alexander the Great. The Byzantine Empire dominated the area for centuries until the arrival of Oghuz Turks, who originated from the East Caspian region, in the 11th century.

Ottoman Empire (1299-1922)
The Ottoman Empire was founded in 1299. In 1453 the Byzantine capital of Constantinople fell to the Ottoman Turks who built an empire stretching from Hungary to Ethiopia and from Persia to Algeria.

After the Great Turkish War of 1683-1698 the Ottoman Empire started a long period of decline under pressure of its European rivals. Despite efforts to modernise the empire in the 19th century, all its European, North African and Crimean/Caucasian territories were lost by outbreak of WW1.

From the multi-ethnic Ottoman Empire to nation state Turkey (1908-1923)
As a result Turkish nationalism was on the rise. At the end of WW1 the defeated Ottomans faced partitioning of its empire with the Treaty of Sèvres (1920), which awarded vast parts of Anatolia to Greece and Armenia and turned the Levant into British and French protectorates. The Turkish National Movement, led by Mustafa Kemal Atatürk, fought the Turkish War of Independence to defend Turkish interests in Anatolia. Many Greeks, Armenians and Assyrians were massacred or fled during WW1 and the Turkish War of Independence. A significant amount of Greek Muslims were expelled from Greece in 1922 in what became the largest population exchange carried out so far in history.


Treaty of Sèvres (1920), where the Turks were faced with massive territorial losses. Mustafa Kemal Atatürk led the Turkish forces in the Turkish War of Indepence which forced the Greeks out of Anatolia and Armenians out of Western Armenia. In 1923 the Republic of Turkey was founded.

In 1923 Atatürk proclaimed the Republic of Turkey and became its first president. Atatürk attempted to modernise the country to a secular presidential republic. In 1928, he also replaced the Arab script with a Latin one for use with the Turkish language.

After having expelled most minorities after WW1 the Kurds became the only sizable minority left in Turkey. Turkish nationalist governments attempted to forcibly assimilate them but the Kurdish, originally Turkish allies during the expulsion of other minorities, resisted fiercely with a number of rebellions in 1920's that were crushed violently. After decades of relative peace (no foreigners were allowed in the region) the Kurdish conflict was reignited in the early 80's and lasted until the late 90's. Relative peace returned with limited freedom of expression granted to Kurds but the conflict flared up again in 2014 as a consequence of the Syrian Civil War. The emergence of Kurdish-ruled areas in Northern Iraq and Northern Syria is regarded with suspicion in Turkey, and in 2016 the area is again closed off for foreigners making it very difficult to understand what's going on in the region.

Turkish politics has often been dominated by debates over secularism versus religion. The Turkish Army, one of the largest in the world, regards itself as the garantor of secularism and intervened in 3 military coups in the 1960's, 70's and 80's. The 1990's saw a period of economic hardship and chronic inflation, but after this the Turkish economy started growing fast based on tourism and foreign investments. Turkey's relatively young population and improving education levels made the economic prospects even better. However, the political situation has destabilised the past decade, with the religious ruling AKP party often at odds with liberals and the army. This situation probably contributed to the recent coup attempt in July 2016, which failed after a few hours of confusion. The country is currently still dealing with the aftermath of the coup attempt.

Currency
With the proclamation of the Turkish Republic in 1923, the Ottoman Lira became the Turkish Lira. The Ottoman subdivisions of 1 Lira = 100 Kuruş and 1 Kuruş = 40 Para were continued, although the Para became out of use after WW2 due to its low value. The Turkish Lira is in some languages referred to as Turkish Pound, because Libra is the Latin word for Pound and its values were pretty similar before WW1.

After WW1, the Lira's value stabilised to around 5 Lira per British Pound where that had been 1.1 Lira/£ before WW1. By 1938 the Lira had dropped to around 6 TL/£ or 1.25 TL/$. After WW2 the Lira was devalued at a faster pace: 2.8/$ in 1947, 9/$ in 1960 and 15/$ in 1970. From then on an era of chronic inflation started where the Lira fell in value almost daily:

1980: 90 TL/$
1988: 1,300 TL/$
1995: 45,000 TL/$
2001: 1.65 million TL/$

After two decades of rampant inflation the currency stabilised and a redenomination of a million to one took place in 2005. The New Lira was named Yeni Lira in Turkish, hence the ISO code was changed from TRL to TRY. The New Lira remained stable until political uncertainty and a slowing economy started having effects in recent years. It has fallen to a current rate of 3 TL/$.

Coins
The first coins Turkish Republic still featured the Arab script and Hijri (AH) dates. Gregorian dates were used from 1927 and the Latin script from 1929. Early Turkish coins are a bit difficult to find.

There are only 2 Turkish coins denominated in Para. The first series contained a 100 Para (2.5 Kuruş) coin, and in the early 1940's tiny brass 10 Para coins were minted.

Silver was used in Turkish coins until 1947. From 1980 numerous new types were introduced to catch up with the rampant inflation. To save space on the coin, denominations used the Turkish word for thousand (Bin) instead of three zeros for some coins since 1994. The highest denomination circulation coin was the 250 Bin Lira, worth only $0.15.

In 2005 new coins were introduced for the Yeni Lira. After people had gotten used to the redenomination and old Liras had been withdrawn from circulation, a new series was minted from 2009, in which the 'Yeni' was dropped off.

https://en.numista.com/catalogue/turquie-1.html

Just one thing. Turkey army is really garantor of secularism - they have it written in their constitution.

Very interesting about the population exchange. Never knew about it.

Wikipedia says "The Lausanne treaty stipulated a population exchange between Greece and Turkey, whereby 1.1 million Greeks left Turkey for Greece in exchange for 380,000 Muslims transferred from Greece to Turkey."
https://en.wikipedia.org/wiki/Turkey#Republic_of_Turkey

When I think of the largest movement of population as a result of the formation of countries, the partition of India springs to mind "UNHCR estimates 14 million Hindus, Sikhs and Muslims were displaced during the partition; it was the largest mass migration in human history."
https://en.wikipedia.org/wiki/Partition_of_India

However, while both situations displaced people (often against their will), one was a legally mandated forced movement of people, while the latter was basically people fleeing for their lives lest they be caught on the wrong side of the border (albeit neither did India nor Pakistan officially actually want people to leave)

Turkish coins are a fascinating and cheap to chart the history of an inflated currency.

Case in point the Old Turkish Lira.

The currency was rolled over from the old Ottoman one of 40 Para = 1 Kurus, and 100 Kurus = 1 Lira.

In the Ottoman era, the Lira was a gold coin and the 20 Kurus was a large silver piece worth around 4/- in British currency


1862 - 20 Kurus ---------------1888 5 Kurus -------------------1913 10 Para(¼Kurus)

The Higher value coins were Gold and Silver, with nickel and copper being the lower value para and coins to 1 Kurus. Billion was also used.

With the collapse of Ottoman Turkey in 1923, the new republic's first coins kept the same system with Gold for 25 Kurus up to 5 Lire (Also known as 100s of Kurus, 100 Kurus, 250, 500 etc) and Silver and brass for coins down to 10 para.

In 1927 the coins changed to a Western script with the Arabic script disappearing. Inflation made the Lira denominations now silver rather than gold, although decorative gold pieces as Monnaie DeLuxe were made up to the 1960s. Even weirder was a 2½ kurus coin which was denominated 100 Para and 1 Kurus which was 40 Para.


1930s - 1940s coinage - nickel 1 Kurus and Silver 1 Lira

In 1937 a new coinage with the crescent and Ataturk on it came out with values to 10 Kurus in Nickel and Silver for coins 25 Kurus to 1 Lira. My lira is dated 1940 and .833 silver. The last 10 para coin was in 1942 and from that point on, only Lira and Kurus denominated coins were issued. The Lira and a 25 Kurus I paid just melt + 10% for.

In the 1950s, the Silver coins were swept away and a coinage of brass and nickel was issued.

A brass coinage was used in the late 1940s and 1950s with the last silver coins issued in 1948 (Apart from non circulating monnaie de luxe silver and gold).


Classic 1958 - 1980 coins ----------1975/81 Aluminium, first inflation coins
(All of these pictures enlarge if you click on them)

In 1958/59 several denominations including 1 Kurus, 50 Kurus and 1 Lira were issued of a new currency of copper and stainless steel coins. This inlcuded the bronze 1 to 10 Kurus and stainless steel coins to 1 Lira, the inflation saw a 2½ Lira added in 1965 and a 5 Lira in 1971. The last two coins were large, but not in proportion to others. The lower Kurus coins had a national emblem obverse, an Anatolian woman with headress on values to 50 Kurus and Kemal Ataturk on high values. (My set has all to 2½ Lira, but no 5 Lira, which were slightly larger but similar design)

At this stage numerous commems were issued on coins 1 to 5 Lira in steel and better metals including silver and gold for values into hundreds and even thousands of Lira. These should not be confused with later inflation coins.

Inflation continued to worsen from the 70s to 80s and by 1974 the tiny 1 Kurus was no longer minted (The coin at 14mm was not a hugely popular one anyway and by 1975 the 5 Kurus was aluminium). Yet right up to 1980 the stainless steel coins survived at these values.

The second photo shows an aluminium 10 Lira dated 1983 - one of the first real "Inflation" coins. However Aluminium was hardly used afterwards. Most later coins are mixtures of brass, nickel and steel.

The mid 80s saw inflation get worse and coins and notes were issued more frequently to keep up.


Top line 1984 - 87 coins, underneath 1988 - 1991 coins

Steel and nickel 50 and Lira coins were issued in 1983 and 1984 and used through to about 1988. Again the coins showed Ataturk. It is not known if earlier coins were still used. All these coins were issued in the Hundreds of millions. These coins are quite large and aluminum 10 and 25 Lira were also issued. Notes also struggled to keep up.

In 1988 a newer series with a reduced sized 100 Lira coin was issued and then also a brass 500 Lira and a steel 1000 Lira, also issued in 1989 was a 5000 Lira coin. When issued first time most of these coins were buying a buck or so but after 3 or 4 years they were worth a few cents at most.


1990s and 2000s inflation coins

In 1989 a huge 5000 Lira coin was issued and was one of the biggest post Ottoman circulation coins issued, however by 1994 it was obselete and the first 10,000 Lira coins were issued, first in steel and then a aluminium brass and/or brass steel mixed. Because of the zeros, the word "Bin" was used and coins were issued as 10 Bin Lira, a 25 Bin joined it in 1995. These coins were relatively thick and a large brass 100,000 Lira joined in by 1998.

I have a special 2000 Olympics large brass 100,000 Lira coin on the bottom row and in 2002 this coin was replaced by the tiny steel 100 Bin Lira coin you see at right. There was also a slightly larger 250 Bin Lira coin and a commemorative bimetallic 1 millyon Lira coin issued in 2002/04.

By 2004, they had gone through at least 4 generations of inflation coins with the steel 1970s being a memory to most Turks. The Lira was over 1 million to $1 US and they decided to reform the currency as no doubt Turkish inflation was the worst in Europe since 1946 besides the Yugoslavian one in the 1990s.

Finally in 2005 came the New Turkish Lira (Yeni Turk Lirasi)


Top row - Yeni Lira
Bottom Row - Modern Lira

The new currency was at 1 million old Lira, hence the 10 Kurus coin was similar to the 100 Bin Lira one. Coins from a Kurus to a Lira were issued with commems and NCLT at higher levels up to 100 Yeni Lira gold were issued.

The 1 Yeni Lira was bimetallic. In 2009 a new series of coins were issued with the "Yeni" dropped as the new lira had obviously sunk in with the population. However this did not stop inflation and the Lira which was 1 to 1 with the US dollar in 2005 has now dropped to 7 to 1 and is falling further.

The new coins dropped the Kurus and have a brass 5 Kurus, steel 10 and 25 Kurus, and a Bimetallic 50 Kurus showing the Galata bridge and a Bimetallic 1 Lira with an elaborate design. All coins still have Ataturk on the back, although President Erdogan seems to be a bit less enamoured with the Westward looking modernising father of modern Turkey.

The quality of the 1 Lira coins is questionable too, as I once had one where the middle part had fallen out!

Turkish coins make a cheap and interesting addition to your collection and tell a great story.

Quote: "Moneytane"​Finally in 2005 came the New Turkish Lira (Yeni Turk Lirasi)
​
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​Top row - Yeni Lira
​Bottom Row - Modern Lira
​
​The new currency was at 1 million old Lira, hence the 10 Kurus coin was similar to the 100 Bin Lira one. Coins from a Kurus to a Lira were issued with commems and NCLT at higher levels up to 100 Yeni Lira gold were issued.
​
​The 1 Yeni Lira was bimetallic. In 2009 a new series of coins were issued with the "Yeni" dropped as the new lira had obviously sunk in with the population. However this did not stop inflation and the Lira which was 1 to 1 with the US dollar in 2005 has now dropped to 7 to 1 and is falling further.
​
​The new coins dropped the Kurus and have a brass 5 Kurus, steel 10 and 25 Kurus, and a Bimetallic 50 Kurus showing the Galata bridge and a Bimetallic 1 Lira with an elaborate design. All coins still have Ataturk on the back, although President Erdogan seems to be a bit less enamoured with the Westward looking modernising father of modern Turkey.
​
​The quality of the 1 Lira coins is questionable too, as I once had one where the middle part had fallen out!
​
​Turkish coins make a cheap and interesting addition to your collection and tell a great story.

​Great read - thanks for the information!!

I’m trying to find Turkey in the drop down menu to add a coin and I can find the coin but when changing from drop down menu can’t find Turkey listed. Any ideas?

It could be under “Turkiye” as they have changed the Western spelling of their name. They do not want to be associated with the bird that Americans eat at Thanksgiving.

 

Also you have to choose Republic in modern coins listing and Ottoman Empire in the Ancient section.

 

I think the mods should change the name of the thread to “World Coins Chat: Turkiye”

I tried all the suggestions and none are appearing in drop down even though I found the coin and it says Turkey. Bizarre