Turkish lira

The lira is money used in Turkey.

It has coins and paper bills. One lira is made of 100 kuruş.

Long ago, the lira came from a Roman weight. The money changed many times over the years.

In 2005, a new lira was made. It removed six zeros from the old money.

Many bills have a face on them. They show famous people from Turkey.

People also use a special sign for the lira. It looks like a letter L and a T. This sign was chosen in a contest.

The Turkish lira is the money used in Turkey.

It is also used in Northern Cyprus. One lira is made of 100 kuruş.

The lira has a very old history. It comes from the Roman libra. That was an ancient unit of weight for silver. The Ottoman lira was used in Turkey for a long time. It was replaced by the first Turkish lira in 1923.

Over many years, the lira lost its value. In 1995, it was the least valuable money in the world. To fix this, leaders made a new lira in 2005. This new money removed six zeros from the old bills.

Today, the lira has many different banknotes. Most bills show Mustafa Kemal Atatürk. Other bills show famous Turkish people. For example, the 5 lira bill shows Aydın Sayılı.

The 100 lira bill shows the musician Itri.

Turkey also has a special sign for the lira. It looks like a letter L and a T. A woman named Tülay Lale designed it. It won a big contest in 2012.

The Turkish lira is the money used in Turkey.

It is also used in the Turkish Republic of Northern Cyprus. One lira is divided into 100 kuruş. The lira has a long history that goes back to ancient times. It comes from the Roman libra, which was a unit of weight for silver. This name spread across Europe and the Near East for many years. Today, other currencies like the Italian lira and the French livre also share these roots.

Money changes over time as countries change. The Ottoman lira was used until 1923. After that, the first Turkish lira began. This money was sometimes tied to the value of the British pound or the French franc. In 1946, the lira was set at 2.8 lira for every 1 US dollar. By 1960, this changed to 9 lira for 1 US dollar. Later, the value began to fall against the dollar.

Between 1995 and 2004, the lira faced many hard times. It was ranked as the least valuable currency in the world during some of those years. The value dropped very quickly. By the year 2001, one US dollar was worth 1,250,000 lira. By 2005, it was worth 1,350,000 lira. To fix this, leaders passed a law in 2004 to change the money. They removed six zeros from the old lira to create the second Turkish lira.

The second Turkish lira started on January 1, 2005. At first, it was called the "New Turkish lira" or YTL. By 2009, the word "new" was removed. Now, it is just called the Turkish lira, or TL. Most coins and banknotes feature Mustafa Kemal Atatürk. Some coins show special designs like a snowdrop or a tree of life.

New banknotes use different sizes to help prevent forgery.

In 2012, Turkey chose a new symbol for the lira. A woman named Tülay Lale won a contest with her design. Her symbol looks like a letter L shaped like a half anchor. It also has a double-striped letter T inside it.

Since 2012, the government has also made special commemorative coins. These coins celebrate big events, like the 100th anniversary of the republic. These stories show how money is part of a nation's history.

The Turkish lira is the official currency used in Turkey. It is also the legal tender in the Turkish Republic of Northern Cyprus. The lira is divided into 100 subunits called kuruş. Its history is deeply connected to the ancient Roman unit of weight known as the libra. This Roman term referred to a Troy pound of silver. As the Roman empire expanded, the name spread through Europe and the Near East. This legacy lives on in modern currencies like the Italian lira and the French livre.

The history of the lira can be divided into three distinct eras. First was the Ottoman lira, which was used from 1844 until 1923. Following the end of the Ottoman era, the First Turkish lira was introduced. This version remained in use until 2005. The current version is known as the Second Turkish lira. It was created to solve problems with the old currency's value.

The First Turkish lira experienced massive changes in value over many decades. In 1946, the currency was pegged to the US dollar at a rate of 2.8 lira per dollar. By 1960, this rate changed to 9 lira per dollar. Throughout the 1970s and 1980s, the value began to fall steadily. By 1995, one US dollar was worth 43,000 lira. By the year 2001, the value had dropped to 1,250,000 lira per dollar. Because of this, the Guinness Book of Records named the lira the world's least valuable currency several times between 1995 and 2004.

To fix this extreme loss of value, the Turkish government took a major step. On January 28, 2004, the Grand National Assembly of Turkey passed a law for redenomination. This process removed six zeros from the old currency. On January 1, 2005, the Second Turkish lira was introduced. One new lira was equal to 1,000,000 of the old lira. Between 2005 and 2008, it was officially called the Yeni Türk lirası, or "New Turkish lira." This was abbreviated as YTL. By January 2009, the "new" label was dropped, and it became the Turkish lira (TL) once again.

Modern Turkish banknotes and coins feature specific cultural and historical elements. Most banknotes show portraits of Mustafa Kemal Atatürk. The current E-9 emission group of banknotes uses different sizes to prevent forgery. Each denomination features a famous Turkish personality. For example, the 5 lira note shows Aydın Sayılı, while the 10 lira note shows Cahit Arf.

Coins also feature diverse designs. The 1 kuruş coin shows a snowdrop, and the 5 kuruş coin shows a tree of life.

The government also issues commemorative coins to mark important events, such as the 100th anniversary of the republic in 2023.

Since 2018, the lira has faced a significant currency crisis. The value of the lira has dropped rapidly due to economic and political policies. In 2018, the exchange rate reached 4.9 lira per US dollar. By late 2021, the lira was falling by 9% against the dollar in a single month. In December 2021, it reached a low of 16.5 lira per dollar. Economists linked this to President Erdoğan's policies regarding the Central Bank's independence. In 2023, the government began using more traditional banking methods. Under leaders like Mehmet Şimşek, the central bank raised interest rates significantly. By March 2024, the interest rate reached 50% to help stabilize the economy.

In 2012, Turkey also updated the visual identity of its money. The Central Bank held a contest to create a new currency sign. Out of 8,362 entries, a design by Tülay Lale was chosen. The symbol features a letter L shaped like a half anchor. It also includes a double-striped letter T angled at 20 degrees. This new sign was officially announced by Prime Minister Erdoğan on March 1, 2012. This symbol helps distinguish the modern Turkish lira in global finance.