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Home >> Europe Hotels >> Turkey >>Currency Turkey
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Turkey has a fine tradition and history as regards its currency. The currency of any nation is the single most important factor in shaping the economy of the nation. Turkey is also not an exception in this regard. The currency of Turkey acts out the role of shaping the national economy and also enhances the barter system. The lira also known as the Turkish Türk lirasi is the former form of currency. The Turkish lira was introduced in the year 1844. The kurus was replaced by the lira as the principal unit of currency. Now, 100 kurus meant one lira. The para was also not discontinued and 40 para was equal to one kurus. The Arabic script dominated the Turkish coins and banknotes till the year 1930. In the European languages, the kurus was known as the piastre and the lira was known as the livre in the French language.
Between the years
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1844 and 1881 that is almost a time span of forty years the currency of Turkey namely lira was on a bimetallic standard and was used that way. One lira was equal to approximately 6.61519 grams pure gold or 99.8292 grams of pure silver. During the last half of the 19th century to be more precise in the year 1881, the gold standard was adopted and it continued until the year 1914 when the First World War broke out. During the war phase, Turkey effectively departed from the gold standard. The gold lira was now worth about nine lira in paper money by the early 1920s.
Between the years 1844 and 1855, that is about 11 years there were many coins that were introduced in denominations of 1, 5, 10, 20 and 40 para as the currency of Turkey. There were also denominations of ½, 1, 2, 5, 10, 20 kurus, ¼, ½, 1, 2½ and 5 lira. The para denominations were made out of copper, the kurus were crafted in silver and the liras came in pure gold. The Banque Imperiale Ottoman or the Imperial Ottoman Bank was the first to issue paper currency in the year 1862. The notes that were issued were in the denomination of 200 kurus. The notes bore texts in both the Turkish and French language.
The Turkish notes for 1, 2 and 5 lira were introduced later in the year 1873. In the year 1876, smaller denomination notes of 1, 5, 10, 20, 50 and 100 kurus came into being. In the year 1908, 50 and 100 lira notes were introduced for public usage.
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