Turkey, a country in the Middle East, a Eurasian country, escapes simple definition. The economy continues to adapt and diversify. Exports include textiles, agricultural products and an ever-increasing manufactured goods sector including machinery. Tourism is also on the increase. The initials for the Turkey new lira are TRY. In this monetary system, 100 kuruş equal 1 new lira.
History
The
root of all currency begins in Turkey. From the 7th century onwards,
coins of one form or another began to appear in Turkey. The legendary
Croesus (560-547 B.C.) was the first Lydian King. He minted gold and
silver crows. His choice of silver helped spread the use of currency
across the country and beyond. By then, the satrap rulers in Western
Turkey were innovating. They attempted for the first time to include
portraiture on coinage.
After the Macedonians took over the
Persian Empire, including Turkey, Alexanders began to appear. These
coins, featuring Alexander the Great (336-323B.C.) have always been
popular. Posthumous Alexanders continued to appear in many parts of the
world, including Turkey. Turkey also had in circulation coins favored
by the successors of Alexander. They came out of the ever-increasing
number of mints popping up across Turkey.
The two most prominent coin advancements s after the death of Alexander
came from Lysimachus, King of Thrace (301-281 B.C.), and his conqueror,
Seleucus or King Antiochus I (280-261 B.C.). Lysimachus issued coins
featuring Alexander on the obverse and a seated Athena on the reverse
from Istanbul (Byzantium). Antiochus I spurred the spread of coins,
opened a mint at Tarsus and included a portrait of the ruling king,
him. This lasted until the reign of Antiochus III (223-187 B.C.).
In Western Turkey, however, the coins issued were different. The
Attalid rulers provided the coinage. It had a new design. The obverse
had the sacred chest of Dionysus, hence the name of the coin
“cistophori”. The reverse featured 2 coiled snakes and a bow case.
Various cities also produced their own coinage, usually bronze coins
although some were Alexandrians. Some also made from 170 B.C. wreathed
coins. Yet, the cistophoric coins proved to have longevity. They lasted
until around 133 B.C.
Rome did little to interfere with the minting of coins in Turkey. Even
as late as Emperor Augustus (31B.C.-A.D. 14), Seleucid coins and other
forms circulated in the province. In Western Turkey, the common
currency was cistophoric tetradrachms. Even Nero did little to change
the currency mix. There were drachmas of the Lycian League and silver
tetradrachms in addition to denarii. Local bronze coins and Greek
Imperial coins poured out of the many mints. In fact, Turkey was home
at one point to 400 separate mints.
The currency situation altered in the Late Roman Empire. The antoniani
became the official base coin. There were no more issues of Greek
Imperials. Roman silver denarii and gold aurei as well as Roman-style
bronze coins were the only coins officially circulating. Mints
producing the coinage shrunk to around 4.
The Byzantine Empire altered this subtly. The coinage was gold solidus
or nomisma featuring a bust of the Emperor or Empress on the obverse
and crosses or family members on the reverse. Under Michael III, the
obverse frequently had the Virgin Mary or Christ. The Emperor was
placed on the reverse, showing the proper relationship. Imported coins
included the hexagram of Heraclius (610-641) and the milaresion of Leo
III (717-741).
Anastasius I (491-518) had reformed the coins creating petty cash
money. There was also coinage reform under Alexius I Comnenus
(1081-1118). His coinage survived even the 4th Crusade of 1204 and the
capture of Constantinople. While in exile, the Byzantine rulers issued
traditional coinage from Nicaea in northwest Turkey. After the
recapture of the Constantinople in 1261, the returning Byzantine rulers
introduced the basilikon coin.
The Ottomans began to slowly invade and conquer Turkey in the 11th and
12th centuries. Some rulers simply countermarked Byzantine currency.
They also minted copper coins in the Byzantine-style. Crusader coins of
this period were also copper coins following Byzantine coins. The
Armenian Kingdom on the Southern coast of Turkey also produced coinage.
Some was bilingual.
The rule of Turkey under the Seljuqs of Rum saw the operation of 17
mints to produce some massive silver coins. They introduced pictorial
designs and ornamental frames around Arabic script. The most common
designs were the lion and the sun or horsemen. Later, the Artuqids and
Zengids introduced other stylistic variations. These included some
original designs with astrological influences.
The next major rulers were the Ottomans. By the 16th century, they held
all of turkey and parts of North Africa and southeast Europe. Their
coins featured the Islamic date. The Ottomans also introduced the
“tughra” coins -coins with an ornate official signature. The 15th
century currency included the new coins – the ashrafi altin. It
appeared, without a tughra until the 17th century. The next big change
did not happen until 188 when the decimal system made its appearance.
In this system, 100 kuruş equaled 1 Turkish pound (lira). Western
machine made coins followed at the mint in Istanbul. The coins
continued to remain essentially the same in style and shape until 1922.
The fall of the Ottoman Empire meant the end of the Ottoman monetary
system. The establishment of the Republic in 1924 by Mustafa Kemal saw
the issuing of coins featuring Turkish inscriptions using the Western
alphabet. The new currency featured the star and crescent, the emblem
of Turkey on the revitalized paras and kuruş. New coinage also appeared
in 1934. The star and crescent design remained, but foliage and Kemal’s
bust, also, became part of the design. Further deign alterations in
1959 and 1960 saw the appearance of agricultural and other pictorial
work.
The kuruş left circulation after 1981. In 2005, the monetary system
underwent a reevaluation. The new kuruş and the new lira became the
coin of the realm. Banks will accept the earlier money but it is no
longer acceptable currency for other transactions. Money today consists
of 1, 5, 10, 25 and 50 new kuruş, and 1 new lira coins. There are also
banknotes in the denominations of 1, 5, 10, 20, 50 and 100 new lira.
Obtaining Turkish Lira
You can exchange your own currency in many large hotels. Banks are always candidates but the most common resource is the ATM. ATMs are virtually everywhere. You can locate them in large cities and most towns.
Protecting Your Currency
Crime is on the increase in this country. Petty crimes such as pickpocketing and purse snatching are more prevalent in the cities, especially Istanbul. You need to take the usual precautions. Do not show signs of affluence. Do not leave your personal belongings alone.
Using Your Turkish Lira
The Lira is great for shopping in the Grand Bazaar and Spice Bazaar in Istanbul. You can use them for all the usual purchases. Opt for alabaster or silk from Bursa. You can buy pipes and jewelry from meerschaum and woven mats or kilims. Why not pick a carpet or various copper or brass work. If you want something different, you can always pick up Nazar Bonjuk evil eye beads.
Travel Tips and Warnings
- This country has Christian and Muslim cultures. Be sensitive to both religious and cultural beliefs.
- The country is in one of the world’s most active regions of seismic activity.
- You cannot take pictures of public or military installations.
- Places to visit include Istanbul with Aya Sofaya once a church, then a mosque then a museum. The Blue Mosque has 6 minarets. Take time to see the Topkapi Palace and the Archeological Museum Complex.
- There is the 5th century castle of Erzum.
- You can see excellent mosques at Edirne and Bursa.
- Pay homage at the battlefields and war graves of Gallipoli or the ancient battlefield of Troy (Trauva).
- At Bergama, there is the Temple of Ascelpios and the Acropolis.
- You can see a preserved Classical city at Ephesus.
- There are also the beaches of the Mediterranean coast and the Anatolian Civilization Museum.
Overview
Turkey
spans western and Asian cultures. It is Middle East, Asian and
European. It is Christian and Muslim. It endeavors to always adapt to
the changing world while retaining its own unique cultural heritage.
For travel information, see www.tourismturkey.org.
Currency Summary
Current currency: New Lira
100 kuruş equal 1 new lira
Coins: 1, 5, 10, 25 and 50 new kuruş; 1 new lira
Banknotes: 1, 5, 10, 20, 50 and 100 new lira