About 380AD the kingdom converted from polytheism to Judaism. These 15mm convex silver half denarius depict a male's head facing right, with a monogram and a trident behind. The reverse features a smaller head, an ornamented scepter and inscriptions. The coins minted from about 100 to 200AD. Founded in 2013, BTCTurk is the largest exchange based in Turkey by volume. BTCTurk is mostly a fiat on-ramp, meaning that they primarily cater to users who want to turn their lira into Bitcoin, rather than those that are looking to trade a wide range of digital assets. Until Huobi's planned opening in the Turkish market comes to fruition, BTCTurk is the only fiat-to-crypto. Coins from the Ottoman Empire At the beginning of the 14th century, the decline of the Sultanate of Rum led to the emergence of many principalities in Anatolia. The most remarkable of them was born following the conquest of Mocadene by Osman I: in 1299, the Ottoman Beylik was born. TURKEY - Ottoman Empire, Mahmud II, AH1223//26 (1833) 100 Para (2½ Kurush), Choice Very Fine. Coin, Turkey, Crusader States, Bohemund III, Denier, 1163-1201.
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Topographically, Turkey is located partially in Europe and partially in Asia between the Black and Mediterranean seas. A tribe, Ottoman Turks migrated to this area in 13th and 17th centuries and had established the Ottoman Empire which stretched from the Persian Gulf to the southern frontier of Poland and from the Caspian Sea to the Algerian plateau. The present Turkish boundaries were largely responsible by Treaty of Lausanne in 1923.
The monetary system remained unchanged since its introduction by Ahmad III in 1688. The Piastre, established as a crown-sized silver coin approximately equal to the French Ecu of Louis XIV, has shrunk to a tiny copper coin, worth about 1/15 of a U.S. cent. Ahmad III’s reign falls in Tulip Era of the Ottoman Empire. Its significance can be seen on its coinage which bears the tulip design right of the Toughra. Under this monetary system, 100 kurush Turkish gold coins issued during Ottoman Era were equivalent to One Turkish Lira. Later, certain cities of Ottoman Empire, such as Bursa, Edirne, Kosova, Manistir and Salonika were struck special coins in honour of Sultan.
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The Turkish lira coins were introduced in 1844 as the official currency. It replaced the Kurus which was in circulation at that time. The antique Turkish Lira issued by Republic of Turkey were classified into two types from 1844 to 1881: first was 6.61519 grams of gold and another was 99.8292 grams of silver. During First World War, Turkey abandoned old Turkish coins viz., the gold standard and so lira went on losing its value until 1920. Soon, the older Ottoman paper liras were replaced with the medium sized silver Turkish lira.
The last Turkish aluminium-bronze coins to bear Arabic script were 2.5, 5 and 10 Kurus issued between 1922 – 1928. Due to inflation, 1,5,10 Turkish Liras were introduced in 1981. It followed by 20, 50, 100 Turkish Lira in 1984, 25 Turkish lira in 1985, 500 Turkish lira in 1988, 1000 Turkish lira in 1990, 2500 Turkish lira in 1991, 5000 Turkish lira in 1992, 10,000 Turkish lira in 1994, 25,000 Turkish lira in 1995, 50,000 Turkish lira in 1997, 100,000 Turkish lira in 1999 and 250000 Turkish lira coins in 2002.
| Ottoman lira | |||
|---|---|---|---|
| ليرا līrā | |||
| |||
| Denominations | |||
| Subunit | |||
| 1⁄5 | mecidiye or medjidiye (colloquially) | ||
| 1⁄100 | kuruş | ||
| 1⁄4000 | para | ||
| Symbol | £[citation needed] | ||
| Banknotes | 1, 5, 10, 20, 40, 50 kuruş, 1, 2, 5, 10, 25, 50, 100, 500, 1000 lira | ||
| Coins | 1, 5, 10, 20 para, 1⁄2, 1, 2, 5, 10, 20 kuruş, 1⁄4, 1⁄2, 1, 21⁄2, 5 lira | ||
| Demographics | |||
| Official user(s) | Ottoman Empire | ||
| Unofficial user(s) | Turkey(until the Turkish lira started circulating) | ||
| Issuance | |||
| Central bank | Ottoman Bank | ||
This infobox shows the latest status before this currency was rendered obsolete. | |||
The Ottoman lira was the currency of Ottoman Empire between 1844[1] and 29 October 1923[citation needed] when it was replaced by the Turkish lira. The Ottoman lira remained in circulation until the end of 1927.[2]
The Ottoman lira replaced the kuruş as the principal unit of currency in the Ottoman Empire, with the kuruş continuing to circulate as a subdivision of the lira, with 100 kuruş = 1 lira. The para also continued to be used, with 40 para = 1 kuruş.
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Until the 1930s, the Arabic script was used on Turkish coins and banknotes, with پاره for para, غروش for kuruş and ليرا for lira (تورك ليراسي for 'Turkish lira'). In European languages, the kuruş was known as the piastre, whilst the lira was known as the livre in French.
Between 1844 and 1881, the lira was on a bimetallic standard, with 1 lira = 6.61519 grams pure gold (roughly 9/10 of a Sovereign) = 99.8292 grams pure silver. In 1881, the gold standard was adopted and continued until 1914. World War I saw Turkey effectively depart from the gold standard with the gold lira being worth about nine lira in paper money by the early 1920s.
Between 1844 and 1855, coins were introduced in denominations of 1, 5, 10, 20 para, 1⁄2, 1, 2, 5, 10, 20 kuruş and 1⁄4, 1⁄2, 1, 21⁄2 and 5 lira. The para denominations were struck in copper, the kuruş in silver and the lira in gold. The 1 para was discontinued in 1859, with the higher copper denominations ceasing production between 1863 and 1879. In 1899, billon 5 and 10 para were introduced, followed by nickel 5, 10, 20 and 40 para in 1910. Gold coins continued to be minted after the abolition of the gold standard, even into the 1920s, but their value far exceeded the value of the equivalent denominations in paper currency.
The central Ottoman Bank first issued paper currency Kaime in 1862, in the denomination of 200 kuruş. The notes bore texts in Turkish and French. Notes for 1, 2 and 5 lira were introduced in 1873. In 1876, smaller denomination notes were introduced for 1, 5, 10, 20, 50 and 100 kuruş. In 1908, 50 and 100 lira notes were introduced.
From 1912, the Ministry of Finance issued paper money. Initially, notes were produced in denominations of 5 and 20 kuruş, 1⁄4, 1⁄2, 1 and 5 lira, followed the next year by 1 and 21⁄2 kuruş, 21⁄2, 10, 25, 50, 100 and 500 lira. 1000 lira notes were introduced in 1914. In 1917, postage stamp money was issued in the form of 5 and 10 para stamps affixed to card.
References[edit]
- ^Pamuk, Şevket (2000). A Monetary History of the Ottoman Empire. Cambridge University Press. p. 191. ISBN0521441978.
- ^'History of Paper Money'. Central Bank of the Republic of Turkey. Archived from the original on 29 September 2013. Retrieved 8 February 2013.