How to Redeem and Buy Turkish Lira: Old and New

Turkey Liras

Turkey uses a combination of coins and banknotes as legal tender currencies. The Turkish lira was placed in circulation in 1844 replacing the old currency. From its introduction to around 1881 the Turkish lira was backed by gold and silver. However, in 1914 the gold standard was effectively dropped.

During the 1970s until the 1990s Turkey went thru high inflation periods that devalued its money compared to other countries' currency. During this period the Turkish lira was quoted in millions versus one US dollars and other major currencies. In 2005 the lira was replaced by the "new" lira and was quoted back in single units against other currencies. In 2009 again the Turkish currency was name lira (without the "new" in front). Use these steps to redeem and buy old and new Turkish money.

Instructions

1. Identify the Turkish money to be redeemed or purchased. Using a time line Turkish currency can be classified into old currency and newer money. The very old Turkish money dates back prior to the introduction of the lira in 1844. Later on came the lira followed by the new Turkish lira and currently the lira again.

   The Turkish Republic Central Bank provides a table with the various currencies pictures, redemption dates and circulation status. Examination of the physical currency will reveal the date and the name of the note.

2. Redemption

   Redeem withdrawn Turkish lira with an active redemption period at the Central Bank and at T.C. Ziraat Bank branches. The exchange of the withdrawn money can be done until the end of the 10 year redemption period at these locations.

3. Exchange withdrawn Turkish lira with an expired redemption period at currency dealers and collectors shops. This redemption can be done in exchange for the numismatic value of the withdrawn liras. This value may be higher or lower than the money face value.

4. Purchases

   Buy withdrawn Turkish currency at currency dealers' shops and at numismatic auctions and shows. Turkish money withdrawn from circulation can only be purchased in this fashion.

5. Purchase Turkish money currently in circulation at banks and money exchange houses. Currently the legal tender in Turkey is the Lira; however the Euro, Dollar and Pound Sterling are also acceptable as legal tenders in most places. The daily Turkish lira exchange rate is readily available on the internet and at the Central Bank of Turkey.