Part 1
(from Declaration of the Republic until 1950)
October the 29th, 1923
The Turkish Republic was declared on the 29th of October, 1923. However, the first coins could be struck a year later.
In order not to hinder daily trade, coins and banknotes that the newly formed Republic inherited from the Ottoman Empire (*1) remained valid.
1924
The Law allowing the Republic to strike its own money was passed in February of 1924. In August, the 10 Kuruş, in September the 5 Kuruş and in October the 100 para bronze coins were put into circulation (*2). The coins inscribed with old text were designed by Ahmet Mesrur Durum (aka Mesrur Izzet Bey). Customary units were retained, 1 Lira was equal to 100 Kuruş, 1 Kuruş was equal to 40 Para.
1925
On 5th of October, 1925, the first golden coins of the Republic were produced. The 5 Lira pieces were struck ceremoniously. The very first piece take out of the press was entrusted to the Minister of Finance Abdülhalik Renda, to be delivered to the president Mustafa Kemal Atatürk(*3).
Meanwhile, the 25 Kuruş nickel coins were released into circulation. The public nicknamed them the “buffalo eye”, due to their large size.
1926
Until 1926, the Ottoman fiscal calendar was the Rumi Calendar. In the Republican era, Türkiye switched to using the Gregorian Calendar.
Then the coins of 1926 and forward had the dates inscribed in that format. However, until the alphabet reform in 1928, years were still written in Eastern Arabic numerals as (١٩٢٦) (*4)
Ankara golds in two and a half (2½) Lira, One Lira, Half (½) and Quarter (¼) Lira coins were also introduced.
1927
Embellished Monnaies-de-Lux gold coins were introduced. They were struck in five types like the “Ankara Golds” the bullion coins of the Republic.
The first banknotes of the Republic were released on 5th of December 1927. The designs were made by Artist Ali Sami Boyar (*5) and the printing was done in London. The set of 1, 5, 10, 50, 100, 500 and 1.000 Lira are known as the “First Emission” within the Turkish financial circles.
Because the banknotes were printed before the alphabet reform, the texts are in Ottoman Turkish Arabic, and the value of the notes are also indicated in French; retaining the customs from the Ottoman Bank notes.
Due to the fact that banknotes were convertible to the gold standard, large denominations like 500 or 1.000 Lira had a great purchasing power. That is why it was unlikely that they were kept for collection purposes. Only few have remained to date.
1931
Part of the reforms of the Republic, a modified version of the Latin letters was accepted as the official alphabet in 1928. In 1931, drafts for the banknotes in new letters were made. There are few specimens of 50 and 1.000 Lira notes that survived to day, however they were not mass printed for circulation (*36).
1934
Türkiye was also affected by the Great Depression of 1929, hence releasing any currency in the new alphabet was not possible until 1934.
The first coin with the new letters was 100 Kuruş of 1934. For its design, a contest was organised. The winning coin design bore an effigy of Mustafa Kemal Atatürk above branches of olive on the obverse, and a Crescent with star encircled with ears of wheat and oak branches. The design was the artwork of Artist Ali Cemal.
The word Cumhuriyet (Republic) was written with an “ü” letter as the exact orthography was not yet settled. Previous Arabic text lacked all the vowels Turkish language uses, hence transition to the new Turkish alphabet created such discrepancies for some time (*8).
1935
A new set of coins consisting of 1, 5, 10, 25 ve 50 Kuruş coins was introduced. The designs were the work of Percy Metcalfe.
Inherently valuable silver pieces bore the effigy of Mustafa Kemal Atatürk, facing left on the obverse and a single ear of wheat with the denomination on their reverse sides.
The less valuable cupronickel pieces had crescent and star in a pre-standardized form on their obverse, and oak branches for 10 Kr piece, olive branches on the 5 and 1 Kr pieces reverse sides. The designs were of the typical art deco style of Metcalfe.
1937
100 Kuruş was withdrawn, and silver coins denominated at 1 Lira value were introduced. Atatürk’s effigy remained as on the 50 and 25 Kr pieces, but the reverse had crescent and star with two ears of wheat. Examples of this coin dated 1935 exist but are very rare (*42 p.50).
First note of the 2nd emission; 5 Lira was released.
1938
Monnaies-de-Lux gold coins bearing Ataturk’s effigy were minted. Their design used the floral frame from V. Mehmed Resad’s 500 Kurus gold coin; the Ottoman Coat of Arms being replaced by an effigy of Ataturk within a ring of 32 stars, the reverse bearing a calligraphic inscription that reads Türkiye Cümhuriyeti (Turkish Republic).
1 Kurus coins were redesigned in undulated form because they were being confused with the silver 25 Kuruş pieces of same diameter. Examples of this coin dated 1938 with 10 bulges exist but are very rare (*42 p.31).
10, 50 and 100 Lira banknotes bearing texts in the new Latin letters were released as part of the 2. Emission.
1939
Two and a half (2½), 500 and 1.000 Lira banknotes were released continuing the 2. emission.
1940
Silver 1 Lira coins bearing the portrait of the second president İsmet İnönü, and bronze 10 Para (quarter of a Kurus) coins were introduced into circulation.
500 and 1000 Lira banknotes bearing President Inonu were also released.
1941
The ship carrying the 50 Kr and 100 Lira banknotes printed in UK, was bombed by the German planes at Port of Piraeus, Greece. The banknotes were scattered and collected by the locals, hence were declared void and were never released into circulation (*14, *36).
1942
1 Lira banknotes bearing İnönü’s portrait were released as part of 2nd Emission.
10, 50 and 100 Lira banknotes with İsmet İnönü’s image, were released into circulation. They were part of part of the 3. Emission.
Türkiye was following a neutrality policy and until a couple of months before the end of the war, retained relations both with the Allied and the Axis Powers. As the Turkish Republic did not have its own banknote printing house, banknotes for circulation were produced partly at the British and partly at the German printing houses. Sometime after the initial order of the 100 Lira banknotes printed in Germany, some unapproved series were seen in circulation (*36). Afterwards, the German printing houses were not used and following banknotes were printed by printers in USA.
1943
Monnaies-de-Lux gold coins bearing the portrait of İnönü were minted.
1944
Republican bullion gold coins with the new alphabet were minted in two types; half bearing Atatürk’s half İnönü’s effigy.
25 Kurus small change was no more struck in silver, but in cupronickel instead. This effectively meant a demotion of its status, hence the obverse could not bear Atatürk’s effigy and it was replaced by the crescent and star in the, by then, standardized form. These coins are of an alloy of zinc and bronze and produced by melting surplus artillery shell casings (*Ulus newspaper article by Ziya Tansu dated 14th of March 1948 and *42 p.46)
The word Cumhuriyet (Republic) was also amended into the settled syntax; with both u letters without any umlaut dots (*8).
50 Kr banknotes printed in Germany, part of the 2. emission group were introduced.
1946
500 and 1000 Lira banknotes were released.
1947
Silver 1 Lira and 50 Kurush coins with the obverse bearing crescent and star, and also bronze 1 Kurus coins were released into circulation. These coins were designed by Prof. Emin Barın; a prominent calligrapher of the time. Coins of the lowest denomination were struck with holes in them. All the coins since 1924 were being struck in medallion orientation, the new ones were switched into coin orientation.
3rd emission two and a half (2½) Lira, 50 Lira in the 2nd layout and 4th emission 10 and 100 Lira banknotes were released.
1948
In 1944, 25 Kuruş pieces were struck in bronze and their obverse was matched to those of 1 Lira and 50 Kr coins already in circulation.
Two and a half (2½) Kurush (previously denominated at 100 Para) were minted in bronze with holes.
Half (½) Kuruş pieces were also designed and minted, completing the set of small change with the 1 and 2½ Kurus coins. However, they were not released into circulation. Some were included in the 1949 State Mint Sets and some were kept by the mint workers. It is estimated that there are circa 300 pieces in total (*25), hence they are among the rarest and most valuable coins of the Turkish Republic.
10 Lira 4. emission 2nd type were released.
1949
10 and 5 Kuruş coins bearing the crescent and a star on their obverse were released. The circulation coins set of 1 Lira, 50, 25, 10 and 5 Kuruş gained a layout consistency.
Seçkin Pirim, is the winner of the coin design contest of 1998, made in partnership with the 
