What is a Gold Lira?
Gold mining operations and an active commodities market make up an integral component of Turkey’s economy.
Gold coins make an excellent investment and collecting asset, thanks to their higher intrinsic value from the precious metal they contain compared to spot prices.
The Turkey Gold Lira Coin
The Turkey gold lira is an impressive piece of bullion, packed with over one fifth of an ounce of precious metals and considered ideal for retirement or investment accounts as well as coin collections of world coins and bullion. However, these pieces of currency only legally tender within Turkey itself and don’t carry a face value outside. Additionally, due to its increased gold content they often attract a premium for sale outside Turkey itself.
These coins come in denominations ranging from five to one hundred kurus (100 liras). Silver and copper minting is also practiced. Over time, the value of the lira has experienced numerous fluctuations; currently it stands at approximately 9 liras to the US Dollar due to recent devaluations measures.
Design-wise, the Turkish Lira is easily identifiable as it displays Mustafa Kemal Ataturk’s image on each note – one that makes him one of the greatest leaders of 20th century.
The Turkish Lira is issued and controlled by the Central Bank of Turkey, founded in 1930 and located in Ankara’s capital city of Ankara. Established as part of a currency union between Turkey and Greece in 1930, its primary roles include price stability maintenance, managing international reserves management, overseeing payment systems oversight as well as protecting nature and wildlife within Turkey – one task for which limited issue coins such as Long Eared Owl coins have been released for public purchase on secondary market for collectors to collect as they are rarely found available to collectors otherwise.
The History of the Turkey Gold Lira
Turkey is an emerging market economy and one of the top producers in many sectors worldwide, including ships, appliances, consumer electronics, agricultural products, textiles and construction materials. Furthermore, its mineral deposits include chromium, copper, gold, coal marble and uranium deposits – so it comes as no surprise that Turkish economy has long enjoyed an association with gold; many investors utilize this precious metal as a hedge against devaluing paper currencies like the lira.
In 1844, the Ottoman Empire introduced a currency known as lira to replace kurus. Over time it underwent various modifications, such as linking itself with British pounds and French franc before eventually being replaced by Turkish lira in 1923. At first this relatively stable lira proved unstable over time due to inflation but eventually stabilized before falling dramatically in value during inflation-ravaged 1970s.
In 2005, the Turkish lira was revalued to become equal with the euro. Since then, its value has steadily risen as it remains an attractive hedge against devaluation of paper currencies such as dollars and euros.
One of the many interesting aspects of the lira is its distinctive symbol. While other currencies already had symbols to identify them on currency exchange markets, identifying symbols for lira exchange markets didn’t come until 2012. After holding a contest to find designs submitted by applicants for consideration by Tulay Lale, an engineer, who won with her half-anchor with two upward lines representing stability and growth which can now be found on its coin obverse; we currently only have limited supplies so act now!
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