Turkish Lira (1922–2005)

The Turkish Lira is the official currency of Turkey and the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kuruş. The symbol for the Turkish Lira is ₺ and the ISO code is TRY. The word "lira", originally from the Latin word "libra", was used for the Anatolian beylik of the Ottoman Empire's currency. Up until the early 20th century, the Ottoman Empire used the Turkish Lira as its main currency. The Ottoman lira was then replaced by the Turkish Lira in 1923. Between 1844 and 1855, the Ottoman Empire adopted the gold standard. The Ottoman Empire had minted gold coins called the Ottoman Gold Lira, which were equal in value to the British Pound Sterling. The Ottoman Empire abandoned the gold standard in 1876 and the silver-based Ottoman Lira was introduced. The Ottoman Lira was then replaced by the Turkish Lira in 1923. The Turkish Lira was introduced in 1923, after the Ottoman Empire was replaced by the Republic of Turkey. The Turkish Lira replaced the Ottoman Lira at a rate of 1 Turkish Lira = 1 million Ottoman Lira. The first coins of the Turkish Lira were minted in 1923 and the first banknotes were issued in 1925. The Turkish Lira has been the currency of Turkey since 1923. The Turkish Lira is currently pegged to the U.S. Dollar at a rate of 1 USD = 6.85 TRY.