Ottoman lira

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Ottoman lira
ليرا līrā
₤5 (500 kr) coin ₤100 banknote
Denominations
Subunit
1⁄5	mecidiye or medjidiye (colloquially)
1⁄100	kuruş (kr)
1⁄4000	para (p)
Symbol	₤
Banknotes	1kr, 5kr, 10kr, 20kr, 40kr, 50kr, ₤1, ₤2, ₤5, ₤10, ₤25, ₤50, ₤100, ₤500, ₤1,000
Coins	1p, 5p, 10p, 20p, 1⁄2, 1, 2, 5, 10, 20kr, ₤1⁄4, ₤1⁄2, ₤1, ₤2+1⁄2, ₤5
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 (sign: ₤) 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.

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 and often called the "pound" in English.

Between 1844 and 1881, the lira was on a bimetallic standard, with ₤1 = 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 ₤9 in paper money by the early 1920s.

Between 1844 and 1855, coins were introduced in denominations of 1p, 5p, 10p, 20p, 1⁄2kr, 1kr, 2kr, 5kr, 10kr, 20kr and ₤1⁄4, ₤1⁄2, ₤1, ₤2+1⁄2 and ₤5. The para denominations were struck in copper, the kuruş in silver and the lira in gold. The 1p was discontinued in 1859, with the higher copper denominations ceasing production between 1863 and 1879. In 1899, billon 5p and 10p were introduced, followed by nickel 5p, 10p, 20p and 40p 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 200kr. The notes bore texts in Turkish and French. Notes for ₤1, ₤2 and ₤5 were introduced in 1873. In 1876, smaller denomination notes were introduced for 1kr, 5kr, 10kr, 20kr, 50kr and 100kr. In 1908, ₤50 and ₤100 notes were introduced.

From 1912, the Ministry of Finance issued paper money. Initially, notes were produced in denominations of 5kr and 20kr, ₤1⁄4, ₤1⁄2, ₤1 and ₤5, followed the next year by 1kr and 2+1⁄2kr, ₤2+1⁄2, ₤10, ₤25, ₤50, ₤100 and ₤500. ₤1,000 notes were introduced in 1914. In 1917, postage stamp money was issued in the form of 5p and 10p stamps affixed to card.

References[]