Turkey - Republic

On October 29, 1923, the republic was proclaimed under the leadership of Mustafa Kemal Atatürk. The sultanate was abolished, and Ankara became the new capital. Atatürk became the first president of the republic, who introduced radical reforms for the sake of modernization. Atatürk's reforms (1923–1938): Separation of state and church, abolition of the Islamic state religion. Compulsory primary education, introduction of the Latin alphabet. Suffrage for women, abolition of polygamy. Ban on fez, encouragement of European-style clothing. State industrial development, railway construction, support for domestic enterprises. A multi-party system emerged from the 1950s, but there were several military coups (1960, 1971, 1980) when the army took power due to political instability. The army often acted as the protector of the secular state.

In 1923, the Republic of Turkey was established, and the monetary system of the Ottoman Empire was gradually replaced. The new official currency was the Turkish lira (TRL), which replaced the Ottoman lira. The lira was divided into 100 kuruş, a system that still exists today. Between 1923 and 1982, several monetary reforms and design changes took place, but the lira remained the basic unit. The materials of the coins changed: copper, nickel, aluminum, and various alloys were used. Banknotes and coins were produced by the Darphane-i Amire (State Mint). The first banknotes depicted a portrait of Atatürk, later other historical figures appeared. Banknote values: 1, 5, 10, 50, 100, 500, and 1000 lira. The designs reflected modernization, cultural motifs, and national symbols. Coin characteristics: common denominations: 1, 5, 10, 25, 50 kuruş and 1 lira. The 1982 5 lira coin, for example, was made of aluminum and bore the profile of Atatürk. The coins often depicted the Ankara Castle, an olive branch, or other national symbols. Starting in the 1970s, the lira came under inflationary pressure, which led to a decrease in the value of the currency. Due to economic instability, increasingly larger denominations of banknotes had to be issued. The old lira was in circulation until 2005, when six zeros were removed and the new Turkish lira (TRY) was introduced. The old lira is still popular among collectors today, especially rare issues such as the 1945 Victory series or the Tughra overprint banknotes.