25 Kuruş – Turkey

In 1926, the currency situation in the Republic of Turkey was one of transition and stabilization under the foundational reforms of Mustafa Kemal Atatürk. The Ottoman lira (Osmanlı lirası), a gold-backed currency, had collapsed during the empire's final years and the subsequent War of Independence, leading to severe inflation and a proliferation of foreign currencies and Ottoman banknotes in circulation. The new republic, established in 1923, inherited this monetary chaos, which hampered economic sovereignty and recovery.

The critical reform came in 1925 with the passage of the "Law on the Printing of Banknotes," which granted the exclusive right of issue to the newly established Turkish Republic Central Bank (Türkiye Cumhuriyet Merkez Bankası), founded in 1930 but legislated for in advance. While the first series of republican banknotes entered circulation in 1927, the preparatory work in 1926 was decisive. The old Ottoman notes remained legal tender but were being systematically withdrawn, paving the way for a unified national currency. This period was marked by the deliberate move away from a gold standard, which had been officially suspended since 1914, toward a managed paper currency under state control.

Thus, 1926 represents a pivotal interim year. The Ottoman monetary system was being administratively dismantled, while the institutions and plans for a modern, centralized currency were being finalized. The economic policy was focused on establishing full state authority over money supply and exchange, a crucial step in the broader Kemalist project of building a secular, centralized nation-state free from the imperial past and foreign financial influence. The stage was set for the introduction of the first Turkish Republic banknotes, which would symbolically and practically cement the new nation's economic identity.