500 Kuruş – Turkey

In 1925, the Republic of Turkey was in its formative years, having been officially proclaimed in 1923 following the dissolution of the Ottoman Empire. The young nation inherited a complex and severely depleted monetary system. The Ottoman lira, still in circulation, was backed by a mix of foreign currencies and gold, but its value was unstable and public confidence was low. Furthermore, a multitude of foreign banknotes and coins, remnants from the Allied occupation during and after World War I, continued to circulate alongside Ottoman issues, creating a chaotic and fragmented currency environment.

Economically, the country was focused on recovery and nation-building under the leadership of Mustafa Kemal Atatürk. The government's immediate priority was to establish monetary sovereignty as a cornerstone of its modern, secular state. While the major currency reform—the introduction of the new Turkish lira to replace the Ottoman lira—would not occur until 1927, the groundwork was being laid throughout 1925. This period involved critical steps such as consolidating the new republic's financial institutions and preparing for the eventual removal of foreign currencies from circulation.

Therefore, the currency situation in 1925 was one of transition and preparation. It was characterized by the lingering use of an unstable Ottoman currency within a multi-currency system, while the Ankara government methodically worked to assert full control over the money supply. The year was a pivotal prelude to the comprehensive reforms that would soon introduce a unified, nationally-controlled currency to symbolize and underpin Turkey's new economic independence.