bavarikon4UPaper money in Turkey
The Republic of Turkey is the successor state to the Ottoman Empire. The Ottoman Empire existed from about 1299 to 1922, ruled by the ruling dynasty of the House of Osman. The first paper money in the Ottoman Empire was issued in 1840. The Ministry of Finance issued government bonds that circulated like paper money. More issues of this “kaime” followed, but it steadily lost value. The state’s high financial needs were met with ever greater quantities of paper money. The Ottoman Bank, founded in 1856, also issued paper money. It initially operated as a private central bank until it was nationalised in 1875. The First World War led to a shortage of small change, which was compensated for by issuing paper money in the form of stamps.
After the end of the Ottoman Empire and the establishment of the Republic of Turkey in 1923, the state initially continued to issue paper money. The Banque Impériale Ottomane’s right to issue notes was extended until 1935. At the same time, the government planned to establish a central bank. The project was passed by law in 1930 and the Türkiye Cumhuriyet Merkez Bankası was finally founded in 1931. It is still Turkey’s central bank today.
>> This collection is part of the holdings of "Paper money in Europe" of the Giesecke+Devrient Stiftung Geldscheinsammlung (Giesecke+Devrient foundation: collections of bank notes).