The Turkish lira (Turkish: Türk Lirasi) is the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kurus. The symbol is TL and the ISO 4217 code is TRY.

Between 1844 and 1881, the lira was on a bimetallic standard, with 1 lira = 6.61519 grams pure gold = 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 nine lira in paper money by the early 1920s.

After periods pegged to the British pound and the French franc, a peg of 2.8 lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the lira began to fall.

Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the lira experienced severe depreciation in value. Turkey has had high inflation rates compared to developed countries but has never suffered hyperinflation. From an average of 9 lira per U.S. dollar in the late 1960s, the currency came to trade at approximately 1.65 million lira per U.S. dollar in late 2001. This represented an average inflation of about 38% per year. Prime Minister Recep Tayyip Erdogan had called this problem a "national shame".

In late December 2003, the Grand National Assembly of Turkey passed a law that allowed for the removal of six zeroes from the lira, and the creation of a new currency. It was introduced on 1 January 2005, replacing the previous lira (which remained valid in circulation until the end of 2005) at a rate of 1 second lira (ISO 4217 code "TRY") = 1,000,000 first lira (ISO 4217 code "TRL"). With the revaluation of the Turkish lira, the Romanian leu (also revalued in July 2005) briefly became the world's least valued currency unit.

In the transitional period between 1 January 2005 and 31 December 2008, the second lira was officially called Yeni Türk Lirasi (New Turkish lira).[2] It was officially abbreviated "YTL" and subdivided into 100 new kurus (yeni kurus). With effect from 1 January 2009, the "new" was removed from the second lira, its official name becoming just "lira" again, abbreviated "TL".

In 1934, silver 100 kurus coins were struck, followed the next year by a new coinage consisting of cupro-nickel 1, 5 and 10 kurus, and silver 25 and 50 kurus and 1 lira. Aluminium-bronze 10 para coins were issued between 1940 and 1942, the last coins to bear this denomination. Nickel-brass replaced silver in the 25 kurus in 1944, with brass 1, 2½, 5, 10 and 25 kurus introduced between 1947 and 1949. The silver 50 kurus and 1 lira were discontinued in 1948, with cupro-nickel 1 lira issued in 1957.

Between 1958 and 1963, bronze 1, 5 and 10 kurus and steel 25 kurus, 1 and 2½ lira were introduced, followed by steel 50 kurus and 5 lira in 1971 and 1974, respectively. Aluminium replaced bronze in 1975. These coins were issued up to 1980.

In 1981, with inflation gaining pace, aluminium 1, 5 and 10 lira coins were introduced. Higher denominations followed: 20, 50 and 100 lira in 1984, 25 lira in 1985, 500 lira in 1988, 1000 lira in 1990, 2500 lira in 1991, 5000 lira in 1992, 10,000 lira in 1994, 25,000 lira in 1995, 50,000 and 100,000 lira in 1999, and 250,000 lira in 2002.

In the transitional period between 1 January 2005 and 31 December 2008, the second lira was officially called "new lira" in Turkey. Coins were introduced in 2005 in denominations of 1, 5, 10, 25 and 50 new (yeni) kurus and 1 new (yeni) lira. The 1 new kurus was minted in brass and the 5, 10 and 25 new kurus in cupro-nickel, whilst the 50 new kurus and 1 new lira are bimetallic. All coins show portraits of Mustafa Kemal Atatürk.

Between 1937 and 1939, the Central Bank of Turkey introduced new notes with Turkish texts in the Latin alphabet, bearing the portrait of President Ismet Inönü. Inönü notes caused disputes at the time. Denominations of 2½, 5, 10, 50, 100, 500 and 1000 lira were issued. 1 lira notes were reintroduced in 1942, followed by 50 kurus notes which weren't released in the country due to World War II in 1944. These two lowest denominations were replaced by coins after the War.

Atatürk reappeared on a subsequent series of notes in the early 1950s. The 2½ lira notes were replaced by coins in 1960, with the same happening to the 5 and 10 lira notes in 1974 and 1981. Higher denomination notes were introduced during the 1980s and 90s: 5000 lira in 1981, 10,000 lira in 1982, 20,000 lira in 1988, 50,000 lira in 1989, 100,000 lira in 1991, 250,000 lira in 1992, 500,000 lira in 1993, 1,000,000 lira in 1995, 5,000,000 lira in 1997, 10,000,000 lira in 1999 and 20,000,000 lira in 2001. The higher values of the "E7 Emission Group" banknotes (1992 250,000 TL and later and higher value notes) are exchangeable for new liras at a rate of 1,000,000 lira to 1 new lira at branches of the Central Bank of the Republic of Turkey until 31 December 2015, after which time they will have no value.\ The 50,000 lira note ceases to be redeemable on 4 November 2009, and the 100,000 lira note on 4 November 2011.

In the transitional period between 1 January 2005 and 31 December 2008, the second lira was officially called "new lira" in Turkey. Banknotes, referred to by the Central Bank as the "E-8 Emission Group", were introduced in 2005 in denominations of 1, 5, 10, 20, 50, and 100 new lira. Whilst the lower four denominations replaced older notes and used very similar designs, the 50 and 100 new lira notes did not have equivalents in the old currency. All notes show portraits of Mustafa Kemal Atatürk from different points of his life and images of various historical and otherwise important buildings and places in Turkey.

A new series of banknotes, the "E-9 Emission Group" entered circulation on 1 January 2009, with the E-8 group ceasing to be valid after 31 December 2009 (although still redeemable at branches of the Central Bank until 31 December 2019). The E-9 banknotes refer to the currency as "lira" rather than "new lira", and include a new 200 lira denomination. The new banknotes have different sizes to prevent forgery.

The leu ([lew], plural: lei [lej]; ISO 4217 code RON; numeric code 946) is the currency of Romania. It is subdivided into 100 bani (singular: ban). On 1 July 2005, Romania underwent a currency reform, switching from the previous leu (ROL) to a new leu (RON). 1 RON is equal to 10,000 ROL.

Romania joined the European Union on 1 January 2007 and it is expected to adopt the euro in 2014.

On August 15, 1947, a revaluation took place, with a new leu replacing the old one at a rate of 20,000 old lei = 1 new leu. This revaluation, called a monetary reform or stabilisation measure (mica stabilizare, marea stabilizare), was carried out by the Communist authorities with absolutely no advance warning and without the possibility to exchange more than a fixed amount of money for the new currency. This was done in order to depose the former middle and upper classes of their last assets, after nationalization, to prepare for collectivization and to finalize the installation of communism. At the time of its introduction, 150 new lei equalled 1 U.S. dollar.

In the 1990s, after the downfall of communism, inflation ran high due to reform failures, the legalization of owning foreign currency in 1990, and the bankrupt policies of the former communist era, reaching rates as high as 300% per year in 1993. By September 2003, one euro was exchanged for more than 40,000 lei, this being its peak value. Following a number of successful monetary policies in the late 1990s and early 2000s, the situation became gradually more stable, with one digit inflation in 2005.

The Romanian leu briefly held the dubious distinction of being the world's least valued currency unit, from January (when the Turkish lira dropped six zeros) to July 2005. However, the 1,000,000 lei bill was not the highest Romanian denomination ever. This distinction belongs to the 5 million lei bill from 1947.

On 1 July 2005, the leu was revalued at the rate of 10,000 "old" lei (ROL) for one "new" leu (RON), thus psychologically bringing the purchasing power of the leu back in line with those of other major Western currencies. The term chosen for the action was "denominare", similar to the English "denomination", to signify not a conversion, but rather a total reinvention.

The first day brought difficulties adjusting to the new paper currencies and closed ATMs (that needed reprogramming) and forcing a new calculation habit that slowed down shops and annoyed some salespeople and shoppers. The old ROL currency banknotes remained in circulation until December 31, 2006 (coins remained in circulation only until December 31, 2005), but all accounts have been converted starting July 1, 2005. There is no conversion time limit between the currencies. Retailers had to display prices in both old and new currency from March 1, 2005 until June 30, 2006. The appreciation of the leu during 2005 was about 20% against a basket of major currencies.

As of 2006, the revaluation is a potential source of confusion, especially to visitors, since both old and new currency values are commonly quoted. When written, the very large amounts in old currency are usually obvious, but in speaking inhabitants might refer to an amount of 5 new lei as simply "fifty" in reference to its value 50,000 old lei.

In 1952, coins were introduced in denominations of 1, 3, 5, 10 and 25 bani, with the 1, 3 and 5 struck in aluminium bronze and the others in cupro-nickel. In 1955, cupro-nickel 50 bani were added.

In 1960, a new coinage was introduced, consisting of 15 and 25 bani, with 5 bani, 1 and 3 lei coins added in 1963. All were struck in nickel-clad steel. In 1975, aluminium replaced steel in the 5 and 15 bani, with the same change happening for the 25 bani in 1982. Aluminium 5 lei were introduced in 1978.

Following the end of the communist regime, a new coinage was introduced between 1990 and 1992, consisting of 1 leu in bronze clad steel, 5 and 10 lei in nickel plated steel, 20 and 50 lei in brass clad steel and nickel plated steel 100 lei.

As inflation took its toll, 500, 1000 and 5000 lei coins were introduced in 1999, 2000 and 2001, respectively, and were the only coins circulating when the revaluation occurred. They were all criticized for being clumsy and difficult to use. The 500 lei coins were very thick (about 0.3 cm). Despite their small value, it took only a handful of such coins to fill one's pocket. They were also made of poor material and could be occasionally found with bite marks. The 1000 lei coin was considered too small and was also cheaply made, and the 5000 lei coin was not circular (it was a dodecagon). This made it awkward to handle and difficult to use in slot machines, where it was frequently the only coin accepted. The 500, 1000 and 5000 lei coins became worth 5, 10 and 50 bani with the revaluation.

In 1952, the Ministry of Finance introduced notes for 1, 3 and 5 lei, and the Banca Republicii Populare Romane introduced 10, 25 and 100 lei notes. In 1966, the Banca Nationala a Republicii Socialiste Romania took over the production of all paper money, issuing notes for 1, 3, 5, 10, 25, 50 and 100 lei.

In 1991, 500 and 1000 lei notes were introduced, followed by 200 and 5000 lei notes in 1992, 10,000 lei in 1994, 50,000 lei in 1996, 100,000 lei in 1998, 500,000 lei in 2000 and 1 million lei in 2003. There was also a 2000 lei note, introduced in 1999; it celebrated the total solar eclipse that occurred on August 11th, 1999. The final issues of the 2000, 10,000, 50,000, 100,000, 500,000 and 1 million lei were polymer notes.

Notes in circulation at the revaluation were:

* 10,000 lei (became 1 leu)
* 50,000 lei (became 5 lei)
* 100,000 lei (became 10 lei)
* 500,000 lei (became 50 lei)
* 1,000,000 lei (became 100 lei)

In 2005, polymer notes were introduced for 1, 5, 10, 50, 100 and 500 lei. 200 lei notes were added in 2006. The designs of the 1, 5, 10, 50 and 100 lei notes are based on those of the earlier 10,000, 50,000, 100,000, 500,000 and 1 million lei notes which they replaced. The 10 lei bill was redesigned in November 2008 (most of the graphic elements are identical, some of the safety elements were withdrawn, making its safety degree similar the the lower values of 1 leu and 5 lei bills).