2.5 TL coin awaits approval for minting

The government plans to mint 2.5 TL coins to solve the 'small change' problem in the market to some extent and to reduce the excessive pressure on 1 TL coins.

Having completed its preparations, the General Directorate of the Mint and Stamp Printing House is awaiting the approval of President Tayyip Erdoğan to mint the new 2.5 TL coins. It is reported that once approval is granted, these coins will be minted and put into circulation within a short time. The 2.5 TL coins were last withdrawn from circulation 34 years ago, in 1989.

It is known that the General Directorate of the Mint and Stamp Printing House had initially proposed minting 2 TL coins, but President Erdoğan preferred the minting of 2.5 TL coins as a more suitable option. Following this, it was stated that Mint officials conducted a new study for the 2.5 TL coin and submitted it to President Erdoğan.

The initial relief design for the 2.5 TL coins aimed to use a photograph of Atatürk wearing a kalpak; however, since this relief was previously used on the 5 TL commemorative coins minted specifically for the 100th anniversary of the Republic of Türkiye, a new relief design is being planned for the 2.5 TL coin.

Furthermore, officials, noting that the production cost of a 1 TL coin is 2.30 TL, state that the 2.5 TL coin will be minted at the same cost, thereby both achieving savings and addressing the shortage of small change in the market.

Additionally, it is stated that in order to reduce the production cost of the 1 TL coin, the weight was reduced and the nickel ratio in its alloy was lowered. It is noted that if this work had not been done, the cost of 1 TL would have been around 3.5 TL.

Information is also provided that the cost of commemorative coins is 2.30 TL and that the General Directorate of the Mint and Stamp Printing House has begun minting Azerbaijan's coins, known as "qepik," in Istanbul.

News Source: 12punto