In Turkey, gold is one of the most important investment and saving tools, in addition to its great importance in Turkish culture, as it is exchanged by Turks at social events.
Gold in Turkey varies between jewelry, coins and bullions, the consumption of gold products is very high with a direct effect on the Turkish economy.
About gold in Turkey
Gold is of great importance in Turkish society and Turkish culture in general, as Turkish people use gold coins for investment and savings, in addition to gifting at social events.
According to some statistics, the Turkish people saved more than 3,500 tons of gold.
In general, there are 4 kinds of gold in Turkey, 24 karat, which is used in the production of gold bars and is traded electronically in banks and is identified with the number 999.9 on the bullion.
22 Karat, which is considered the most common type of gold in circulation in Turkey, where jewelry is produced for decoration, some bullions in addition to gold coins.
18 karat and 14 karat, from which some jewelry and goldsmiths are produced.
Turkish Gold Coins
Gold coins in Turkey are made of 22 Karat gold, and are considered an essential part of the Turkish culture, as coins are gifted at social events such as weddings and Circumcision ceremonies.
Gold coins in Turkey are divided into two types, the ornamental coins called ziynet altin and the Republic coins that is called Cumhuriyet Altını.
The decorative coins contain a picture of Ataturk on one side, and on the other side the phrase “Republic of Turkey” and the date of issuance of the coin.
The coin is embellished with stars and motifs, and is produced with a handle on top for hanging or gifting as medal.
Quarter gold Turkish lira
The Turkish golden quarter is considered the most popular gold coin in Turkey, as the Turkish people use it as a gift in social events intensively.
The quarter of the gold lira in Turkey is called “little gold-küçük altın ” as it is the smallest denomination of gold coins.
The gold quarter lira weighs about 1.754 grams to 1.6065 grams, and is produced from 22 Karat with a diameter of 18 mm.
Half Turkish gold lira
The weight of the half of the gold lira is 3.5 grams, and it contains the equivalent of 3.21 grams of pure gold, while the remaining 0.29 grams is made of copper or silver.
The golden half liras are produced from 22 Karat gold, and the coin is 22 mm in diameter.
The 22 karat gold lira weighs about 7 grams, and contains the equivalent of 6.42 grams of pure gold.
2.5 Gold liras
2.5 gold liras equals 10 quarters of gold or 5 halves, and it is called Gremse, and its weight reaches 14 grams..
İt’s price is than other gold coins due to its lack of production and the difficulty of buying it, many do not prefer to invest in the 2.5 gold lira as it is the least traded type of Turkish golden coin in the market.
Five golden liras
The five gold lira is considered a safe haven for investors, as it is the highest coin in ornamental gold coins, weighing up to 35 grams of 22 Karat gold.
The 5 Turkish golden liras are one of the most valuable gifts, which are called in some areas the title “Beşi” and are given as a gift at weddings and circumcision ceremonies.
Republic gold is a type of gold that differs slightly from ornamental gold coin, it is issued in a total of 10 different diameters and weights of five varieties such as five, two and a half, one, half and a quarter.
The phrase “Republic of Turkey” and the date of the founding of the republic in 1923 are engraved on the railroad coins on one side, and on the other end the phrase “Hakimiyet Milletindir” which means “sovereignty of the nation” is written and the word “Ankara” is written at the bottom.
The Mint of the Ministry of Finance issues railroad currencies, and the following table represents a comparison between the weights of Republic gold and ornamental gold.
|Type||Republic gold (weight in grams)||Ornamental gold (weight in grams)|
|Two and a half||18,040||17,540|
The Ottoman Golden Lira “Rashad Gold”
The Ottoman Golden Lira, called “Rashad Altin”, is a type of gold coin that was minted during the reign of Sultan Muhammad Rashad in 1909.
The weight of the Ottoman gold lira is 7.2 grams of 22 Karat gold, and its price is higher than the Turkish golden lira due to the difference in weight in addition to the historical value and the scarcity of supply.
The Ottoman Rashad gold lira shares with the gold of the republic in being of 22 Karat gold only, and differs in all other characteristics of the weight and diameter of the coin in addition to the inscription on it.
The price of gold in Turkey
Click on the gold price in Turkey to access the page that directly displays the price of gold live, in Turkish lira.
Turkey’s gold reserves
Turkey is one of the highest countries in the world in terms of gold reserves, as according to the latest statistics for 2021, Turkish gold reserves amounted to about $ 40.7 billion. That is equivalent to 560 tons of gold.
The Turkish Central Bank has been working to increase the proportion of gold reserves for a long time, in order to obtain stability in monetary reserves in general.
Gold refineries in Turkey
Turkey began extracting gold in 2001, and production in that year reached 1.4 tons. In the 20 years that followed, Turkey produced 382 tons of gold, helping Turkey obtain tax revenues equivalent to 76 tons of gold.
The growth of Turkey’s gold industry has seen an investment of $ 6 billion, with more than 13,000 people employed in this sector so far.
Based on scientific studies, the total potential reserves of gold in Turkey are 6,500 tons, of which 1,500 tons have been extracted.
The following companies are considered one of the most important companies for the production and exploration of gold in Turkey:
Koza Gold is a Turkish company established to discover and manage gold mines in Turkey.
Koza Altin owns the mines of Izmir (Bergama) Ovacik, Izmir (Dikili) – Kukralan, Izmir – Korakletepe, Gümüşhane – Maestra, Eskişehir – Kaymaz, and the mine of Kayseri.
Koza plans to increase production by operating mine reserves in the near future in the Aegean and Eastern Anatolian regions of Turkey.
Istanbul Gold Refinery, is the first official gold refinery in Turkey to be recognized by the ministry Treasury.
Istanbul Gold Refinery is one of the largest producers of gold bars in Turkey. Most of the bullion bears the word “İAR”, which is an abbreviation of the refinery’s name istanbul altın rafinerisi.
Nadir Altan produces and trades precious metals (gold, silver, platinum, palladium and rhodium). In addition, it produces Nadir Metal and Nadir Gold branded gold, silver and platinum grams and special collection products.
Nader Altin Company is considered one of the biggest competitors of Istanbul Gold Refinery and Pyramid Altin.
Harem Altan Company was established in the eighties and is considered one of the most important brands for selling gold in Turkey and Europe in general.
The company started producing gold with its own logo since 2012, and since that date it has made a great leap, in the Turkish gold market.
Buy gold in Turkey
There are many options for buying gold in Turkey, as there are many shops that buy and sell jewelry in Turkey, which are called “ Kuyumcu ” in Turkish.
Gold can be purchased in Turkey from the Internet quite easily from a refinery and gold production companies directly through the GramAltin website, and fromNader Refinery through Nadir gold website , and from the Harem refinery through the Harem Altin website, and Yatirimim website.
You can buy gold online Turkey directly using Turkish online shopping sites, which offer all gold products for sale in bars or currencies, and the most important of these sites are Trendyol, Hepsiburada, and Gittigidiyor.
You can also buy gold from some Turkish banks, most of which provide the ability to buy electronic gold on your bank account.
Kuwait Turk Bank provides the ability to buy gold directly from the bank and get gold bars or gold coins in hand quite easily.
There are many ways to sell gold in Turkey. You can go to the jewelry store called “ Kuyumcu ” in Turkish , and pur the jewelry that you own for sale.
You can also deposit your physical gold in the bank and sell it online through the internet banking.
You will receive the money in Turkish lira or US dollars after selling your gold to the bank instantly in your bank account.
Syrian gold in Turkey (21k gold in turkey)
Syrian gold in Turkey differs from its Turkish counterpart in purity, as the customary gold in Turkey is used in jewelry for decoration, and gold coins are 22 Karat, while Syrian gold is made of 21 Karat.
Syrian gold is characterized by its cheap price, as it is usually 5% lower than Turkish gold.
Turkish gold can be distinguished from Syrian gold by color, as Turkish gold is light in color, while Syrian gold is slightly reddish.
Syrian gold can be bought and sold in Turkey only from Syrian jewelers, as it is not traded by the Turks.
What affects the price of gold in Turkey?
The price of gold in Turkey is affected by many factors, the most important of which is the global price of gold, in addition to the price of the dollar to the Turkish lira.
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