Collectors are shelling out TL 1 million ($284,333) to acquire early banknotes that were once used throughout the Republic of Turkey. Since the foundation of the Republic up until now, 135 different banknotes have been removed from circulation in nine groups of denominations issued by the Central Bank of the Republic of Turkey (CBRT) over 93 years because of inflation.All the banknotes in the first six groups of issued denominations and some of the banknotes in the seventh group were removed from circulation at different dates and lost value at the end of the 10-year time-out period.
Some of the banknotes that are not in circulation are now worth a treasure for collectors.
One of the banknotes that collectors valorize the most is the TL 1,000 banknote from the first issuance group. Moreover, while there are only 23 these banknotes which have not been returned to the Central Bank, their selling price among collectors varies between TL 500,000 and TL 1,000,000. While the same period's TL 100 banknote is being sold between TL 40,000 and TL 70,000, the first issued TL 500 banknote has a starting price of TL 130,000. The second issued group's TL 100 banknote, with the pictures of the founder and the first president of the Republic of Turkey, Mustafa Kemal Atatürk, and the second President İsmet İnönü, is being sold for TL 7,500 to TL 20,000.
The price of the TL 500 banknote ranges between TL 10,000 and TL 26,000. Among others, the price of the TL 1,000 banknote varies between TL 54,000 and TL 98,000.
Moreover, 50 cent coin's price in the first issued group of denominations varies between TL 280 and TL 800. TL 1 banknotes are being put up for sale between TL 245 and TL 3,000.