The E-Sylum:  Volume 7, Number 52, December 26, 2004, Article 7

TURKS LOB SIX ZEROS OFF CURRENCY

  On January 1st, residents of Turkey will have six fewer 
  zeros to deal with on their nation's currency, as the 
  country issues New Turkish Lira at the rate of one to a
  million of the current units.  From a Reuters news article:

  "One Turkish coffee, medium-sweet? That'll be two million
  lira, please.

  Visitors to Turkey are often perplexed by the plethora of
  zeros that confronts them at every financial turn. Even 
  Turks themselves get a little tired of being nominal 
  millionaires.

  A new pair of shoes? One hundred million. A new washing 
  machine? One billion five hundred and thirty million."

  "But from January 1 all that will change when Turkey's 
  central bank lops six zeros off the currency, creating 
  the New Turkish Lira at the rate of one to a million of
  the current units."

  "Turkey boasts the world's highest denomination current 
  banknote, for 20 million lira -- worth about 8 pounds. 
  The smallest coin in routine use is 50,000 lira, or 
  nearly 2 pence."

  "Even quite routine sums need a wider than average 
  calculator screen. Bank cash machines have an extra 
  key for three zeros, saving customers the trouble of 
  multiple prodding."

  Full Story

  [Is Turkey's note truly the current record holder for
  highest denomination?  Is anyone aware of a higher-
  denominated note in circulation today?   What is the
  all-time record holder?  I'm guessing one from the 
  post-WWI German or Hungarian inflation eras, but I
  know one of our astute readers will have an answer for
  us.  -Editor]

  Wayne Homren, Editor

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