1 New Lira

The 1 New Lira (Yeni Türk Lirası) was the lowest denomination of the redenomination series introduced on 1 January 2005, when Turkey dropped six zeros from its currency — a correction made necessary by decades of inflation that had reduced the old lira to one of the least-valued currencies on earth by face unit. At its worst, the pre-reform lira had traded at roughly 1.65 million to the US dollar.

The "New" designation was temporary by design. Parliament had already legislated its removal; by 2009 the prefix was dropped and the currency reverted to simply "Türk Lirası."