5 Lira

Turkey's Central Bank had only been established in 1930, and its early note issues were entirely dependent on foreign printers — De La Rue handled much of this work through the 1930s. The 1937 series came during a period of single-party statist economic policy under the CHP, when the government was actively expanding state banking infrastructure and tightly controlling foreign exchange.

P#127 is among the earlier low-denomination issues of the bank's second decade, and surviving examples in circulated grades often show horizontal fold stress along the center — a known weakness in the paper stock used for this series.