The currency was introduced in January of 2005, and is equivalent to 100,000 of the old Turkish lira. The old lira will be accepted through the end of 2005, until its division into 100 kurus. Because of heavy inflation in Turkey, from the 1970-90's, the lira has depreciated in value in the last few decades. Although suffering from inflation for many years, the Turkish government has never undergone hyperinflation. In the late 1960's, the approximate exchange rate was 9 liras to 1 dollar. In 2001, 1.6 million liras were worth 1 dollar. In the end of 2004, the Turkish government passed a law that removed the last six zeros from the currency, and in the process created the new Turkish lira. Along with the new currency, the government introduced two different banknotes, called TRY 100 and TRY 50. After the revaluation of the lira, the Romanian leu became the least valued currency in the world. On January 1, 2009, the Central Bank of the Republic of Turkey will introduce a new series of Turkish Lira banknotes which differ from, and will replace, the 2005 series called New Turkish Liras (Yeni Türk Lirasi). There will be no change in the value of the Turkish lira. All values and conversions will remain the same. The design, size and colors of the notes were changed. Now they are smaller and have printed in their back some Turkish persons which are famous in the Turkish history. In all notes and coins you will also see the picture of Mustafa Kemal Ataturk, the founder of the Turkish Republic. The 200 Turkish Lira banknote is new (there was no 200 New Turkish Lira in the market before). You will see at the back of this banknote a portrait of Yunus Emre. He lived between 1238 - 1320. He was a Sufi folk poet, renowned as a pioneer of Turkish poetry in Anatolia, you will see also in this banknote Yunus Emre's mausoleum, a rose motif used in his verses, a dove symbolizing peace and brotherhood and "Sevelim, Sevilelim" (Love and Be loved) verse that best emphasizes his philosophy.
A new series of banknotes, the "E-9 Emission Group" entered circulation on 1 January 2009, with the E-8 group ceasing to be valid after 31 December 2009 (although still redeemable at branches of the Central Bank until 31 December 2019). The E-9 banknotes refer to the currency as "lira" rather than "new lira", and include a new 200 lira denomination. The new banknotes have different sizes to prevent forgery.