Understanding the Value of 2 Euro in Turkish Lira and Avoiding Coin Scams

The Dutch Central Bank (DNB) has recently issued a warning to consumers about a scam involving the 1 Turkish Lira coin, which is being fraudulently used in place of the 2 Euro coin due to their striking resemblance. According to the central bank, some businesses are mistakenly or deliberately giving 1 Turkish Lira coins as change instead of 2 Euro coins, significantly shortchanging customers.

The bank stated that they have received complaints from individuals who, after making purchases, were given “a foreign coin that closely resembles the euro” as part of their change. This “confusing foreign coin” has been identified as the 1 Turkish Lira, which bears a strong similarity to the 2 Euro coin. To illustrate the likeness, the DNB released a photograph comparing the two coins side-by-side.

Both the 2 Euro and the 1 Turkish Lira coins share similar contrasting colors and are approximately the same size, contributing to the potential for confusion, especially in quick transactions or dimly lit environments. However, despite these visual similarities, the Dutch Central Bank emphasizes a significant difference in value. The 1 Turkish Lira coin is worth considerably less than a 2 Euro coin, in fact, it is valued at less than 5 Euro cents.

In their public announcement, the bank advised, “Our recommendation is to always be vigilant when receiving change after paying in cash. Because if you receive a 1 Lira, you are holding only about 5 cents instead of 2 euros.” This highlights the considerable financial loss individuals can incur if they are unaware of this deceptive practice.

This issue of coin confusion is not new. Back in 2005, when the 1 Turkish Lira was first introduced as the “YTL” (Yeni Türk Lirası or New Turkish Lira), it led to widespread complaints across Europe. Due to its similarity to the 2 Euro coin, the 1 Lira was frequently accepted by vending machines, cigarette dispensers, and even gambling machines in various European countries instead of the intended 2 Euro coin.

In response to these earlier incidents, many businesses adjusted their automated machines to reject coins other than Euros, preventing the misuse of the Turkish Lira. While the name “YTL” was changed back to 1 TL in 2009, the physical characteristics of the coin remained largely the same, and the potential for confusion and misuse persists, as highlighted by the recent warning from the Dutch Central Bank. Consumers are urged to carefully examine their change to avoid falling victim to this currency substitution scam and to understand the real value of what they are receiving, especially when it comes to distinguishing between a 2 Euro coin and a 1 Turkish Lira coin.