Dutch Central Bank Warns Against Turkish Lira Coin Scam: Don’t Accept 1 TL Instead of 2 Euro

The Central Bank of the Netherlands (De Nederlandsche Bank – DNB) has issued a warning to consumers about the fraudulent use of the 1 Turkish Lira coin, which closely resembles the 2 Euro coin.

According to the Dutch Central Bank, some businesses are mistakenly or deliberately giving 1 Turkish Lira coins as change instead of 2 Euro coins, significantly shortchanging customers as the 1 TL coin is worth considerably less than even 5 Euro cents.

Close-up comparison of a Euro coin and a Turkish Lira coin; highlighting the visual similarities exploited in currency scams where the lower value Turkish Lira is deceptively given instead of the higher value Euro, as warned by the Dutch Central Bank.

The bank stated that in recent times, they have received complaints from individuals who, after making purchases, received “foreign currency that closely resembles the Euro” as change.

The DNB emphasized that this “confusing foreign coin” is the 1 Turkish Lira, which bears a striking resemblance to the 2 Euro coin. The bank further released a photograph illustrating the similarities between the two coins, highlighting why people might be deceived.

Both the 2 Euro coin and the 1 Turkish Lira coin share similar contrasting colors and are approximately the same size, contributing to the misidentification.

However, the Dutch Central Bank stressed the vast difference in value between the two coins. The 1 Turkish Lira coin is worth less than 5 Euro cents, making the switch a significant financial loss for unsuspecting individuals. This discrepancy underlines the importance of vigilance when receiving change, especially for tourists or those unfamiliar with the Turkish Lira. Understanding “2 Euro Cent Kaç Tl” – how much 2 Euro cents is in Turkish Lira – becomes crucial to appreciate the scale of this potential fraud, as even 2 Euro cents are worth more than the entire 1 TL coin.

The bank’s statement advised, “Our recommendation is to always be attentive when receiving change after paying in cash. Because if you receive 1 Lira, you only have 5 cents in your hand instead of 2 Euros.” This clear advice aims to prevent consumers from falling victim to this currency confusion tactic.

The 1 Turkish Lira coin, initially introduced as “YTL” in 2005, had previously caused widespread issues across Europe due to its similarity to the Euro coins.

Its resemblance to Euro coins led to numerous instances in European countries where vending machines, particularly those for cigarettes and snacks, and even gambling machines, accepted the 1 Lira coin instead of the intended 2 Euro coin. This loophole was exploited, causing financial losses for businesses.

Consequently, many businesses had to modify their vending machines to reject non-Euro coins, implementing measures to prevent the misuse of the Turkish Lira.

The currency code “YTL” was changed back to “1 TL” on January 1, 2009. In the same year, due to increasing costs, the Turkish State Mint reduced the weight of the 1 TL coin from 8.1 grams to 6.6 grams. This change, however, did not affect the coin’s visual similarity to the 2 Euro coin and the potential for confusion and fraud remained. The ongoing warning from the Dutch Central Bank underscores the persistent nature of this issue and the continued need for public awareness regarding the difference in value between “2 euro cent kaç tl” and the actual value of the 1 Turkish Lira coin.