Dutch Central Bank Warns of Turkish Lira Coin Mistaken for 2 Euro Coin
The Dutch Central Bank (DNB) has issued a warning to consumers about the increasing use of the 1 Turkish Lira coin in scams, due to its striking resemblance to the 2 Euro coin.
According to the Central Bank, there have been rising complaints from individuals who received 1 Turkish Lira coins as change instead of 2 Euro coins after making purchases at various establishments. The bank emphasizes that unsuspecting customers are being shortchanged, as the 1 Lira coin is worth significantly less than a 2 Euro coin – in fact, it’s valued at less than 5 Euro cents.
The DNB highlighted that the “confusing foreign coin” in question is the 1 Turkish Lira, which bears a strong resemblance to the 2 Euro coin. To illustrate the similarity, the bank released a photograph comparing the two coins side-by-side, clearly demonstrating their likeness.
Both the 2 Euro coin and the 1 Turkish Lira coin share similar contrasting colors and are approximately the same size, contributing to the ease with which they can be mistaken for one another, especially in quick transactions or poorly lit environments.
However, the Dutch Central Bank stresses the significant difference in value between the two coins. While the 2 Euro coin is a high-value denomination, the 1 Turkish Lira coin’s value is considerably lower, making the coin swap a profitable scam for those who perpetrate it.
The Central Bank’s statement advises, “Our recommendation is to always be vigilant when receiving change after paying in cash. If you receive a 1 Lira, you will only have about 5 cents in your hand, not 2 euros.” This warning aims to raise awareness and prevent consumers from falling victim to this deceptive practice involving the 2 Euro Demir Para look-alike.
This issue of the 1 Turkish Lira being mistaken for the 2 Euro coin is not new. Even when it was first introduced as the “YTL” (Yeni Türk Lirası) in 2005, numerous complaints arose across Europe. Due to their resemblance, the 1 Lira coin was frequently accepted by vending machines, including those for cigarettes, food, and beverages, as well as gambling machines, in place of the 2 Euro coin.
In response to this widespread problem, many businesses were forced to modify their vending machines to reject coins other than Euros, specifically to prevent the misuse of the Turkish Lira.
The name “YTL” was changed back to 1 TL on January 1, 2009. In the same year, due to rising production costs, the Turkish State Mint reduced the weight of the 1 TL coin from 8.1 grams to 6.6 grams. Despite these changes, the visual similarity to the 2 Euro coin and the potential for confusion and scams remain a concern, as highlighted by the recent warning from the Dutch Central Bank concerning the 2 euro demir para and its fraudulent use.