Mint to introduce half and 1 gram gold coins

ISTANBUL - Anatolia News Agency

Giving gold jewelry to newly weds is a tradition in Turkey, but higher prices bite.

The Turkish state mint plans to introduce 22-carat half- and 1-gram gold coins in a move to address the changing demands of customers as bullion prices rise. Quarter-, half- and full-gold coins, known as Cumhuriyet [Republic] gold coins, are popular gifts for weddings and circumcision feasts in Turkey.

However, the rise in gold prices has pushed Turkish people to seek cheaper alternatives to traditional gold coins. A quarter-goldcoin weighs about 1.7 grams, while a half-gold coin weighs a little more than 3.5 grams.

Jewelers’ chambers previously urged the state mint to start producing half- and 1-gram gold coins as it would have caused confusion in the market if sector members had started introducing cheaper alternatives by themselves, thereby undermining customer trust in Cumhuriyet gold coins. A full Cumhuriyet gold coin, which weighs about 7 grams, sold for about 645 Turkish Liras yesterday at 3 p.m.