Turkey Gold Coins (Are They IRA Eligible Gold Coins?) (2022)

July 16, 2022

Turkey Gold Coins

Today, avid collectors are looking for ancient gold coins. Admittedly, it is solely due to various reasons. This 'Turkey Gold Coins' article will examine an old coin and tackle its eligibility for IRA purposes.

Additionally, I will lay down some of its basic features and characteristics. First, their interesting coin design is a thing to behold. Second, its current prices in the market. And lastly, its specifications and other important details.

Without further ado, let us start this 'Turkey Gold Coins' article!

Information about Ancient Turkey

Relatively speaking, Ancient Turkey is one of the largest and most successful nations of the ancient world. Arguably, it is the one that manage to incorporate both Asian and Western philosophies.

Moreover, it catered a lot of empires. From the Byzantine Empire and its capital city, Constantinople up to the Ottoman Empire which reigned until 1922. One can say that it is a very diverse nation rich of both history and historical artifacts.

With that, their ancient civilization also dabble on using gold and silver coins for their day-to-day transactions. Specifically, they were entranced to the idea of having gold as their form or currency.

The dissolvement of the Ottoman Empire at 1922 became the first step towards the creation of Republic of Turkey. By that remark, all gold coins are commonly marked with the year 1923.

To illustrate, these are the prominent gold coins minted by the empires of Ancient Turkey.

  • Altin
  • Mahbub
  • Kurush

In our present times, we mostly deal with Kurush coins due to their abundance in the market. Fun fact, it is sometimes referred to as 'Medici', in respect of Abdul Mejid, the one who paved the way for Turkish currency reforms.

Kurush Gold Coins History and Background

Interestingly, Turkey Gold 100 Kurush Coins started being minted during the mighty days of the Ottoman Empire. As an empire, it controlled much of Southwest Europe, Western Asia, and Northern Africa from 14th to 20th century.

At one point, the Ottoman Empire's territory and scope of influence cover almost the entirety of the Eastern World. But, their power and dominance ended during the start of World War 1 when they picked the 'wrong side'.

Nearly 5000 years ago, the very first gold coins are created in Turkish manufacturing houses. During the 7th century BC, the Kingdom of Lydia and Sardis started creating coins with gold.

But, it must be noted the Kurush coins were manufactured during the 'dying days' of the Ottoman Empire. Meaning, they were mostly created in haste and might be minted with limited quantity.

However, collectors and investors might find delight in these coins. A typical 100 Kurush weighs 7.216 grams with a mixture of precious gold weighing an approximately 6.6 grams.

In our times today, several bullion dealers have offerings for 100 Kurush Gold coins. Dealers such as JM Bullion and SD Bullion are among the favorites.

Characteristics

Kurush Gold Coins

From the picture above, Kurush Gold coins really sport an interesting design. Its front side (obverse) depicts Tugra, a calligraphic monogram of the Ottoman Empire's sultan. It is surrounded by laurel twigs and fire torches signifying victory and honor.

On the other side, the back (reverse) shows a monogram surrounded by laurel wreath. At the top are minted stars as well as the particular date of minting.

Intriguingly, Kurush coins, as well as the other gold coins, were minted by the Constantinople Mint. It is responsible for creating groves and coins for the Byzantine Empire and for the Ottomans. 

Specifications

These are the material specifications of 100 Kurush Gold coins.

  • Metal: Gold
  • Mint: Constantinople Mint
  • Mass: 7.216 grams
  • Gold Content: 0.2127 troy ounce (6.616 grams)
  • Purity: 91.67
  • Diameter: 22.3 mm
  • Thickness: 1.4 mm

Pricing

Admittedly, modern day Turkey have long stopped using Kurush coins for their business and commercial transactions. Moreover, they are currently using Lira, that is why it is hard to put a price on coins such as this one.

But, the intrinsic value of Kurush coins is undeniable. In several markets around the world, a Kurush coins would be well over $250 just for the amount of gold it contains.

Additionally, this price might go up considering the quality of the coin, its authenticity, and other factors. As such, it is still a valuable and great coin to have in your collection.

If, by chance, you are looking for other coins aside from Kurush Coins, I suggest transacting with Augusta Precious Metals. This is a top rated firm when it comes to precious metals!

IRA Eligibility

Unfortunately, the short answer if Turkey coins such as Kurush usability for IRA is no. This is due of its gold purity and content. 

The Internal Revenue Service only allows a certain purity standard for precious metals. For example, gold coins and bullions are allowed to be used as assets if they have a purity of 0.995.

In other cases, such as that of silver or platinum, a different purity is also needed. Kurush coins only has a gold purity of 0.9167, which falls below the minimum percentage for the gold category.

However, it can be used as an investment asset for any other type of retirement plans. Also, it is better to hold on to these type of coins for the diversification of your portfolio.

Final Words

As a conclusion, this 'Turkey Gold Coins' article is a good way to learn more about the particulars of Ancient Turkey. Consequently, we are more knowledgeable about how these coins have an effect on those empires and civilizations.

A point to remember is that Turkey Gold Coins, such as the Kurush, is an exquisite piece of history. Furthermore, it provided evidence of how rich our world is when it comes to historical artifacts and items.

Sadly, they have been receiving less attention from collectors and investors today. However, it is undeniable that it still holds an intrinsic value, one in which you must be wary of.

As for its eligibility for any self-directed IRA services, the answer is that it is impossible. But, it is a great way to diversify your portfolio and perhaps it might find its purpose in any other investment forms.

If you are looking for bullions and coins to add to your IRA, be careful not to fall for scams! Conduct business with legitimate companies such as Augusta Precious Metals!

As usual, I give my thanks to you for reading this article of mine. Any comments or suggestions are welcomed and well-appreciated. Do leave them in the appropriate section below,

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