The currency used in Turkey is the Turkish lira, abbreviated as TRY. Historically, the lira has undergone several changes, including a significant redenomination that took place in 2005, when the old lira was replaced by the new lira (Yeni Türk Lirası). Coins and banknotes are available in various denominations, with the lira often symbolized by the sign "₺." The Turkish lira fluctuates against other currencies due to economic factors and market conditions, making it crucial for foreign exchange and travelers in Turkey to stay updated on its value.