The Ottoman lira became the Ottoman Empire’s principal monetary unit in 1844 and was divided into 100 kuruş.
The currency was introduced during the Tanzimat reform period, when the Ottoman government sought to modernize administration, taxation, military finance, and trade. The lira was initially associated with a bimetallic system and was issued in gold and silver forms.
The kuruş had existed before the lira and continued as its subdivision. The akçe, an older Ottoman silver coin, had already declined in importance by the time the lira system was established. Ottoman banknotes were later issued through institutions including the Ottoman Bank.
The Ottoman lira should not be confused with the modern Turkish lira, which belongs to the Republic of Turkey. The modern currency inherited the name but followed a different political and monetary history after the empire ended.