WITH euro adoption only 55 days away, the Finance Ministry is urging people to look out for the Turkish one lira coin which resembles the €2 coin but is worth about four times less.
Cyprus is particularly vulnerable to the confusion due the circulation of the Turkish lira in the north.
So similar are the two coins that the Turkish lira could pass for €2 if not properly scrutinised, and could fool vending machines. The Turkish lira coin went into circulation in 2005, and problems were first noticed in Germany, which has a large ethnic Turkish population.
“For the time being, it’s not a problem,” said Andreas Charalambous the Director of Finance at the Ministry in charge of the euro changeover plan. “But it could be.”
Charalambous said the problem could be resolved as far as the vending machines were concerned, because, with the latest technologies on the market, they could be upgraded to differentiate between the Turkish coin and the euro. And he said parking meters would not accept €2 coins and so would not be affected.
It would therefore be down to consumers to remain vigilant and check their coins to make sure no Turkish lira has been passed to them, he said.
The Cyprus €2 coins will depict the idol from Pomos, a cross-shaped idol from the chalcolithic period circa 3000 BC, while the other side will depict the map of Europe. They also write the word ‘Cyprus’ in Turkish and Greek. The €2 coins from other eurozone countries have different designs on one side.
All Turkish coins depict Mustafa Kemal Ataturk on one side, and the denomination on the other.
The European Commission says it has organised close co-operation with Turkish authorities, member states and the coin operated industry in order to minimise all possible confusion for the public.
“Current information suggests that, although a risk of confusion exists, it is limited,” one EU report said.
“At the level of hand-to-hand transactions, euro coins are readily distinguishable – by simple visual inspection. Vending machines will reject Turkish coins if properly adjusted; the Commission has kept the manufacturers of coin mechanisms informed, so that they are able to make the necessary adjustments to the relevant equipment.”
It also said Turkish authorities had agreed to modify slightly the production parameters of the new coins.
“These revised parameters improve the recognition of these coins by vending machines,” the report said.
“The Commission is maintaining its contacts with the Turkish authorities and is attempting to ensure that future changes in Turkish coins will eliminate the possibility of confusion.”
Charalambous, however, said it could be 2009 before the changes were made, so consumers should bear in mind the possibility of confusion.
