Turkey’s state mint used approximately 49.7 metric tons of gold to produce gold coins in 2025, marking a 38.3% decline from 80.6 tons in the previous year and the lowest level since 2021, as soaring global prices curbed physical demand, according to data from the Central Bank of the Republic of Turkey.
Alongside the reduction in gold usage, the number of coins minted fell by 43.6%, dropping from 23.39 million coins in 2024 to 13.18 million coins in 2025, official figures showed.
This decline came amid a sharp surge in global gold prices, which rose by more than 65% in 2025, posting their strongest annual gain since 1979.
The quarter gold coin, weighing 1.75 grams, topped production at the Turkish Mint.
The mint produced 10.2 million decorative coins, typically used as gifts and for personal savings, and 2.56 million bullion-type coins, which are preferred for investment purposes.
The quarter gold coin, weighing about 1.75 grams, remained the most widely minted single denomination, with 7 million units produced in 2025.
Although classified as either decorative or investment coins, both types are made from 24-carat gold bars and minted into 22-carat gold coins. They are produced in ten different diameters and weights, offering flexibility for both gift-givers and long-term holders.
The chart illustrates Turkey’s annual production of republican gold coins by weight (grams) from 2010 to 2025 (chart prepared by the Central Bank of the Republic of Turkey).
Rising Prices Curb Turkey’s Appetite for Gold
Although Turkey has traditionally ranked among the world’s leading markets for household gold accumulation, the figures appear striking, suggesting that rising prices have encouraged caution in new purchases. The price of gold per gram in Turkish lira jumped by 101.75% in 2025, reaching 6,240 lira (about $145).
While gold has continued to serve as a hedge against inflation—which stood at 30.89% at the end of the year—the sharp rise in prices appears to have dampened new buying by individuals, particularly households seeking smaller denominations for savings or gifting.
Gold remains a deeply entrenched savings vehicle in Turkey and is often referred to locally as “under-the-pillow assets,” a term describing gold stored privately in homes rather than in banks or formal financial institutions.
Households across the country are estimated to hold around 3,100 tons of gold, valued at approximately $449.5 billion.
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