The Turkish State Mint has reduced the size of the lira coins in response to rising production costs, according to local media reports on Thursday. NTV reported that the one-lira and half-lira coins are now half a millimeter thinner and have a different composition of copper, zinc, and nickel. The weight of the one-lira coin has been reduced to 6.6 grams from 8.2 grams, while the half-lira coin now weighs 5.5 grams instead of 6.8 grams.

The changes, which mark the first in 14 years, will result in a 30% reduction in coin production costs. According to media reports, the cost of producing the one-lira coin was about 3.48 liras before the changes.

The lira has lost over 70% of its value against the US dollar since the beginning of 2022 and has hit new record lows against the greenback since the start of March. On Friday afternoon, one US dollar stood at 19.37 liras.