Turkish lira coins worth less than scrap value

Turkish lira coins worth less than scrap value
The Turkish lira looks set to crash through the latest barriers set up in front of it around the 8.70s on the USD/TRY chart.
By Akin Nazli in Belgrade July 2, 2021

All Turkish lira coins, excluding the biggest denomination of one lira, are presently worth less than their scrap value, @e507 wrote on June 24 in a tweet.

In the table below, he calculates the scrap values of Turkish lira (TRY) coins based on metal market prices.

One kurus (TRY0.01) weighs 2.2 grams and is 90% copper (Cu) and 10% zinc (Zn). One gram of copper is worth TRY0.08 on the London Metal Exchange (LME) and one gram of zinc is worth TRY0.03.

As a result, one kurus is worth around 16 kurus in metals, providing a 15-kurus, or 1,539%, arbitrage opportunity.

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