This is a Turkish 5 Livres banknote from the 1st Emission, issued during the early years of the Turkish Republic. The note is extremely rare in this condition; according to PMG population records, only a very limited number of examples have been certified at this grade or higher. The banknote features Ottoman Turkish script, which reflects a unique transitional period in Turkish history. Although the Republic of Türkiye was proclaimed in 1923 following the collapse of the Ottoman Empire, the Latin alphabet was not officially adopted until 1928. As a result, the 1st Emission banknotes were printed using Ottoman letters, making them particularly distinctive and historically significant. Due to this combination of historical transition, limited surviving high-grade examples, and early Republican issuance, the 1st Emission banknotes occupy a special place in Turkish numismatics. On the obverse, the banknote features a wolf, a powerful symbol in Turkish history and mythology, representing the origins and strength of the Turks. The wolf is surrounded by a crescent and star, the national symbols of the Turkish flag. On the reverse, there is an illustration of Ankara, the capital of Turkey, depicting the city as it appeared during that period.