A consistent velocity of money equation could be valuable as an effective monetary policy tool because it would show the effects of the changes in the variables of the velocity of money equation and therefore it would enable policymakers to make regulations for the future. The aim of this study is to investigate the long-term consistency of the velocity of money equation for Turkey in 1987-2001. The velocity of money equation derived from the Goldfeld type money demand function, includes gross national product, inflation, interest rate and exchange rate variables and it is estimated for four different velocity of money variables formed from the Ml, M2, M2Y and M3 money supply definitions. The results from Johansen cointegration and Granger causality tests show that there is no evidence of a consistent velocity of money equation for Turkey between the years 1987-2001. This result doesn't change when the interest rate and the exchange rate variables are omitted from the equation.