Albanian currency
The lek (Albanian: Leku Shqiptar; plural lekë) (sign: L; code: ALL) is the official currency of Albania. It is subdivided into 100 qindarka (singular qindarkë), although qindarka are no longer issued. The lek was introduced as the first Albanian currency in February 1926.[1]
Name
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The lek was named after Alexander the Great,[2] whose name is often shortened to Leka in Albanian.[3] Alexander's portrait appeared on the obverse of the 1 lek coin, while the reverse showed him on his horse.
The name qindarkë comes from the Albanian qind, meaning one hundred. The word is thus similar in formation to centime, cent, etc. |
Franaga
Between 1926 and 1939 the name Franga was used for Albanian gold currency worth five Albanian Leke for use in international transactions.[4] A similar alternate name Belga was used for units of five Belgian francs.
Coins
First lek
In 1926, bronze coins were introduced in denominations of 5 and 10 qindar leku, together with nickel ¼, ½ and 1 lek, and silver 1, 2 and 5 franga ar. The obverse of the franga coins depict King Zog I. In 1935, bronze 1 and 2 qindar ar were issued, equal in value to the 5 and 10 qindar leku. This coin series depicted distinct neoclassical motifs, said to have been influenced by the Italian king Victor Emmanuel III who was known to have been a coin collector. These coins depict the mint marks "R" or "V" indicating Rome or Venice.
Under the direction of Benito Mussolini, Italy invaded and occupied Albania and issued a new series of coins in 1939 in denominations 0.20, 0.50, and 1 Lek in stainless steel, and silver 2, 5, and 10 lek were introduced, with the silver coins only issued that year. Aluminium-bronze 0.05 and 0.10 lek were then introduced in 1940. These coins were issued until 1941 and bear the portrait of Italian King Victor Emmanuel III on the obverse and the Italian eagle and fasces on the reverse.
In 1947, shortly after the communist party took power, older coins were withdrawn from circulation and a new coinage was introduced, consisting of zinc ½, 1, 2 and 5 lekë. These all depicted the socialist national crest. This coinage was again minted in 1957 and used until the currency reform of 1965.
Second lek
In 1965, aluminium coins (dated 1964) were introduced in denominations of 5, 10, 20 and 50 qindar and 1 lek. All coins depict the socialist state emblem.
In 1969, a second series of aluminum 5, 10, 20, 50 qindar and 1 lek coins was released commemorating the 1944 liberation from fascism. The three smallest denominations remained similar in design to the 1964 series but depicted "1944-1969" on the obverse. The 50 qindarka and lek coins depicted patriotic and military images.
In 1988, a third redesign of aluminum 5, 10, 20, 50 qindarka and 1 lek coins was released. The 50 qindarka and 1 lek coins were problematically identical in size, weight, and appearance so aluminum-bronze 1 lek coins with the inscription "Republika Popullore Socialiste e Shqipërisë" were released later that year for better identification. In 1989, a cupro nickel 2 leke coin was introduced. All three of these coin series remained in circulation during and shortly after the 1991 revolution.
Third lek
In 1995 and 1996, new coins were introduced in denominations of 1, 5, 10, 20 and 50 lekë, with a bimetallic 100 lekë added in 2000.
Commemorative coins
In 2001, 100 and 200 Leke were issued under the theme of Albania's integration into the EU and 50, 100, and 200 Leke under the 500th anniversary of the Statue of David. In 2002, 50 Leke and 100 Leke were issued for the 90th Anniversary of the Independence of Albania and 20 Leke under the Albanian Antiquity theme. In 2003, 50 Leke was issued in memory of the 100th anniversary of the death of Jeronim De Rada. In 2004, 50 Leke was issued under the Albanian Antiquty theme depicting traditional costumes of Albania and the ancient Dea. In 2005, 50 Leke were issued for the 85th anniversary of the proclamation of Tirana as capital and the theme of traditional costumes of Albania.
In 1926, bronze coins were introduced in denominations of 5 and 10 qindar leku, together with nickel ¼, ½ and 1 lek, and silver 1, 2 and 5 franga ar. The obverse of the franga coins depict King Zog I. In 1935, bronze 1 and 2 qindar ar were issued, equal in value to the 5 and 10 qindar leku. This coin series depicted distinct neoclassical motifs, said to have been influenced by the Italian king Victor Emmanuel III who was known to have been a coin collector. These coins depict the mint marks "R" or "V" indicating Rome or Venice.
Under the direction of Benito Mussolini, Italy invaded and occupied Albania and issued a new series of coins in 1939 in denominations 0.20, 0.50, and 1 Lek in stainless steel, and silver 2, 5, and 10 lek were introduced, with the silver coins only issued that year. Aluminium-bronze 0.05 and 0.10 lek were then introduced in 1940. These coins were issued until 1941 and bear the portrait of Italian King Victor Emmanuel III on the obverse and the Italian eagle and fasces on the reverse.
In 1947, shortly after the communist party took power, older coins were withdrawn from circulation and a new coinage was introduced, consisting of zinc ½, 1, 2 and 5 lekë. These all depicted the socialist national crest. This coinage was again minted in 1957 and used until the currency reform of 1965.
Second lek
In 1965, aluminium coins (dated 1964) were introduced in denominations of 5, 10, 20 and 50 qindar and 1 lek. All coins depict the socialist state emblem.
In 1969, a second series of aluminum 5, 10, 20, 50 qindar and 1 lek coins was released commemorating the 1944 liberation from fascism. The three smallest denominations remained similar in design to the 1964 series but depicted "1944-1969" on the obverse. The 50 qindarka and lek coins depicted patriotic and military images.
In 1988, a third redesign of aluminum 5, 10, 20, 50 qindarka and 1 lek coins was released. The 50 qindarka and 1 lek coins were problematically identical in size, weight, and appearance so aluminum-bronze 1 lek coins with the inscription "Republika Popullore Socialiste e Shqipërisë" were released later that year for better identification. In 1989, a cupro nickel 2 leke coin was introduced. All three of these coin series remained in circulation during and shortly after the 1991 revolution.
Third lek
In 1995 and 1996, new coins were introduced in denominations of 1, 5, 10, 20 and 50 lekë, with a bimetallic 100 lekë added in 2000.
Commemorative coins
In 2001, 100 and 200 Leke were issued under the theme of Albania's integration into the EU and 50, 100, and 200 Leke under the 500th anniversary of the Statue of David. In 2002, 50 Leke and 100 Leke were issued for the 90th Anniversary of the Independence of Albania and 20 Leke under the Albanian Antiquity theme. In 2003, 50 Leke was issued in memory of the 100th anniversary of the death of Jeronim De Rada. In 2004, 50 Leke was issued under the Albanian Antiquty theme depicting traditional costumes of Albania and the ancient Dea. In 2005, 50 Leke were issued for the 85th anniversary of the proclamation of Tirana as capital and the theme of traditional costumes of Albania.
Bank note
First lek
In 1926, the National Bank of Albania (Banka Kombëtare e Shqipnis) introduced notes in denominations of 1, 5, 20 and 100 franka ari. In 1939, notes were issued denominated as 5 and 20 franga. These were followed in 1944 with notes for 2, 5 and 10 lek and 100 franga.
In 1945, the People's Bank of Albania (Banka e Shtetit Shqiptar) issued overprints on National Bank notes for 10 lek, 20 and 100 franga. Regular notes were also issued in 1945 in denominations of 1, 5, 20, 100 and 500 franga. In 1947, the lek was adopted as the main denominations, with notes issued for 10, 50, 100, 500 and 1000 lekë.
In 1926, the National Bank of Albania (Banka Kombëtare e Shqipnis) introduced notes in denominations of 1, 5, 20 and 100 franka ari. In 1939, notes were issued denominated as 5 and 20 franga. These were followed in 1944 with notes for 2, 5 and 10 lek and 100 franga.
In 1945, the People's Bank of Albania (Banka e Shtetit Shqiptar) issued overprints on National Bank notes for 10 lek, 20 and 100 franga. Regular notes were also issued in 1945 in denominations of 1, 5, 20, 100 and 500 franga. In 1947, the lek was adopted as the main denominations, with notes issued for 10, 50, 100, 500 and 1000 lekë.
Second lek
In 1965, notes (dated 1964) were introduced by the Banka e Shtetit Shqiptar in denominations of 1, 3, 5, 10, 25, 50 and 100 lekë. A second series of notes was issued in 1976 when the country changed its name to the People's Socialist Republic.
Third lek
500 lekë notes were introduced on 28 June 1991, followed by denominations of 200 and 1000 lekë on 1 October 1992.
1996 series
On 11 July 1997, a new series of banknotes dated 1996 was introduced.[7]
Notes dated 1996 were printed by De La Rue in the United Kingdom.
In 1965, notes (dated 1964) were introduced by the Banka e Shtetit Shqiptar in denominations of 1, 3, 5, 10, 25, 50 and 100 lekë. A second series of notes was issued in 1976 when the country changed its name to the People's Socialist Republic.
Third lek
500 lekë notes were introduced on 28 June 1991, followed by denominations of 200 and 1000 lekë on 1 October 1992.
1996 series
On 11 July 1997, a new series of banknotes dated 1996 was introduced.[7]
Notes dated 1996 were printed by De La Rue in the United Kingdom.
Also see
- Albanian economy
- King Zog I
- Alexander the Great
References
External links
- Bank of Albania. Available at:http://www.bankofalbania.org/web/A_brief_history_of_the_Bank_of_Albania_5338_2.php
- Leslie Alan Dunkling; Adrian Room (1 January 1990). The Guinness Book of Money. Guinness Publishing. p. 67. ISBN 978-0-85112-399-8. ...the lek takes its name from the abbreviated name of Alexander the Great, who was associated with this region of Europe...
- Howard M. Berlin (2006). World Monetary Units: An Historical Dictionary, Country By Country. McFarland & Company Incorporated Pub. p. 8. ISBN 978-0-7864-2080-3. ...The current monetary unit, the lek, is derived from the abbreviation of the Albanian spelling of Alexander the Great...
- http://taxfreegold.co.uk/albania.html
- Bank of Albania. Available at:http://www.bankofalbania.org/web/Monedha_te_qarkullimit_43_1.php#1 Bank of Albania. Available at:http://www.bankofalbania.org/web/Kartemonedha_pa_kurs_ligjor_5264_1.php
- Bank of Albania. Available at: http://www.bankofalbania.org
- Bank of Albania. Available at: http://www.bankofalbania.org/web/Kartemonedha_te_qarkullimit_202_1.php
- Bank of Albania. Available at:http://www.bankofalbania.org/web/200_leke_5653_1.php
- Krause, Chester L., and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
External links
- All Albanian coins and additional information
- Coin Types from Albania Lists, pictures, and values of Albanian coin types
- Albanian Banknotes
- All series of Banknotes, Archived 29 June 2011 at the Wayback Machine