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The lek (Albanian: Leku Shqiptar; plural lekë) (sign: L; code: ALL) is the official currency of Albania. It was formerly subdivided into 100 qindarka (singular qindarkë), but qindarka are no longer issued.

Albanian lek
Leku Shqiptar  (Albanian)
ALB0073bo.jpg Albanien2.jpg
1000 L banknoteLekë coins
ISO 4217
CodeALL
Number008
Exponent2
Denominations
Subunit
 ​1100Qindarka
PluralLekë
SymbolALL
Banknotes
 Freq. used200 L, 500 L, 1000 L, 2000 L, 5000 L
Coins
 Freq. used5 L, 10 L, 20 L, 50 L, 100 L
 Rarely used1 lek
Demographics
Date of introduction16 February 1926
User(s)Albania Albania
Issuance
Central bankBank of Albania
 Websitewww.bankofalbania.org
Valuation
Inflation2.1%
 SourceThe World Factbook, 2009 est.

Contents

HistoryEdit

 
Alexander the Great on the first Albanian 1 lek coin.

The lek was introduced as the first Albanian currency in February 1926.[1]

Before then, Albania was a country without a currency, adhering to a gold standard for the fixation of commercial values. Before the First World War the Ottoman Turkish piastre was in full circulation, but following the military occupation of the country by various continental powers the gold franc (Franc Germinal) was adopted as the monetary unit. In 1923 Italian paper circulated at Shkodër, Durrës, Vlorë, and Gjirokastër, and the Greek drachma at Korçë, the values of which varied according to locality and the prevailing rates of exchange as compared with gold.[2]

EtymologyEdit

The lek was named after Alexander the Great,[3] whose name is often shortened to Leka in Albanian.[4] 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.

FrangaEdit

Between 1926 and 1939 the name Franga was used for Albanian gold currency worth five Albanian Leke for use in international transactions.[5] A similar alternate name Belga was used for units of five Belgian francs.

CoinsEdit

First lekEdit

In 1926, bronze coins were introduced in denominations of 5 and 10 qindar leku, together with nickel ​14, ​12 and 1 lek, and silver 1, 2 and 5 franga ar. The obverse of the franga coins depicts Amet Zogu. In 1935, bronze 1 and 2 qindar ar were issued, equal in value to the 5 and 10 qindar leku respectively. 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", "V" or "L", indicating Rome, Vienna or London.

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, 1 and 2 lek in stainless steel, and [text missing?] silver 5, and 10 lek were introduced, with the silver coins only issued that year. Aluminium-bronze 0.05 and 0.10 lek were introduced in 1940. These coins were issued until 1941 and bear the portrait of Italian King Victor Emmanuel III on the obverse and the Albanian eagle with 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 ​12, 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 lekEdit

In 1965, aluminium coins (dated 1964) were introduced in denominations of 5, 10, 20 and 50 qindar and 1 lek. All coins show 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 showed 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 lekë coin was introduced.

All three of these coin series remained in circulation during and shortly after the 1991 revolution.

Third lekEdit

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. The 1 lek coin is not practically in use.[clarification needed]

Coins of the lek (1995–present)[6]
Observe Reserve Value Technical parameters Description
Diameter Mass Composition Edge Obverse Reverse
    1 lek 18.1 mm 3 g Copper plated Steel Smooth A pelican in the center,
"Republika e Shqipërisë", year
Nominal value,
branches artistically carved in the form of a crown.
    5 lekë 20 mm 3.12 g Nickel plated Steel Eagle from the Flag of Albania,
"Republika e Shqipërisë", year
    10 Lekë 21.25 mm 3.6 g Brass plated Steel Reeded Berat Castle, "Republika e Shqipërisë",
year
    20 Lekë 23 mm 4.6 g A liburne ship,"Republika e Shqipërisë", year of issue.
    50 Lekë 24.25 mm 5.5 g Copper-nickel Portrait of the Illyrian King Gentius."Republika e Shqipërisë",
year
    100 Lekë 24.75 mm 6.7 g Bi-Metallic Aluminium-bronze center in Copper-nickel ring Portrait of the Illyrian Queen Teuta,"Republika e Shqipërisë",
year

Commemorative coinsEdit

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.

BanknotesEdit

First lekEdit

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.

1947 series
Obverse Reverse Value
    10 lekë
    50 lekë
    100 lekë
    500 lekë
    1,000 lekë
1949 and 1957 series
Obverse Reverse Value
    10 lekë
    50 lekë
    100 lekë
    500 lekë
    1,000 lekë

Second lekEdit

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.

1964 and 1976 series
Obverse Reverse Value Colour Obverse Reverse
    1 lek Green Peasant couple with wheat Castle of Shkodër
    3 lekë Brown Woman carrying basket of fruit Vlora
    5 lekë Purple Steam train and truck Ship
    10 lekë Green Woman working in a textile mill Bureaucrats and peasants socializing outside the Palace of Culture, Naim Frashëri
    25 lekë Dark blue Woman with wheat, combine harvesting Mechanized ploughing
    50 lekë Red Army on parade, Skanderbeg Rifle, pickaxe, apartment block under construction
    100 lekë Scarlet Man showing his son a new hydroelectric dam Steelworker with oil worker, gesturing grandly, steelworks and oil wells in background

1992 seriesEdit

1992 Series
Image Value Dimensions Main Colour Description
Obverse Reverse Obverse Reverse
    100 lekë 154 × 72 mm Violet National fighter Eagle and mountains
    200 lekë 162 × 78 mm Brown Ismail Qemali Coat of arms of Albania, declaration of independence of Albania
    500 lekë 170 × 78 mm Blue Naim Frashëri Poetry of Frashëri
    1000 lekë 178 × 78 mm Green Skanderbeg Krujë Castle

1996 seriesEdit

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.[citation needed]

1996 Series[8]
Image Value Dimensions Main Colour Description
Obverse Reverse Obverse Reverse
    100 Lekë 130 × 66 mm Purple Fan S. Noli First Albanian Parliament building
     200 Lekë 138 × 69mm Orange Naim Frashëri Birthplace of Frashëri
    500 Lekë 145 × 68 mm Blue Ismail Qemali Vlorë independence building
    1000 Lekë 151 × 72 mm Green Pjetër Bogdani Church of Vau
    2000 Lekë 160 x 72 mm Purple King Gent (Gentius); three ancient coins Amphitheatre at Butrinto (near Saranda), yellow gentian (Gentiana lutea)
    5000 Lekë 160 × 72 mm Brown Skanderbeg Krujë Castle

Exchange ratesEdit

See alsoEdit

ReferencesEdit

  1. ^ Bank of Albania. Available at:"Archived copy". Archived from the original on 25 October 2014. Retrieved 26 November 2014.CS1 maint: Archived copy as title (link)
  2. ^ Trade Information Bulletin, Numbers 79 to 118, 1923
  3. ^ 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...
  4. ^ 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...
  5. ^ "Albanian Gold Coins - Albania". taxfreegold.co.uk. Archived from the original on 5 December 2013.
  6. ^ https://www.bankofalbania.org/Currency/Coins_in_circulation/
  7. ^ Bank of Albania. Available at: http://www.bankofalbania.org Archived 3 December 2008 at the Wayback Machine
  8. ^ Bank of Albania. Available at: "Archived copy". Archived from the original on 3 June 2013. Retrieved 19 May 2012.CS1 maint: Archived copy as title (link)

External linksEdit