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Albanian lek

Leku Shqiptar (Albanian)
5000 Lekë banknote Lekë coins
ISO 4217
Code	ALL (numeric: 008) before 1990: ALK
Subunit	0.01
Unit
Unit	lek
Plural	lekë
Symbol	L‎
Denominations
Subunit
1⁄100	qindarkë
Plural
qindarkë	qindarka
Banknotes
Freq. used	200, 500, 1,000, 2,000, 5,000 Lekë
Rarely used	10,000 Lekë
Coins
Freq. used	5, 10, 20, 50, 100 Lekë
Rarely used	1 Lek, 50 Lekë (2003 series)
Demographics
Date of introduction	16 February 1926
User(s)	Albania
Issuance
Central bank	Bank of Albania
Website	www.bankofalbania.org
Valuation
Inflation	2.6%
Source	2024

The lek (Albanian: leku shqiptar; indefinite singular lek, definite plural lekët, indefinite plural lekë; sign: L; code: ALL) is the currency of Albania. Historically, it was subdivided into 100 qintars (Albanian: qindarka; singular qindarkë).

History

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

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. During the occupation of Albania by Austria-Hungary, paper notes of the Austro-Hungarian krone were imposed on the population. Although transactions using krone notes were limited to exchanges between Albanians and the occupiers, the majority of the population used gold and silver piastre or, gave up on money altogether and bartered instead. 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.

Gold standard

From 1926–1939, the Albanian leke adhered to the gold standard de jure with leke banknotes being convertible to gold. The leke's conversion to gold was guaranteed and the issue of gold francs was limited to three million units. Due to the gold standard, up until 1939, the leke did not experience significant inflation and the currency in circulation remained relatively constant. Following the Italian invasion of Albania, the entire gold reserves of Albania, totaling 300,000 gold francs, were confiscated and sent to the Reichsbank in Berlin. This action, coupled with the introduction of the Italian lira in Albania, led to significant inflation and the devaluation of the leke.

Etymology

The naming of this currency as "Lek" has two stories, one is that it is named after Alexander the Great, whose name is often shortened to Leka in Albanian. where Alexander's portrait appeared on the obverse of the 1 lek coin, while the reverse showed him on his horse. Meanwhile, the other is that this currency was named after Lekë Dukagjini, which is considered the official reason based on parliamentary discussions in the Parliament of Albania in 1922. The word qindarkë comes from the Albanian qind, meaning one hundred, or from Arabic qintār ("hundredweight"). The word is thus comparable to centime, cent, Latin centenarius, etc.

Franga

Between 1926 and 1939, the main unit of Albanian currency was the franga ari (English: gold franc) (Fr.A.), worth 5 Lek and divided into 100 qindar ar (gold cent), used in international transactions. This unit was similar in concept to the Belga, a unit worth five Belgian francs.

Coins

First lek

In 1926, bronze coins were introduced in denominations of 5 and 10 qintars, together with nickel 1⁄4 Lek, 1⁄2 Lek and 1 Lek, and silver Fr.A. 1, Fr.A. 2 and Fr.A. 5 . The obverse of the franc coins depicts King Zog. In 1935, bronze 1 and 2 gold cents were issued, equal in value to the 5 and 10 qintars 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 of Lek 0.20, Lek 0.50, 1 Lek and 2  Lek in stainless steel, and silver 5 Lek, and 10 Lek. Aluminium-bronze Lek 0.05 and Lek 0.10 were introduced in 1940. A fixed exchange with the Italian lira was established at 5:6.25 (1 Lek = Lit.1.25, or Fr.A.1 = Lit.6.25). 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 1⁄2 Lek, 1 Lek, 2 Lek and 5 Lek. 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, a confiscatory monetary form was carried out at a rate of 10:1.

Aluminium coins (dated 1964) were introduced in denominations of 5, 10, 20 and 50 qintars and 1 Lek. All coins show the socialist state emblem.

In 1969, a second series of aluminium 5, 10, 20, 50 qintars 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 qintar and lek coins showed patriotic and military images.

In 1988, a third redesign of aluminium 5, 10, 20, 50 qintars and 1 Lek coins was released. The 50 qindarka and 1 Lek coins were problematically identical in size, weight, and appearance, so aluminium-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 Lek coin was introduced.

All three of these coin series remained in circulation during and shortly after the 1991 revolution. On 1 January 1992, those coins lost their legal tender status, effectively making qintars obsolete.

Foreign exchange certificates

Similar to many other socialist countries, Albania issued foreign exchange certificates, which only circulated in specially designated shops, and their exchange into regular lek banknotes was prohibited.

Third lek

In 1995 and 1996, new coins were introduced in denominations of 1 Lek, 5 Lekë, 10 Lekë, 20 Lekë and 50 Lekë, with a bimetallic 100 Lekë added in 2000.These coins use the letter e instead of the correct ë, but banknotes are spelt correctly.

Coins of the lek (1995–present)
Image		Value	Technical parameters				Description			Dates
Obverse	Reverse		Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse	Year of minting	Year of issue
		1 Lek	18.1 mm	1.6 mm	3 g	Bronze (1996), Copper-plated Steel (2008-2013)	Smooth	A pelican in the centre, "Republika e Shqipërisë", year	Nominal value, branches artistically carved in the form of a crown	1996, 2008, 2013	1996
		5 Lekë	20 mm	1.6 mm	3.12 g	Nickel-plated Steel		Eagle from the Flag of Albania, "Republika e Shqipërisë", year		1995, 2000, 2011, 2014, 2020	1995
		10 Lekë	21.25 mm	1.5 mm	3.6 g	Aluminum-bronze (1996-2000), Brass-plated Steel (2009-2018)	Milled	Berat Castle, "Republika e Shqipërisë", year		1996, 2000, 2009, 2013, 2018	1996
		20 Lekë	23 mm	2 mm	4.6 g	Aluminum-bronze (1996-2000), Brass-plated Steel (2012-2020)		A Liburne ship, "Republika e Shqipërisë", year		1996, 2000, 2012, 2016, 2020	1996
		50 Lekë	24.25 mm	1.5 mm	5.5 g	Copper-nickel		Portrait of the Illyrian King Gentius, Republika e Shqipërisë", year		1996, 2000, 2020	1996
		50 Lekë	24.25 mm		5.5 g	Copper-nickel		An Illyrian helmet, "Republika e Shqipërisë", "Antikiteti Shqiptar", year	Nominal value, divided by a horizontal line and in the arch above "Antikiteti Shqiptar"	2003	2004
		100 Lekë	24.75 mm	1.9 mm	6.7 g	Bi-Metallic: Aluminium-bronze centre in Copper-nickel ring		Portrait of the Illyrian Queen Teuta, "Republika e Shqipërisë", year	Nominal value, branches artistically carved in the form of a crown	2000	2000
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Commemorative coins

In 2001, 100 Lekë and 200 Lekë were issued under the theme of Albania's integration into the EU and 50, 100, and 200 lekë under the 500th anniversary of the Statue of David. In 2002, 50 Lekë and 100 Le5k were issued for the 90th Anniversary of the Independence of Albania and 20 Lek under the Albanian Antiquity theme. In 2003, 50 lekë was issued in memory of the 100th anniversary of the death of Jeronim De Rada. In 2004, 50 Lekë was issued under the Albanian Antiquity theme depicting traditional costumes of Albania and the ancient Dea. In 2005, 50 Lekë were issued for the 85th anniversary of the proclamation of Tirana as capital and the theme of traditional costumes of Albania.

Banknotes

First lek

In 1926, the National Bank of Albania (Banka Kombëtare e Shqipnis) introduced notes in denominations of Fr.A. 1, Fr.A. 5, Fr.A. 20 and Fr.A. 100. In 1939, notes were issued in denominations of Fr.A. 5 and Fr.A. 20. These were followed in 1944 with notes for 2 Lek, 5 Lek, 10 Lek, and Fr.A. 100.

In 1945, the People's Bank of Albania (Banka e Shtetit Shqiptar) issued overprints on National Bank notes for 10 Lek, Fr.A. 20 and Fr.A. 100. Regular notes were also issued in 1945 in denominations of 1, Fr.A. 5, Fr.A. 20, Fr.A. 100 and Fr.A. 500. In 1947, the franga-ari was discontinued and the lek was adopted as the main currency unit, with notes issued for 10 Lek, 50 Lek, 100 Lek, 500 Lek and 1000 Lek.

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

Second lek

In 1965, notes (dated 1964) were introduced by the Banka e Shtetit Shqiptar in denominations of 1 Lek, 3 Lek, 5 Lek, 10 Lek, 25 Lek, 50 Lek and 100 Lek. 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	Rozafa Castle, Shkodër
		3 Lek	Brown	Woman carrying basket of fruit	Vlora
		5 Lek	Purple	Steam train and truck	Ship
		10 Lek	Green	Woman working in a textile mill	Bureaucrats and peasants socializing outside the Palace of Culture, Naim Frashëri
		25 Lek	Dark blue	Woman with wheat, combine harvesting	Mechanized ploughing
		50 Lek	Red	Army on parade, Skanderbeg	Mosin–Nagant rifle, pickaxe, apartment block under construction
		100 Lek	Scarlet	Man showing his son a new hydroelectric dam	Steelworker with oil worker, gesturing grandly, steelworks and oil wells in background
1991 Series
		100 Lek	purple	Steelworkers in front of a factory	factory
		500 Lek	blue, orange	Woman with sunflowers, denonimation ornament	Mountain landscape

1992 series

Due to the shortage of cash in circulation, in 1992, banknotes of 10 and 50 foreign currency leks (Lek Valutë ) were issued, while their value was increased 50 times: 10 foreign currency leks = 500 leks, 50 foreign currency leks = 2500 leks . The banknotes were in circulation for only one year and were soon replaced by banknotes of the 1992 model. A banknote of 1 currency lek was printed, but not put into circulation.

1992 Series
Image		Value	Dimensions	Main Colour	Description
Obverse	Reverse				Obverse	Reverse
		1 Lek	165×75	Violet	Steel worker	Electrical transmission towers, hydroelectric generator
		10 Lek		Green
		50 Lek		Brown
		100 Lek	154 × 72 mm	Violet	National fighter	Falcon and mountains
		200 Lek	162 × 78 mm	Brown	Ismail Qemali	Coat of arms of Albania, declaration of independence of Albania
		500 Lek	170 × 78 mm	Blue	Naim Frashëri	Poetry of Frashëri
		1,000 Lek	178 × 78 mm	Green	Skanderbeg	Krujë Castle

1997 series

On 11 July 1997, a new series of banknotes dated 1996-97 was introduced.

Notes dated 1996 were printed by De La Rue in the United Kingdom.

The 2000 lek note was introduced in 2008.

1996 Series
Image		Value	Dimensions	Main Colour	Description
Obverse	Reverse				Obverse	Reverse
		100 Lek	130 × 66 mm	Purple/Orange	Fan S. Noli (1882–1965)	First Albanian Parliament building
		200 Lek	138 × 69mm	Brown	Naim Frashëri (1846–1900)	House birthplace of Frashëri
		500 Lek	145 × 68 mm	Blue	Ismail Qemali (1844–1919)	Vlorë independence building
		1,000 Lek	151 × 72 mm	Green	Pjetër Bogdani (1630–1689)	Gothic Church of Vau
		2,000 Lek	160 x 72 mm	Purple	King Gent (Gentius) (181 BC–168 BC); three ancient coins	Amphitheatre at Butrinto (near Saranda), yellow gentian (Gentiana lutea)
		5,000 Lek	160 × 72 mm	Olive Green	Skanderbeg (1405–1468)	Krujë Castle

Since 2011 the 100 lek banknote has been removed out of circulation.

2019–2022 series

In 2019, the Bank of Albania unveiled a new series of banknotes, featuring the same themes as seen on the 1997 series, but with improved security features and a change in material for the 200 Lek banknote; now being issued as a polymer banknote.

This series has also introduced a new denomination, the 10,000 Lek, its highest denominated banknote issued for general circulation. The first two denominations issued for this series, the 200 and 5,000 lekë banknote were issued for circulation on 30 September 2019, with the 1,000 Lek and 10,000 Lek banknotes being released on 30 June 2021, and the 2,000 Lek and 500 Lek banknotes being released on 17 January 2022.

2019–2022 series
Image		Value	Dimensions	Main Colour	Description
Obverse	Reverse				Obverse	Reverse
		200 Lek	125 mm x 65 mm	Brown	Naim Frashëri	House birthplace of Frashëri, paper with a famous verse from one of Frashëri's poems
		500 Lek	132 mm x 69 mm	Blue	Ismail Qemali	Vlorë independence building, the telegraph which was used to announce the country's independence, and the room where the decision was made
		1,000 Lek	139 mm x 69 mm	Green	Pjetër Bogdani	Gothic Church of Vau
		2,000 Lek	146 mm x 72 mm	Purple	King Gent (Gentius); three ancient coins	Amphitheatre at Butrint (near Saranda), yellow gentian (Gentiana lutea)
		5,000 Lek	153 mm x 72 mm	Yellow	Skanderbeg	Krujë Castle, Skanderbeg's monument in Tirana's Skanderbeg Square, and his helmet
		10,000 Lek	160 mm x 72 mm	Orange	Asdreni (1872–1947)	Figurative symbols of national flag, first two lines from the national anthem

Exchange rates

See also

• Franga
• Korçë frange
• Economy of Albania

References

1. "Albania". CIA World Factbook 1990 - page 3. 1 April 1990. Retrieved 22 June 2022.
2. Bank of Albania. Available at:"A brief history of the Bank of Albania". Archived from the original on 25 October 2014. Retrieved 26 November 2014.
3. Kera, Gentiana; Pandelejmoni, Enriketa (2022). "Austrian-Hungarian Military Administration in Albania During World War I". Institute for Foreign Affairs and Trade: 31–50. Retrieved 15 November 2023.
4. Trade Information Bulletin, Numbers 79 to 118, 1923
5. Ceca, Kliti; Rexha, Kelmend; Orhan, Elsida (2008). "Banking and Finance in South-Eastern Europe: the Albanian Case". Bank of Greece. 84. SSRN 4165566. Retrieved 18 November 2023.
6. Jürgen Fischer, Bernd (1999). Albania at War 1939-1945. United Kingdom: C Hurst & Co. p. 48. ISBN 1-85065-531-6.
7. State, US Dept of. (1970). Foreign Relations of the United States: 1946. United States of America: U.S. Government Printing Office. p. 806.
8. 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...
9. 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...
10. "Historia e lekut/ Nga e ka prejardhjen monedha shqiptare! Nga emri i Skënderbeut, Aleksandrit apo Lekës së Madh! Për herë të parë u përdor nga..." [The history of the lek/ Where does the Albanian currency come from! From the name of Skanderbeg, Alexander or Lek the Great! It was first used by...] (in Albanian). Panorama. 14 March 2024.
11. Bisedime Parlamentare 1922/1 [Parliamentary Discussions 1922/1] (in Albanian). 2012. p. 312.
12. "Coins minted from 1926 to 1945". bankofalbania.org. Retrieved 22 June 2022.
13. "Albanian Gold Coins – Albania". taxfreegold.co.uk. Archived from the original on 5 December 2013.
14. "Coins in circulation".
15. ^ "Monedha të qarkullimit". www.bankofalbania.org. Retrieved 24 February 2022.
16. ^ "50 Lekë". www.bankofalbania.org. Retrieved 24 February 2022.
17. "Banknotes issued from 1945-1992". 30 April 2012. Archived from the original on 30 April 2012. Retrieved 6 April 2023.
18. Bank of Albania. Available at: http://www.bankofalbania.org Archived 3 December 2008 at the Wayback Machine
19. ^ Bank of Albania. Available at: "Kartėmonedha tė qarkullimit". Archived from the original on 3 June 2013. Retrieved 19 May 2012.

• Krause, Chester L.; 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

• Albanian Lek: Full detailed Catalog of Banknotes of Albania since 1926 (archived 1 August 2015)
• All Albanian coins and additional information (archived 2 January 2011)
• Coin Types from Albania Lists, pictures, and values of Albanian coin types
• Albanian Banknotes
• All series of Banknotes, "Ron Wise's Banknoteworld: Albania". Archived from the original on 29 June 2011. Retrieved 2 January 2011.
• Historical and current banknotes of Albania

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