Albanian lek

Albanian lek
leku shqiptar  (Albanian)
1000 Leke banknote Leke coins
ISO 4217
Code	ALL
Number	008
Exponent	2
Denominations
Subunit
1⁄100	qindarkë
Plural	leke
qindarkë	qindarka
Symbol	L
Banknotes
Freq. used	200 L, 500 L, 1000 L, 2000 L, 5000 L
Rarely used	10,000 L
Coins
Freq. used	5 L, 10 L, 20 L, 50 L, 100 L
Rarely used	1 lek
Demographics
Date of introduction	16 February 1926
User(s)	Albania
Issuance
Central bank	Bank of Albania
Website	www.bankofalbania.org
Valuation
Inflation	2.1%
Source	The World Factbook, 2009 est.

The lek (Albanian: leku shqiptar; indefinite singular lek, definite plural lekët, indefinite 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.

History[]

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]

Etymology[]

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.

Franga[]

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

Coins[]

First lek[]

In 1926, bronze coins were introduced in denominations of 5 and 10 qindar lekë, together with nickel 1⁄4, 1⁄2 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 lekë 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 lekë 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. A fixed exchange with the Italian lira at 1:6.25 was established. 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, 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, the old lek banknotes and coins were exchanged into new ones, 10:1 (the amount allowed for exchange was limited).

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 aluminium 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 aluminium 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 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 lekë coin was introduced.

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

Third leke[]

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]
Obverse	Reverse	Value	Technical parameters			Description
			Diameter	Mass	Composition	Edge	Obverse	Reverse
		1 lek	18.1 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.
		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	aluminum-bronze (1996-2000), Brass-plated Steel (2009-...)	Reeded	Berat Castle, "Republika e Shqipërisë", year
		20 lekë	23 mm	4.6 g	aluminum-bronze (1996-2000), Brass-plated Steel (2012-2016)	Reeded	A liburne ship,"Republika e Shqipërisë", year of issue.
		50 lekë	24.25 mm	5.5 g	Copper-nickel (1996-2000)		Portrait of the Illyrian King Gentius."Republika e Shqipërisë", year
		100 lekë	24.75 mm	6.7 g	Bi-Metallic Aluminium-bronze centre in Copper-nickel ring		Portrait of the Illyrian Queen Teuta,"Republika e Shqipërisë", year
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Commemorative coins[]

In 2001, 100 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 lekë were issued for the 90th Anniversary of the Independence of Albania and 20 lekë 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 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 lekë and 100 franga.

In 1945, the People's Bank of Albania (Banka e Shtetit Shqiptar) issued overprints on National Bank notes for 10 lekë, 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 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.

1964 and 1976 series
Obverse	Reverse	Value	Colour	Obverse	Reverse
		1 lek	Green	Peasant couple with wheat	Rozafa Castle, 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	Mosin–Nagant 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 series[]

1992 Series
Image		Value	Dimensions	Main Colour	Description
Obverse	Reverse				Obverse	Reverse
		100 lekë	154 × 72 mm	Violet	National fighter	Falcon 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 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.^{[citation needed]}

In 2007, a 2000 lekë denomination was introduced in this series.

1996 Series[8]
Image		Value	Dimensions	Main Colour	Description
Obverse	Reverse				Obverse	Reverse
		100 lekë	130 × 66 mm	Purple/Orange	Fan S. Noli	First Albanian Parliament building
		200 lekë	138 × 69mm	Brown	Naim Frashëri	House birthplace of Frashëri
		500 lekë	145 × 68 mm	Blue	Ismail Qemali	Vlorë independence building
		1000 lekë	151 × 72 mm	Green	Pjetër Bogdani	Gothic 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	Olive Green	Skanderbeg	Krujë Castle

2019–2022 series[]

The Bank of Albania in 2019 unveiled a new series of banknotes, featuring the same themes on both the front and back side of the notes, improved security features, and a change in material for the 200 lekë banknote, now issued as a polymer banknote. This series has also introduced a new denomination, 10,000 lekë, 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 and 10,000 lekë banknotes scheduled for release at the end of June 2021 with the 2,000 lekë note later in 2021 and the 500 lekë banknote in 2022. The 10,000 lekë note features Aleksandër Starve Drenova, commonly known as Asdreni, the lyricist of the Albanian national anthem. The reverse features the flag of Albania, a musical score, a music box, and the first two lines of Himni i Flamurit, the Albanian national anthem, which is "Rreth flamurit të përbashkuar, me një dëshirë e një qëllim.^[9]

Exchange rates[]

Current ALL exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD
From OANDA:	AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD

See also[]

• Economy of Albania

References[]

Wikimedia Commons has media related to Money of Albania.

External links[]

• Albanian Lek: Full detailed Catalog of Banknotes of Albania since 1926
• 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 copy". Archived from the original on 29 June 2011. Retrieved 2 January 2011.CS1 maint: archived copy as title (link)
• Historical and current banknotes of Albania

show v t Currencies of the Former Yugoslavia
territory		1918	1920	1941	1944	1992	1994	1995	1998	1999	2002	2003	2007	territory
North Macedonia		Serbian dinar (Kingdom of Serbia)	Yugoslav dinar (Kingdom of Yugoslavia)	Bulgarian lev	Yugoslav dinar (SFR Yugoslavia 1944-1992, FR Yugoslavia 1992-1999, Serbia 1999-2003	Macedonian denar								North Macedonia
Serbia				Serbian dinar (Occupied Serbia)								Serbian dinar		Serbia
	Kosovo			Albanian lek (Kosovo and Western Macedonia)						German mark	Euro			Kosovo
Montenegro		Montenegrin perper (Kingdom of Montenegro)		Italian lira (Occupied Montenegro)										Montenegro
Slovenia		Yugoslav krone (State of Slovenes, Croats and Serbs)		German Reichsmark		Slovenian tolar								Slovenia
Croatia				Independent State of Croatia kuna		Croatian dinar		Croatian kuna						Croatia
	Serbian Krajina					Krajina dinar
Bosnia and Herzegovina	Federation of Bosnia and Herzegovina					Bosnia and Herzegovina dinar (Republic of Bosnia and Herzegovina)			Bosnia and Herzegovina convertible mark					Bosnia and Herzegovina
	Republika Srpska					Republika Srpska dinar	FR Yugoslav dinar