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Romanian leu

(Redirected from Romanian Leu)

The Romanian leu (plural: lei; ISO 4217 code ROL) is the national currency of Romania. One leu is subdivided into 100 bani (singular: ban).

The leu was established in 1880, following the founding of the National Bank of Romania.

While Moldova was a province of Romania (1918-1940), the Romanian leu circulated in that area. Following the collapse of the Soviet Union and the creation of the independent state of Moldova in 1993, the Moldovan leu, named after its Romanian predecessor, was established.

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Contents

Etymology

In the 17th century, Dutch thalers bearing a lion (leeuwendaalder) circulated in the Romanian states; they were often called lei (lions). The name was kept as a generic term for money, and became the offical name of the national currency in 1880.

History

After the Crimean War, a bimetallic currency was adopted, with the lei (franc) of 100 bani (centimes) as the unit of value. But after 1878 the Russian silver rouble was rated so highly as to drive the native coins out of circulation; and in 1889 Romania joined the Latin Monetary Union and adopted a gold standard. Besides the silver pieces worth 3/4, 1, 2 and 5 lei, gold coins of 5, 10 and 20 lei were used. Silver was legal tender only up to 50 lei. All taxes and customs dues were to be paid in gold, and, owing to the small quantities issued from the Romanian mint, foreign gold were current, especially French 20-franc pieces (equal at par to 20 lei), Turkish gold lire (22.70), old Russian imperials (20.60) and English sovereigns of (25.22). Besides bronze coins of less value than 1/2 tell, nickel pieces worth 5, 10 and 20 bani were authorized by a law of 1900.


Banknotes

Value Year Obverse Reverse
200 lei 1992 Grigore Antipa Danube Delta fauna
500 lei 1992 Constantin Brāncuşi sculptures of Brāncuşi
1 000 lei 1993 Mihai Eminescu Putna Monastery
5 000 lei 1993 Avram Iancu Densuş Church, Dacian Draco, gate of Alba Iulia
10 000 lei 1994 Nicolae Iorga Şuţu Palace
50 000 lei 1996 George Enescu The sphinx of Bucegi Mountains
1 000 lei 1998 Mihai Eminescu Ruins of Histria , linden tree flowers
2 000 lei 1999 1999 Sun eclipse map of Romania
5 000 lei 1998 Lucian Blaga crucifix


Current legal tender

As of December 2003, the following notes and coins are in circulation:

Coins

  • 500 lei
  • 1000 lei
  • 5 000 lei

Banknotes

Value Obverse portrait Obverse flower Reverse
10 000 lei Nicolae Iorga, historian Milkweed gentian Cathedral of Curtea de Argeş
50 000 lei George Enescu, composer Carnation Romanian Athenaeum
100 000 lei Nicolae Grigorescu, painter Marshmallow traditional house from Oltenia
500 000 lei Aurel Vlaicu, engineer Edelweiss Vlaicu II airplane design
1 000 000 lei Ion Luca Caragiale, playwright Woolly blue violet National Theatre of Bucharest (old building)

The exchange rate is (as of December 2004): 1 = 38 700 lei; US$ 1 = 28 900 lei; £ 1 = 56 200 lei. (Source: the Financial Info webpage at the website of the National Bank of Romania)

With the replacement by the New Turkish Lira of the old Turkish Lira, the Romanian Leu is now the least valued currency unit.

Revaluation

On July 1, 2005, the Romanian leu will be revalued at the rate of 1 new leu (RON) for 10,000 "old" lei (ROL). Thus, the leu will "drop" 4 zeroes.

Current money will continue to be legal tender until the end of 2006. Retailers must display prices in both old and new currency from March 1 2005 until mid 2006.

The new leu will be issued in notes of: 1 leu (10.000 old lei), 5 lei (50.000 old lei), 10 lei (100.000 old lei), 50 lei (500.000 old lei), 100 lei (1.000.000 old lei) and 500 lei (5.000.000 old lei - there is no 5.000.000 bill currently in circulation) and coins of: 1 ban (100 old lei), 5 bani (500 old lei), 10 bani (1000 old lei) and 50 bani (5000 old lei).

The new notes will be similar in size with the euro, so that machines will not need to be refitted when Romania switches to the euro.

External links

Last updated: 10-04-2005 09:15:53
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