The Romanian leu (Romanian pronunciation:[leu], plural lei[lej]; ISO code: RON; numeric code: 946) is the currency of Romania. It is subdivided into 100 bani (Romanian pronunciation:[banʲ], singular: ban[ban]), a word that also means "money" in the Romanian language.
The name of the currency means "lion", and is derived from the Dutch thaler (leeuwendaalder "lion thaler/dollar").[2][3][4] The Dutch leeuwendaalder was imitated in several German and Italian cities. These coins circulated in Romania, Moldova and Bulgaria and gave their name to their respective currencies: the Romanian leu, the Moldovan leu and the Bulgarian lev.[5]
Dutch Thaler, depicting a lion, the origin of the Romanian "Leu"
20lei gold coin from 1870 (21mm diameter, 6.43g weight)5lei coin minted in 1883500-leu banknote of 1936, King Carol II of Romania
In 1860, the DomnitorAlexandru Ioan Cuza attempted to create a national românul ("the Romanian") and the romanat; however, the project was not approved by the Ottoman Empire.[6]
On 22 April 1867, a bimetallic currency was adopted, with the leu equal to 5grams of 83.5% silver or 0.29032grams of gold. The first leu coin was minted in Romania in 1870.[6]
Before 1878 the silver Russian ruble was valued so highly as to drive the native coins out of circulation. Consequently, in 1889, Romania unilaterally joined the Latin Monetary Union and adopted a gold standard. Silver coins were legal tender only up to 50lei. All taxes and customs dues were to be paid in gold and, owing to the small quantities issued from the Romanian mint, foreign gold coins were current, especially French 20-franc pieces (equal at par to 20lei), Ottoman lira (22.70lei), Russian rubles (20.60lei) and British sovereigns (25.22lei).[citation needed]
Romania left the gold standard in 1914 and the leu's value fell. The exchange rate was pegged at 167.20lei to US$1 on 7 February 1929, US$1 = 135.95 lei on 5 November 1936, US$1 = 204.29lei on 18 May 1940, and US$1 = 187.48lei on 31 March 1941. During Romania's World War II alliance with Nazi Germany, the leu was pegged to the reichsmark at a rate of 49.50lei to RM1, falling to 59.5lei = RM1 in April 1941. During Soviet occupation, the exchange rate was 1ruble to 100lei. After the war, the value of the currency fell dramatically[7] and the National Bank issued a new leu, which was worth 20,000oldlei.[6]
Second leu (ROS): 1947–1952
A revaluation ("Great stabilization", marea stabilizare) took place on 15 August 1947, replacing the old leu at a rate of 20,000oldlei = 1stabilizedleu.[6] No advance warning was given and there were limits for the sums to be converted in the new currency: 5millionoldlei for farmers and 3millionoldlei for workers and pensioners.[6]
Out of the 48.5billionoldlei in circulation, only around half were changed to stabilized lei.[6] The most affected was the middle and upperclasses, who were later also affected by the nationalization of 1948. At the time of its introduction, 150newlei equalled 1 US dollar.[citation needed]
Third leu (ROL): 1952–2005
A 10-lei banknote issued in 1966
On 28 January 1952, another new leu was introduced. Unlike the previous revaluation, different rates were employed for different kinds of exchange (cash, bank deposits, debts etc.) and different amounts. These rates ranged from 20 to 400"oldlei" for one "new" leu. Again, no advance warning was given before the reform took place.[citation needed]
Between 1970 and 1989, the official exchange rate was fixed by the government through law. This exchange rate was used by the government to calculate the value of foreign trade, but foreign currency was not available to be bought and sold by private individuals. Owning or attempting to buy or sell foreign currency was a criminal offence, punishable with a prison sentence that could go up to ten years (depending on the amount of foreign currency found under one's possession). International trade was therefore considered as part of another economic circuit than domestic trade, and given greater priority.[citation needed]
This inflexibility and the existence of surplus money due to constant economic decline in the 1980s, mixed with the need for more foreign currency and the refusal of the Ceaușescu regime to accept inflation as a phenomenon in order to attain convertibility, led to one of the greatest supply side crises in Romanian history, culminating with the introduction of partial food rationing in 1980 and full rationing for all basic foods in 1986/87. This was a major factor in growing discontent with Ceaușescu, and contributed in part to the fall of the Communist regime in 1989.[citation needed]
In the post-communist period, there has been a switch in the material used for banknotes and coins. Banknotes have switched from special paper to special plastic, while coins switched from aluminum to more common coin alloys (probably partly due to technical limitations of coin-operated vending machines). The transition has been gradual for both, but much faster for the banknotes which are currently all made of plastic. There has been a period in which all banknotes were made of plastic and all coins were made of aluminum, a very distinctive combination.[citation needed]
In the 1990s, after the downfall of communism, inflation ran high due to reform failures, the legalization of owning foreign currency in 1990, reaching rates as high as 300% per year in 1993. By September 2003, one euro was exchanged for more than 40,000lei, this being its peak value. Following a number of successful monetary policies in the late 1990s and early 2000s, the situation became gradually more stable, with single-digit inflation in 2005.[citation needed]
The Romanian leu was briefly the world's least valued currency unit,[8] from January (when the Turkish lira dropped six zeros) to July 2005. However, the 1,000,000 lei banknote was not the highest Romanian denomination ever; a 5,000,000 lei note had been issued in 1947.[citation needed]
Fourth leu (RON): 2005–present
1,000,000oldlei 168 mm × 78 mm
100newlei 147 mm × 82 mm
Same design, different sizes. The images are to scale.
On 1 July 2005, the leu was revalued at the rate of 10,000 "old" lei (ROL) for one "new" leu (RON), thus psychologically bringing the purchasing power of the leu back in line with those of other major Western currencies. The term chosen for the action was "denominare", similar to the English term "redenomination". The adjustment was a difficult one for shoppers and many ATMs were inoperable and in need of reprogramming. The old ROL currency banknotes remained in circulation until 31 December 2006 (coins remained in circulation only until 31 December 2005), but all accounts were converted starting 1 July 2005. There is no conversion time limit between the currencies. Retailers had to display prices in both old and new currency from 1 March 2005 until 30 June 2006. The appreciation of the leu during 2005 was about 20% against a basket of major currencies.[citation needed]
As of 2006, the revaluation was a potential source of confusion, especially to visitors, since both old and new currency values were commonly quoted. When written, the very large amounts in old currency are usually obvious, but in speaking inhabitants might refer to an amount of 5newlei as simply "fifty" in reference to its value of 50,000oldlei. As of 2020, it is still common to call 100lei "un milion" or one million and 500lei "cinci milioane" or five million.[citation needed]
In 2014, Romania's Convergence Report set a target date of 1 January 2019 for euro adoption. In April 2014, Romania had met four out of the seven criteria for accession to the Eurozone.[9] In recent years, however, Romania had made step backs regarding the adopting of the euro; the 2020 Convergence Report concluded that Romania does not meet any of the four economic criteria necessary for this process.[10] In February 2021, then-Prime MinisterFlorin Cîțu stated that Romania could join the Eurozone in 2027 or 2028,[11] although Romanian economist Florin Georgescu[ro] announced in December 2021 that this date had been delayed to 2029.[12]
In 1867, copper 1, 2, 5 and 10 bani were issued, with gold 20lei (known as poli after the French Napoleons) first minted the next year. These were followed, between 1870 and 1873, by silver 50 bani, 1 and 2lei. Silver 5lei were added in 1880. Uniquely, the 1867 issue used the spelling 1banu rather than 1ban.
10bani 1867 proof copper coin (30mm, 10g)
In 1900, cupronickel 5, 10, and 20 ban coins were introduced, with holed versions following in 1905. The production of coins ceased in 1914, recommencing in 1921 with aluminum 25 and 50 ban pieces. Cupronickel 1 and 2lei coins were introduced in 1924, followed by nickel brass 5, 10, and 20lei in 1930. In 1932, silver 100lei coins were issued. However, inflation meant that in 1935, smaller silver 250lei coins were introduced with nickel 100lei coins being issued in 1936, followed by nickel 50 lei in 1937.
In 1941 and 1942, zinc 2, 5, and 20lei coins were introduced, together with silver 200 and 500lei. Nickel-clad-steel 100lei followed in 1943, with brass 200, and 500lei issued in 1945. In 1946 and 1947, postwar inflation brought the exchange rate even lower, and a new coinage was issued consisting of aluminum 500lei, brass 2,000, and 10,000lei, and silver 25,000, and 100,000lei.
Coins were issued in 1947 after the revaluation in denominations of 50 bani, 1, 2, and 5lei and depicted the portrait of King Michael I. This coin series was brief, preceded by the king's abdication less than a year later and replaced following the establishment of communist administration in Romania in 1948, reissued gradually in denominations of 1, 2, 5, and 20lei in nickel-brass alloy, and later in aluminum. All second leu coins were discontinued and devalued in late 1952.
Coins were first issued in 1952 in denominations of 1, 3, 5, 10, 25, and 50 bani, with aluminum bronze for 1, 3, and 5 bani, and cupronickel for 10, 25, and 50 bani. These coins featured the state arms and name "Republica Populară Romînă".
In 1960, a new series of coins was issued in denominations of 5, 15, & 25 bani and 1 and 3lei struck in nickel-plated steel. Starting in 1966, the name on all coins was changed to "Republica Socialistă România" following the ascent of Nicolae Ceaușescu, though all pre-1966 coins of these denominations remained valid. In 1975, the composition of 5 and 15 ban coins was changed to aluminum, and the 25bani followed suit in 1982. In 1978, an aluminum 5 leu coin was introduced. These denominations remained in use until 1991, particularly the 5 lei, following the lifting of state-mandated exchange rates and price controls.
In 1991, a new coin series with post-communist iconography and new valuations was released in denominations of 1, 5, 10, 20, 50, and 100lei. These coins gradually lost value with inflation, and a new series was introduced in 1998 with an aluminum-magnesium alloy 500leu and 1,000 and 5,000leu coins in 2000.
Fourth leu
The coins that are currently in circulation are one ban, made of brass-plated steel; five bani, made of copper-plated steel; ten bani in nickel-plated steel; and fifty bani in nickel brass. These were first introduced into circulation in 2005 with the fourth revaluation and are all currently valid. There are six 50 bani commemorative circulating coins made in 2010, 2011, 2012, 2014, 2015 and 2016.[citation needed]
The current coins of the Romanian leu are by any objective standards of functional austere design, surpassing in lack of decoration even the plainest Communist-era predecessors.[citation needed]
The one ban coin was rarely seen and not in demand by either banks or many retailers; the 'situation' has changed and the coin is not uncommonly found (as of 2015). Supermarkets continue habitually to advertise prices such as 9.99 (lei), and frequently price goods to the precise ban such as 9,47;[13] indeed, as of 2014, very few of the prices displayed at the Carrefour online site (for example) display prices to the nearest 5 or 10 bani. In practice, many retailers round totals to the nearest 5 or 10 bani for cash payments, or even whole leu, although (inter)national supermarket chains generally give exact change. For card payments the exact amount (not rounded) is always charged. The reversion to single ban pricing (and change giving) is perhaps due to the (effective) government drive for shops/businesses to give a receipt, an accurate bon fiscal (to avoid tax evasion) for every transaction. Official notices must be prominently displayed in all shops/restaurants that an accurate receipt must be given.[citation needed]
In 1877, state notes were introduced in denominations of 5, 10, 20, 50, 100, and 500lei. In 1880, these notes were overstamped for issue by the Banca Națională a României, which began to issue regular notes in 1881 in denominations of 20, 100, and 1,000lei.
In 1914, five leu notes were reintroduced, followed by one and two leu notes in 1915 and 500 lei in 1916. The Ministry of Finance issued very small-sized notes for 10, 25 and 50 bani in 1917. 5,000lei notes were introduced in 1940, followed by 10,000 and 100,000lei in 1945 and 1,000,000 and 5,000,000lei in 1947. In 1945, the Ministry of Finance issued 20 and 100leu notes to replace those of the National Bank.
Second leu
In 1947, the Ministry of Finance introduced 20lei notes and Banca Națională a României introduced 100, 500 and 1,000lei notes. In 1949, Banca Republicii Populare Române took over the production of paper money and issued 500 and 1,000lei notes.[citation needed]
In 1952, the Ministry of Finance introduced notes for 1, 3, and 5lei, and the Banca Republicii Populare Române introduced 10, 25 and 100 leu notes. In 1966, the Banca Națională a Republicii Socialiste România took over the production of all paper money, issuing notes for 1, 3, 5, 10, 25, 50 and 100lei.
In 1991, 500 and 1,000leu notes were introduced, followed by 200 and 5,000leu notes in 1992, 10,000lei in 1994, 50,000lei in 1996, 100,000lei in 1998, 500,000lei in 2000 and 1,000,000lei in 2003. There was also a commemorative 2,000lei note introduced in 1999 celebrating the total solar eclipse that occurred on 11 August 1999. The final issues of the 2,000, 10,000, 50,000, 100,000, 500,000, and 1,000,000lei were polymer notes.
Notes in circulation at the revaluation were:
10,000lei (became 1leu)
50,000lei (became RON5)
100,000lei (became RON10)
500,000lei (became RON50)
1,000,000lei (became RON100)
Fourth series
In 2005, polymer notes were introduced for 1 leu, 5, 10, 50, 100 and RON500. RON200 notes were added in 2006. The designs of the 1 leu, 5, 10, 50, and RON100 notes are based on those of the earlier 10,000, 50,000, 100,000, 500,000, and 1,000,000 leu notes which they replaced. The RON10 note was redesigned in November 2008 (most of the graphic elements are identical, some of the safety elements were changed, making its safety features similar to the lower-valued notes for 1leu and RON5). The highest-value coin (in general circulation) is 50 bani (around 15 cents US or 9 pence sterling); the 1leu note (there is no coin) has, therefore, a value of (approximately) 25 cents US or 18 pence sterling, or around 23 euro cents.[citation needed]
In preparation for Romania joining the Eurozone, banknotes of the fourth leu are of equal size to Euro banknotes.
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Since 1867 there have been four successive currencies in Romania known as the leu. This article details the banknotes denominated in the leu and its subdivision the ban since 1917, with images.
The ten lei banknote is one of the circulating denominations of the Romanian leu. It is the same size as the 20 Euro banknote.
The two hundred lei banknote is one of the circulating denomination of the Romanian leu.
The first official currency of Brazil was the real, with the symbol Rs$. As the currency of the Portuguese empire, it was in use in Brazil from the earliest days of the colonial period, and remained in use until 1942, when it was replaced by the cruzeiro.
The fifty-bani coin is a coin of the Romanian leu. The fifty-bani is also the only coin of Romania to not be steel-based, but be made completely of an alloy, and was also the first coin in the country to have a written inscription on its edge, with the introduction of 4 new coins in 2019.
The Coins of the Romanian leu have been issued since the introduction of the Romanian leu in 1867.
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