Albanian Lek Currency Guide and Information

The Albanian lek is the official currency of Albania, and it's used by over 3 million people in the country.

You can exchange your money for lek at banks, currency exchange offices, or even some hotels.

The Albanian lek is divided into 100 qindarka, but qindarka are no longer in circulation, making the lek the only currency in use.

The lek was introduced as the first Albanian currency in February 1926. Prior to that, Albania was a country without its own currency, relying on gold and foreign-issued money.

Albania's first official currency was introduced by King Ahmet Zoghu. Bronze, nickel, and silver coins were minted and issued in denominations of 5 and 10 qindarka.

The lek's introduction was a significant milestone in Albania's economic history, marking the country's transition from a bartering economy to a monetary one. Before the First World War, the Ottoman Turkish piastre was in full circulation, and during the occupation of Albania by Austria-Hungary, paper notes of the Austro-Hungarian krone were imposed on the population.

The Albanian lek has a rich history, and its name is a fascinating story in itself. The lek may be named after Alexander the Great, who was depicted on the first lek coin.

There are two commonly accepted theories about the origin of the name "lek". Some believe it was named after the Macedonian conqueror Alexander the Great, while others state that it was named after Albanian feudal Lekë Dukagjini.

The name "qindarkë" is derived from the Albanian word "qind", meaning "one hundred". This is comparable to other currency denominations like centime, cent, centesimo, euro cent, stotinka, etc.

The word "qindarkë" could also come from Arabic "qintār", meaning "hundredweight".

The lek was introduced as the first Albanian currency in February 1926. Prior to 1926, Albania was a country without its own currency, its citizens relying on gold and foreign-issued money.

Albanian King Ahmet Zoghu was the one who introduced the lek. He minted and issued bronze, nickel, and silver coins in denominations of 5 and 10 qindarka.

The first lek coins were minted in 1926 and featured King Zog on the obverse of the franc coins. These coins were in denominations of 1⁄4 Lek, 1⁄2 Lek, and 1 Lek, as well as silver Fr.A. 1, Fr.A. 2, and Fr.A. 5.

In 1935, bronze 1 and 2 gold cents were issued, equal in value to the 5 and 10 qintars respectively. These coins depicted distinct neoclassical motifs, said to have been influenced by the Italian king Victor Emmanuel III.

The lek was first introduced as a replacement for foreign currencies, which were in circulation in Albania prior to 1926.

The Albanian lek has a rich history of banknotes and coins. In 1926, the National Bank of Albania introduced notes in denominations of Fr.A. 1, Fr.A. 5, Fr.A. 20, and Fr.A. 100.

The lek was adopted as the main currency unit in 1947, with notes issued for 10 Lek, 50 Lek, 100 Lek, 500 Lek, and 1000 Lek. The 1947 series of notes featured a range of designs, including depictions of Rozafa Castle and the Palace of Culture.

Here are some key denominations of Albanian banknotes:

Banknotes have a rich history, and Albania is no exception. The country has had several series of banknotes over the years, with each series featuring unique designs and denominations.

In 1926, the National Bank of Albania introduced notes in denominations of Fr.A. 1, Fr.A. 5, Fr.A. 20, and Fr.A. 100. These early notes paved the way for future series.

The 1947 series of notes marked a significant change, as the franga-ari was discontinued and the lek was adopted as the main currency unit. This series featured notes in denominations of 10 Lek, 50 Lek, 100 Lek, 500 Lek, and 1000 Lek.

Here's a breakdown of the 1947 series:

The 1964 and 1976 series of notes featured a wide range of denominations, including 1 Lek, 3 Lek, 5 Lek, 10 Lek, 25 Lek, 50 Lek, and 100 Lek. Each note had a unique design and color, reflecting the country's rich cultural heritage.

In 1991, a new series of notes was introduced, featuring prominent Albanians and color-coded designs. However, it's worth noting that the 2019 series of notes, which features Naim Frasheri, Ismail Qemali, Pjeter Bogdani, Illyrian King Gent, Skanderberg, and Asdreni, is a more recent development.

Here's a breakdown of the 2019 series of notes:

The franga ari, or gold franc, was the main unit of Albanian currency between 1926 and 1939. It was worth 5 Lek.

This unit was specifically designed for international transactions.

The franga ari was divided into 100 qindar ar, or gold cents.

It's worth noting that this unit was similar in concept to the Belga, a unit worth five Belgian francs.

The Albanian lek has undergone several series and issues over the years. In 1992, banknotes of 10 and 50 foreign currency leks were issued, with their value increased 50 times.

These banknotes were in circulation for only one year before being replaced by the 1992 model. The 1992 series included banknotes with values ranging from 1 to 1000 lek, each with unique dimensions and main colors.

The 1996 series also saw the introduction of new banknotes, including a 100 lek note featuring Fan S. Noli, as well as notes with values of 200, 500, 1000, 2000, and 5000 leks, each with its own distinctive design and color scheme.

The Albanian leke adhered to the gold standard from 1926-1939, with lek banknotes being convertible to gold.

The lek's conversion to gold was guaranteed, and the issue of gold francs was limited to three million units.

This limited issue helped keep the currency in circulation relatively constant, with the lek not experiencing significant inflation until 1939.

The gold standard was a crucial factor in maintaining the lek's value, but the Italian invasion of Albania in 1939 had a devastating impact on the currency.

The entire gold reserves of Albania, totaling 300,000 gold francs, were confiscated and sent to the Reichsbank in Berlin, leading to significant inflation and the devaluation of the lek.

The introduction of the Italian lira in Albania further exacerbated the situation, causing the lek to lose even more value.

Commemorative issues have been a significant part of Albania's coinage history. The first commemorative lek coins were produced in 1937, marking the 25th anniversary of Albania's sovereignty.

These coins were denominated in 1, 2, 20, and 100 franga ari. In the following year, 1938, two commemorative series were introduced to celebrate King Zog I's reign and marriage.

Commemorative coins have been issued to mark various anniversaries and events, including the 500th anniversary of Lord Skanderbeg's death, which was commemorated with 100 and 500 lek coins from 1968 to 1970.

Coins denominated in 5 and 50 qindarkë and 1 lek were produced in 1969 to commemorate the 25th anniversary of Albania's liberation. A 5 lek coin was also minted to commemorate the 550th anniversary of Skanderbeg's victory over the Turks.

In 2001, commemorative 100 and 200 lek coins were issued under the theme of Albania's integration into the European Union.

The 1992 series of Albanian banknotes was a response to a cash shortage in circulation. The banknotes of 10 and 50 foreign currency leks were issued with a 50 times increase in value.

These banknotes had a short lifespan, being in circulation for only one year before they were replaced by the 1992 model. A 1 currency lek banknote was printed but not put into circulation.

Here's a breakdown of the 1992 series banknotes:

The 1992 series was replaced by the 1996 series, which introduced new designs and denominations.

The 2019-2022 series of Albanian banknotes is a significant development in the country's currency history. This series was introduced in 2019 with improved security features and a change in material for the 200 Lek banknote, which is now issued as a polymer banknote.

The series features six denominations, ranging from 200 to 10,000 Lek. The 200 and 5,000 Lek banknotes were the first to be issued for circulation on September 30, 2019. The 1,000 Lek and 10,000 Lek banknotes were released on June 30, 2021, and the 2,000 Lek and 500 Lek banknotes were released on January 17, 2022.

Here's a breakdown of the denominations in the 2019-2022 series:

During foreign occupations, the imagery on the Albanian lek changed significantly. The Italian occupation in 1939 led to the replacement of Albanian imagery with Italian imagery.

Coins were issued with a portrait of Italian King Victor Emmanuel III. An Albanian eagle was featured on the other side of the coin.