Gold standard

From 1926–1939, the Albanian lek adhered to the gold standard de jure 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.^[5] Due to the gold standard, up until 1939, the lek did not experience significant inflation and the currency in circulation remained relatively constant.^[6] 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 lek.^[7]

Etymology

The lek was named after Alexander the Great,^[8] whose name is often shortened to Leka in Albanian.^[9] Alexander's portrait appeared on the obverse of the 1 lek coin, while the reverse showed him on his horse.

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),^[10] used in international transactions.^[11] This unit was similar in concept to the Belga, a unit worth five Belgian francs.

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.

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.

More information Coins of the lek (1995–present), Image ...

Coins of the lek (1995–present)[12]
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[13][14]	Nominal value, divided by a horizontal line and in the arch above "Antikiteti Shqiptar"[13][14]	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.

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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.

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.