TIRANA, March 25- In the framework of the Global Money Week which is during March 27 through April 2, Prof. Dr. Alqi Naqellari has provided a short history of the Albanian money. The history of our money is rather ancient, thus Prof. Naqellari has focused on the period of the 20th century on.
Other historians like Kristo Frasheri and Beqir Meta have also written on the history of Albanian money. The Central and Commercial Banks have also given their contribution, along with national and international conferences. The Central Bank also opened a museum regarding the our currency’s historic. A 3000 years history has also been recently published in a book titled “Money, Banks and Society” written by Anastas Angjeli and Aristotel Pano.
Prior to the National Bank of Albania printed our own banknotes, Albania had foreign currency such as Turkish, Austrian, Serbian, Italian, French, etc., in circulation within its borders. As there was no local currency there was clearly no exchange rate with this foreign banknotes. The National Bank started printing its own money after 1900, but their usage was limited only to the municipalities that issued them, or for their issuing purpose. For example in 1905 there were issued “loaning banknotes” .
The banking system in Albania developed as follows: in 1850 the Bezhani Bank was established in Vlore, but it didn’t issue any banknotes. In Feb. 4, 1863 the Ottoman Empire Bank was created which emitted banknotes converted in gold. Then in 1888 the Agricultural Bank of the Ottoman Empire was created and expanded its activities in the cities of Berat, Elbasan, Korce,
Kavaje, etc.. In 1913 was established the National Bank of Albania but which didn’t have any activity. In 1926 the Bank of Athens opened two branches in Durres and Korce. Then in 1934 the Yugoslav Export Bank was created, called Export-Banka, and three years later in 1937 the Italian Agricultural Bank was also established. On January 13, 1945, the National Antifascist Liberation Council directorate adopted the law on the cancellation of the National Bank of Albania’s conventions and its shares. In Jan. 1, 1979 the Agricultural Bank was established, and in 1992 the two-level banking system was established. A two-level banking system states a hierarchy system within a country where the National Bank is the first-level, followed by other commercial, second-level banks.
Following are the banknotes issued by the municipalities chronologically:
The 1905 Loan Banknote
The note was issued in several regions in Albanian and French with various representations, such as TEODENIK KOMNENI ARBà‹NIA, SKANDERBEG ORA E SHQYPNIES (Albania’s Time), BURRI EPERI and LESHI I MADH MACEDONIA.
The Albanian banknote from 1913. They were called Sheme Defter and were used generally for travelling. Their values were of 0.5 and 1 grosh (20th century Albanian currency), and 10 lek. They had the name of Esat Pash printed.
The 1917 banknote issued in Korce with the value of 0.5 and 1 francs.
From the Autonomous Republic of Korce in 1918
Again in Korce from 1920
1921 banknote cuts in Korce
1923 Korce banknotes
Banknotes from the Municipality of Shkoder in 1920
From the Municipality of Vlore in 1924
From the Berat Commercial Chamber in 1924
From the Municipality of Elbasan in 1925
The first Albanian coin was issued by the National Bank of Albania in 1926. Its value was 5 francs, with the portrait of King Zog as its heads and a villager riding an oxen as its tails. On its tails was written SHQIPNI ALBANIA. After this coin was issued the first Albanian Leku in 1926. On its heads was the portrait of Great Alexander, whereas on the tails was Alexander riding a horse.
After 1926 other cuts were also issued. There were also other cuts in gold with the portrait of King Zog, with lion and eagle figures, and also Skanderbeg helmet. After the Italian invasion it was also issued a note with the portrait of Victor Emmanuel III.
The first national Albanian banknote was issued by the National Bank of Albania is 1926, however other scholars claim the date belongs to 1925. This was the first instance that the currency Lek was also adopted, with the note having the value of 5 lek, valid for 1 gold francs. The Albanian government protested on the one-head Italian eagle printed in the note, thus the money circulated only for five days. It was printed in Napoli by the company Richter with the signature of Governor Mario Alberti and his deputy were in this banknote as well as some others.
The new cut of the 5 lek banknote with our two-headed eagle issued in 1940.
The National Bank of Albania issued in Feb. 28, 1926, banknotes worth of 5 gold francs and 20 gold francs. The 5 gold francs from 1926 was in two languages and has the picture of an Albanian boy with qeleshe. The 20 gold francs also displayed the picture of a boy with a vest and qeleshe.
The 5 gold francs as of 1939 cut.
The 20 gold francs banknote issued as of 1939
In May 5, 1926 a 100 francs banknote with the portrait of King Zog was also issued.
In 1940 the 2, 5, and 10 lek banknotes along with a 100 francs were cut with writings both in Albanian and Italian. This was during the fascist invasion of Albania. After 1944 the new banknotes socialist regime started to be issued.
In 1945 there was a last 20 francs banknote issued and afterwards all currency used was Lek.
In 1945 it used to be worked with money and checks. Following is a picture of a 1945 500 francs banknote.
In July 7, 1947, a law decree set Lek as the only currency in Albania, outplaying the franc and indefinitely taking it off circulation. After this moment the Lek banknotes start to periodically change their symbolic and sizes. In 1947 the 10, 50, 100, 500 and 1000 Lek notes were issued. A mutual characteristic was the picture of a moustached partisan with a starred hat, that was facing the stamped eagle. There is nothing on the back however. These banknotes were very similar to the slavic one.
In 1949 through 1957 new 10, 50, 100, 500 and 1000 Lek banknotes are issued which represent the work and societal activities of the socialist regime. They would display portraits of partisans and Skanderbeg, and also wheat harvesters, a tractor with tires loading grains, high voltage pylons, a miner with a pistol, etc.. What is worth noting is that neither banknotes nor coins had the portrait of Enver Hoxha in them.
Post 1957 the new Lek banknotes were introduced with values of 1, 3, 5, 10, 25, 50 and 100 lek.
After 1992 a series of new cuts in coins and banknotes were realized that offered more security in their holders.
