Romanian Money

What Is the Romanian Money Leu?

The Romanian Leu or plural, Lei as it is often called, is the national currency of Romania which is often signifies RON. It has a long history of how it evolved and became the national currency. Being subdivided into 100 bane or ban the Romanian money called Leu was established in the year 1880 after the foundation of National Bank of Romania. Even though Maldova was the province for Romania which ruled from 1918 to 940 the Romanian money still circulated in the area.

However just after the collapse of the Romanian Soviet Union it lead to the development of an independent state of Moldova during the year 1993 and so Moldovan Leu had been named after the Romanian predecessor. From then on the Romanian money was called as Leu.

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During the early 17th century the Dutch Daalder with the lion bearing circulated in Romanian principalities and was normally called as lie or lions. This name kept as the general term for currency or Romanian money and it also became official name of the nation's currency. The Romanian Lue is also subdivided into ban or bane for plural form which means both coin and money.

A bimetallic currency had been adopted in the year 1867 where the Romanian money was equal to around 5 grams of 83.5 percent silver or 0.29032g gold. Following the year 1878 the silver Russian ruble had been valued much high in order to drive native coins from being circulated. Consequently in the year 1889 the Romania joined Latin Monetary union when they adopted new gold standards. The initial silver coins were only a legal tender to just 50 lei.

There was a revolution in the year 1947 where there was a new Leu replacing the previous one at a rate of 20,000 older lei to equal one new Leu. The revolution was called as stabilization measure or monetary reform and was carried out by communist authorities with utterly no advance warning.

There was another new form of Leu introduced in the year 1952. Unlike the preceding revolutions there were different rates being employed and in different forms of exchanges rates. The new currency rates ranged from nearly 20 to around 400 old lei for one new Leu. However, even during this time there was no advance warning before taking over the new reform in the currency.

There were state notes launched in the year 1877 in the form of 5, 10, 20, 50 and 100 with even 500 lei coming up later. During 1880 the notes were actually overstamped for issue by the Banca Nationala a Romaniei but it soon started issuing regular notes by the next year in the form of 20, 100 and in 1000 lei.

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