The Romanian leu (Romanian pronunciation: [lew], plural lei [lej]; sign: L; ISO 4217 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 means “money” in Romanian.
RON Coins
In 1867, copper 1, 2, 5 and 10 bani were issued, with gold 20 lei (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 2 lei. Silver 5 lei were added in 1880. Uniquely, the 1867 issue used the spelling 1 banu rather than 1 ban.
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 aluminium 25- and 50-ban pieces. Cupronickel 1- and 2-leu coins were introduced in 1924, followed by nickel brass 5, 10 and 20 lei in 1930. In 1932, silver 100-leu coins were issued. However, inflation meant that in 1935, smaller silver 250-leu coins were introduced with nickel 100-leu coins being issued in 1936, followed by nickel 50 lei in 1937.
In 1941 and 1942, zinc 2-, 5- and 20-leu coins were introduced, together with silver 200 and 500 lei. Nickel-clad-steel 100 lei followed in 1943, with brass 200 and 500 lei issued in 1945. In 1946 and 1947, postwar inflation brought the exchange rate even lower, and a new coinage was issued consisting of aluminium 500 lei, brass 2,000 and 10,000 lei, and silver 25,000 and 100,000 lei.
Coins were issued in 1947 after the revaluation in denominations of 50 bani, 1, 2, and 5 lei 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 20 lei 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 Populara Româna”.
In 1960, a new series of coins was issued in denominations of 5, 15, & 25 bani and 1 & 3 lei struck in nickel-plated steel. Starting in 1966, the name on all coins was changed to “Republica Socialista Romania” 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 25 bani 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 100 lei. These coins gradually lost value with inflation, and a new series was introduced in 1998 with an aluminum-magnesium alloy 500-leu and 1,000- and 5,000-leu coins in 2000.
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.
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.
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; 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.
RON Banknotes
In 1877, state notes were introduced in denominations of 5, 10, 20, 50, 100 and 500 lei. 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 1,000 lei.
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. Five-thousand-leu notes were introduced in 1940, followed by 10,000 and 100,000 lei in 1945 and 1 and 5 million lei in 1947. In 1945, the Ministry of Finance issued 20- and 100-leu notes to replace those of the National Bank’s.
In 1947, the Ministry of Finance introduced 20-leu notes and Banca Națională a României introduced 100-, 500- and 1,000-leu notes. In 1949, Banca Republicii Populare Române took over the production of paper money and issued 500- and 1,000-leu notes.
In 1952, the Ministry of Finance introduced notes for 1, 3 and 5 lei, 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 100 lei.
In 1991, 500- and 1,000-leu notes were introduced, followed by 200- and 5,000-leu notes in 1992, 10,000 lei in 1994, 50,000 lei in 1996, 100,000 lei in 1998, 500,000 lei in 2000 and one million lei in 2003. There was also a 2,000-leu note introduced in 1999; it celebrated the total solar eclipse that occurred on 11 August 1999. The final issues of the 2000, 10,000, 50,000, 100,000, 500,000 and one million lei were polymer notes.
Notes in circulation at the revaluation were:
10,000 lei (became 1 leu)
50,000 lei (became 5 lei)
100,000 lei (became 10 lei)
500,000 lei (became 50 lei)
1,000,000 lei (became 100 lei)
In 2005, polymer notes were introduced for 1, 5, 10, 50, 100 and 500 lei. Two-hundred-leu notes were added in 2006. The designs of the 1-, 5-, 10-, 50- and 100-leu notes are based on those of the earlier 10,000-, 50,000-, 100,000-, 500,000- and one-million-leu notes which they replaced. The ten-leu 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 1 leu and 5 lei). The highest-value coin (in general circulation) is 50 bani (around 15 U.S. cents or nine British pence); the one-leu note (there is no coin) has, therefore, a value of (approximately) 25 U.S. cents or 18 pence sterling, or around 23 euro cents.
In preparation for Romania joining the Eurozone, banknotes of the fourth Leu are of equal size to Euro banknotes. This decision was taken to ease the transition to the Euro in future.
The 20 lei banknote was introduced by the National Bank of Romania in November 2021.