The litas (ISO currency code LTL, symbolized as Lt; Lithuanian plural form is litai) is the official currency of Lithuania. One litas is divided into 100 centai (singular, centas). The litas was first introduced after World War I, when Lithuania declared independence in 1918 and was reintroduced after Lithuania declared independence from the Soviet Union in 1990. The name was modeled after the name of the country (similarly to Latvia and its lat). From 1994 to 2002 the litas was pegged with the U.S. dollar at the rate 1 to 4. Currently the litas is fixed with the euro at the rate of 3.4528 to 1. It is expected that the litas will be replaced by the euro in 2007 at the earliest.
History
The interwar period (1922-1941)
The first litas was introduced in 1922 October 2, replacing the ostmark and ostruble, both of which had been issued by occupying German forces during World War I. The litas was established at a value of ten to 1 United States dollar and was subdivided into 100 centai. Despite the world wide economic depression, the litas was quite a strong and stable currency. One litas was covered by 0.150462 grams of gold stored by the Bank of Lithuania in foreign countries. In March 1923, the circulation of litas amounted to 39,412,984, backed by 15,738,964 in actual gold and by 24,000,000 in high exchange securities[1]. It was required that at least one third of the total circulation would be covered by gold and the rest by other assets. In 1938, 1 U.S. dollar was worth about 5.9 litas.[2]
All coins released in the interwar period were designed by sculptor Juozas Zikaras (1881-1944).
The litas was replaced by the Russian ruble in 1941 after Lithuania was annexed by the Soviet Union, with 1 litas equal to 0.9 ruble when the actual worth of the litas was about 3-5 rubles. Such an exchange rate provided great profits for the military and party officials. Trying to protect the value of the currency, people started to massively buy and, together with a downfall in production (following nationalization), this caused shortages. Then withdrawals were limited to 250 litas.[3] When the litas was last in circulation, before World War II, it was worth about 20 U.S. cents [4]. In 1941, the litas was completely abolished.
The independent Lithuania (1989- )
The litas became Lithuania's currency once more on June 25, 1993, when it replaced temporary currency talonas at a rate of 1 litas = 100 talonas.
Preparatory work
Officials started to prepare for the litas introduction even before independence was declared; it was thought to introduce litas alongside the ruble even if Lithuania remained part of the Soviet Union[5]. In December 1989, artists were asked to submit sketches of possible coin and banknote designs. Also, a list of famous people was compiled in order to determine who should be featured.
The Bank of Lithuania was established on March 1, 1990. Ten days later Lithuania declared independence. At first the Lithuanian government negotiated with Francois Charles Oberthur, a press located in France, to print the banknotes, but in vain. In November 1990 it was decided to work with the United States Banknote Corporation (now American Banknote Corporation). In the late fall, 1991 the first shipments of litas banknotes and coins arrived to Lithuania.
In November 1991, the Currency Issue Law was passed and the Litas Committee was created. It had the power to fix the date for the litas to go into circulation, the terms for the withdrawal from circulation of the ruble, its exchange rate into the litas and other conditions. Officials waited for a while for the economy to normalize and not to expose the young litas to inflation. About 80% of Lithuania's trade was with Russia and the government needed to find a way to smooth the transition from the ruble zone. Also, Lithuania needed to gather funds to form the stabilization fund.
Gathering funds
At first, Lithuania did not have gold or any other securities to back up the litas. Lithuania needed to find about 200 million U.S. dollars to form the stabilization fund. First, it sought to recover its pre-war gold reserves (about 10 tons) from France, United Kingdom, Switzerland, etc. In the interwar period Lithuania stored its gold reserve in foreign banks. After the occupation in 1940 those reserves were “nobody’s”: there was no Lithuania and most western countries condemned the occupation as illegal and did not recognize the Soviet Union as a successor. The Bank of England, for example, sold the reserves to the Soviets in 1967. However, in January 1992 it announced that this action was a “betrayal of the people of the Baltic states” and that it would return the originally deposited amount of gold, now worth about 90 million pound sterling, to the three Baltic states. Lithuania received 18.5 million pounds or 95,000 ounces of gold and remained a customer of the bank. Similarly, in March 1992 Lithuania reclaimed gold from the Bank of France and later from the Bank of Sweden.
In October 1992, the International Monetary Fund (Lithuania joined this organization on April 29, 1992) granted the first loan of 23.05 million U.S. dollars [6] to create the stabilization fund. However, it is estimated that at the time of litas introduction Lithuania managed to gather only $120 million for the stabilization fund. For a brief while it was kept a secret so as not to further damage reputation and trust in the litas.
The first talonas reform
| Year |
Inflation rate (%) |
|
In Lithuania |
In Russia |
| 1991 |
225 |
N/A |
| 1992 |
1100 |
2508.8 |
| 1993 |
409 |
849.9 |
| 1994 |
45.1 |
215.1 |
| 1995 |
35.7 |
175.0 |
| 1996 |
13.1 |
21.8 |
| 1997 |
8.4 |
11.0 |
| 1998 |
2.4 |
84.4 |
| 1999 |
1.5 |
36.5 |
| Sources |
[7], [8] |
[9] |
In early August 1991, as a response to public complaints about inflation, Lithuanian government introduced talonas (Lithuanian plural form is “talonai”; sometimes translated as “coupon”). It was quite a quick and surprise reform pushed by the Prime Minister Gediminas Vagnorius. At first, it was very similar to ration coupons: every person received 20% of his/her salary in talonas up to the maximum of 200 talonas. In order to buy goods other than food a person must have paid the same price in the ruble and in the talonas (for example, if shoes cost 50 rubles, a person must pay 50 rubles and 50 talonas to buy them).
This system was widely criticized. First of all, in no way it addressed the reasons why there were shortages of goods, i.e. it did not promote the supply; it just limited the demand. Also, the demand for expensive goods (like home appliances) dropped sharply because people needed a lot of time to accumulate the necessary amount of the talonas to buy them. It caused bottlenecks in the supply chain and further damaged already troubled production. In addition, this scheme could not prevent from the hyperinflation of the ruble because the talonas was not an independent currency; it is a supplementary currency with fixed exchange rate to the ruble. The system tried to prevent Lithuanians of spending 80% of their salaries. But then people accumulated the rubles and had nowhere it spend it. It led to inflation of goods that did not require the talonas (like food or goods on the black market).
The second talonas reform
In the summer of 1992, everybody anticipated that the litas would be released any day now. Lithuania was desperately lacking cash (some workers were paid in goods rather than in cash) as Russia tightened monetary policy. Also, the litas coins and banknotes were produced and already shipped to Lithuania. However, on May 1, 1992 it was decided to reintroduce talonas as independent temporary currency to circulate along the ruble in hopes to deal with inflation. Dual currency system was created. On October 1, 1992 the ruble was completely abandoned and replaced by the talonas. Lithuania was the last of the Baltic states to abandon the ruble. The self-imposed deadlines to introduce the litas were continuously postponed without clear explanations.
Nicknamed "Vagnorkės" after Gediminas Vagnorius or "zoo tickets" after various animals featured on the notes, the talonas did not gain public trust or respect. The banknotes were small and printed on low quality paper. People were reluctant to use them. Nevertheless, the talonas served its purpose: inflation in Russia was much greater and in Lithuania. Inflation in 1992 rose steadily mostly due to the energy price shock when Russia increased oil and gasoline prices to the world levels and demanded to be paid in hard currency.
Delayed introduction of the litas
Lietuvos Rytas journalists investigated the production of the litas and found that for a while it was purposely held back. For example, 6 million litas designated to pay for printing the banknotes stayed in a zero interest bearing account for a year in a bank in Sweden. In 1992, all litas coins and banknotes were produced but the banknotes were of extremely low quality (one could easily counterfeit them with a simple color printer; especially 10, 20, and 50 litas banknotes).
Newly elected President Algirdas Brazauskas dismissed the Chair of the Bank of Lithuania, Vilius Baldišis, for incompetence just two months before introducing the litas. Baldišis was later charged for negligence that cost Lithuania $3,000,000. Some claim that Russian secret services were behind the forgery. Baldišis’ explanation was that he was trying to cut the costs of printing the banknotes and thus did not order better security features. Also, “U.S. Banknote Corporation” was accused of violation of the contract terms.
But even when the new issue of litas banknotes was redesigned, reprinted, and introduced in October 1993 it was found that the quality was low and the banknotes would have to be redesigned further in the future. All these scandals and the modest back up gold reserve (about $120 million instead of $200 million) damaged the reputation of the litas, but the newly appointed chair, Romualdas Visokavičius, moved things quickly and managed to win the trust of the public. However, in October he was asked to resign mostly because of his involvement with a private bank "Litimpex."
Introducing the litas
Official litas and U.S. dollar exhange rate June 1993 - March 1994 according to statistics published by the Bank of Lithuania
On June 25, 1993, the litas was finally introduced at the rate 1 litas for 100 talonas. 1 U.S. dollar was worth 4.5 litas and decreased to about 4.2 a couple of weeks later. Even the introduction of litas was followed by a scandal because the government allowed changing an unlimited amount of the talonas to the litas without having to show the source. It allowed criminal groups to legalize their funds.
In July, circulation of the talonas stopped and on August 1, 1993, the litas became the only legal tender. It was an effort to weed out U.S. dollars from the market. The talonas was never really trusted by the people and the ruble was very unstable. Thus, people started using U.S. dollars as one stable currency. Another alternative was the German mark, but it was not available in larger quantities. A lot of shops printed prices in several different currencies, including dollars, and the economy was very "dollarised" as it was legal to make trades in foreign currencies.
Due to poor banknote quality (both talonas and early litas) it was easy to counterfeit them. Most shops were forced to acquire ultra violet lamps to check for forgeries. One group, for example, printed 500 talonas banknotes in Turkey. It is estimated that their notes totaled 140,000 litas.[10]
From April 1, 1994 to January 31, 2002, the litas was pegged to the United States dollar at the ratio of 4 to 1 (the litas was stable around 3.9 for the half year before pegging). Lithuania established currency board. The main reasons for this fixation was little trust in the emerging monetary system, fear of high fluctuations in currency exchange rates, desire to attract foreigner investors, and International Monetary Fund recommendations. The peg was renewable every year. For a while it was considered to peg the litas to a basket of currencies or the European Currency Unit.
From April 1, 1994, the litas was fully backed by gold and other stable securities.
The litas and the euro
On February 1, 2002 the litas was associated with the euro at the rate 3.4528 to 1 and this rate is not expected not change until the litas is replaced by the euro (2007 at earliest). After the peg, Lithuania became a member of the eurozone de facto. Since 28 June 2004, the litas has been fixed in ERM II [11], the EU's exchange rate mechanism. Lithuania was party to joining the mechanism since joining the EU.
Current coins
All coins are round and are larger in diameter as their value increases. They all have the obverse carrying the Coat of Arms in the center and the name of the state "Lietuva" in capital letters. The first coins were minted in the United Kingdom and arrived to Lithuania on October 31, 1991. Currently all coins are minted in the state-owned enterprise "Lithuanian Mint." It started the operations in September 1992 and helped to cut the costs of introducing litas.
1, 2, and 5 centai
These coins are made from aluminium and therefore are white. The coins' edge is plain. They were designed by sculptor Petras Garška. These coins are the first permanent coins released after the restoration of independence in 1990. Unlike other coins they bear the same date - 1991 - no matter the year of actual production. The design has not changed even though they bear an old version of the Coat of Arms (the horse's tail looks down instead of up, the knight is leaning forward and other details).
People usually refer to these coins as "balti centai" (white cents) which has a slightly negative connotation.
Specifications
- 1 centas coin: diameter - 18.75 mm, thickness - 1.30 mm, weight - 0.88 g. It has a square ornament with triangle tulips on each corner. In the center there is a symbol of columns of Gediminas.
- 2 centai coin: diameter - 21.75 mm, thickness - 1.30 mm, weight - 1.19 g. It has an ornament shaped as a primitive spindle. It is composed of three open triangles and a stylized sun pattern on the top. The sun pattern is composed of 16 elements.
- 5 centai coin: diameter - 24.40 mm, thickness - 1.35 mm, weight - 1.49 g. It has an ornament shaped as wind vane. The central element is a leaf. On the top of the ornament there is a cross. Both sides of the leaf have a decorative element, a small snake. Below there are two small angels blowing trumpets.
10, 20, and 50 centai
These coins are made from gold-yellow colour alloy of copper, zinc and nickel. The edges are rimmed. The coins were designed by Antanas Žukauskas with the help of Arvydas Každailis in adapting the Coat of Arms. They were released in 1997 and replaced 10, 20, and 50 centai coins released in 1991. They bear the year they are actually produced in.
Specifications
- 10 centai coin: diameter - 17.00 mm, thickness - 1.70 mm, weight - 2.60 g. It has the ornamental triangular "fir tree" pattern in the background. The triangle points downwards and the apex is matched to the vertical axis of the coin.
- 20 centai coin: diameter - 20.50 mm, thickness - 2.10 mm, weight - 4.80 g. It has the horizontal ornamental "fir tree" pattern under the number 20.
- 50 centai coin: diameter - 23.00 mm, thickness - 2.10 mm, weight - 6.00 g. Alongside the rim runs the ornamental "fir tree" pattern divided into fourteen equal parts.
1, 2, and 5 litas
The coins are made from white colour alloy of copper and nickel and from gold yellow colour alloy of copper, aluminium and nickel. The coins were designed by Antanas Žukauskas with the help of Arvydas Každailis in adapting the Coat of Arms. They were released in 1998 and replaced the 1, 2, and 5 litas banknotes. The primary reason for the change was that these banknotes are shot-lived because they are used in everyday trade. They are subject to wear and tear and need to be constantly re-printed in foreign countries, while coins are minted domestically at the “Lithuanian Mint”. These coins bear the year they are actually produced in. People sometimes complain that the coins are too heavy
Specifications
- 1 litas coin: diameter - 22.30 mm, thickness - 2.20 mm, weight - 6.25 g. The edge is rimmed. The number 1 is in the hollow circle located in the upper part of the coin. Under the circle there is a symmetrical ornament formed of curved bars.
- 2 litas coin: diameter - 25.00 mm, thickness - 2.20 mm, weight - 7.50 g. The edge is divided into five rimmed sections parted by gaps of plain surface. Three central bars of each section are thicker than the rest. The outside circle has an ornament formed of two groups of curved bars that are positioned symmetrically to the vertical axis of the coin.
- 5 litas coin: diameter - 27.50 mm, thickness - 2.35 mm, weight - 10.10 g. The edge has and inscription PENKI LITAI (five litas) repeated twice and separated by a mark. The outside circle bears an ornament formed from three evenly spaced groups of curved bars.
Commemorative circulation coins
"Lithuanian Mint" releases 3-6 commemorative coins yearly. In addition, there are 4 circulation commemorative coins released, all 1 litas domination. They all are from 75% copper and 25% nickel alloy.
|
|
|
|
2005 release - promoting reconstruction of Lithuania's Royal Palace
|
Specifications
- 1997 release - for the 75th anniversary of the litas and Bank of Lithuania (200,000 pieces). Coin's diameter is 22.30 mm, thickness - 2.20 mm, weight - 6.25 g. This coin bears the portrait and signature of the first chairman of Bank of Lithuania Vladas Jurgutis (1885-1966) whose signature is the first litas banknotes released in the interwar period. The same design, size, and denomination coin was also minted in gold (1,500 pieces). It was designed by sculptor Rimantas Eidėjus.
- 1999 realese for the 10th anniversary of the Baltic way, when about two million people formed a live 600 klimometer chain protesting against the Soviet occupation (1,000,000 pieces). Coin's diameter is 22.30 mm, thickness - 2.20 mm, weight - 6.25 g. The reverse shows three pairs of hands holding. The clothes are stylized traditional clothes of the three Baltic States. Also, hands are feminine - a symbol of three Baltic sisters (in Lithuanian language all three Baltic states' names are feminine nouns). This coin was criticized for having Lithuania, Latvia, and Estonia names on it: it confuses which country's coin it is. The same design was used to mint the 50 litas silver coin of 38.61 mm diameter (4,000 pieces). The only change in design was the edge of the silver coin has an inscription VILNIUS RYGA TALINAS (Vilnius, Riga, Tallinn - the capitals of three Baltic states in Lithuanian). The designer is Antanas Žukauskas.
- 2004 release for the 425th anniversary of Vilnius University in 2004 (200,000 pieces). Coin's diameter is 22.30 mm, thickness - 2.20 mm, weight - 6.25 g. The reverse shows Vilnius University architectual essemble, emphasizing the great courtyard and St. John's church and its belfry. This image is somewhat similar to the reverse of 100 litas banknotes. The same design was used to mint the 50 litas silver coin of 38.61 mm diameter (2,000 pieces). The only 2 changes in design was that the silver coin's edge is incribed with UNIVERSITAS VILNENSIS (when Vilnius University was founded in 1579, it was called Academia et Universitas Vilnensis) and that the silver coin has a field that changes appearance: from one angle it shows 2004 (date of coin release) and 1579 (date of founding Vilnius University) from another. This is the first time such technology was used in Lithuanian coins. The coin was designed by Rytas Jonas Belevičius.
- 2005 release to promote restoration of Lithuania's Royal Palace (Valdovų Rūmai) in 2005 (1,000,000 pieces). Coin's diameter is 22.30 mm, thickness - 2.20 mm, weight - 6.25 g. This coin uses coat of arm image found on Grand Duchy of Lithuania coins, and not the modern one. This old coat of arms and the dodecagon it has inside its rims creates an impression that the coin is one of the old Great Duchy coins. this illusion was created to emphasize the importance of cultural heritage. The reverse shows how Lithuania's Royal Palace will look like when its reconstruction is complete in 2009 for the 1000th anniversary of Lithuania's name (Lithuania was first mentioned as Litua in 1009 in Quedlinburg monastery's chronicle). The coin was designed by Giedrius Paulauskis.
Current banknotes
All banknotes are of the same size (135mm x 65mm) except for the 500 litas banknote. They bear signatures of Minister of Finance and of Chairperson of the Bank of Lithuania Board. 10, 20, and 50 litai banknotes have 4 releases. This is mainly due to security reasons: number of security features was gradually increased from virtually 0, to 9, 14 and eventually to 17. Only the first release is now completely withdrawn from the market and cannot be used either for trade or for banking transactions. The first release bears the date "1991" but were actually released to the public in 1993 for a very brief time (June-October). Since they were replaced in the same year, the first release is dated to 1991 and the second to 1993.
Banknotes are not printed in Lithuania. At first they were printed by United States Banknote Corporation, later by UK-based Thomas De La Rue and Co., Ltd. and Germany-based Giesecke & Devrient GmbH.
10 litai
10 litas banknote (2001 release). Compare with
1991,
1993 and
1997 releases.
The reverse of the 10 litas banknote features Lithuanian heroes, Steponas Darius and Stasys Girėnas. In 1933 they flew from New York over the Atlantic ocean with a small plane called Lituanica. However, the plane mysteriously crashed in Germany (now Poland). The duo did not survive. The obverse depicts "Lituanica" flying over the Atlantic Ocean with visible shores of the North America and Europe.
This banknote was noticed by the international press covering the introduction of the litas. Journalists made a metaphor that the litas should do better than the pilots, i.e. the litas, hopefully, would not crash. In later years, the banknote received unexpected media attention when gay community started to send this banknote as a souvenir to foreign friends.
The most recent release clearly shows Darius wearing the cap with insignia from Palwaukee Municipal Airport located in Wheeling, Illinois [12]. It attracted some attention from topic collectors.
The banknote was designed and redesigned by Giedrius Jonaitis. The very first draft of new Lithuanian currency had Darius and Girėnas on the 5 litas banknote. It was released in different design four times (in 1993 (twice), 1997, and 2001). The first banknote design started an international scandal. In 1992, these banknotes were printed and ready to be released to the public. However, it was discovered that they are virtually unprotected. It delayed the introduction of the litas as banknotes had to be reprinted. The banknotes bearing the date "1991" were released for a very short time and were quickly replaced by the 1993 issue. The major design ideas have not changed throughout the issues.
In 1993, on the 50th anniversary of Lituanica's flight the 10 litas silver commemorative coin was issued featuring the pilots. It was the second commerative coin issued by "Lithuanian Mint" (first one was for Pope John Paul II visit to Lithuania)
20 litas
20 litas banknote (2001 release). Compare with
1991,
1993, and
1997 releases.
The banknote features a portrait of the Lithuanian romantic poet Maironis (real name Jonas Mačiulis, 1862-1932) who was a great patriot and worked hard to "wake up" the nation, to inspire resistance to russification policy and fight for the independence from the Imperial Russia.
The obverse features the Vytautas the Great War Museum in Kaunas, with its carillon tower (the most famous exhibit in the museum is a replica of "Lituanica" airplane). The reverse also depicts the Statue of Liberty commemorating the declaration of Lithuania's independence in 1918. The 20 litas banknote released in 1930 also features the same Statue of Liberty on the back, just it is on the left hand side. The obverse of the 1930 banknote features Vytautas the Great himself.
These banknotes printed in 1991, together with 10 litas banknotes, started an international scandal. The 1991 release was replace very quickly. The 1993 release was designed by Justas Tolvaišis. The last issue was designed by Giedrius Jonaitis. The major change in 2001 issue was moving the Statue of Liberty from the left hand side to the right on the back.
50 litas
50 litas banknote (2003 release). Compare with
1991,
1993, and
1998 releases.
The obverse bears a portrait of the national patriarch, scholar, statesman and signatory of Lithuania's Declaration of Independence of February 16, 1918, Dr. Jonas Basanavičius (1851-1927). Sometimes he is nicknamed as "father of independence" as he was the chairman of Lithuanian Council when the declaration was signed.
The back of the banknote depicts Vilnius Cathedral and its belfry, Monument to Grand Duke Gediminas, Gediminas Castle and the Hill of Three Crosses. All these objects are considered as the heart of Vilnius and are strong national symbols.
The 50 litas banknote released in 1928 also features Basanavičius and Vilnius Cathedral. It makes this banknote the only one that closely represents a banknote released in the interwar Lithuania.
The 1991 release faced the same destiny as 10 and 20 litas banknotes. They were released for a very short time. The 1993 release was designed by Rimvydas Bartkus. At first the reverse depicted only Vilnius Cathedral and indistinctive houses of Vilnius Old Town. In 1998 release, however, the view of the cathedral shifted to include the other monuments. The 2003 issue is the newest banknote added to the banknote family. Quite possibly it will be the last one, as Euro is expected to replace the litas in 2007 or 2008.
100 litas
100 litas banknote (2000 release). Compare with
1991 release.
It features Simonas Daukantas (1793–1864), the initiator of the national rebirth movement (when Lithuanians started to realize that they are one nation), historian, who wrote the first history of Lithuania in the Lithuanian language. The reverse shows the Vilnius Old Town, which is included in the UNESCO list of World Heritage Sites. The focus is the architectural ensemble of Vilnius University with St. John's church and its belfry. This makes Vilnius featured twice.
The first 1991 release of the 100 litas banknotes did not meet the same destiny as 10, 20, or 50 litas banknotes. It was decided that it had sufficient security measures to be released and used. However, it did not spread widely and today together with other 1991 banknotes is withdrawn from the market. It could be exchanged for a new 100 litas banknote only at Bank of Lithuania central office. The new banknote with 19 security features was introduced only in 2000. The appearance changed quite a bit. The back of the new banknote zooms in more on the Vilnius University campus and leaves less space for other houses in Vilnius Old Town. Also, the colors are brighter and sharper. In format it now resembles more 200 and 500 litas banknotes than 10, 20, or 50.
200 litas
200 litas banknote (1998 release)
The banknote features a portrait of Vydūnas (real name Vilhelmas Storosta, 1868-1953), a prominent Lithuanian philosopher, writer, poet, playwright, musician, pedagogue and culture educator. He was spreading idealistic philosophy and ideas of humanism through his works.
The back depicts Klaipėda lighthouse erected in 1796 and reconstructed in 1819. The lighthouse was 29.2 m high and its beams stretched up to 35 kilometers. The lighthouse was a symbol of the city and was popular among tourists. However, it has not survived and is not well known today. However, it is very likely that Klaipėda was chosen because Vilnius was featured twice, Kaunas once, and Klaipėda is the 3rd largest city in Lithuania.
The designer is Rytis Valantinas and it is the only release.
500 litas
500 litas banknote (2000 release)
The banknote depicts a portrait of Vincas Kudirka (1858-1899), a Lithuanian writer, participant of the national rebirth movement and author of Tautiška giesmė, the national anthem.
The back of the note shows Bell of the Freedom in the background of Nemunas loops, a well-known scenery. The bell is inscribed in Lithuanian: "O skambink per amžius vaikams Lietuvos, kad laisvės nevertas, kas negina jos" (in English: "Thou shall ring through the centuries to the children of Lithuania: he who does not defend freedom is not worthy of it"}. This four-line poem was created by Bronius Kazys Balutis (1879-1967) and became the motto of Bell of Freedom, a newspaper published by one of the partisan groups. Also, Kudirka was one of the publishers of "Varpas" ("bell") newspaper to educate and inspire Lithuanians to for a nation and fight for independence.
This banknote is slightly bigger than the rest (147mm x 70mm) and has 22 security features (other banknotes have 16-19). At first it was doubted if Lithuania needs 500 litai banknote as it is more than a minimum monthly salary. The designer of the banknote is Giedrius Jonaitis and it is the only release.
Former designs
See also
Further research
- Documentaries directed by Rimtautas Šilinis "Iš lito istorijos. Banknotai" (From History of the Litas. Banknotes (2004)) and "Iš lito istorijos. Monetos" (From History of the Litas. Coins (2002))
- Bronė Vainauskienė, "Skandalingoji lito istorija" (Scandalous History of Litas (2003)) - collection of articles by Lietuvos Rytas journalist who spend 6 years investigating the history of the litas in the early years of independence. ISBN 9986-448-12-3
References
- ^ Germany Deaf to Currency Reform, New York Times, March 5, 1923, page 22
- ^ Vidas Žigas, Nenukalto auksinio penkiasdešimtličio istorija, Mokslas ir Gyvenimas, 2002, no. 9 [13]
- ^ Tom Walker and Anatol Lieven, Foreign ministers welcome Baltic states but offer little financial help, The Times, September 7, 1991
- ^ Romuald J. Misiunas and Rein Taagepera, The Baltic States, 1993, page 32, ISBN 0520082281
- ^ Republic of Lithuania Government, [14]
- ^ Peter Gumbel, Soviets Are at a Loss About Ethnic Unrest, Wall Street Journal, July 21, 1989
- ^ Forged Coupons Printed in Turkey, BBC Monitoring Service: Former USSR, August 27, 1993
- Bank of Lithuania official website
- Alister Doyle, Lithuania Is Likely to Peg Currency to Dlr, Reuters News, March 9, 1992
- Peter Rodgers, Baltic states repaid #90m in bullion, The Independent, January 23, 1992
- Kurt Schuler, George Selgin, and Joseph Sinkey, Jr., Replacing the Ruble in Lithuania:
Real Change versus Pseudoreform, Cato Policy Analysis, October 28, 1991, No. 163 [15]
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