Event
currency
The Moldovan leu (Romanian pronunciation: [lew], plural lei [lej]; abbreviation: L; ISO 4217 code: MDL) is the currency of Moldova. Like the Romanian leu, the Moldovan leu is subdivided into 100 bani (sg. ban). The name of the currency originates from a Romanian word which means "lion".
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Text from the Wikipedia article “Moldovan leu”, available under CC BY-SA 4.0.
The Moldovan leu (Romanian pronunciation: [lew], plural lei [lej]; abbreviation: L; ISO 4217 code: MDL) is the currency of Moldova. Like the Romanian leu, the Moldovan leu is subdivided into 100 bani (sg. ban). The name of the currency originates from a Romanian word which means "lion".
The name of the currency means "lion", and is derived from the Dutch thaler (leeuwendaalder "lion thaler/dollar"). The Dutch leeuwendaalder was imitated in several German and Italian cities. These coins circulated in Moldova, Romania and Bulgaria and gave their name to their respective currencies: the Moldovan leu, the Romanian leu and the Bulgarian lev.
From 1918 to 1940 and again from 1941 to 1944, Moldova was part of Romania and the Romanian leu was used in what was then the eastern part of the broader Romanian region of Moldavia (Moldova in Romanian). The Moldovan leu was established on 29 November 1993, following the collapse of the Soviet ruble and the creation of the independent Republic of Moldova. It replaced the temporary cupon and Russian ruble at a rate 1000 = 1 MDL.
In Transnistria, an unrecognized breakaway state which is internationally recognized as part of Moldova, the Transnistrian ruble is used instead. The currency is not honoured in Moldova or any other state. In May 2019, Octavian Armașu, governor of the National Bank of Moldova from 2018 to 2023, described the acceptance of the Moldovan leu in Transnistria as a prerequisite for the region's integration into the Moldovan banking system.
A first series of mostly small aluminum coins entered circulation in November 1993. A second series consisting of larger denomination coins was issued in 2018. Most Moldovan coins are minted at the Monetăria Statului in Romania.
In November 1993, the National Bank of Moldova (NBM) issued its first coins of 1, 5, 25 and 50 bani and 1 and 5 lei.
The 1 and 5 lei coins were withdrawn from circulation in 1994. Due to their low quality and relatively high nominal value, many forgeries appeared.
In April 1996, a 10 bani coin was introduced.
In 1997, the NBM announced that it would replace the existing aluminum 50 bani coin with a new one made from brass-plated steel with a new and improved design featuring anti-counterfeit elements such as reeding, a first for modern Moldovan coins.
The new 50 bani coins were put into circulation on 2 February 1998. At the same time the NBM began withdrawing old aluminum 50 bani coins. They were demonetized on 1 January 1999.
1 ban coins remain legal tender but are rarely used or seen in circulation, effectively leading to "Swedish rounding".
In 2017, the NBM announced plans to reintroduce 1 and 5 lei coins alongside new 2 and 10 lei coins citing "superior durability and cheaper manufacturing and maintenance cost over time compared to banknotes" as the main reason and asking people to submit their designs for the new coins. The design of the new coins was unveiled on February 28, 2018, featuring elements of both the coat of arms of the Principality of Moldavia on the obverse and the coat of arms of the Republic of Moldova on the reverse, with 1 and 2 lei coins being made from nickel-plated steel and 5 and 10 lei coins featuring a bi-metallic design with elements made from nickel-plated steel and brass-plated steel. The new coins were put into circulation starting 28 February 2018. All of the new lei coins are currently intended to be used alongside banknotes of equal value.
Since 1996, several commemorative coins for collectors have been issued.
There have been two series of Moldovan leu banknotes. The first series was short-lived and only included 1, 5, and 10 lei. The front of all of these notes—and all subsequent notes—feature a portrait of Ștefan cel Mare (Stephen the Great, also known as Stephen III of Moldavia), the prince of Moldavia from 1457 to 1504.
The first two lines of the Miorița (The Little Ewe) ballad appear on the back, printed vertically between the denomination numeral and the vignette of the fortress. These lines, “Pe-un picior de plai, pe-o gură de rai”, translate as “near a low foothill at Heaven’s threshold”.
Moldovan leu banknotes were notable for not using intaglio printing until 2015: the main security features on all denominations were limited, initially consisting mainly of a watermark of Ștefan, a solid security thread, and a see-through registration device. In 2015, the National Bank of Moldova finally rolled out intaglio printing and embossing for denominations between 10 and 500 lei, and also introduced revised security features on all denominations except for 1,000 lei. The banknote for 1,000 lei continues to use the original design.
Text from the Wikipedia article “Moldovan leu”, available under CC BY-SA 4.0.