Lithuanian litas

The Lithuanian litas or litų was the currency of Lithuania, until 1 January 2015, when it was replaced by the euro. It was divided into 100 centų. The litas was first introduced on 2 October 1922 after World War I, when Lithuania declared independence, and was reintroduced on 25 June 1993 following a period of currency exchange from the Soviet ruble to the litas with the temporary talonas then in place. The name was modeled after the name of the country. From 1994 to 2002, the litas was pegged to the U.S. dollar at the rate of 4 to 1. The litas was pegged to the euro at the rate of 3.4528 to 1 since 2002. The euro was expected to replace the litas by 1 January 2007, but persistent high inflation and the economic crisis delayed the switch.
On 1 January 2015, the litas was switched to the euro at the rate of LTL 3.4528 to 1. Nevertheless, coins and banknotes of the second litas will be exchanged indefinitely into euros by the Bank of Lithuania.

First litas, 1922–1941

History

The first litas was introduced on 2 October 1922, replacing the ostmark and ostrubel, both of which had been issued by the occupying German forces during World War I. The ostmark was known as the auksinas in Lithuania.
The litas was established at a value of 10 litų = 1 US dollar and was subdivided into 100-centų. In the face of worldwide economic depression, the litas appeared to be quite a strong and stable currency, reflecting the negligible influence of the depression on the Lithuanian economy. One litas was covered by 0.150462 grams of gold stored by the Bank of Lithuania in foreign countries. In March 1923, the circulation amounted to 39,412,984 litas, backed by 15,738,964 in actual gold and by 24,000,000 in high exchange securities. It was required that at least one third of the total circulation would be covered by gold and the rest by other assets. By 1938, 1 U.S. dollar was worth about 5.9 litai, rising to about 20 U.S. cents before its disappearance in 1941.

Memelgebiet

In March 1939, Nazi Germany demanded that Lithuania give up the Klaipėda Region, which had been detached from Germany after World War I. The Lithuanian government complied, and on 23 March 1939 the area was annexed by Germany.
On the same day the reichsmark replaced the litas as the official currency of the region, with 1 litas being exchanged for 40 pfennig. Until 20 May 1939 inhabitants of the Memelgebiet could exchange litas for reichsmarks.

Soviet occupation

The litas was replaced by the Soviet ruble in April 1941 after Lithuania was annexed by the Soviet Union, with 1 litas equal to 0.9 rubles, although the actual value of the litas was about 3 to 5 rubles. Such an exchange rate provided great profit for Soviet military and party officials. Trying to protect the value of the currency, people started to massively buy, which, together with a downfall in production, caused material shortages. Withdrawals were then limited to 250 litų before the litas was completely abolished. In 1941 circulation of litas was completely prohibited.

Coins

Coins were introduced in 1925 in denominations of 1 centas, 2 centai, 5 centai, 10, 20, 50-centų, and 1 litas, 2, 5-litai, with the litas coins in silver. 10 litų coins were introduced in 1936. All these coins were designed by the sculptor Juozas Zikaras. The litas coins displayed Jonas Basanavičius and Vytautas the Great, which was replaced by a portrait of President Antanas Smetona.

Banknotes

In 1922, the Bank of Lithuania issued notes in denominations of 1 centas, 2 centu, 5 centai, 10, 20, 50-centų, and 1 litas, 2 litu, 5 litai, 10, 50, 100 litų. In 1924, 500 and 1000 litų notes were added. Denominations below 5 litai were replaced by coins in 1925.

Image	Denomination	Obverse	Reverse
	1 centas		Coat of arms of Lithuania
	5 centai		Coat of arms of Lithuania
	20-centų		Coat of arms of Lithuania
	50-centų		Coat of arms of Lithuania
	1 litas		Coat of arms of Lithuania
	5 litai		Coat of arms of Lithuania

Image	Denomination	Obverse	Reverse
	1 centas
	2 centu
	5 centai
	10-centų
	20-centų	Coat of arms of Lithuania
	50-centų	Coat of arms of Lithuania
	1 litas	Coat of arms of Lithuania
	2 litu	Coat of arms of Lithuania
	5 litai	Portrait of a woman at the spinning wheel	Sower
	10 litų	Coat of arms of Lithuania, Timber rafting	Two women
	50 litų	Arms of Kaunas, Vilnius and Klaipėda, Grand Duke Gediminas	Vilnius Cathedral and its belfry
	100 litų	Coat of arms of Lithuania, Vytautas the Great	Two women

Image	Denomination	Obverse	Reverse
	10 litų	Coat of arms of Lithuania	Fieldwork
	50 litų	Dr. Jonas Basanavičius	Vilnius Cathedral
	100 litų	Lithuanian woman in traditional dress	Bank of Lithuania
	500 litų	Coat of arms of Lithuania
	1000 litų	Coat of arms of Lithuania

Image	Denomination	Obverse	Reverse
	5 litai	Coat of arms of Lithuania, Vytautas the Great	Battle of Grunwald
	20 litų	Coat of arms of Lithuania, Vytautas the Great, Vytautas' the Great Church	Statue of Liberty, Klaipėda

Image	Denomination	Obverse	Reverse
	10 litų	Antanas Smetona 1st President of Lithuania	The original 20 members of the Council of Lithuania after signing the Act of Independence of Lithuania or Act of 16 February 1918

Second litas, 1993–2015

The litas became Lithuania's currency once more on 25 June 1993, when it replaced the temporary talonas currency at a rate of 1 litas to 100 talonas.

Banknotes

In 1993, banknotes were issued in denominations of 1 litas, 2, 5 litai, 10, 20, 50, 100 litų. Due to poor designs, these were found to be easily copied and a second series of notes was swiftly introduced in denominations of 1 litas, 2, 5 litai, 10, 20, 50 litų, with only the 100 litų notes of the first series remaining in circulation. 200 litų notes were introduced in 1997, followed by 500 litų in 2000.

Denomination	Equivalent in euros	Year of Introduction	Image	Banknote designer	Banknote features	Printing house	Demonetised
1 Litas	€0.29	1994	120px	Giedrius Jonaitis	Obverse: Žemaitė Reverse: Church of Saint Juozapas in Palūšė	De La Rue Ltd., United Kingdom	2007 March 1
2 Litai	€0.58	1993	120px	Giedrius Jonaitis	Obverse: Motiejus Valančius Reverse: Trakai Island Castle	De La Rue Ltd., United Kingdom	2007 March 1
5 Litai	€1.45	1993	120px	Giedrius Jonaitis	Obverse: Jonas Jablonskis Reverse: Sculpture „School of hardship“ by P. Rimšas	De La Rue Ltd., United Kingdom	2007 March 1
10 Litų	€2.90	1991	120px	Giedrius Jonaitis	Obverse: Steponas Darius & Stasys Girėnas Reverse: Lėktuvas Lituanica	American Banknote Corporation, USA	1996 January 1
10 Litų	€2.90	1993	120px	Giedrius Jonaitis	Obverse: Steponas Darius & Stasys Girėnas Reverse: Lėktuvas Lituanica	American Banknote Corporation, USA	2007 March 1
10 Litų	€2.90	1997	120px	Giedrius Jonaitis	Obverse: Steponas Darius & Stasys Girėnas Reverse: Lėktuvas Lituanica	De La Rue Ltd., United Kingdom	2012 June 1
10 Litų	€2.90	2001	120px	Giedrius Jonaitis	Obverse: Steponas Darius & Stasys Girėnas Reverse: Lėktuvas Lituanica	Orell Fussli Security Printing Ltd., Switzerland	2015 January 16
10 Litų	€2.90	2007		Giedrius Jonaitis	Obverse: Steponas Darius & Stasys Girėnas Reverse: Lėktuvas Lituanica	Giesecke & Devrient GmbH, Germany	2015 January 16
20 Litų	€5.79	1991	120px	Justas Tolvaišis	Obverse: Maironis Reverse: Sculpture "Freedom" by J. Zikaras	American Banknote Corporation, USA	1994 June 1
20 Litų	€5.79	1993	120px	Justas Tolvaišis	Obverse: Maironis Reverse: Sculpture "Freedom" by J. Zikaras	American Banknote Corporation, USA	2007 March 1
20 Litų	€5.79	1997	120px	Justas Tolvaišis & Giedrius Jonaitis	Obverse: Maironis Reverse: Sculpture "Freedom" by J. Zikaras	De La Rue Ltd., United Kingdom	2012 June 1
20 Litų	€5.79	2001	120px	Giedrius Jonaitis	Obverse: Maironis Reverse: Sculpture "Freedom" by J. Zikaras	Giesecke & Devrient GmbH, Germany	2015 January 16
50 Litų	€14.48	1991	120px	Rimvydas Bartkus	Obverse: Jonas Basanavičius Reverse: Vilnius Cathedral	American Banknote Corporation, USA	1996 January 1
50 Litų	€14.48	1993	120px	Rimvydas Bartkus	Obverse: Jonas Basanavičius Reverse: Vilnius Cathedral	American Banknote Corporation, USA	2007 March 1
50 Litų	€14.48	1998	120px	Giedrius Jonaitis & Rimvydas Bartkus	Obverse: Jonas Basanavičius Reverse: Vilnius Cathedral	Giesecke & Devrient GmbH, Germany	2015 January 16
50 Litų	€14.48	2003	120px	Giedrius Jonaitis	Obverse: Jonas Basanavičius Reverse: Vilnius Cathedral	Giesecke & Devrient GmbH, Germany	2015 January 16
100 Litų	€28.96	1991	120px	Rytis Valantinas	Obverse: Simonas Daukantas Reverse: Vilnius University	Orell Fussli Security Printing Ltd., Switzerland	2001 July 1
100 Litų	€28.96	2000	120px	Giedrius Jonaitis	Obverse: Simonas Daukantas Reverse: Vilnius University	Orell Fussli Security Printing Ltd., Switzerland	2015 January 16
100 Litų	€28.96	2007	120px 120px	Rytis Valantinas	Obverse: Simonas Daukantas Reverse: Vilnius University	Francois – Charles Oberthur Fiduciaire, France	2015 January 16
200 Litų	€57.92	1997	120px	Rytis Valantinas	Obverse: Vydūnas Reverse: Klaipėda Lighthouse	Giesecke & Devrient GmbH, Germany	2015 January 16
500 Litų	€144.81	2000	120px	Rimvydas Bartkus	Obverse: Vincas Kudirka Reverse: Lithuanian landscape	Giesecke & Devrient GmbH, Germany	2015 January 16