Banknotes of the Romanian leu

Since 1867 there have been four successive currencies in Romania known as the leu (plural lei). This article details the banknotes denominated in the leu and its subdivision the ban since 1917, with images.

1917 issue ("paper coins")
Issued in Iași, during World War I by the Ministry of Finance, as war money. The banknotes represent the ban (pl. bani).

1934–1947 issue
The 5,000, 10,000, 100,000 (1946), 1,000,000, and 5,000,000 lei banknotes from the 1943–1947 series had the left edge wavy.

1966 issue
In 1966, as the Socialist Republic of Romania was established, a new remake of the banknote series was made. These were printed between 1966 and 1990, though similar to the Soviet Ruble's 1961 series, they were only dated to 1966. Golden standards were abandoned after drastic measures were required to prevent inflation. After the decision, the Leu lost exchange parity with other foreign currencies from 1970 to 1989. The exchange rate was sat by the leadership through legislative measures. The exchange rate was used by the regime to calculate the value of trade to other states. These banknotes were prohibited from selling to private individuals. Possession or sale of currency was a criminal offense punishable by up to 10 years in prison. Foreign trade was considered part of a different economic circuit than the domestic one and was given greater importance. In 1987, hyperinflation began to appear and the National Bank wanted to issue higher denomination banknotes but Ceausescu refused. After the Romanian Revolution, these banknotes were kept in circulation even against the fact that all of them were coined in the first years. During the hyperinflation, these notes began to lose total value and after 1997, all socialist banknotes were completely withdrawn.

1991–1992 issue
These banknotes were released due to the fact that Romania didn't change it's socialist coat of arms until the Constitution of 1992 was introduced in September 1992. Following this, these banknotes continued to circulate with the later 1992-93 versions of these banknotes in parallel and were treated the same. Surprisingly, they lost more value than the socialist banknotes during their existence.

1992–1994 issue
After the adoption of the new coat of arms with the Constitution of 1992, banknotes with the new coat of arms began to be printed. As a result of hyperinflation, not longer after the series was finished in May 1993, the new 10,000 Lei was introduced in 1994 as a result of the ongoing hyperinflation.

1996–2000 issue
New, upgraded banknotes were introduced in which two new denonimations were introduced: 50,000 and 100,000 Lei. The 50,000 Lei had two variants with minimal graphical changes and the new 50,000 from 2000 had a tilting security feature at the violin, just like the 100,000 with the leaves.The 100,000 Lei received a colour changing symbol, the first to be introduced in Romania.

1999–2003 issue
A 500 lei coin and the 2,000 lei note shown above were made in order to celebrate the 1999 total solar eclipse. Whereas the 500 lei coin is currently very rare, becoming a prized collector's item, the 2,000 lei note was quite popular, being taken out of circulation in 2004 (a long time after the 1,000 and 5,000 lei bills were replaced by coins). The 2,000 Lei note became the first ever polymer note in Romania(and also in Europe) and was printed by Note Printing Australia in Melbourne.

Banknotes of the fourth leu (RON)
The leu notes issued on 1 July 2005 are of equal size to euro banknotes, so that machines will need less refitting once Romania joins the euro zone. This decision was taken after a lot of debate, and with some opposition, the initial decision being to make them even smaller, similar to the 1966 series. The old leu notes were rather long and fairly uncomfortable to carry.

The design of the notes follows some common guidelines: the obverse shows a flower native to Romania and the portrait of a Romanian cultural personality; the reverse shows a building or a well-known monument. All banknotes are printed on plastic polymer, each in its own colour theme (light green for 1 leu, light purple for 5 lei, light pink and light orange for 10 lei, yellow for 50 lei, blue for 100 lei, dark orange for 200 lei, and light gray for 500 lei). On 14 November 2008 the National Bank of Romania announced the issue of a redesigned 10 lei banknote. The new design employs offset printing in favor of the intaglio printing used in the 2005 series. Also the transparent window will undergo a shape redesign.

Each banknote also features a small transparent window, in the shape of a distinctive item characterising the activity of the pictured personality, a heraldic symbol for Nicolae Iorga, a music key for George Enescu, painting implements for Nicolae Grigorescu, an eagle for flying pioneer Aurel Vlaicu, theater masks for Ion Luca Caragiale, a pen point for Lucian Blaga and an hourglass symbolising poetry and time for Mihai Eminescu. Each banknote has a different texture, to be easily recognised in the pocket or by those with visual impairments.

Note that the 500 lei banknotes see limited usage since they are not dispensed by automated teller machines.

On 21 December 2017, the National Bank of Romania announced that beginning with 1 January 2018, all the banknotes and coins will feature the new version of the coat of arms. All other features (portraits, security etc.) remain unchanged. The banknotes will feature the date of issue 1 January 2018, and will be released as demanded. The 1 July 2005, 1 December 2006, and 1 December 2008 issues will continue to be legal tender and circulate in parallel with the revised banknotes.

On 31 July 2019, the National Bank of Romania announced that it planned to issue the 20 lei banknote, which will feature Ecaterina Teodoroiu, in 2020. In November 2021 the National Bank of Romania announced that the 20 lei banknote bearing Ecaterina Teodoroiu's portrait would be issued on 1 December 2021.