View source for Romanian leu

{{short description|Currency of Romania}}
{{Use dmy dates|date=November 2020}}
{{Infobox currency
| local_name1 = leu românesc
| local_name_lang1 = ro
| image_1 = 100 lei. Romania, 2005 a.jpg
| image_title_1 = 100&nbsp;lei banknote (obverse)
| image_2 = Romanian 50 bani 2005 obverse.jpg
| image_title_2 = 50 bani coin (obverse)
| image_width_2 = 107
| iso_code = RON
| iso_comment = earlier: {{ISO 4217|ROK, ROS, ROL}}
| qid = Q115220242<!-- ROK,ROL -->
| date_of_introduction = {{Start date and age|1869|04|22|df=y|p=y}}
| using_countries = {{flag|Romania}}
| inflation_rate = 4.9%
| inflation_source_date = <ref>{{cite web |title=Banca Națională a României - Proiecții BNR |url=https://www.bnr.ro/Proiectii-BNR-22694-mobile.aspx}} - Q2 2024</ref>
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = ban
| symbol = 
| symbol_subunit_1 = 
| nickname = 
| nickname_subunit_1 = 
| plural = lei
| plural_subunit_1 = bani
| frequently_used_coins = [[Five bani|5 bani]], [[Ten bani|10 bani]], [[Fifty bani|50 bani]]
| rarely_used_coins = [[One ban|1 ban]]
| frequently_used_banknotes = [[One leu|1&nbsp;leu]], [[Five lei|5&nbsp;lei]], [[Ten lei|10&nbsp;lei]], [[Twenty lei|20&nbsp;lei]], [[Fifty lei|50&nbsp;lei]], [[One hundred lei|100&nbsp;lei]], [[Two hundred lei|200&nbsp;lei]]
| rarely_used_banknotes = [[Five hundred lei|500&nbsp;lei]]
| banknote_article = Banknotes of the Romanian leu
| issuing_authority = [[National Bank of Romania]]
| issuing_authority_website = {{URL|www.bnr.ro}}
| printer = [[National Bank of Romania]]
| printer_website = {{URL|www.bnr.ro}}
| mint = [[Monetăria Statului]]
| mint_website = {{URL|www.monetariastatului.ro}}
}}

The '''Romanian leu''' ({{IPA|ro|leu}}, plural '''lei''' {{IPA|ro|lej|}}; [[ISO 4217|ISO code]]: RON; numeric code: 946) is the currency of [[Romania]].<ref>{{Cite web |title=Request Rejected |url=https://bnro.ro/Romanian-Leu-14814.aspx |access-date=2025-05-22 |website=bnro.ro}}</ref> It is subdivided into 100 {{lang|ro|bani}} ({{IPA|ro|banʲ}}, singular: {{lang|ro|ban}} {{IPA|ro|ban|}}), a word that also means "money" in the [[Romanian language]].

== Etymology ==
The name of the currency means "lion", and is derived from the [[Thaler#Dutch Republic|Dutch thaler]] ({{lang|nl|leeuwendaalder}} "lion thaler/dollar").<ref>[http://bnr.ro/Euro-Exhibition---Opening-Speech-by-Mugur-Isarescu,-NBR-Governor--6613.aspx Euro Exhibition - Opening Speech by Mugur Isărescu, NBR Governor]{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }}, BNR.ro</ref><ref>[http://bnr.ro/page.aspx?prid=7877 Numismatic issue - a set of three collector coins dedicated to 140 years since the establishment of military communications] {{Webarchive|url=https://web.archive.org/web/20211129154513/https://bnr.ro/page.aspx?prid=7877 |date=29 November 2021 }}, BNR.ro</ref><ref>[http://www.oanda.com/currency/iso-currency-codes/RON Romanian New Leu], oanda.com</ref> The Dutch ''leeuwendaalder'' was imitated in several German and Italian cities. These coins circulated in Romania, Moldova and Bulgaria and gave their name to their respective currencies: the ''Romanian leu'', the ''[[Moldovan leu]]'' and the ''[[Bulgarian lev]]''.<ref>{{cite web |url=http://www.etymonline.com/index.php?term=leu&allowed_in_frame=0 |title=Online Etymology Dictionary |website=www.etymonline.com}}</ref>
[[File:Loewentaler.jpg|thumb|200px|left|Dutch Thaler, depicting a lion, the origin of the Romanian "Leu"]]

==History==
{{See also|History of Romanian coins}}

==={{anchor|1st}}First leu: 1867–1947===
[[File:1870 20 lei.jpg|thumb|200px|left|20&nbsp;lei gold coin from 1870 (21mm diameter, 6.43g weight)]]
[[File:1883 5lei Romania.jpg|thumb|200px|left|5&nbsp;lei coin minted in 1883]]
[[File:Romania 500 Lei banknote of 1936, King Carol II of Romania.jpg|thumb|500-leu banknote of 1936, King Carol II of Romania]]

In 1860, the [[Domnitor]] [[Alexandru Ioan Cuza]] attempted to create a national ''românul'' ("the Romanian") and the ''romanat''; however, the project was not approved by the Ottoman Empire.<ref name="Gruia"/>

On 22 April 1867, a [[Bimetallism|bimetallic currency]] was adopted, with the leu equal to 5&nbsp;grams of 83.5% silver or 0.29032&nbsp;grams of gold. The first leu coin was minted in Romania in 1870.<ref name="Gruia"/>

Before 1878 the silver [[Russian ruble]] was valued so highly as to drive the native coins out of circulation. Consequently, in 1889, Romania unilaterally joined the [[Latin Monetary Union]] and adopted a [[gold standard]].<ref>{{Cite web |last=Ward |first=Kristin |date=2025-01-24 |title=Romanian Currency Symbol: History, Evolution & Modern Use |url=https://www.cgaa.org/article/romanian-currency-symbol |access-date=2025-05-22 |website=CGAA |language=en}}</ref> [[Silver]] coins were legal tender only up to 50&nbsp;lei. All taxes and customs dues were to be paid in gold and, owing to the small quantities issued from the Romanian mint, foreign gold coins were current, especially French 20-franc pieces (equal at par to 20&nbsp;lei), [[Ottoman lira]] (22.70&nbsp;lei), Russian rubles (20.60&nbsp;lei) and British [[Sovereign (British coin)|sovereigns]] (25.22&nbsp;lei).<ref>{{Cite web |title=Leu |url=http://www.fact-index.com/l/le/leu.html |access-date=2025-05-22 |website=www.fact-index.com}}</ref>

Romania left the gold standard in 1914 and the leu's value fell. The exchange rate was pegged at 167.20&nbsp;lei to [[United States dollar|US$]]1 on 7 February 1929, US$1 = 135.95 lei on 5 November 1936, US$1 = 204.29&nbsp;lei on 18 May 1940, and US$1 = 187.48&nbsp;lei on 31 March 1941. During Romania's [[World War II]] alliance with [[Nazi Germany]], the leu was pegged to the [[reichsmark]] at a rate of 49.50&nbsp;lei to RM&nbsp;1, falling to 59.5&nbsp;lei = RM&nbsp;1 in April 1941. During [[USSR|Soviet]] occupation, the exchange rate was 1&nbsp;ruble to 100&nbsp;lei. After the war, the value of the currency fell dramatically<ref>[http://www.globalfinancialdata.com/index.php3?action=detailedinfo&id=6147 Romania New Leu] {{webarchive|url=https://web.archive.org/web/20070929091403/http://www.globalfinancialdata.com/index.php3?action=detailedinfo&id=6147 |date=2007-09-29 }}, Global Financial Data.com</ref> and the National Bank issued a new leu, which was worth 20,000&nbsp;old&nbsp;lei.<ref name="Gruia">{{cite journal |last1=Gruia |first1=Cătălin |year=2012 |title=Metamorfozele leului |journal=National Geographic Romania |issue=July 2012 |url=http://www.mygeographic.ro/wp-content/uploads/2012/07/Romania-0712-local-currency-department.pdf |access-date=21 April 2013 |archive-url=https://web.archive.org/web/20130612174354/http://www.mygeographic.ro/wp-content/uploads/2012/07/Romania-0712-local-currency-department.pdf |archive-date=2013-06-12 |url-status=dead }}</ref>

==={{anchor|2nd}}{{anchor|ROK}}Second leu (ROS): 1947–1952===

[[File:5 milioane lei 1947 obverse.jpg|thumb|A 5,000,000-lei banknote issued in 1947, the highest denomination ever.]]

A revaluation ("Great stabilization", ''{{lang|ro|marea stabilizare}}'') took place on 15 August 1947, replacing the old leu at a rate of 20,000&nbsp;old&nbsp;lei = 1&nbsp;stabilized&nbsp;leu.<ref name="Gruia"/> No advance warning was given and there were limits for the sums to be converted in the new currency: 5&nbsp;million&nbsp;old&nbsp;lei for farmers and 3&nbsp;million&nbsp;old&nbsp;lei for workers and pensioners.<ref name="Gruia"/>

Out of the 48.5&nbsp;billion&nbsp;old&nbsp;lei in circulation, only around half were changed to stabilized lei.<ref name="Gruia"/> The most affected was the [[middle class|middle]] and [[upper class|upper]] [[Social class|classes]], who were later also affected by the [[Nationalization in Romania|nationalization of 1948]]. At the time of its introduction, 150&nbsp;new&nbsp;lei equalled 1 US dollar.{{citation needed|date=April 2022}}

==={{anchor|3rd}}{{anchor|ROL}}Third leu (ROL): 1952–2005===
[[File:10 lei 1966.jpg|thumb|A 10-lei banknote issued in 1966]]
On 28 January 1952, another new leu was introduced. Unlike the previous revaluation, different rates were employed for different kinds of exchange (cash, bank deposits, debts etc.) and different amounts. These rates ranged from 20 to 400&nbsp;"old&nbsp;lei" for one "new" leu. Again, no advance warning was given before the reform took place.{{citation needed|date=April 2022}}

Between 1970 and 1989, the official exchange rate was fixed by the government through law. This exchange rate was used by the government to calculate the value of foreign trade, but foreign currency was not available to be bought and sold by private individuals. Owning or attempting to buy or sell foreign currency was a criminal offence, punishable with a prison sentence that could go up to ten years (depending on the amount of foreign currency found under one's possession). International trade was therefore considered as part of another economic circuit than domestic trade, and given greater priority.{{citation needed|date=April 2022}}

This inflexibility and the existence of surplus money due to constant economic decline in the 1980s, mixed with the need for more foreign currency and the refusal of the [[Nicolae Ceaușescu|Ceaușescu]] regime to accept inflation as a phenomenon in order to attain convertibility, led to one of the greatest [[supply side crisis|supply side crises]] in Romanian history, culminating with the introduction of partial food rationing in 1980 and full rationing for all basic foods in 1986/87. This was a major factor in growing discontent with Ceaușescu, and contributed in part to the fall of the Communist regime in 1989.{{citation needed|date=April 2022}}

In the post-communist period, there has been a switch in the material used for banknotes and coins. Banknotes have switched from special paper to special plastic, while coins switched from aluminum to more common coin alloys (probably partly due to technical limitations of coin-operated vending machines). The transition has been gradual for both, but much faster for the banknotes which are currently all made of plastic. There has been a period in which all banknotes were made of plastic and all coins were made of aluminum, a very distinctive combination.{{citation needed|date=April 2022}}

After the downfall of [[communism]] in the 1990s, inflation ran high due to reform failures, the legalization of owning foreign currency in 1990, reaching rates as high as 300% per year in 1993. By September 2003, one [[euro]] was exchanged for more than 40,000&nbsp;lei, this being its peak value. Following a number of successful monetary policies in the late 1990s and early 2000s, the situation became gradually more stable, with single-digit inflation in 2005.{{citation needed|date=April 2022}}

The Romanian leu was briefly the world's least valued currency unit,<ref>{{cite web |title=Romaniam Leu is the least valued currency unit in the world |url=http://www.baniinostri.ro/stiri/article.php?ContentID=574 |publisher=Banii Noștri |date=2005-04-18 |access-date=2008-09-28}}{{dead link|date=April 2018 |bot=InternetArchiveBot |fix-attempted=yes}}</ref> from January (when the [[Turkish lira]] dropped six zeros) to July 2005. However, the 1,000,000 lei banknote was not the highest Romanian denomination ever; a 5,000,000 lei note had been issued in 1947.{{citation needed|date=April 2022}}

==={{anchor|4th}}Fourth leu (RON): 2005–present===
{{Coin image box 2 singles
| image_left    = File:ROL 1000000 2003 obverse.jpg
| image_right   = File:100 lei. Romania, 2005 a.jpg
| caption_left  = 1,000,000&nbsp;old&nbsp;lei<br />168 mm × 78 mm
| caption_right = 100&nbsp;new&nbsp;lei<br />147 mm × 82 mm
| width_left    = 134
| width_right   = 118
| footer        = Same design, different sizes. The images are to scale.
| position      = right
| margin        = 2
}}

On 1 July 2005, the leu was revalued at the rate of 10,000 "old" lei (ROL) for one "new" leu (RON), thus psychologically bringing the purchasing power of the leu back in line with those of other major Western currencies. The term chosen for the action was "denominare", similar to the English term "[[redenomination]]". The adjustment was a difficult one for shoppers and many ATMs were inoperable and in need of reprogramming. The old ROL currency banknotes remained in circulation until 31 December 2006 (coins remained in circulation only until 31 December 2005), but all accounts were converted starting 1 July 2005. There is no conversion time limit between the currencies. Retailers had to display prices in both old and new currency from 1 March 2005 until 30 June 2006. The appreciation of the leu during 2005 was about 20% against a basket of major currencies.{{citation needed|date=April 2022}}

As of 2006, the revaluation was a potential source of confusion, especially to visitors, since both old and new currency values were commonly quoted. When written, the very large amounts in old currency are usually obvious, but in speaking inhabitants might refer to an amount of 5&nbsp;new&nbsp;lei as simply "fifty" in reference to its value of 50,000&nbsp;old&nbsp;lei. As of 2020, it is still common to call 100&nbsp;lei "un milion" or one million and 500&nbsp;lei "cinci milioane" or five million.{{citation needed|date=November 2020}}

===Speculation about joining the Eurozone===
{{Main article|Romania and the euro}}
{{Symbols of Romania}}

In 2014, Romania's Convergence Report set a target date of 1 January 2019 for euro adoption. In April 2014, Romania had met four out of the seven criteria for accession to the Eurozone.<ref>{{cite web | url=https://euobserver.com/tickers/130506 | title = Central Bank: Romania 2019 euro membership 'not feasible'. | access-date = 2015-12-30 | publisher=EUObserver | date = 2015-09-30 | language = en}}</ref> In recent years, however, Romania had made step backs regarding the adopting of the euro; the 2020 Convergence Report concluded that Romania does not meet any of the four economic criteria necessary for this process.<ref>{{Cite web |date=10 June 2020 |title=Questions and answers: Convergence report reviews Member States' progress towards joining the euro area |url=https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_1012 |website=European Commission}}</ref> In February 2021, then-[[Prime Minister of Romania|Prime Minister]] [[Florin Cîțu]] stated that Romania could join the [[Eurozone]] in 2027 or 2028,<ref>{{Cite web |date=2021-02-19 |title=Florin Cîțu: România poate intra în spațiul Schengen în acest an. Adoptarea monedei euro, în 2027 sau 2028 |url=https://www.digi24.ro/stiri/actualitate/florin-citu-romania-poate-intra-in-spatiul-schengen-in-acest-an-adoptarea-monedei-euro-in-2027-sau-2028-1454642 |access-date=2021-07-05 |website=Digi24 |language=ro}}</ref> although Romanian economist {{ill|Florin Georgescu|ro|Florin Georgescu}} announced in December 2021 that this date had been delayed to 2029.<ref>{{cite news|url=https://www.intellinews.com/romania-to-postpone-euro-adoption-target-until-2029-230290/|title=Romania to postpone euro adoption target until 2029|first=Iulian|last=Ernst|newspaper=[[bne IntelliNews]]|date=16 December 2021}}</ref>

==Coins==
{{main|Coins of the Romanian leu}}
The size and composition of coins changed frequently after the introduction of the currency.

===First leu===
{{unreferenced section|date=April 2022}}
In 1867, copper 1, 2, 5 and 10 bani were issued, with gold 20&nbsp;lei (known as ''poli'' after the French [[Napoléon (coin)|Napoleons]]) first minted the next year. These were followed, between 1870 and 1873, by silver 50 bani, 1 and 2&nbsp;lei. Silver 5&nbsp;lei were added in 1880. Uniquely, the 1867 issue used the spelling 1&nbsp;banu rather than 1&nbsp;ban.

[[File:10 Bani 1867 Proof.JPG|thumb|left|10&nbsp;bani 1867 proof copper coin (30mm, 10g)]]

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 aluminum 25 and 50 ban pieces. Cupronickel 1 and 2&nbsp;lei coins were introduced in 1924, followed by [[nickel]] brass 5, 10, and 20&nbsp;lei in 1930. In 1932, silver 100&nbsp;lei coins were issued. However, inflation meant that in 1935, smaller silver 250&nbsp;lei coins were introduced with nickel 100&nbsp;lei coins being issued in 1936, followed by nickel 50 lei in 1937.

In 1941 and 1942, [[zinc]] 2, 5, and 20&nbsp;lei coins were introduced, together with silver 200 and 500&nbsp;lei. Nickel-clad-steel 100&nbsp;lei followed in 1943, with brass 200, and 500&nbsp;lei issued in 1945. In 1946 and 1947, postwar inflation brought the exchange rate even lower, and a new coinage was issued consisting of aluminum 500&nbsp;lei, brass 2,000, and 10,000&nbsp;lei, and silver 25,000, and 100,000&nbsp;lei.

===Second leu===
{{unreferenced section|date=April 2022}}
Coins were issued in 1947 after the revaluation in denominations of 50 bani, 1, 2, and 5&nbsp;lei and depicted the portrait of King [[Michael I of Romania|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&nbsp;lei in nickel-brass alloy, and later in [[aluminum]]. All second leu coins were discontinued and devalued in late 1952.

===Third leu===
{{unreferenced section|date=April 2022}}
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 "[[Socialist Republic of Romania|Republica Populară Romînă]]".

In 1960, a new series of coins was issued in denominations of 5, 15, & 25 bani and 1 and 3&nbsp;lei struck in nickel-plated steel. Starting in 1966, the name on all coins was changed to "Republica Socialistă România" following the ascent of [[Nicolae Ceaușescu]], though all pre-1966 coins of these denominations remained valid. In 1975, the composition of 5 and 15 bani coins was changed to aluminum, and the 25&nbsp;bani followed suit in 1982. In 1978, an aluminum 5 lei 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&nbsp;lei. These coins gradually lost value with inflation, and a new series was introduced in 1998 with an aluminum-[[magnesium]] alloy 500&nbsp;lei and 1,000 and 5,000&nbsp;lei coins in 2000.

===Fourth leu===

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 twelve 50 bani commemorative circulating coins made in 2010, 2011, 2012, 2014, 2015, 2016, 2017, 2018 and 2019. [https://www2.bnr.ro/Coins-and-banknotes-in-circulation-1331.aspx]

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.{{citation needed|date=April 2022}}

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'';<ref>{{in lang|ro}} ''Gândul'', [http://www.gandul.info/financiar/moneda-1-ban-n-cautare-253430 Moneda de 1 ban n-are căutare], 3 November 2005. Accessed on 1 January 2007</ref> 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.{{citation needed|date=April 2022}}

==Banknotes==
{{Main article|Banknotes of the Romanian leu}}

===First leu===
{{unreferenced section|date=April 2022}}
{|class="wikitable" style="font-size: 80%" align=right
!colspan="3"|1917 fractional leu
|-
! 10 bani !! 25 bani !! 50 bani 
|-
|align="center" bgcolor="#000000"| {{Css Image Crop|Image = ROM-69-Emergency WWI-10 Bani (1917).jpg|bSize = 213|cWidth = 100|cHeight = 133|oTop = 5|oLeft = 5|Location = center}}
|align="center" bgcolor="#000000"| {{Css Image Crop|Image = ROM-70-Emergency WWI-25 Bani (1917).jpg|bSize = 213|cWidth = 100|cHeight = 127|oTop = 5|oLeft = 5|Location = center }}
|align="center" bgcolor="#000000"| {{Css Image Crop|Image = ROM-71-Emergency WWI-50 Bani (1917).jpg|bSize = 213|cWidth = 100|cHeight = 133|oTop = 5|oLeft = 5|Location = center }}
|}
In 1877, state notes were introduced in denominations of 5, 10, 20, 50, 100, and 500&nbsp;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&nbsp;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. 5,000&nbsp;lei notes were introduced in 1940, followed by 10,000 and 100,000&nbsp;lei in 1945 and 1,000,000 and 5,000,000&nbsp;lei in 1947. In 1945, the Ministry of Finance issued 20 and 100&nbsp;leu notes to replace those of the National Bank.

===Second leu===
In 1947, the Ministry of Finance introduced 20&nbsp;lei notes and Banca Națională a României introduced 100, 500 and 1,000&nbsp;lei notes. In 1949, {{lang|ro|Banca Republicii Populare Române}} took over the production of paper money and issued 500 and 1,000&nbsp;lei notes.{{citation needed|date=April 2022}}

===Third leu===
{{unreferenced section|date=April 2022}}
In 1952, the [[Ministry of Finance (Romania)|Ministry of Finance]] introduced notes for 1, 3, and 5&nbsp;lei, and the {{lang|ro|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&nbsp;lei.

In 1991, 500 and 1,000&nbsp;leu notes were introduced, followed by 200 and 5,000&nbsp;leu notes in 1992, 10,000&nbsp;lei in 1994, 50,000&nbsp;lei in 1996, 100,000&nbsp;lei in 1998, 500,000&nbsp;lei in 2000 and 1,000,000&nbsp;lei in 2003. There was also a commemorative [[Two thousand lei|2,000&nbsp;lei note]] introduced in 1999 celebrating the [[Solar eclipse of 11 August 1999|total solar eclipse]] that occurred on 11 August 1999. The final issues of the 2,000, 10,000, 50,000, 100,000, 500,000, and 1,000,000&nbsp;lei were [[polymer banknote|polymer notes]].

Notes in circulation at the revaluation were:
* 10,000&nbsp;lei (became 1&nbsp;leu)
* 50,000&nbsp;lei (became {{Currency|5|RON|linked=no}})
* 100,000&nbsp;lei (became {{Currency|10|RON|linked=no}})
* 500,000&nbsp;lei (became {{Currency|50|RON|linked=no}})
* 1,000,000&nbsp;lei (became {{Currency|100|RON|linked=no}})

===Fourth series===
In 2005, polymer notes were introduced for 1 leu, 5, 10, 50, 100 and {{Currency|500|RON|linked=no}}. {{Currency|200|RON|linked=no}} notes were added in 2006. The designs of the 1 leu, 5, 10, 50, and {{Currency|100|RON|linked=no}} notes are based on those of the earlier 10,000, 50,000, 100,000, 500,000, and 1,000,000 leu notes which they replaced. The {{Currency|10|RON|linked=no}} 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&nbsp;leu and {{Currency|5|RON|linked=no}}). The highest-value coin (in general circulation) is 50 bani (around 15 cents US or 9 pence sterling); the 1&nbsp;leu note (there is no coin) has, therefore, a value of (approximately) 25 cents US or 18 pence sterling, or around 23 euro cents.{{citation needed|date=April 2022}}

In preparation for Romania joining the Eurozone, banknotes of the fourth leu are of equal size to [[Euro banknotes]].

The {{Currency|20|RON|linked=no}} banknote was introduced by the [[National Bank of Romania]] in November 2021.<ref>{{Cite web|title=Banca Națională a României - 20 de lei - Ecaterina Teodoroiu|url=https://www.bnr.ro/20-de-lei---Ecaterina-Teodoroiu-23452.aspx#peloc|access-date=2021-11-26|website=www.bnr.ro}}</ref>

===List of current banknotes===
{| class="wikitable sortable" align="center" style="font-size: 90%"
|+ <big>Current series</big>
! rowspan="2" | Value
! colspan="2" | Image
! colspan="2" | Size
! rowspan="2" | Main Color
! colspan="2" | Description
! rowspan="2" | Earlier Series<br />{{small|in circulation}}
! rowspan="2" | Latest Series
|-
! class="unsortable" | Obverse
! class="unsortable" | Reverse
! Dimensions<br />(mm)
! Euro equivalent
! Obverse
! class="unsortable" | Reverse
|-
! [[one leu|1&nbsp;leu]]
| align="right"|[[File:1 leu. Romania, 2005 a.jpg|156px]]
| [[File:1 leu. Romania, 2005 b.jpg|156px]]
| align="center"| 120 × 62
| [[5 euro note|€5]]
| Green
| [[Nicolae Iorga]] and ''[[Gentiana asclepiadea|milkweed gentian]]''
| [[Curtea de Argeș Cathedral|Cathedral of Curtea de Argeș]], The [[Wallachia]]n Eagle
| rowspan=2 | Series 2005<ref>http://bnr.ro/apage.aspx?pid=404&actId=144169 Circulara BNR nr. 14/2005 - emisiuni 2005</ref>
| rowspan="3" | Series 2018<ref>http://bnr.ro/page.aspx?prid=14179 BNR press release</ref>
|-
! [[five lei|5&nbsp;lei]]
| align="right"|[[File:5 lei. Romania, 2005 a.jpg|165px]]
| [[File:5 lei. Romania, 2005 b.jpg|165px]]
| align="center"| 127 × 67
| [[10 euro note|€10]]
| Violet
| [[George Enescu]] and ''[[Dianthus caryophyllus|carnation]]''
| [[Romanian Athenaeum]]
|-
! [[ten lei|10&nbsp;lei]]
| align="right" | [[File:10 lei. Romania, 2008 a.jpg|173px]]
| [[File:10 lei. Romania, 2008 b.jpg|173px]]
| align="center" | 133 × 72
| [[20 euro note|€20]]
| Pink and light red
| [[Nicolae Grigorescu]] and ''[[Althaea (plant)|althaea]]''
| Traditional house from [[Oltenia]], Nicolae Grigorescu painting Rodica
| Series 2005<br />Series 2008<ref>http://bnr.ro/apage.aspx?pid=404&actId=319974 Circulara BNR nr. 37/2008 - bancnota de 10 lei reproiectată</ref>
|-
! [[20&nbsp;lei]]
| align="right"|[[File:20 lei. Romania, 2021 a.jpg|173x173px]]
| align="left"|[[File:20 lei. Romania, 2021 b.jpg|173x173px]]
| align="center"|136 x 77
| None
| Olive green
| [[Ecaterina Teodoroiu]] and [[crocus flavus]]
| [[Mausoleum of Mărășești]], [[Nike (mythology)|Victoria]] as depicted on the [[Victory Medal (Romania)|Romanian Victory Medal]]
| series 2021
| Series 2021
|-
! [[Fifty lei|50&nbsp;lei]]
| align="right" |[[File:50 lei. Romania, 2005 a.jpg|182px]]
| [[File:50 lei. Romania, 2005 b.jpg|182px]]
| align="center" | 140 × 77
| [[50 euro note|€50]]
| Yellow
| [[Aurel Vlaicu]] and ''[[Leontopodium alpinum|edelweiss]]''
| [[A Vlaicu II]] airplane design, eagle head
| rowspan="2" | Series 2005
| rowspan="4" |Series 2018
|-
! [[One hundred lei|100&nbsp;lei]]
| align="right"|[[File:100 lei. Romania, 2005 a.jpg|191px]]
| [[File:100 lei. Romania, 2005 b.jpg|191px]]
| align="center"| 147 × 82
| [[100 euro note|€100 (ES1)]]
| Blue
| [[Ion Luca Caragiale]] and ''[[Viola odorata|sweet violet]]''
| [[National Theatre of Bucharest]] (old building), Statue of Ion Luca Caragiale, by {{ill|Constantin Baraschi|ro}}
|-
! [[Two hundred lei|200&nbsp;lei]]
| align="right"|[[File:200 lei. Romania, 2006 a.jpg|195px]]
| [[File:200 lei. Romania, 2006 b.jpg|195px]]
| align="center"| 150 × 82
| None
| Brown and orange
| [[Lucian Blaga]] and ''[[Papaver rhoeas|poppies]]''
| A [[watermill]], The [[Hamangia culture|Hamangia Thinker]]
| Series 2006<ref>http://bnr.ro/apage.aspx?pid=404&actId=319974 Circulara BNR nr. 23/2006 - bancnota de 200 lei</ref>
|-
! [[Five hundred lei|500&nbsp;lei]]
| align="right"|[[File:500 lei. Romania, 2005 a.jpg|199px]]
| [[File:500 lei. Romania, 2005 b.jpg|199px]]
| align="center"| 153 × 82
| [[200 euro note|€200 (ES1)]]
| Gray and violet
| [[Mihai Eminescu]] and ''[[tilia]]''
| [[Central University Library of Iași]], [[Timpul]] (the Times) newspaper
| Series 2005
|}

== Exchange rates ==
[[File:Euro exchange rate to RON.svg|thumb|400px|right|The exchange rate of one Euro in Romanian lei (from 1999)]]
{{Exchange rate|RON|TRY}}

==See also==
* [[Economy of Romania]]
* [[History of coins in Romania]]
* [[Banknotes of the Romanian leu]]
* [[Romania and the euro]]
* [[List of currencies in Europe]]

==References==

{{Reflist}}

==External links==
{{wikinews|Romania redenominates its currency}}
* [http://www.bnro.ro/Coins-and-notes-in-circulation-1331.aspx Current legal tender pictures]
* [http://romaniancoins.org/selector.html Site with historical and current Romanian coins]
* [http://www.bis-ans-ende-der-welt.net/Rumaenien-B-En.htm The Banknotes of Romania] {{in lang|en|de}}
* [http://www.bis-ans-ende-der-welt.net/Rumaenien-SR-B-En.htm The Banknotes of the Socialist Republic of Romania] {{in lang|en|de}}
* [http://www.banknote.ws/COLLECTION/countries/EUR/ROM/ROM.htm The Banknotes of Romania - Nearly Complete]

{{Romania topics}}
{{Economy of Romania}}
{{Romanian currency and coinage}}
{{Euro topics}}
{{Currencies of Europe}}
{{Portalbar|Europe|Money|Numismatics|Romania}}
{{Authority control}}

{{DEFAULTSORT:Romanian Leu}}
[[Category:Currencies of Romania|Leu, Romanian]]
[[Category:1867 introductions]]
[[Category:Circulating currencies]]
[[Category:Currencies of Europe]]