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Banknotes/currencies
of European countries and unrecognized states
by James Mayfield (Chairman, European Heritage Library)
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this Article • About
the Author • Bibliography/Sources
This article offers a gallery
and the exchange rates of the many different currencies of
European cultures and countries. Banknotes are a key source
in understanding what a culture holds dear to itself in term
of its history, religion, and identity. Some currencies have
churches on them, others Jesus, others images of dictators
like Stalin and Enver Hoxha. If you have any currencies not
included here, please notify us.
NOTE: the currency exchange
rates are as of February, 2008. The format means 1 US dollar
is equal to X dollars of that country's currency. The source
of the exchange rate is XE.com
- the world's favourite currency converter. Also note that
currencies no longer used are marked OBSOLETE. Of course,
only the most majestic and culturally-indicative banknotes
have been shown per currency.
Shortcut: Albania • Kosovo • Transnistria
(Moldovan breakaway state) • Belarus • Bosnia • United
Kingdom • Bulgaria • Croatia • Czech
Republic • Denmark • Estonia • Hungary • Iceland • Latvia • Lithuania
• Macedonia • Moldova • Norway • Poland • Romania • Russia
and Soviet Union • Serbia
and Yugoslavia
• Slovakia and Czechoslovakia
• Sweden • Switzerland • Ukraine
List of countries
using the EURO as of February, 2008:
Belgium, Germany, Spain,
France, Ireland, Italy, Cyprus, Luxemburg, Malta, Netherlands,
Austria, Portugal, Finland, Slovenia, Montenegro, Greece.
$1 US=0.68127 EURO. The
Euro has a series of frequently-updated images from across
the continent, including the Brandenburg Gate, the Acropolis
of Athens, etc.
Albanian
LEKE: $1 US = 83.8945
The archaic-looking hero
on Albanian currency is Gjergj Skanderbeg, the 15th-century
defender of Albanians against the Islamic conquest of the
Turks. He converted to Islam in order to survive, then reverted
back to Christendom to lead the rebellion (that failed). It
is ironic that Albanians are so proud of the defender of their
culture against Islamic invasion, yet they remain the only
Muslim nation in Europe at roughly 70% (though nominal). The
Albanian people, however, have greatly distanced themselves
from their already-lax form of Islam in their struggles of
the early 20th century to form their own nation, as well as
during the atheistic Communist dictatorship of the bizarre
Enver Hoxha. Their currency today displays imagery reminiscent
of the Communist era. To get a rare inside look at Albania,
read my article.
Kosovo
Kosovo, a new nation not
recognzed by most nations of the world, was seized by the
United States, United Nations, and NATO from Yugoslavia during
the Yugoslav Wars, ostensibly with the interests of protecting
the Kosovar Albanian Muslims from Serbian brutality. Violence
against civilians, however, was committed vigorously and horrifically
by both factions. Kosovo had a de facto currency that was
unofficially used alongside the Serbian Dinar that gained
popularity when it was under UN administration. Upon achieving
independence with the support of the EU and US (without consultation
of Serbia, of which it was a part for nearly 1000 years),
the Euro currency has been suggested as a new standard. It
is not formally a member state of the EU due to its dismal
bankruptcy, as it is unable to meet the basic requirements
for EU membership (although this has not stopped many Eastern
European nations from joining).
Transnistria
(Moldovan breakaway state)
Transnistria is a breakaway
republic in eastern Moldova (which is east of Romania) that
is not formally recognized. Primarily populated by Russian
Slavs, the Soviet Union gave Transnistria recognition as a
Soviet territory within the Moldovan SSR with partial autonomy.
With the collapse of the Soviet Union in 1991, Romania and
Moldova declared independence. Romanians and Moldovans separated,
despite being of the same culture, ethnicity, religion, and
national history for over a century, due to a divergent national
history under Soviet authority. Moldova was directly part
of the Soviet Union as the Moldovan SSR, whilst Romania was
a puppet vassal in the Warsaw Pact until it distanced itself
from Soviet control under Ceauseascu. Transnistrians were
angered that they did not receive independence. Due to their
bitter hatred of the Moldovan Vlach ethnicity, this nation
prnts its own currency without any control of the central
government in Chisinau. The conflict with the already-poor
Moldova makes Moldova one of the most unstable and indeed
the poorest nation in Europe. It is not recognized directly
by any nation, although it enjoys casual support from Russia.
Belarusian
RUBLE: $1 US = roughly 2150.00
Belarus is one of Europe's
youngest countries, indeed not having an independent national
history before the breakup of Russia in 1917, but one with
a unique history. Long controlled by the Lithuanians, the
language of this Slavic subject population functioned as a
diplomatic lingua franca. No Belarusian cultural or national
identity existed, although its people retained a distinctly
Slavic character from the Baltic Lithuanians. Belarus was
one of the most loyal of all Soviet republics, and today proudly
espouses its Soviet heritage. Its president, Aleksandr Lukashenko,
is often called "Europe's last dictator," yielding
near absolute power and openly operating as a Soviet-style
authority. It is a very poor nation that receives very little
support from Western Europe due to their political stance,
but they remain one of Russia's closest allies today. Their
currency is unusual in that it almost exclusively has only
animals depicted.
Bosnian
MARKA: $1 US = 1.33245
Bosnia has among the simplest
banknotes in the world. There is no recognition in the artwork
of the Bosniak Muslim culture. Most of their notes reflect
the proud Yugoslav heritage of the Bosnian people (not to
say that they have affections for the Serbs). Bosnia, despite
being one of the poorest nations of Europe, sets its currency
with rather high value. Today, as a result of the Yugoslav
conflict, Bosnia is split in three internally: Republika Srpska
for Serbs in the east, Croats in the southwest, and Bosnian
Christians and Bosniak Muslims in the center. The division
is evident in the fact that Republika Srpska even prints its
own money, as can be seen below.
Bosnia's Serbian internal state prints its own money. Notice
the Serbian eagle.
Another print of a banknote within Bosnia for the Serbian
state in the east.
Britain,
N. Ireland, Isle of Man, Gibraltar, Scotland POUND: $1 US
= 0.50984
The British Pound remains
one of the world's most valuable currencies, the basis for
dozens of colonial-created countries' banking, and a standard
measure of the worth of a currency. Because of its extremely
high worth (the most valuable in Europe), its use is often
shunned by traders from countries with less valuable currency
(like the USA) in favor of the Euro or even less valuable
forms. The British currency applies to all of its formal colonies
today (Gibraltar, Scotland, Wales, Northern Ireland, Guernsey,
Jersey, Isle of Man, the Falklands off of Argenina, and other
maritime colonies). Like the Euro, some banknotes have different
country emblems (like Gibraltar), but can be traded all across
the Empire in many cases.
Bulgarian
LEVA: $1 US = 1.33200
Bulgaria has an interestingly
currency reflecting their ancient history as one of the oldest-surviving
nations on earth, founded in the 7th century. Bulgarian banknotes
express the proud Bulgarian Orthodox Christian heritage of
this ancient Slavic nation. To get an inside look at this
lovely country with an incredibly long history, read my
article.
Croatian
KUNA:
$1 US = 4.94705
Croatian money has had a
difficult economic and political history. As can be seen in
the first banknote's worth, Croatian money was worthless when
the country was breaking from Serbian-dominated Yugoslavia
(see the Visual History of
Yugoslavia), but as the country has rapidly evolved to
become a major and beautiful tourist paradise, the value of
the Kuna has increased. Croatian currency expresses the strong
Slavic (and Catholic) pride of this culture on the coast.
The first banknote's reverse (the strange statue) is an ancient
sculpture of early Slavic history. The Croats' desire to print
their own local currency and manage their own regional affairs
was arguably one of the first events that caused the bitter
Serbian reprisal of political centralization that caused the
Yugoslav Wars. The Croats have spent the last century defining
themselves as a unique nation and culture from the Orthodox
Serbs, despite their common racial descent from the Slavs
("Yugoslavia" means "South Slavs").
Czech
Republic KORUNY: $1 US = 17.1710
Though the Czechs and Slovaks
have only had completely independent nations very recently,
the Czechs and Slovaks are quite proud of their ancient Slavic
and Catholic heritage. Their homeland has played a key role
in the political evolution of Europe for the last 1,200 years,
often vaccilating from being a puppet of the Germans to a
major independent power. Their currency expresses their early
Slavic roots, their church, and their medieval heritage as
Bohemia, which broke from the Austria-Hungarian empire after
World War I. Their Czechoslovakia banknotes are particularly
beautiful and archaic. The Czechs and Slovaks, two cultures
with almost identical history, genetics, language, religion,
and heritage split into two states in the Velvet Divorce of
the 1990s largely because of political disputes resultant
from the struggles of post-Cold War state formation, a problem
that greatly incensed many Czechs and Slovaks who view themselves
as one people still today.
Danish
& Greenlandic KRONER: $1 US = 5.07735
Scandinavia tends to simply
use coins for transactions. Scandinavia easily has the highest
cost of living in the world, with a cup of coffee sometimes
exceeding $8 US. Sweden, Denmark, Norway, and (before the
Euro) Finland have historically had very similar currency
because of their common Scandinavian identity. The same applies
to Estonia. Greenland and the Faroe Islands are Danish colonies,
and use the Kroner.
Estonian
KROON: $1 US = 10.6596
This proud Baltic state has
a long history, though very little as its own nation. The
geography of Estonia (historically Estland) implies that it
is an easy target for Polish, Lithuanian, German, Swedish,
and Russian expansionism. It is a Lutheran Finnic country
that broke from the Soviet Union by 1992, maintaining a strong
cultural and economic tie with Scandinavia. Its capital, Tallinn,
is a small town centuries old that has changed very little
in its overall look ever since it was a province of the German
Teutonic Order. Although still rather poor, its capital is
among the most beautiful cities of the world, and is described
as the best-preserved ancient city in the world alongside
Ghent in Belgium.
Hungarian
FORINT: $1 US = 179.550
The Hungarian Forint is among
the most useless of the European currencies, and also among
the most beautiful. They express great pride of Hungary's
ancient 1,000-year history as a major Catholic player that
has shaped the history of Europe. Although Hungary was not
independent from 1526 until 1918, being dominated by the Germans
of Habsburg Austria, the Hungarians were acknowledged as the
second-most powerful ethnic group in the empire and thus vigorously
protected their independent cultural, ethnic, and historical
identity. Hungary was long one of Europe's largest kingdoms
until it was mangled of 3/4 of its national territory after
World War I. Ever since, it has often been unfortunately identified
as an economic backwater despite the fact that ancient Hungarian
cities like Esztergom and Budapest possess some of the greatest
architectural wonders the world over.
Icelandic
KRONUR: $1 US = 67.0210
Like Sweden, Denmark, and
Norway, all of Scandinavia has a similar and often shared
currency to promote their Scandinavian identity and economic
relations. Icelanders proudly revere their unique political
and cultural heritage that dates from the Viking period, including
such visual concepts as the Althing government of political
debate by Nordic freedmen.
Latvian
LATI: $1 US = 0.478929
Latvia has a long history,
though little of its own as a nation. The Latvian tribes --
the Semigallians, the Lev, the Livonians, and the Latvians
-- were long under ethnic German domination for the great
majority of the last thousand years. The region was civilized
by the German Teutonic Order and the preceding Brethren of
the Sword, who built Riga into one of today's best-preserved
ancient cities. The region then fell under Polish and Russian
rule until 1918, when it quickly fell under Soviet control
yet again until 1990.
Lithuanian
LITAI: $1 US = 2.35242
This Baltic state is sadly
considered an insignificant economic backwater by most observers,
despite the fact that the Lithuanians allied with the Poles
to forge one of the largest empires in history that shaped
the evolution of most of Eastern Europe for centuries. It
has a proud identity of its own, not claiming descent from
the Slavs nor any other race except their own. After they
fell to the Russians in the 18th century, Lithuania became
a mere chess piece in the competing empires of the Germans
and the Russians until it was independent again in 1918. Its
currency is unique in its frequent use of animals.
Macedonian
DENAR: $1 US = 41.930
As one of the newest countries
in European history, Macedonia has little independent history
of its own, though it prides itself in a strong revolution
against the Islamic rule of the Ottomans before World War
I. It has only historically acted as a disputed buffer zone
between the Serbian, Bulgarian, and Byzantine empires. Today
it is one of the poorest nations in Europe, and with a 33%
hated Albanian Muslim minority. The Macedonians identified
themselves as ethnic Slavs until the chauvinistic dominance
of the Serbs encouraged their discord from Yugoslavia in 1993.
Ever since, the Macedonians have largely reversed their previous
affiliation with their Slavic ancestors and promoted an independent
racial identity. Many nationalists claim that the Macedonians
are related not to the Russians and Serbs, but to the ancient
Macedonian Greeks like Philip and Alexander. For this reason,
when becoming a nation in 1993, the backwater country was
embargoed by Greece, which proudly reveres their world-conquering
hero. As a result of the conflict, Macedonia is now called
the Former Yugoslav Republic of Macedonia to emphasize that
it is not the original nation of Greek Macedonia. The mere
use of the word "Macedonia" without the preceding
"FYRO" is almost always met by tremendous political
and diplomatic conflict.
Moldovan
LEI: $1 US = roughly 11.29
As Europe's poorest country,
ravaged by internal civil conflict with the Russian Transnistria
breakaway state, and rife with corruption, Moldova has a very
difficult history. Its culture, ethnic/racial heritage, language,
and national history are identical to their related brethren
in Romania, although the Moldovans draw from their own historical
triumphs against the invading Muslim Ottoman conquerers when
their brothers in Romania proper fell to the blade of jihad.
Moldova and Romania were merged when the Ottoman empire began
to collapse, but Moldova was completely annexed by the Soviet
Union after the Soviets' defeat of the Third Reich and allied
Romania. Moldova was part of the USSR, whilst Romania was
a semi-independent puppet in the Warsaw Pact. The political
division created by this conflict caused the Romanians in
the west and the east to view their political opportunities
differently, leading to the creation of two countries. Moldova,
with its eastern portions completely outside government control,
is on the brink of collapse.
Norwegian
KRONER: $1 US = 5.38810
Like Sweden, Denmark, and
Iceland, currency primarily relies upon coins instead of banknotes
(though less so in Norway). Their currencies are all very
similar, reflecting their common cultural, ethnic, linguistic,
and economic ties as Scandinavians.
Polish
ZLOTYCH: $1 US = 2.43723
Poland, despite the low value
of its currency and its unfortunate image as an impoverished
ex-Communist state, is one of the oldest and proudest nations
in Europe that (when merged with Lithuania) forged a massive
empire stretching from Belarus to the Black Sea. It is also
one of the oldest Christian countries of Europe, having been
Christianized by Mieszko I over 1000 years ago. Their banknotes
have all of their greatest heroes, including Boleslaw (who
helped reunite Poland), Mieszko, and Casimierz (who made Poland
a respectable and centralized power).
Romanian
NEW LEI: $1 US = 2.48480 (replaced Old
Lei, ~25,000 per USD)
Romania, with its large Gypsy
population, is one of the poorest nations in Europe. It reformed
its useless "Old Lei" currency, then worth roughly
25,000 to the US dollar, into the New Lei of today. To get
a rare inside look at the Gypsies of Romania, read my
article. Their currencies express the agriculture, social,
and cultural traditions of the Romanian, Wallachian, and Moldovan
people in the land of Dracula.
Russian
RUBLE: $1 US = 24.5861
The Ruble is one of the more
famous currencies of Europe, having been an active currency
(at least in name) for centuries. The Soviet Union used a
Ruble as well, though the format, worth, and imagery have
changed. Interestly, it is almost impossible to find a Russian
currency (new or old) with Joseph Stalin on it despite his
cult of personality as the leader of the largest empire on
earth. Instead, Lenin is on virtually every banknote. Today,
they tend instead to show the glorious architecture of Russian
churches and government offices like the Kremlin.
Serbian
DINAR: $1 US = 55.4053
Serbian money has taken many
changes because of its previous union with Bosnia, Macedonia,
Slovenia, and Croatia as Yugoslavia. Its Yugoslav currencies
of the past show great pride in collective work, the Slavic
people, Marshall Tito (the beloved quasi-dictator and founder
of the socialist version of Yugoslavia), etc. Most of the
breakaway states still have a proud expression of Yugoslav
heritage in their banknotes despite their intense hatred for
the Serbs. When the empire collapsed, the Serbian currency
became valued at 500 BILLION per US dollar. It remains among
Europe's poorest countries, still troubled by corruption and
a constantly-revolting Albanian Muslim minority in Kosovo
(where they are the majority). Serbian currency today expresses
the proud Yugoslav heritage of the country, their ancient
Slavic history, and the role of Orthodoxy in Serbian culture.
The last scan is of Tito.
Slovakia
KORUNY: $1 US = 22.3900
Though the Czechs and Slovaks
have only had completely independent nations very recently,
the Czechs and Slovaks are quite proud of their Slavic and
Catholic heritage. Their currency expresses their early Slavic
roots, their church, and their medieval heritage as Bohemia,
which broke from the Austria-Hungarian empire after World
War I. Their Czechoslovakia banknotes are particularly beautiful
and archaic. The Czechs and Slovaks, two cultures with almost
identical history, genetics, language, religion, and heritage
split into two states in the Velvet Divorce of the 1990s largely
because of political conflicts resultant after the Cold War
nation-building process. Many Slovaks and Czechs view this
as a travesty, believing that both are one people. The bottom
two scans are from united Czechoslovakia.
Swedish
KRONA: $1 US = 6.34960
Like Denmark, Norway, and
Iceland, Swedish currency expresses pride in the common ethnic,
cultural, linguistic, and economic bond of Scandinavia. Coins
are very common in Scandinavia, unlike much of the world.
Swiss
FRANC: $1 US = 1.09330 (note also used
in Liechtenstein)
The Swiss Franc is based,
of course, on the pre-Euro French currency, the Franc. It
was chosen historically instead of German currencies (the
Mark) because of a closer economic relation with France, and
also to protect their independence from the ever-intervening
German empires. It is unusual in that it has many vertically-directed
notes, and many have everyday individuals on their obverse.
As Switzerland is a consociational state divided into three
ethnicities (majority German, minority French, and minority
Italian), its currencies are trilingual.
Ukranian
HRYVNIA: $1 US = 5.052
The Ukrainian Slavs are incredibly
proud of their ancient cultural heritage. They claim to be
a very ancient and longstanding nation despite the fact that
the Ukrainians did not constitute a nation for most of their
history, but were instead a region of intense competition
between Cossacks, Poles, Russians, and Muslim Turks. The Ukrainians
claim to have founded the oldest Slavic state and the nexus
of Russia, which was centered at Kiev over 1,000 years ago
(called Kievan Rus). The Russians, of the same cultural and
genetic heritage as the Ukrainians, view themselves as the
founders of Kiev Rus. In reality, however, the genesis of
this pan-Slavic nation was built by foreign Germanic Vikings
called the Varangians, although the Slavs proceeded to carry
these foundations into a powerful empire. The first banknote
below depicts the Viking Rus (the basis of "Russian,"
although the Russians and Germanic Vikings are not related).
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ABOUT
THE AUTHOR:
James Mayfield is a historian
and the Chairman of the European Heritage Library. I have
a Cum Laude BA in History with a Minor in Germanic Studies
(language and history), am presently working for my Masters
in History, and plan to immediately progress to my PhD Doctorate.
I have a special academic interest in Europe's diverse ethnic
identities, languages, and cultures, and the political struggles
of native European and immigrant minority identities. See
my staff entry for more information.
BIBLIOGRAPHY/SOURCES
USED:
The banknote images are not
copyrighted; they are widely distributed across the internet
without any proper owners. Many banknote websites exist, with
images, that may be helpful for further research (and in some
cases may be the original owners of the images), including
banknotes.com, worldatlas.com,
etc. Currency conversion credited to XE.com
- the world's favourite currency converter.
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