Lithuania was incorporated into Russia as part of the Third Partition of the Polish-Lithuanian Commonwealth on January 7, 1795. Lithuania gained its independence on November 2, 1918. In 1939, the Estonian government gave in to Stalin's demand and permitted Soviet troops to be stationed on Lithuanian soil on June 15, 1940. Lithuania then gave in to another demand and formed a coalition government, taking in communist ministers. These then staged a coup, ousting the democrats, declared the country to be a people's republic and requested admission to the USSR, becoming the Lithuanian Soviet Socialist Republic on August 6, 1940. Germany occupied Lithuania from July 1941 to October 1944 and made it part of Ostland (Estonia, Latvia, Lithuania, Courland and parts of Belarus). Lithuania declared its independence from the Soviet Union on March 11, 1990.
Central Lithuania was occupied by Poland in 1919 during the Russo-Polish war. In 1922, it was incorporated into Poland, but was returned to Lithuania in 1939.
Lithuania used the Polish Zloty (XPLZ) while it existed as a separate kingdom prior to its incorporation into the Russian Empire in 1795. After being incorporated into Russia, the Ruble was adopted as the medium of exchange in Latvia. Russia had reformed the Ruble (RUEI) under Elizabeth II on November 23, 1755, setting 1 Gold Imperial equal to 10 Silver Rubles or 1000 Copper Kopeks. Paper Assignatzia (Ruble-Banco) also circulated, though usually at a discount to specie money. The monetary system was reformed on July 1, 1839 with 1 Silver Ruble (RUES) set equal to 3.5 Ruble Assignatzia (RUEA). Credit Ruble Banknotes (RUEP) replaced the Ruble Assignatzia on June 1, 1843. Russia went on the Gold Standard on January 3, 1897 and introduced the Gold Ruble, which was used until the outbreak of World War I. The State Treasury and the State Bank (Gosbank) issued banknotes for Russia and the Soviet Union.
Germany occupied parts of Lithuania during World War I, and Germany issued Darlehnskasse Ost Rubles (DEOR), issued by the Ostbank fuer Handel and Gewerbe, and Darlehnskasse Ost Marks (DEOM), issued by the Darlehnskasse Ost, for use in occupied territories, with 1 Mark equal to 2 Rubles. Darlehnskasse Ost Marks were also used in the Baltic State.
After gaining its independence, Lithuania continued to use both the Ruble Sovnazki and German Paper Marks for currency. The Government issued notes in Ostland Markiu, also known as Auksinas (LTA), at par with paper marks. On August 9, 1922, as both the Mark and Ruble were spinning out of control, Lithuania demonetized Marks and Rubles, and replaced the Auksinas with the Lita (LTB), making 10 Lita equal to 1 US Dollar. The Lita was divisible into 100 Centu, and the Bank of Lithuanioa issued banknotes.
After the Soviet Union invaded Lithuania, the Soviet Gold Ruble (SUG) was introduced as the medium of exchange. During German occupation, Lithuania was made part of Ostland. Although a Central Bank for Ostland was established in Riga, no Ostland Marks were ever issued, and Reichskreditkassenschein, along with German Marks, circulated instead. After Lithuania was reincorporated into the Soviet Union, a New Ruble (SUN) replaced the Gold Ruble on December 29, 1947 at the rate of 1 New Ruble equal to 10 Gold Rubles. On January 1, 1961, the Hard Ruble (SUR) replaced the New Ruble at the rate of 1 Hard Ruble equal to 10 New Rubles. The Ruble is divisible into 100 Kopeks. Under the Soviet Union, the State Treasury and by the State Bank (Gosbank) issued banknotes.
After declaring its independence from the Soviet Union, Lithuania replaced the Ruble with the Lithuania Talonas (LTT) at par on October 1, 1992. The Lithuania Lita (LTL) replaced the Talonas on June 25, 1993 at the rate of 1 Lita equal to 100 Talonu. Lithuania established a currency board and linked the Lita to the US Dollar on April 1, 1994 at the rate of 1 USD = 4 LTL. The link was switched to the Euro on February 1, 2002 at the rate of 1 EUR = 3.4508 LTL. Banknotes are issued by the Lietuvos Bankas (Bank of Lithuania). |
