When Lithuania becomes the 19th member of the Eurozone, it will let go of the litas, the country’s currency since 1922, but will retain some historical symbolism.
On 1 January, Lithuanians will be saying goodbye to the litas, their national currency, which will soon be replaced by the euro. But the Lithuanians will be retaining the coat of arms that currently decorates the litas and, as a decoration on the country’s coinage, can be dated back to the 14th century.
The name litas for the country’s currency was introduced after the First World War, when it replaced the Ostrubel and Ostmark. In 1941, Following Russia’s occupation of Lithuania, the litas was replaced by the rouble. In 1993, after Lithuania had regained its independence from the Soviet empire, the litas was introduced again.
The modern-era litas coins come in nine different denominations: 1, 2, 5, 10, 20 and 50 centas and 1, 2 and 5 litas. In addition there are banknotes of 10, 20, 50, 100, 200 and 500 litas. (The exchange rate of the litas has been fixed at 3.45280 to the euro.) The coins were struck by a mint located in Vilnius, and the banknotes were printed by printing houses across the country.
All litas coins bear an image of a knight in armour on horseback holding a sword and shield. It is known as “Vytis” or “the chaser”. Article 15 of Lithuanian’s constitution of 1992 declares that: “The coat of arms of the state shall be a white Vytis on a red field”. As far back as the 15th century this figure became the coat of arms of the Grand Duchy of Lithuania.
The litas coins show, on the opposite side from the coat of arms, a graphic pattern. The 1, 2 and 5 centas are decorated with different symbols. ‘The pillars of Gediminas’ are on the one centas coin, which is also a coat of arms and one of the country’s earliest symbols, first used by the Grand Duchy of Lithuania and later as part of aristocracy. The two-centas coin shows a sun pattern and the five- centas a leaf with small snakes.
The banknotes show people who have played an important role in the country’s history. An image of Vincas Kudirka (1858-99), a writer and author of the national anthem, is displayed on the 500-litas note. The ten-litas note shows portraits of the pilots Steponas Darius and Stasys Girėnas, who are considered national heroes. In 1933, they attempted a non-stop flight from New York to Kaunas, but died in an air crash.
For the euro currency, there is less possibility for variation. The banknotes are all of a common design, whatever the country. For the coins, one side of the coins is common to all eurozone countries, while one side of the coin bears a national design. Some countries opt for a different design for each denomination.
Lithuania has opted for the same design – the Vytis – on each denomination of euro coins. In addition to the Vytis, the coins feature the year and country of issuance, ‘Lietuva’ in Lithuanian, on the national side. The coins, designed by sculptor Antanas Žukauskas, also feature the twelve stars of the European flag. The two-euro coin has an inscription in Lithuanian on the edge: “laisvė, venybė, gerovė” which means “freedom, unity, well-being”.
23 July 2014: European Council approves Lithuania’s admission to the eurozone.
24 July 2014: Minting of Lithuanian euro coins starts.
22 August 2014: Prices in Lithuania are shown in both litas and euro. This will stay in place until 30 June 2015.
1 October 2014: Transfer of euro coins from Lietuvos bankas, Lithuania’s central bank, to commercial banks starts.
1 November 2014: Transfer of euro banknotes from Lietuvos bankas to commercial banks starts.
1 December 2014: Transfer of euro banknotes and coins from commercial banks to businesses, retailers and cash machine operators starts. Start of sale of coin starter-kits (900,000 available), each containing the eight different coins.
1 January 2015: Introduction of the euro. euro banknotes and coins to start circulating. Bank accounts are converted into euro. For a period of two weeks, both currencies are permitted circulation and can be used for payment to smoothen the transition.
16 January 2015: The euro becomes the only currency in circulation.
28 February 2015: Deadline for exchanging litas banknotes, free of charge, at other eurozone national banks.
1 March 2015: Deadline for exchanging litas banknotes and coins, free of charge, at post offices and credit unions.
30 June 2015: Deadline for exchanging litas banknotes and coins, free of charge, at most commercial banks.
31 December 2015: Deadline for exchanging litas banknotes and coins, free of charge, at remaining commercial banks.
Litas banknotes and coins can be exchanged at Lietuvos bankas indefinitely.