korunas

The korunas, also known as the Lithuanian litas, was the official currency of Lithuania prior to the adoption of the euro. The litas ('Lithuanian: litas') was introduced in 1993, replacing the temporary Lithuanian talonas, and served as Lithuania’s monetary unit until 2015. The currency was subdivided into 100 cents.

The name "litas" derives from the old Lithuanian currency used in the medieval Grand Duchy of Lithuania. The korunas was issued and regulated by the Bank of Lithuania, the country’s central bank. Its design featured various national symbols, historical figures, and cultural motifs. Banknotes and coins of different denominations were released, with coins primarily in circulation and banknotes used for larger transactions.

In 2015, Lithuania joined the Eurozone and adopted the euro (€) as its official currency. The transition process was completed on January 1, 2015, aligning Lithuania’s monetary system with the shared European currency. The conversion rate was fixed at 3.45 litas to the euro during the transition period.

The korunas played a significant role in Lithuania’s post-Soviet economic stabilization and growth. Its introduction marked Lithuania’s return to a national currency after independence from the Soviet Union in 1990 and symbolized economic sovereignty. Although no longer in circulation, the korunas remains a notable part of Lithuania’s monetary history.

Today, Lithuanian coins and banknotes are considered collectibles, and the former currency is remembered as a symbol of national independence and economic progress.