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Note Details

Set Details
Note Description: Lithuania, Bank of Lithuania
10 (Talonas) 1992
Grade: 68 EPQ
Country: LIT
Note Number: LIT40
Signatures/
Vignettes:		 - Wmk: Diamond in Circle
Certification #: 8081864-096  
Owner: Evaldas
Sets Competing: Lithuania Talonas Set  Score: 102
Lithuanian Banknotes 1  Score: 102
Date Added: 4/15/2021
Research: See PMG's Census Report for this Note

Owner's Description

The second Talonas reform 1992
Bank of Lithuania - Lietuvos Bankas

In the summer of 1992, everybody anticipated that the talonas would shortly be replaced by a permanent currency, the litas. Lithuania was desperately lacking cash (some workers were paid in goods rather than in cash) as Russia tightened its monetary policy. In addition, litas coins and banknotes had already been produced and shipped to Lithuania from abroad. However, on 1 May 1992, it was decided to reintroduce the talonas as an independent, temporary currency to circulate alongside the ruble in hopes to deal with inflation. A dual currency system was created. On 1 October 1992, the rouble was completely abandoned and replaced by the talonas. Lithuania was the last of the Baltic states to abandon the ruble. The self-imposed deadlines to introduce the litas were continuously postponed without clear explanations.

Nicknamed "Vagnorkes" or "Vagnoriukai" after Gediminas Vagnorius or "zoo tickets" after various animals native to Lithuania featured on the notes, the talonas did not gain public trust or respect. The banknotes were small and printed on low quality paper. People were reluctant to use them. Nevertheless, the talonas served its purpose: inflation at the time was greater in Russia than in Lithuania. Inflation in 1992 rose steadily due to an energy price spike after Russia increased oil and gasoline prices to world levels and demanded to be paid in hard currency.

On June 25, 1993, the litas was introduced at the rate of 1 litas = 100 talonas. Worthless talonas were recycled into toilet paper in the Grigiškes paper factory.

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