The lek was named after Alexander the Great, whose name is often shortened to Leka in Albanian.

This action, coupled with the introduction of the Italian lira in Albania, led to significant inflation and the devaluation of the lek. Following the Italian invasion of Albania, the entire gold reserves of Albania, totaling 300,000 gold francs, were confiscated and sent to the Reichsbank in Berlin. Due to the gold standard, up until 1939, the lek did not experience significant inflation and the currency in circulation remained relatively constant.

From 1926-1939, the Albanian lek adhered to the gold standard with lek banknotes being convertible to gold. In 1923 Italian paper circulated at Shkodër, Durrës, Vlorë, and Gjirokastër, and the Greek drachma at Korçë, the values of which varied according to locality and the prevailing rates of exchange as compared with gold. Before the First World War the Ottoman Turkish piastre was in full circulation, but following the military occupation of the country by various continental powers the gold franc ( Franc Germinal) was adopted as the monetary unit. īefore then, Albania was a country without a currency, adhering to a gold standard for the fixation of commercial values. The lek was introduced as the first Albanian currency in February 1926. Alexander the Great on the first Albanian 1 Lek coin.

Exchange dollar to lek