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| Slot: |
0 50 Talonas 1991 Issue P31 |
| Item: |
Lithuania, Bank of Lithuania
0.50 Talonas 1991 - Wmk: Design |
| Grade: |
PMG 65 EPQ |
| Cert #: |
1832161-026
|
Owner Comments
The first Talonas reform 1991
Bank of Lithuania - Lietuvos Bankas
On 5 August 1991, as a response to public complaints about inflation, the Lithuanian government introduced the talonas, paid out as a supplement to the salaries in rubles.[2][3] It was a quick and unforeseen reform pushed by the Prime Minister of Lithuania Gediminas Vagnorius. At first, it was very similar to ration coupons: every person received 20% of his/her salary in talonas up to a maximum of 200 talonai. In order to buy goods other than food, the price had to be paid in roubles and again in talonas (for example, if a product cost 50 roubles, a person had to pay 50 roubles and 50 talonai to buy it).
This system was widely criticized. First of all, in no way did it address the reasons why there were shortages of goods, i.e., it did not promote supply; it just limited demand. Also, the demand for expensive goods (like home appliances) dropped sharply because people needed a lot of time to accumulate the necessary amount of talonas to buy them. It caused bottlenecks in the supply chain and further damaged already troubled production. In addition, the scheme could not prevent hyperinflation of the rouble because the talonas was not an independent currency; it was a supplementary currency with a fixed exchange rate to the rouble. The system tried to encourage Lithuanians to save 80% of their salaries. But people accumulated their roubles and had nowhere to spend them. It led to the inflation of goods that did not require the talonas (like food or goods on the black market).
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| Slot: |
1 (Talonas) 1991 Issue P32 |
| Item: |
Lithuania, Bank of Lithuania
1 (Talonas) 1991 - Wmk: Arms |
| Grade: |
PMG 67 EPQ |
| Cert #: |
1883895-025
|
Owner Comments
The first Talonas reform 1991
Bank of Lithuania - Lietuvos Bankas
On 5 August 1991, as a response to public complaints about inflation, the Lithuanian government introduced the talonas, paid out as a supplement to the salaries in rubles.[2][3] It was a quick and unforeseen reform pushed by the Prime Minister of Lithuania Gediminas Vagnorius. At first, it was very similar to ration coupons: every person received 20% of his/her salary in talonas up to a maximum of 200 talonai. In order to buy goods other than food, the price had to be paid in roubles and again in talonas (for example, if a product cost 50 roubles, a person had to pay 50 roubles and 50 talonai to buy it).
This system was widely criticized. First of all, in no way did it address the reasons why there were shortages of goods, i.e., it did not promote supply; it just limited demand. Also, the demand for expensive goods (like home appliances) dropped sharply because people needed a lot of time to accumulate the necessary amount of talonas to buy them. It caused bottlenecks in the supply chain and further damaged already troubled production. In addition, the scheme could not prevent hyperinflation of the rouble because the talonas was not an independent currency; it was a supplementary currency with a fixed exchange rate to the rouble. The system tried to encourage Lithuanians to save 80% of their salaries. But people accumulated their roubles and had nowhere to spend them. It led to the inflation of goods that did not require the talonas (like food or goods on the black market).
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| Slot: |
3 (Talonas) 1991 Issue P33 |
| Item: |
Lithuania, Bank of Lithuania
3 (Talonas) 1991 - Wmk: Arms |
| Grade: |
PMG 67 EPQ |
| Cert #: |
8069787-074
|
Owner Comments
The first Talonas reform 1991
Bank of Lithuania - Lietuvos Bankas
On 5 August 1991, as a response to public complaints about inflation, the Lithuanian government introduced the talonas, paid out as a supplement to the salaries in rubles.[2][3] It was a quick and unforeseen reform pushed by the Prime Minister of Lithuania Gediminas Vagnorius. At first, it was very similar to ration coupons: every person received 20% of his/her salary in talonas up to a maximum of 200 talonai. In order to buy goods other than food, the price had to be paid in roubles and again in talonas (for example, if a product cost 50 roubles, a person had to pay 50 roubles and 50 talonai to buy it).
This system was widely criticized. First of all, in no way did it address the reasons why there were shortages of goods, i.e., it did not promote supply; it just limited demand. Also, the demand for expensive goods (like home appliances) dropped sharply because people needed a lot of time to accumulate the necessary amount of talonas to buy them. It caused bottlenecks in the supply chain and further damaged already troubled production. In addition, the scheme could not prevent hyperinflation of the rouble because the talonas was not an independent currency; it was a supplementary currency with a fixed exchange rate to the rouble. The system tried to encourage Lithuanians to save 80% of their salaries. But people accumulated their roubles and had nowhere to spend them. It led to the inflation of goods that did not require the talonas (like food or goods on the black market).
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| Slot: |
5 (Talonas) 1991 Issue P34 |
| Item: |
Lithuania, Bank of Lithuania
5 (Talonas) 1991 - Wmk: Arms |
| Grade: |
PMG 65 EPQ |
| Cert #: |
1831521-003
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| Slot: |
10 (Talonas) 1991 Issue P35 |
| Item: |
Lithuania, Bank of Lithuania
10 (Talonas) 1991 - Wmk: Arms |
| Grade: |
PMG 67 EPQ |
| Cert #: |
1832161-033
|
Owner Comments
The first Talonas reform 1991
Bank of Lithuania - Lietuvos Bankas
On 5 August 1991, as a response to public complaints about inflation, the Lithuanian government introduced the talonas, paid out as a supplement to the salaries in rubles.[2][3] It was a quick and unforeseen reform pushed by the Prime Minister of Lithuania Gediminas Vagnorius. At first, it was very similar to ration coupons: every person received 20% of his/her salary in talonas up to a maximum of 200 talonai. In order to buy goods other than food, the price had to be paid in roubles and again in talonas (for example, if a product cost 50 roubles, a person had to pay 50 roubles and 50 talonai to buy it).
This system was widely criticized. First of all, in no way did it address the reasons why there were shortages of goods, i.e., it did not promote supply; it just limited demand. Also, the demand for expensive goods (like home appliances) dropped sharply because people needed a lot of time to accumulate the necessary amount of talonas to buy them. It caused bottlenecks in the supply chain and further damaged already troubled production. In addition, the scheme could not prevent hyperinflation of the rouble because the talonas was not an independent currency; it was a supplementary currency with a fixed exchange rate to the rouble. The system tried to encourage Lithuanians to save 80% of their salaries. But people accumulated their roubles and had nowhere to spend them. It led to the inflation of goods that did not require the talonas (like food or goods on the black market).
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| Slot: |
25 (Talonas) 1991 Issue P36 |
| Item: |
Lithuania, Bank of Lithuania
25 (Talonas) 1991 - Wmk: Arms |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1831521-005
|
Owner Comments
The first Talonas reform 1991
Bank of Lithuania - Lietuvos Bankas
On 5 August 1991, as a response to public complaints about inflation, the Lithuanian government introduced the talonas, paid out as a supplement to the salaries in rubles.[2][3] It was a quick and unforeseen reform pushed by the Prime Minister of Lithuania Gediminas Vagnorius. At first, it was very similar to ration coupons: every person received 20% of his/her salary in talonas up to a maximum of 200 talonai. In order to buy goods other than food, the price had to be paid in roubles and again in talonas (for example, if a product cost 50 roubles, a person had to pay 50 roubles and 50 talonai to buy it).
This system was widely criticized. First of all, in no way did it address the reasons why there were shortages of goods, i.e., it did not promote supply; it just limited demand. Also, the demand for expensive goods (like home appliances) dropped sharply because people needed a lot of time to accumulate the necessary amount of talonas to buy them. It caused bottlenecks in the supply chain and further damaged already troubled production. In addition, the scheme could not prevent hyperinflation of the rouble because the talonas was not an independent currency; it was a supplementary currency with a fixed exchange rate to the rouble. The system tried to encourage Lithuanians to save 80% of their salaries. But people accumulated their roubles and had nowhere to spend them. It led to the inflation of goods that did not require the talonas (like food or goods on the black market).
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| Slot: |
50 (Talonas) 1991 Issue P37 |
| Item: |
Lithuania, Bank of Lithuania
50 (Talonas) 1991 - Wmk: Arms |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1831521-006
|
Owner Comments
The first Talonas reform 1991
Bank of Lithuania - Lietuvos Bankas
On 5 August 1991, as a response to public complaints about inflation, the Lithuanian government introduced the talonas, paid out as a supplement to the salaries in rubles.[2][3] It was a quick and unforeseen reform pushed by the Prime Minister of Lithuania Gediminas Vagnorius. At first, it was very similar to ration coupons: every person received 20% of his/her salary in talonas up to a maximum of 200 talonai. In order to buy goods other than food, the price had to be paid in roubles and again in talonas (for example, if a product cost 50 roubles, a person had to pay 50 roubles and 50 talonai to buy it).
This system was widely criticized. First of all, in no way did it address the reasons why there were shortages of goods, i.e., it did not promote supply; it just limited demand. Also, the demand for expensive goods (like home appliances) dropped sharply because people needed a lot of time to accumulate the necessary amount of talonas to buy them. It caused bottlenecks in the supply chain and further damaged already troubled production. In addition, the scheme could not prevent hyperinflation of the rouble because the talonas was not an independent currency; it was a supplementary currency with a fixed exchange rate to the rouble. The system tried to encourage Lithuanians to save 80% of their salaries. But people accumulated their roubles and had nowhere to spend them. It led to the inflation of goods that did not require the talonas (like food or goods on the black market).
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| Slot: |
100 (Talonas) 1991 Issue P38 |
| Item: |
Lithuania, Bank of Lithuania
100 (Talonas) 1991 - Wmk: Arms |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1832161-040
|
Owner Comments
The first Talonas reform 1991
Bank of Lithuania - Lietuvos Bankas
On 5 August 1991, as a response to public complaints about inflation, the Lithuanian government introduced the talonas, paid out as a supplement to the salaries in rubles.[2][3] It was a quick and unforeseen reform pushed by the Prime Minister of Lithuania Gediminas Vagnorius. At first, it was very similar to ration coupons: every person received 20% of his/her salary in talonas up to a maximum of 200 talonai. In order to buy goods other than food, the price had to be paid in roubles and again in talonas (for example, if a product cost 50 roubles, a person had to pay 50 roubles and 50 talonai to buy it).
This system was widely criticized. First of all, in no way did it address the reasons why there were shortages of goods, i.e., it did not promote supply; it just limited demand. Also, the demand for expensive goods (like home appliances) dropped sharply because people needed a lot of time to accumulate the necessary amount of talonas to buy them. It caused bottlenecks in the supply chain and further damaged already troubled production. In addition, the scheme could not prevent hyperinflation of the rouble because the talonas was not an independent currency; it was a supplementary currency with a fixed exchange rate to the rouble. The system tried to encourage Lithuanians to save 80% of their salaries. But people accumulated their roubles and had nowhere to spend them. It led to the inflation of goods that did not require the talonas (like food or goods on the black market).
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| Slot: |
1 (Talonas) 1992 Issue P39 |
| Item: |
Lithuania, Bank of Lithuania
1 (Talonas) 1992 |
| Grade: |
PMG 68 EPQ |
| Cert #: |
8072270-040
|
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| Slot: |
10 (Talonas) 1992 Issue P40 |
| Item: |
Lithuania, Bank of Lithuania
10 (Talonas) 1992 |
| Grade: |
PMG 67 EPQ |
| Cert #: |
8069787-073
|
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| Slot: |
50 (Talonas) 1992 Issue P41 |
| Item: |
Lithuania, Bank of Lithuania
50 (Talonas) 1992 |
| Grade: |
PMG 65 EPQ |
| Cert #: |
1832161-046
|
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| Slot: |
100 (Talonas) 1992 Issue P42 |
| Item: |
Lithuania, Bank of Lithuania
100 (Talonas) 1992 |
| Grade: |
PMG 67 EPQ |
| Cert #: |
8071031-071
|
Owner Comments
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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| Slot: |
200 (Talonas) 1992 Issue P43 |
| Item: |
Lithuania, Bank of Lithuania
200 (Talonas) 1992 |
| Grade: |
PMG 67 EPQ |
| Cert #: |
8067418-006
|
Owner Comments
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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| Slot: |
500 (Talonas) 1992 Issue P44 |
| Item: |
Lithuania, Bank of Lithuania
500 (Talonas) 1992 |
| Grade: |
PMG 66 EPQ |
| Cert #: |
1832161-056
|
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| Slot: |
200 Talonu 1993 Issue P45 |
| Item: |
Lithuania, Bank of Lithuania
200 Talonu 1993 |
| Grade: |
PMG 68 EPQ |
| Cert #: |
8072115-081
|
Owner Comments
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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