10 Lei (establishment of early military institutions in modern-day Romania) – Romania
Non-circulating coins
Commemoration: 150 years since the establishment of the early military institutions in modern-day Romania
Romania
Context
Material
Diameter: 37 mm
Weight: 31.1 g
Silver weight: 31.07 g
Shape: Round
Composition: 99.9% Silver
Standard: Silver ounce
Magnetic: No
Technique: Milled
References
KM: #Click to copy to clipboard298
Numista: #81747
Value
Exchange value: 10 RON = $2.32
Bullion value: $90.04
Inflation-adjusted value: 17.62 RON
Obverse
Description:
A portrait of Alexandru Ioan Cuza, his name, "ROMANIA," Romania's coat of arms, the face value "10 LEI," and the issue year "2011."
Inscription:
ROMANIA
10 LEI
2011
10 LEI
2011
Script: Latin
Reverse
Description:
A General Staff colonel before infantry and cavalry units at a drill site. Around the edge: “PRIMELE INSTITUTII MILITARE ALE ROMANIEI MODERNE” and the year “1861”.
Inscription:
PRIMELE INSTITUTII MILITARE ALE ROMANIEI MODERNE
1861
1861
Script: Latin
Edge
Milled
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2011 | — | 500 | Proof |
Historical background
In 2011, Romania was navigating the complex aftermath of the 2008-09 global financial crisis, which had hit the country hard, leading to a deep recession and a controversial €20 billion bailout from the IMF, EU, and World Bank in 2009. A central element of this economic landscape was the currency situation, defined by a managed float regime for the Romanian Leu (RON). The National Bank of Romania (NBR) did not target a fixed exchange rate but actively intervened in the foreign exchange market to curb excessive volatility, often seeking to prevent a sharp depreciation that could exacerbate inflation and increase the burden of foreign-currency-denominated debts held by many households and businesses.
The year was marked by significant political and external uncertainty, which put pressure on the leu. Domestically, a major political crisis in mid-2011 led to the fall of the government, raising concerns about the continuity of austerity measures and reforms required by the international lenders. Externally, the escalating Eurozone sovereign debt crisis, particularly fears of contagion from Greece, created a risk-averse environment, leading investors to pull capital from emerging European markets like Romania. Consequently, the leu weakened against the euro, trading at around 4.2-4.3 RON/EUR for much of the year, a depreciation from pre-crisis levels that reflected these combined pressures.
Despite this pressure, the currency situation remained relatively stable compared to the intense volatility of 2009. This was largely due to the NBR's interventions and the safety net provided by the ongoing IMF agreement, which bolstered international reserves and investor confidence. The central bank also maintained a high key policy interest rate (initially 6.25%, raised to 6.5% in May) to combat inflation and support the currency, even as it constrained economic growth. Thus, 2011 was a year of fragile stability for the leu, managed through careful policy amidst a challenging climate of political turmoil and regional financial instability.
The year was marked by significant political and external uncertainty, which put pressure on the leu. Domestically, a major political crisis in mid-2011 led to the fall of the government, raising concerns about the continuity of austerity measures and reforms required by the international lenders. Externally, the escalating Eurozone sovereign debt crisis, particularly fears of contagion from Greece, created a risk-averse environment, leading investors to pull capital from emerging European markets like Romania. Consequently, the leu weakened against the euro, trading at around 4.2-4.3 RON/EUR for much of the year, a depreciation from pre-crisis levels that reflected these combined pressures.
Despite this pressure, the currency situation remained relatively stable compared to the intense volatility of 2009. This was largely due to the NBR's interventions and the safety net provided by the ongoing IMF agreement, which bolstered international reserves and investor confidence. The central bank also maintained a high key policy interest rate (initially 6.25%, raised to 6.5% in May) to combat inflation and support the currency, even as it constrained economic growth. Thus, 2011 was a year of fragile stability for the leu, managed through careful policy amidst a challenging climate of political turmoil and regional financial instability.
✨ Legendary