The main economic forces of Lebanon are tourism and banking. This Middle Eastern country on the eastern shore of the Red Sea has much to offer in terms of both exports. Its currency is the Lebanese pound. It trades under the initials LBP originally at the rate of 1,000 of the now defunct piastres or qirsh to 1 pound.
History
Currency began in Lebanon around the 2nd century B.C. Phoenician coinage included money from Aradus, Sidon, Tyre and Byblus. Greek coinage in the form of the tetradrachmas of Athens also became common. The very first local coins came from the vassal kings of the region. They bore the names of the rulers for Sidon and Byblus. The script was in Phoenician but the script and designs were more Persian.
In the 4th century B.C., Alexander the Great made his entrance and exit. He introduced silver tetradrachms and golden Staters. Over the successive centuries, currency emerged copying the various styles of the successive rulers of the country. The regal coins of the Seuclid and Egyptian rulers and the coins from Tyre lasted into the Roman period.
In 645 B.C., Rome annexed Lebanon formally. Originally, the arrival of the silver denarii did not replace the local coinage of silver shekels of Tyre. This move began after the ascent of Nero in AD 54. Afterwards, coins came from Roman Syria in the form of tetradrachms. Silver coins became the staple money with mints in Antioch, Turkey. Occasionally, the Romans utilized the local mints. Tyre did produce bronze coins until Galienus (253-268). By the middle of this century, the only official currency was Roman. The most common coin became the base-silver antoninanus. Antioch became the major mint until the Byzantine era.
The Arab conquest of the 630s
introduced a new phase of Lebanese currency. While Byzantine coinage
continued to circulate, the Umayyad Caliphs slowly introduced the new
monetary system. The source continued to be imports. This was the case
in these regions until 1917.
The Crusaders established Kingdom of
Jerusalem and the State of Tripoli in the 12th and 13th centuries.
Baronial coinage from the time included the copper or silver coins from
Raynald of Sidonia and Raymond of Tripoli. The Lords of Tyre produced
copper coins. The counts of Lebanon at Tripoli also issued gold
bexants, copper coins and base-silver deniers . Tripoli was the first
mainland Crusader State to introduce the new European-style coinage of
½ and full gros.
Lebanon then fell under the control of the Turks. This ended with WWI. The French next took over introducing a system of piastres coins with French and Arabic inscriptions from the Paris mint in 1924. In 1925, the Paris facilities printed the first banknotes for the French colonial country. During WWII, the Paris mint was no longer accessible so Lebanon made its own coins.
After WWII, Lebanon gained independence. No new currency emerged until 1952. In 1961, the coins featured Lebanese symbols including a cedar tree, lion head, galley and wreathe. In 1968, the Bank of Lebanon began to produce a new series of 5, 10, 25 and 50 piastres. They added a 1-livre or pound coin in 1975. After a series of changes, including the loss of the piastres to inflation, the Lebanese currency consists of 50, 100, 250 and 500 pound coins and banknotes in the denominations of 1,000, 5,000, 10,000, 20,000, 50,000 and 100,000 pounds.
Obtaining Lebanese Pounds
Local currency is available from a number of sources. The major two are banks and moneychangers. As in the case of many countries, moneychangers may offer the best rates. You can also locate ATMs in the larger cities and towns.
Protecting Your Currency
Crime in Lebanon is not serious. The usual petty thefts and criminal activities occur. Be sure to exercise caution and take the usual precautions. This will ensure your valuables, including your money, are safe.
Using Your Lebanese Pounds
The Lebanese pound comes in handy in a variety of instances. You can use it to purchase practical items, for transportation costs and to obtain goods and services. If you decide to go shopping, bring the pound along. It can buy you some wonderful gifts and souvenirs. Try to obtain some traditional items such as handmade soap. There are some amazing types, including cedar oil soap. You can also buy hammered trays with Arabic designs, blown glass, fine embroidered clothing and linen and perfume.
Travel Tips and Warnings
- The country is peaceful except for some areas. Watch your step in Trivoli.
- In the south, there are still some unexploded landmines. Watch for the signs, stay on paved roads and do not go traveling by vehicle or foot across unknown country paths or roads.
- There may be some military activity around the Shebaa Farms. Check first before you explore this area.
- Do visit Beirut with its Sursock Museum, Ottoman and French era mansions and the 12th century Al-Omari Mosque.
- Promenade the Corniche in Beirut or head to Sidon and the Crusader Sea Castle.
- You might want to see the caves at Jeita Grotto or the Roman ruins at Byblos.
- Go shopping at the medieval souqs in Triploi.
Overview
Lebanon
is a Middle East country with a strong banking and tourism sector. It
has some unrest but offers a chance to see some intriguing glimpses of
its past and future.
For factual and travel information, see www.destinationlebanon.gov.lb.
Currency Summary
Current currency: pound
Originally, 1,000 piastres equals 1 pound
Coins: 50, 100, 250, 500 pounds
Banknotes: 1000, 5000, 10 000, 20 000, 50 000, 100 000 pounds