Lebanon Banknotes: History, Notable Notes & Collecting Guide
Lebanon's money tells two stories at once: a proud national identity built around the cedar and the Roman ruins of Baalbek, and one of the most dramatic currency collapses of the modern era. That combination makes Lebanese notes both beautiful and historically loaded.
Lebanese pound (lira, LBP) Banque du Liban, since 1964 Cedar & Baalbek designs 2019 to 2023 collapse
Last updated: July 2026
Lebanon's official currency is the Lebanese pound, also called the lira, issued by the country's central bank, the Banque du Liban. Lebanese notes are collectible for two reasons. First, their designs are built around the national cedar and the ancient Roman temples of Baalbek, among the most recognizable heritage sites in the region. Second, the currency itself lived through an extraordinary recent history, losing most of its value in the financial collapse that began in 2019. This hub walks through the pound's history, the notes and designs collectors prize, and how to start a Lebanon collection from a source-first dealer.
What is the history of the Lebanese pound?
Lebanon's paper money reaches back to the French Mandate. The first Lebanese banknotes were issued in 1925 by the Banque de Syrie et du Grand-Liban, the Bank of Syria and Greater Lebanon, in bilingual Arabic and French. In 1963 the Code of Money and Credit established the Banque du Liban, the Bank of Lebanon, which took over note issuance on April 1, 1964, and has issued the pound ever since. Across the Lebanese Civil War of 1975 to 1990 the currency weakened and higher denominations appeared, a pattern that would return decades later.
From December 1997 the pound was pegged at roughly 1,507.5 to the US dollar, a rate that held for more than two decades and made the Lebanese pound one of the most stable-looking currencies in the region on paper. That apparent stability is central to understanding why its later collapse was so shocking, both to the country and to the collectors who now seek out its notes.
What happened to the Lebanese pound in the 2019 to 2023 crisis?
The long-standing peg near 1,507.5 pounds per dollar broke apart in the financial crisis that began in late 2019, and on the parallel market the pound fell to tens of thousands per dollar. The World Bank, in its Spring 2021 Lebanon Economic Monitor titled "Lebanon Sinking (to the Top 3)," described the crisis as likely to rank among the ten, possibly the three, most severe economic crisis episodes globally since the mid-nineteenth century. It is a rare case where a modern currency unraveled outside of open war.
For collectors, the arithmetic is striking. At the old peg, a 100,000-pound note, for years the largest denomination in circulation, was worth roughly 66 US dollars. After the pound fell to tens of thousands per dollar on the parallel market, that same note was worth close to a single dollar. Notes issued or circulating through those years are becoming sought-after recent-history pieces, a paper record of a collapse that happened in real time. For where other episodes of currency breakdown sit on the historical scale, see every hyperinflation ranked.
Which Lebanese banknotes are most collectible?
Lebanon rewards both the design collector and the history collector, because each era of the pound left behind its own family of notes. The table below maps the main eras and what collectors look for in each. It stays general on purpose: individual notes vary by series, signature, and condition, so treat this as a map rather than a price list.
| Era | Years in use | What collectors look for |
|---|---|---|
| French Mandate issues | 1925 to 1963 | The earliest Lebanese paper, issued by the Banque de Syrie et du Grand-Liban in bilingual Arabic and French. The scarcest and most prized notes in the series. |
| Early Banque du Liban | 1964 to 1980s | The classic designs: the national cedar and the Roman temple ruins of Baalbek. A clean, completable range of denominations from 1 to 250 livres. |
| Civil war and recovery | 1980s to 1990s | Higher denominations issued as the pound weakened during and after the war. Abundant and affordable, often available in crisp Uncirculated condition. |
| Peg era | 1997 to 2019 | The stable-era notes most people picture, carrying cedar and heritage designs, including commemoratives such as the 50-year Banque du Liban polymer note. |
| Crisis era | 2019 onward | High-denomination notes, above all the 100,000-pound note, whose collapse in real value is the collectible story of the modern Lebanese pound. |
Two design motifs define the money. The Lebanon cedar, the emblem at the center of the national flag, recurs across the country's coins and banknotes and is the single most recognizable Lebanese symbol. The Roman temples at Baalbek, including the great columns of the Temple of Bacchus, are the other signature, appearing on classic Banque du Liban notes such as the 50 livres. Beyond the banknotes, the Casino du Liban, a landmark that opened near Beirut in 1959 during Lebanon's mid-century golden age, is well known to collectors through its gaming tokens and chips denominated in livres, a distinctive niche of Lebanese numismatics that sits alongside the official notes.
How do you start collecting Lebanon banknotes?
Start with one era that speaks to you, in the best condition you can find, from a dealer that documents where its notes come from. Because the recent crisis and the earlier changes left many notes unspent, crisp Uncirculated examples of the modern issues are widely available and inexpensive, which makes Lebanon an accessible entry point. Uncirculated (UNC) sits at the top of the letter-grade ladder that runs UNC, AU, XF, VF, F, VG, G.
Two habits protect your collection from the start. First, learn how grading works so you can read a note's condition with confidence: our banknote grading guide explains the 1 to 70 numerical scale used by PMG and PCGS and what EPQ and PPQ mean. Second, build with a plan rather than at random. Our guide to collecting world banknotes covers how to pick a theme, whether that is a single-country run of Lebanese notes or a broader collection of crisis-era currencies. If you want independent confirmation of grade and authenticity, choose a note certified by PMG or PCGS and sealed in a tamper-evident holder.
Where can you buy Lebanon banknotes?
Buy from a source-first dealer that inspects every note and stands behind it in writing. Planet Banknote stocks Lebanon notes rather than fixing a single market price, because inventory, series, and grades change. Rather than quote figures that would go stale, we point you to the live category:
Every note Planet Banknote sells passes our Planet Banknote Verified inspection and ships with a free Certificate of Authenticity, so you have documented recourse tied to a named, reachable business. Questions about ordering, shipping, or returns are answered on our FAQ page.
Frequently asked questions
What currency does Lebanon use?
Lebanon's official currency is the Lebanese pound, also written as the lira. It is issued by the Banque du Liban, the country's central bank, which has held the sole right to issue notes since 1964. The first Lebanese banknotes were issued earlier, in 1925, under the French Mandate by the Banque de Syrie et du Grand-Liban, so an older Lebanon collection can reach back nearly a century.
What happened to the Lebanese pound in the 2019 crisis?
The Lebanese pound had been pegged at roughly 1,507.5 to the US dollar since December 1997, but that peg broke apart in the financial crisis that began in late 2019, and on the parallel market the pound fell to tens of thousands per dollar. The World Bank, in its Spring 2021 Lebanon Economic Monitor, described the crisis as likely to rank among the ten, possibly the three, most severe economic crisis episodes globally since the mid-nineteenth century. For collectors, the striking result is that a 100,000-pound note, worth roughly 66 US dollars at the old peg, was worth close to a single dollar at the depths of the crisis.
What do Lebanese banknotes depict?
Lebanese banknotes are built around the country's national symbols and heritage. The Lebanon cedar, the emblem at the center of the national flag, recurs across the country's coins and notes, and the Roman temple ruins at Baalbek are the other signature design. The Casino du Liban, a landmark that opened near Beirut in 1959, is best known to collectors through its gaming tokens and chips denominated in livres, a distinctive niche alongside the official banknotes.
Are Lebanese banknotes worth collecting?
Yes, for both their designs and their history. Lebanese notes are affordable and widely available in crisp Uncirculated condition, because the recent crisis and earlier changes left many notes unspent. The high-denomination notes of the 2019 to 2023 collapse are a compelling recent-history piece, while the cedar and Baalbek designs of the classic era appeal to collectors of world heritage. Value depends on condition, series, and demand rather than face value, since older notes are no longer legal tender.
Where can you buy Lebanon banknotes?
Buy from a source-first dealer that inspects every note and documents where it came from. Planet Banknote stocks Lebanon notes rather than fixing a single market price, because inventory, series, and grades change. Every note passes the Planet Banknote Verified inspection and ships with a free Certificate of Authenticity, and where you want independent confirmation of grade you can choose a note certified by PMG or PCGS in a tamper-evident holder.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.