The modern banknotes of Lithuania are denominated in litas. All banknotes were of the same size (135 mm × 65 mm) except for the 500 litų banknote. They bore signatures of Minister of Finance and/or of Chairperson of the Bank of Lithuania Board. 10, 20, and 50 litų banknotes had 4 releases. This was mainly due to security reasons: number of security features was gradually increased from virtually 0, to 9, 14 and eventually to 17. The first release bore the date "1991" but were actually released to the public in 1993 for a very brief time (June–October). Since they were replaced in the same year, the first release is dated to 1991 and the second to 1993.
The banknotes were not printed in Lithuania. At first they were printed by the United States Banknote Corporation, later by the UK-based Thomas De La Rue & Co. Ltd. and the Germany-based Giesecke & Devrient GmbH.
10 litų
The reverse of the 10 litų banknote featured Lithuanian heroes, Steponas Darius and Stasys Girėnas. In 1933 they flew from New York City over the Atlantic Ocean with a small plane called Lituanica. However, the plane mysteriously crashed in Germany (now Poland). The duo did not survive. The obverse depicts Lituanica flying over the Atlantic Ocean with visible shores of the North America and Europe.
This banknote was noticed by the international press covering the introduction of the litas. Journalists made a metaphor that the litas should do better than the pilots, i.e. the litas, hopefully, would not crash.
The most recent release clearly shows Darius wearing the cap with an insignia from then-Palwaukee Municipal Airport (now Chicago Executive Airport) located in Wheeling, Illinois. It attracted some attention from collectors.
The banknote was designed and redesigned by Giedrius Jonaitis. The very first draft of new Lithuanian currency had Darius and Girėnas on the 5 litai banknote. It was released in different designs four times (in 1993 (twice), 1997, and 2001). The first banknote design started an international scandal. In 1992, these banknotes were printed and ready to be released to the public. However, it was discovered that they were virtually unprotected against counterfeiting. It delayed the introduction of the litas as the banknotes had to be reprinted. The banknotes bearing the date "1991" were released for a very short time and were quickly replaced by the 1993 issue. The major design ideas have not changed throughout the issues.
In 1993, on the 60th anniversary of Lituanica's flight, the 10 litų silver commemorative coin was issued featuring the pilots. It was the second commemorative coin issued by "Lithuanian Mint" (the first was for Pope John Paul II's visit to Lithuania).
20 litų
The banknote features a portrait of the Lithuanian romantic poet Maironis (real name Jonas Mačiulis, 1862–1932) who was a great patriot and made efforts to "wake up" the nation, to inspire resistance to Russification policies and fight for the independence of Lithuania from Imperial Russia.
The obverse features the Vytautas the Great War Museum in Kaunas, with its carillon tower (the most famous exhibit in the museum is a wreckage of "Lituanica" airplane). The reverse also depicts the Statue of Liberty by Juozas Zikaras, commemorating the declaration of Lithuania's independence in 1918. The 20 litų banknote released in 1930 also featured the same Statue of Liberty on the back, just it is on the left hand side. The obverse of the 1930 banknote featured Vytautas the Great himself.
The banknotes printed in 1991, together with the 10 litų banknotes, started an international scandal. The 1991 release was replaced very quickly. The 1993 release was designed by Justas Tolvaišis. The last issue was designed by Giedrius Jonaitis. The major change in 2001 issue was moving the Statue of Liberty from the left hand side to the right on the back.
50 litų
The obverse bears a portrait of the national patriarch, scholar, statesman and signatory of Lithuania's Declaration of Independence of February 16, 1918, Dr. Jonas Basanavičius (1851–1927). Sometimes he is nicknamed as "father of independence" as he was the chairman of Council of Lithuania when the declaration was signed.
The back of the banknote depicted Vilnius Cathedral and its belfry, Monument to Grand Duke Gediminas, Gediminas Castle and the Hill of Three Crosses. All these objects are considered as the heart of Vilnius and are strong national symbols.
The 50 litų banknote released in 1928 also features Basanavičius and Vilnius Cathedral. It makes this banknote the only one that closely represents a banknote released in the interwar Lithuania.