The Old Palace

The Old Palace of the National Bank was considered “the mostbeautiful building in Bucharest” by architect Ion Mincu. It is trulyimpressive due to its monumentality, regularity, distinction andsize. The interior is contrasting with an “ample and spectaculardevelopment that is very well contained” (Nicolae Lascu), suitablefor the esthetic and functional needs of a central bank at the endof the 19th century. It is the first important bank building inBucharest, the most imposing building of a financial institutionmatching all the other great European bank buildings of the time.

The contrast between the strictness and un-ostentatiousness ofthe facades’ architecture and the interior’s decorative richness isevident. Thus, both the ground floor public spaces and the firstfloor representation spaces are surprising, due to a remarkable artand decorative concept.

A century later, the modernization and development of bankingactivities rendered the initial destination of the ample and lavishlydecorated work spaces on the ground floor improper to the activityof bank clerks. Therefore, their artistic and symbolic value led tothe spaces’ conversion into a museum for the use of the widerpublic. The visitors discover an unexpectedly generous space,richly adorned, and framed by columns and pillars, where theMuseum of the National Bank of Romania is presently established.

The National Bank ofRomania preserves animportant architecturalheritage, comprisingtwo palaces includedon the list ofRomanian historicalmonuments, where thebank carries out itscentral activity.

The museum’s central element is the former hall of counters,known today as “The Marble Hall”. It is the largest hall in the OldPalace, two levels tall, reaching up to the building’s first floor. Theground floor displays a series of massive pillars, with archwayswhere the counters for client relations used to be placed. A vaultis embedded in eachpillar, used by the clerksfor their daily activities.The first floor displaysdouble columnsconnected through smallcommunication loggiasto the gallery upstairsfrom where the dailycommercial activitiesdownstairs could bedirectly and discretelywatched.

The architecture of thecounters’ hall reflects itspurpose and ischaracteristic to 19thcentury European banks.It recalls the banks andstock exchanges of the16th-17th centuries thathad an area for moneyexchange around arectangular, uncovered,little square type space,outlined by the building’sground and first floors.A special mention shouldgo to the hall’s acoustics,broken in the centre andclear all around the room.They had been especiallydesigned to keep thesecrecy of bankoperations, a forerunner ofthe discretion line inpresent-day commercialbanks. The resulting echowas meant to enable thediscretion ofcommunications betweenbank clerks and theirclients.

Showcasing thenumismatic exhibition inthe lateral aisles of theMarble Hall was meant asa minimal intervention interms of layout in order topreserve the authenticityof the construction and fora balanced coherencebetween architecture andthe exhibits. The centralarea of the hall, thus,keeps up its own tune.

The History of Currency Circulationin Romania Exhibition

The History of Currency Circulation in Romania is chronologicallydisplayed in ten showcases, with double exhibition panels. Theseare located in the two lateral aisles of the Marble Hall and bringtogether a large range of money types relevant for Romanian anduniversal history, spanning from Antiquity to the 19th century.

The vaults embedded in the room’s pillars are a surprise for thevisitors and unique among other museums in the country. Theyare used as showcases, which confers more originality and valueto the museum layout and contributes to marking certain momentsin Romanian banking history.

The museum’snumismatic exhibition isdivided into two amplethemes: The History ofCurrency Circulation inRomania and The Historyof the Romanian Leu. Theexhibition recreatesRomanian history fromthe perspective ofcurrency circulation.The spaces used ensurea relative autonomy ofthe two sections andallow several museumcircuits, deriving fromthe building’sarchitecture and from theexhibition themes.

The exhibition begins with thepresentation of coins issued in Histria, acity on the Western shore of the BlackSea, which had started striking silverdidrachms in 480 BC. These were thefirst coins ever to be minted on theterritory of present-day Romania.

The exhibition also includes fractionalcoins (obols, hemiobols, trihemiobols),as well as interesting exhibitsshowcasing coinage from Callatis andTomis, the other two Greek cities on theDobruja seacoast.

Among the exhibited Greekcoins are issues by the citiesof Thassos, Dyrrhachium, andApollonia. Macedonian coinsstarted circulating in the LowerDanube area, with the increaseof the Macedonian kings’ politicalinfluence. The displayed coins are mainly goldstaters, silver tetradrachms and bronze coinsstruck by Philip II and Alexander the Great.

Roman coins, and mainly the silver denarius,started circulating in the north of the Danube inthe 2nd and 1st centuries BC, with the increase ofRoman influence in the Balkan region. Theygradually replaced Greek-Macedonian coins and,

after the conquest of Dacia, thehistory of the regions north of the

Danube overlapped with the history of Romancoinage. The dissemination of Romancurrencies over these territories continuedafter the withdrawal of the Roman

administration from Dacia (c. 275 AD). Theexhibition includes mainly coins issued by

emperors that had had important interventions in the destiny ofthis province. Visitors will see coins issued by Philip the Arab forthe province of Dacia, as well as various coinage issued by Trajan,Hadrian, Antonius Pius or Septimius Severus. From a typologicalpoint of view, valuable gold and bronze coins (aurei, sestertii,dupondii, akces and quadrants) are exhibited alongside the morenumerous silver coins.

Of all Dacian coins, the Kosontype stater is by far the bestknown. The exhibition alsofeatures versions of silverKoson type coins.

Byzantine coins started circulatingwith Anastasius’s monetary reformof 498, aimed at granting a stablevalue to the bronze folles. Thesewere widely circulated on Romanianterritory until the 15th century.

The second part of The History of Currency Circulationin Romania is dedicated to medieval and moderncoins, from the 14th to the 19th century, with eachimportant stage marked by relevant exhibits.

The first Wallachian coins were the ducats and thebani of Vladislav I Vlaicu (1364-1377). The Wallachianmint was at its height during Mircea the Old andalmost stopped operating altogether in the 15thcentury, due to the increase of the political andeconomic power of the Ottoman Empire in the region. After that, there had been feeble attempts to issue currency

by Mihnea III (1658) and ConstantinBrâncoveanu, who ordered

the minting of gold coin-medals for cele bra -

ting his 25 yearsof reign.

The Moldavian monetary systemhas been established during thereign of Petru I Mușat and wasmade up of silver groats, half-groatsand later on double groats. TheMoldavian mint kept operating for a

longer period of time. One of the most valuablepieces in this showcase is the akces of Ioan

Voda the Terrible (1572-1574), a largebronze coin, considered to be the firstissue with a Romanianinscription.

Money circulation in Transylvania has reflected theevolution of the province’s status over time: it used tobe part of the Hungarian Kingdom, an autonomousprincipality under Ottoman and, later, Hapsburgsuzerainty. Therefore, while under Turkish control,Transylvanian princes used to mint coins in theirown name, mainly high value coins: gold ducats andmultiples, silver talers, ordouble talers. Afterbecoming subject toHapsburg rule,Transylvanianmints startedissuing coins inconformity to theAustrian orHungariansystems.

Alongside their own currency, or rather in theabsence thereof, Wallachia and Moldova weremassively saturated by coins issued by other states.Starting with the 15th century the Ottoman aspers,the Venetian zecchino and the Hungarian florinbecame much circulated. Over the last two decadesof the 16th century, the monetary economy ofWallachia was dominated by various silver coins,out of which the lion-thalers (Loewendaalder),issued in the Netherlands, became the most popular.At the end of the 17th century, the circulation of thesethalers decreased considerably, while the Romanianprovinces opened up to a variety of coins minted allover Europe and the Ottoman Empire.

The History of the RomanianLeu Exhibition

The Romanian state entrusted the National Bank with the exclusiveprivilege of issuing bearer bonds (banknotes). From that momenton, the history of the leu could no longer be separated from thehistory of the central bank.

It is undoubtedly fascinating to make an incursion into the world ofmoney and this is what the exhibition The History of the RomanianLeu tries to do. The display is located in the western wing of thehall connecting the two palaces that constitute the bank’sheadquarters. The purpose of the exhibition is to presentRomanian monetary history and to call to mind the bank’s role insupporting the national currency.

The visitors can admire a complete series of coins issued by theRomanian state, starting in 1867 and until the denomination of theleu in 2005, as well as the main types of banknotes.

The first Romanian coins issued were fractional coins made ofbronze (1, 2, 5 and 10 bani), of silver (50 bani, 1 leu and 2 lei), aswell as the gold 20 lei of King Carol I.

The leu became thenational currency ofRomania according tothe Law for theestablishment of a newmonetary system and formanufacturing ofnational currencies,adopted in 1867.

Promissory notes were issued in 1877, featuring a Frenchdesign and focusing on the Latin origin of the Romanianpeople. The first banknotes issued by the National Bankafter 1881 continued the same style.

The showcase dedicated to currency circulation duringWorld War I reflects the changes in the monetary structure.Metal coins nearly went out of the market, due to inflationand to people’s tendency of hoarding silver coins considered tobe more secure. The lack of change on the market would becompensated by the National Bank by launching banknotes withlow nominal values (1, 2 and 5 lei). It is also here that “papercoins” issued by the Ministry of Financecatch the visitor’s eye. They areconsidered to be the smallestbanknotes in the world.

After the war and after overcoming the effects of the world-wideeconomic depression, Romania went through a period of economicflourishing. The banknotes’ layout became increasingly richer andnew themes came up; references to the Romanian royal dynastyand to national unity became increasingly apparent.

During World War II, nickel coins were withdrawn and melted, sothat the resulting material could be used in the warfare industry.They were replaced by zinc coins. For a brief while, just like inother occupied countries, the Soviet army issued their ownoccupation lei with their circulation limited to the period of theSoviet troops’ crossing the Romanian territory.

There were profound transformations in Romanian society afterthe communist regime came to power, as it can be seen in ourexhibition. The National Bank became subordinate to the Ministryof Finance and had to agree with a design featuring values thatwere not in line with the bank’s tradition. The banknotes’ layoutfeaturing royal and Latin representations was altered to reflect thenew people’s power and the revolution idea.

The last showcase in the exhibition is dedicated to the period after December 1989. The first banknote issued after the politicalchange was released in January 1991 and was dedicated tosculptor Constantin Brâncuși. Many more Romanian personalitieswere later featured on banknotes: Grigore Antipa, Mihai Eminescu,Lucian Blaga, George Enescu, Nicolae Grigorescu, Aurel Vlaicu, I.L. Caragiale.

In 1999, the first polymer banknote was launched (2000 lei – TotalEclipse of the Sun of 11 August 1999). This material represents themost advanced technological development in contemporarybanknotes’ fabrication and has several advantages as compared tothe traditional paper: higher security features, longer circulationlife cycle (banknotes are four times more durable), banknotes arecleaner, waterproof and more resistant to bacteria or otherimpurities, as well as recyclable.

Over the later years, paper banknotes were gradually replaced, sothat with the 2005 denomination of the lei, all banknotes incirculation were made exclusively of polymer.

The exhibition dedicated to the national currency also includes aspecial section with anniversary or commemorative Romanian goldissues from 1906 to 1944. The limited issue period renders theitems even more valuable. The Museum of the NBR holds thelargest collection of such pieces in Romania.

The anniversary medal Our Transylvania, informally known also as“The Little Rooster” was minted in 1944 in 1,000,000 pieces, andwas part of the Loan for National Reconstruction.Even though it does not hold any nominalvalue, the medal is in line with the Europeanmonetary system by featuring almost all thedetails on the French 20 francs coin.

The anniversary issue One Hundred Yearssince the Birth of King Carol I (1939) includesthree types of coins: 20 lei, 100 lei, as well as a large piece, with adiameter of 41 mm and weighing 42 grams, the equivalent of 12ducats, known also as “The Jewelry Guilder”. An interesting factis that this issue did not serve an official purpose; King Carol IIonly offered it to people close to him and to several high rankingcivil servants.

Gold from theVault Exhibition

Gold, a noble metal with special characteristics, has alwaysaroused the interest and imagination of men who had considered ita symbol of perfection and eternity. The gold in the shape ofingots, a treasure deposited in central banks’ vaults and rarelyexhibited to the public, is associated by the collective consciencewith prosperity, trust, and stability.

In the section dedicated to gold in our permanent exhibition, wetried to bring together the fascination stirred by this metal and itseconomic value.

The newest sectionin the permanentexhibition has beenorganized within aspecial and securespace with a vaultdoor.

By creating a modern andoriginal concept startingfrom the image of theEarth as a depository ofgold resources, ourmuseum has set out toprovoke the visitors’curiosity to discover novelinformation on gold and toadmire authentic gold barsand gold coins.

Thanks to the generosityof our partners, theNational Museum ofNatural History “GrigoreAntipa” and the CountyMuseum of Mineralogy“Victor Gorduza” BaiaMare, we also displayedgold specimens – a goldore and mine flowerscontaining native goldelements on a quartzmatrix.

The Governor’sGallery and the Boardof Directors’ Room

The rooms on the firstfloor used to berepresentational, as thisis where the offices ofthe management andthe bank’s official hallswere: the Hall of Honorand the Board Room.Given these functions,the rooms aresumptuous andabundantly decorated.

Throughout its history, the bank was governed not only by topprofessionals, but also by remarkable personalities, with strongand sincere patriotic feelings.

To honor their memory, the Governors’ Gallery was established inthe aisles surrounding the central area of the ground floor MarbleHall. The portraits of all the 25 governors that have led the bankuntil 1990, as well as two portraits of Eugeniu Carada, the founderof the NBR, are on display in the gallery. Here the visitors have theopportunity to find out lesser known details about the bank’sleaders and about relevant aspects of their activity.

The visit continues in the opulent Board Room, the most lavishlydecorated hall in the bank, with an eclectic style displaying strongBaroque elements. The four works of art decorating the roomcontribute to its uniqueness.

The main entrance is bordered by two large paintings. On the leftthere is a work by Nicolae Grigorescu, oil on canvas, entitledRodica – At Harvest, finished in 1894. The painting belongs to theartist’s late period and features an agricultural scene.

On the right there is a seascape by Eugen Voinescu, oil on canvas,painted in 1894 as well. It is most likely a scene from Constanţaharbor on the Black Sea coast. Voinescu was a diplomat (formerconsul to Budapest, Constantinople and Odessa) who took to paintinglater in his life, being famous mainly for his seascapes.

On the lateral walls of the Board Room there are two decorativepanels signed by George D. Mirea. They are painted on oval canvasesand depict mythological scenes featuring the Roman god Mercuryand the titan Prometheus. The works are painted in an academicmanner with Baroque influences, a very popular trend in Romania atthat time.

The furniture in the room was ordered in Paris and is Louis XVI style.

The New Palace

The blueprint of the new palace was realized by a group from thebank’s Architecture Department under the leadership of architectRadu Dudescu. He intended to create a layout that would meet theneeds of the bank for “an unlimited period of time”. For thepreparation of the project, but also for the subsequent set-up ofthe installations and interior finishes, Dudescu would travel toGeneva, Paris and Berlin.

Ever since 1933there werediscussions aboutextending the bank’soffice areas, muchneeded for its goodfunctioning and dueto the expansion ofthe bank’sprerogatives, such asthe organization andsupervision ofcurrency exchanges,precious metalscirculation, as wellas the enlargementand modernization ofthe existing bankvault with increasedsecurity levels.

Radu Dudescu reinterpreted the main façade of the Old Palace anddeveloped it, by replicating columns of the same height and at thesame distance from the axis. Successive conversions lead to anew architectural model with a completely different façade. Thus,resulted an impressive construction, classic in expression, andfitting the monumental trend of the 1930s from an architecturalpoint of view.

The building meets the new needs of banking activities, in terms ofspace and distribution of functions, flexibility of spaces for offices,new equipment for plumbing, as well as external and internalfinishes. After the major earthquake of 1940, the design of thepalace’s structural frame was redone to comply with the newestEuropean protection norms against earthquakes.

The construction of the palace began in 1940 and stretched forover 10 years due to difficulties in obtaining construction materialsand work force during the war.

Nevertheless, the exceptional quality of the execution and of thematerials is to be duly noted, as well as the care for detail in com ple -ting the construction. All these are also a result of the attention andexigency of the governors that had run the bank over that period.

The sobriety of the building and its classical aspect are highlightedby the façades in Vraţa stone. The amplestairs and base at the main entrance inDoamnei Street are coated inMăcin granite.

Thegroundfloor hallsare forpublic use,repre sen -tational,and theiruniquefinishingmaterial isRușchiţamarble. The useof this marblehighlights the qualitiesof the stone and less theinterior ornaments, whilethe layout of the plates createa design that functions as thespaces’ decoration. Yet, the rotunda inthe central hall stands out with its parapetdecorated with geometrical elements, and its painted ceiling.

The Mitiţă Constantinescu and Alexandru Ottulescu halls(named after the governors in office during the works onthe New Palace) are used for conferences and otheractivities specific to central banks. The rest of the buildingcomprises today the offices of the management and of theemployees of the National Bank of Romania.