200 Leke

Albania's first post-communist banknote series appeared while the country was still in acute institutional collapse — the 1991–1992 period saw mass emigration, the looting of military armories, and the near-complete breakdown of the banking system. These notes circulated into an economy operating largely on remittances from emigrants in Italy and Greece rather than any functional domestic monetary infrastructure.

The watermark is the sole security feature, a notably sparse specification for a note issued mid-decade, when neighboring countries were already incorporating security threads and UV-reactive inks. Albania's isolation under Hoxha had left the central bank with little technical printing infrastructure to build from.