Malawian pound

Malawian pound

Unit
Symbol	£‎
Denominations
Subunit
1/20	shilling
1/240	penny
Symbol
shilling	s
penny	d
Banknotes	5/-, 10/-, £1, £5
Coins	1d, 6d, 1 shilling, 1 florin, ½ crown
Demographics
User(s)	Malawi
Issuance
Central bank	Reserve Bank of Malawi
Website	www.rbm.mw

The pound was the currency of Malaŵi until 1971. From 1932, Malaŵi (then Nyasaland) used the Southern Rhodesian pound. In 1955, a new currency was introduced, the Rhodesia and Nyasaland pound. This was replaced by the Malaŵian pound in 1964, following Malaŵi's independence. The pound was subdivided into 20 shillings, each of 12 pence. The pound was replaced by the kwacha in 1971, at a rate of 2 kwacha = 1 pound.

Coins

In 1964, coins were issued in copper-nickel and in the denominations of 6 pence, 1 shilling, 1 florin (2 shillings) and ½ crown (2½ shillings). All bore the portrait of Hastings Banda. In 1967, 1 penny coins were introduced. The 1 penny had a smooth edge whereas all the other coins had 4×4 interrupted milling.

Banknotes

On 6 July 1964, Nyasaland became independent from British rule and renamed itself Malaŵi. Upon becoming a republic in 1966, Malaŵi became a single-party state under the presidency of Hastings Kamuzu Banda, who remained president until 1994, when he was ousted from power. His portrait appears on the front of all notes issued during his three decades in office, with scenes on the back emphasizing agriculture’s great importance to Malaŵi’s economy. Notes during his presidency also carry watermarks (and later registration devices) of a rooster, the symbol of Banda’s Malaŵi Congress Party. The first series of notes dated 1964 and issued by the Reserve Bank of Malawi consists of the denominations 5 and 10 shillings, as well as 1 and 5 pounds.

External links

Preceded by: Rhodesia and Nyasaland pound Reason: independence Ratio: at par

Currency of Malaŵi 1964 – 1971

Succeeded by: Malawian kwacha Ratio: 2 kwacha = 1 pound