The east african currency board ceased operations one year later. However, several regional monetary union projects are planned such as ecowas, comesa, sadc and eac and a common currency for africa is a longterm goal of the african union. Zimbabwe takes the title for the country with the most official currencies, however. East africa banknote gallery east african banknotes for sale. Please look at the other paper money we have on ebay from my fathers. That silver coinage is a profitable business most people. British west africa, 20 shillings, p8b, issued banknote, black on red border and light red and blue underprint, palm tree at center, choice vf to xf condition. The west african currency board was established in october 1912 following the report of a departmental committee set up by the secretary of state to enquire into the currency in use in british west africa. East african currency board 5 five shillings queen elizabeth ii banknote fine myr180. The british west african pound was the currency of british west africa, a group of british colonies, protectorates and mandate territories.
Nairobi reuters africa aims to have a common currency by 2021, the economic affairs commissioner at the african union au said on wednesday. In practice, however, the wacb was no more than an automatic money exchange. In this study, an attempt is made to use two of these institutions the wacb and the bbwa as an example to show that the current effort at west african economic integration may be successful, if the leaders can learn a lesson from the history of the colonial period in africa and europe. Whereas various silver and other metal coins had been in use in west africa since the late eighteenth century. Also, in many african currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation e. The currency board and the rise of banking in east africa. No matter what youre looking for or where you are in the world, our global marketplace of sellers can help you find unique and affordable options.
At present there are currency boards for west africa. British west africa two shillings pick 2b 30th march 1918. The wacb was set up in 1912 with headquarters in london. The east african shilling was the currency issued for use in british controlled areas in east africa from 1921 until 1969. After some experimentation, the currency board system achieved its mature orthodox form with the west african currency board, established in 1912 for the british colonies of nigeria, the gold coast ghana, sierra leone, and the gambia. East africa currency board eastern carribean falklands fiji gibraltar great britainuk hong kong isle of man jersey mauritius new zealand st helena jim banknotes world specimen banknotes world solid,ladder banknotes world uncut banknotes countries ac countries dh countries im countries nr. In 1966 the central bank of kenya introduced its first set of shillings bearing the portrait of kenyas first president, jomo kenyatta. The chapter ix of the treaty is entitled establishment and completion of an economic and monetary union. On the feasibility of a monetary union in the southern. One centre lagos would initially be used for circulation. One party to the agreement agrees to buy longs the future at a specified exchange rate and the other agrees to sell shorts it at the expiry date. The east african currency board eacb was established in 1919 to supply and oversee the currency of british colonies in british east africa. Prior to kenyas independence in 1963, the east african currency board eacb published a report advising the three countries of kenya, uganda and tanganyika to establish an east african central bank to act as the banker to governments the bank was to provide banking services for the commercial banks, to smoothen financial fluctuations. Launching a single currency will also require creating and empowering new regional institutions, such as the west african central bank, to manage or supervise monetary policy for the member countries.
Request pdf the currency board and the rise of banking in east africa the east africa region consists today of three independent. A south african child displays a 50 rand note in a. Africabib the creation of a colonial monetary system. The west african currency board has thus been made redundant. The total amount shipped by the board since the establishment of the coinage four years is. Aug 08, 2017 launching a single currency will also require creating and empowering new regional institutions, such as the west african central bank, to manage or supervise monetary policy for the member countries. The west african currency board and economic integration of british. In the early 19th century a slave could be bought in west africa with manilla currency. Similarly, some african countries have more than one official currency. List of african currencies and their place in the forex market. Please look at the other paper money we have on ebay from my fathers military service in africa.
A guide to currencies and money in africa tripsavvy. All currencies of africa with their iso4217 codes, listed by countries and dependent territories. Buy online, view images and see past prices for west african currency board, 1942 issued banknote invaluable is the worlds largest marketplace for art, antiques, and collectibles. The standard type of currency authority in british colonial territories is the currency board. There are several reasons why the motives leading to the formation of the w.
Also, the currency is issued by the central bank of the west african states which is located in dakar, senegal. A major drawback to hinging the goal of a single african currency on first creating new monetary unions spanning predefined regions is that either not all countries will be willing to join, or the. West african currency is a crossword puzzle clue that we have spotted 6. Chapter 2 historical overview of west african experiences. The paper is an examination of the role of the west african currency board wacb as an economic integration effort in british west africa. In the 19th century, the pound sterling became the currency of the british west african territories and standard issue united kingdom coinage circulated.
Many african countries change their currency s appearance when a new government takes power often the new head of state will appear on bank notes, though the notional value remains the same. West african monetary integration and interstates risksharing. West african currency board wacb which was established in 1912 and headquartered in london. Towards a common currency in the east african community. A 1953 20 shilling note of the west african currency board. They explore copper money objects at the time of the sahelian empires of ancient ghana and mali, glass beads as money in 19thcentury east africas central caravan road, gin currency in colonial southern nigeria, banks and the west african currency board, money and colonialism in the gold coast and british west africa during the early 20th century, and other topics. Chapter 3 indicated that, the during the latter half of the nineteenth century, the imperial authorities eliminated most international currencies and gold coins circulating in british west africa, by undervaluation or demonetization, and, despite colonial opposition, replaced them with british silver tokens. Notably, the cfa has been linked to the french franc but switched its link to the euro recently. The colonial monetary system in british west africa was formally inaugurated in 1912 when the west african currency board w. British west africa west african currency board 10. United states dollar, euro, botswana pula, pound sterling, south african rand english,shona,sindebele. Most african countries have their own unique currency, although some share the same currency with several other states.
View enhanced pdf access article on wiley online library html view download pdf for offline viewing. The west african currency board was a model for many later currency boards. He was a staff sergeant in the us army air force air transport command. Through a collaborative effort between this public institution and a private company, the bank of british west africa, british west african colonies were not only unified but also the way was paved for their incorporation into the capitalist economy of the. Unfollow west africa currency to stop getting updates on your ebay feed. It was established after britain took control of mainland tanzania from germany at the end of world war i, and originally oversaw the territories of uganda, kenya, and tanzania excluding zanzibar. It was named after the witwatersrand, a range of hills famous for being the source of 40% of the worlds gold. A currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. The board recommended issuing paper money determined that the first paper issues bearing the name of the currency board would be a 2,10 and 20 shillings. My father was stationed in west africa during world war ii.
In precolonial times, many objects were sometimes used as currency in africa. Use the link below to share a fulltext version of this article with your friends and colleagues. The west african territories in question were nigeria, the gold coast now ghana, sierra leone and the gambia in 1912, the authorities in london set up the west african currency board and issued a distinctive set of. Establishment of the west african currency board and east. Rowan, in their pioneering work money and banking in british colonial africa 1954, the origins of the w. East africa currency board 1 florin pick 8 dated 1st may 1920 serial number b7 20232 3 signatures at lower centre. Mar 04, 2009 nairobi reuters africa aims to have a common currency by 2021, the economic affairs commissioner at the african union au said on wednesday.
West african currency board wacb which was established in 1912 and head quartered in london. The british west african currency boards introduction of. British west africa west african currency board 1 1 shillling 30. The british west african currency board was constituted in 1912 to control the supply of currency to the british west african colonies. It was equal to the pound sterling and was similarly subdivided into 20 shillings, each of 12 pence. Establishment of the west african currency board and east african. Money in africa 49 banks and the west african currency board during the period in which the four british west african territories1 were under colonial rule the west african currency board wacb was the colonial monetary authority. Key messages the creation of a single currency in west africa remains a timely and relevant project, despite post euro zone crisis uncertainties. What follows is an attempt to describe in broad outline the conditions in which the west african currency board came into existence. It is also the proposed name for a common currency that the east african community plans to introduce.
Therefore the liquidation of east african currency board was decided and the establishment of three national central banks was officially announced simultaneously in june 1965 by the governments of kenya, tanzania and uganda. This was the last set of currency issued by the east african currency board before it was dissolved and replaced by the central banks of the three countries. At present, 15 west african countries use the cfa as their common currency. Etsy is the home to thousands of handmade, vintage, and oneofakind products and gifts related to your search. The currency board and the rise of banking in east africa by. It was produced by the east african currency board.
In the first place, the board was not just a unique, local institution. Towards a common currency in the east african communityeac. The rand replaced the south african pound as legal tender on 14 february 1961. The british west african pound was the currency of british west africa, a group of british. This research aims at assessing the feasibility of a monetary union in the southern africa development community. After the collapse of the zimbabwean dollar, it was announced that seven different currencies from.
The reverse in blue displaying a hippopotamus with native. African union sees single currency by 2021 reuters. British west africa, west african currency board 10 shillings 1941. On the feasibility of a monetary union in the southern africa. With this development, it is very unlikely that the west african members of the cfa zone will be too keen to abandon their attachment to their colonial masters france and. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate target.
Through an arrangement between the authorities and the bank of british west africa, the british silver tokens were landed at face value in the colonies, giving. The major benefits of a monetary union are the reduction in transaction costs, economies of international reserves, the elimination of exchange rate risk and regionwide. The board was responsible for the production and distribution of currency in the gold coast ghana, nigeria, sierra leone and gambia. But since the promulgation of the new constitution. The south african rand is used alongside the namibian dollar in namibia. Towards a common currency in the east african communityeac issues, challenges and prospects interest in regional integration, including monetary integration, in africa has been intense over the decades since independence and various regional groupings have been formed. East africa currency board 1930s issues 4 comprising a george v portrait 5 shillings pick 20 dated 1st january 1933 with an attractive binary serial number j7 50000 in good fine or near so.
Internal challenges and external threats 68 may, 2014, accra, ghana. British west africa west african currency board 10 shillings 4. British west africa west african currency board 10 shillings. The constitution of the wacb charged it to provide. Top 7 strongest african currencies for the central african cfa franc, the six independent states which use it in central africa are cameroon, central african republic, chad, republic of the congo, equatorial guinea, and gabon. These included shells, ingots, gold gold dust and gold coins the asante, arrowheads, iron, salt, cattle, goats, blankets, axes, beads, and many others. A history of currency in east africa from 1895 trademark. Analysis and recommendations, regional integration policy paper n 003, african development bank, july 2014. East africa 10 shillings 195860 east african currency. East african currency outstanding and reserve fund on june 30, 1925, 1930, 1935, and 194055 currency currency per cent of outstanding reserve fund 1 cover2 million east african pounds 1925 5. The only local currency ranked among the mosttraded in the international forex market, is the south african rand, which is placed at the end of the top 20.