Africa

African banknotes from colonial rule to independence

The banknotes of Africa tell the story of the continent in the twentieth century. Before independence, notes were issued by colonial authorities and currency boards. In this category you will find a 20 shillings 1958–1960 from the East African Currency Board, which served the British territories in East Africa until the new states set up their own central banks, a 5 francs 1942 issued during the Second World War by the Banque de l’Afrique Occidentale for French West Africa and a 20 francs 1937–1947 from colonial Madagascar.

After independence, new currencies with new names followed: the dalasi in the Gambia (1971), the ouguiya in Mauritania (1973) and the pula in Botswana (1976). The category includes Gambian 10, 25 and 50 dalasis from 1989–1991, Botswana 10 pula, Mauritania 100 ouguiya and a Libyan 20 dinars from 2009. From Congo there are notes from the zaïre system introduced in 1967, when one zaïre was divided into 100 makuta.

What is a specimen banknote?

Several of the African notes here are specimens: Botswana 20 pula 1982–1983, Congo 5 zaïres / 500 makuta 1970 and Zaire 1000 zaires 1985. Specimen notes were made so that central banks, commercial banks and police could recognise a new note. They are overprinted or perforated with the word SPECIMEN, often carry zero serial numbers and were never legal tender. Because they were made in small numbers and distributed to a limited circle, they are sought after by collectors.

What affects the value of an African banknote?

Condition is the most important factor. A note in uncirculated condition (UNC) has no folds, creases or handling marks, while notes graded Very Fine (VF) or Extremely Fine (EF) show some circulation. Folds, pinholes, stains, tears and repairs all lower the value. Many African notes circulated hard in warm and humid climates, so older notes in high grade can be hard to find.

Each note is described with its Pick number from the Standard Catalog of World Paper Money, which identifies the exact type and variety. Signature combinations and dates can also separate varieties of the same denomination.

Collect the continent in metal as well: see our coins from Africa or browse all banknotes.