Malawian pound

Malawian pound

Unit
Symbol	£‎
Denominations
Subunit
1⁄20	shilling
1⁄240	penny
Symbol
shilling	s or /–
penny	d
Banknotes	5/–, 10/–, £1, £5
Coins	1d, 6d, 1/–, 2/–, 2/6
Demographics
Date of withdrawal	1971
Replaced by	Malawian kwacha
User(s)	Malawi
Issuance
Central bank	Reserve Bank of Malawi
Website	www.rbm.mw
This infobox shows the latest status before this currency was rendered obsolete.

Thepoundwas the currency ofMalawiuntil 1971. From 1932, Malawi (then known asNyasaland) used theSouthern Rhodesian pound.In 1955, a new currency was introduced, theRhodesia and Nyasaland pound.This was replaced by the Malawian pound in 1964, following Malawi's independence. The pound was subdivided into 20shillings,each of 12pence.The pound was replaced by thedecimalkwachain 1971, at a rate of 2 kwacha = 1 pound.

Coins

In 1964, coins were issued in copper-nickel and in the denominations of 6d, 1/–, 2/– and 2/6. All bore the portrait ofHastings Banda.1d coins were introduced in 1967. The 1d had a smooth edge whereas all the other coins had 4×4 interrupted milling.

Banknotes

On 6 July 1964, Nyasaland became independent from Britain and was renamed Malawi. For two years,Elizabeth II,remained head of state asQueen of Malawi.Upon becoming a republic in 1966, Malaŵi became a single-party state under the presidency ofHastings 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 Malawi's economy. Notes during his presidency also carry watermarks (and later registration devices) of a rooster, the symbol of Banda's Malawi Congress Party. The first series of notes dated 1964 and issued by theReserve Bank of Malawiconsists of the denominations 5/–, 10/–, £1 and £5.

External links

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

Currency ofMalaŵi 1964 – 1971

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