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Saturday, 30 March 2013

90) a) Central Bank of West African States issues: the “Franc African Financial Community” (FCFA) b) Bank of Central African States issues : the “Franc Financial Cooperation in Central Africa” (FFCCA) .



90) a) Central Bank of West African States (Banque Centrale des Etats de l’Afrique de l’Ouest) issues:  the “Franc of the Communaute Financiere Africane” or “Franc African Financial Community” (FCFA)

b) Bank of Central African States (Banque des Etats de l’Afrique Centrale)” issues :  the “Franc of the Cooperation financiere en Afrique Centrale” or “Franc Financial Cooperation in Central Africa” (FFCCA)

Background:

Countries where the CFA Franc is in circulation:

-      The “Franc of the Communaute Financiere Africane” (Financial Community of Africa Franc) or the “CFA franc” is the name of the common currency of fourteen (14) African member countries of the Franc Zone.

-      These countries are: Benin, Burkina Faso, Cote d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo which form the “West African Economic and Monetary Union” (WAEMU – in English) or “Union Economique et Monetaire Ouest Africane” (UEMOA – in French) for which the Central Bank is the “Banque Centrale des Etats de l’Afrique de l’Ouest” (BCEAO) or “the Central Bank of West African States” (located in Dakar, Senegal) and

-      Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad, which form the “Economic and Monetary Community of Central Africa” (CEMAC) or “Communaute Economique et Monetaire de l’Afrique Centrale” (in French) with their Central Bank being the “Bank of the States of Central Africa” (BEAC) or “Banque des Etats de l’Afrique Centrale”( in French) located in Yaoundé, Cameroon.

-      At present, the CFA is designated as the “Franc African Financial Community” (FCFA) for the member countries of the WAEMU Zone and is called the “Franc Financial Cooperation in Central Africa” (FFCCA) for the countries in the BEAC Zone. The currency used by the WAEMU countries is also called the “West African CFA Franc” while the currency used by the BEAC countries is called the “Central African CFA Franc”.

-      Although the two currencies have the same parity and the same monetary value against other currencies, they are separate currencies, in principle. Therefore, each of the two CFA Franc currencies are technically not accepted in the other Zone, because the two CFA Franc Monetary Authorities can change the parity of their own currency vis – a – vis the other currency at any time.

-      One FCFA or FFCCA is subdivided into 100 centimes, but interestingly, no centime coins and bank notes have been issued.


History of the West African CFA Franc:

The “CFA Franc” has been in existence since 26.12.1945, when France ratified the Bretton Woods Accord. The CFA franc was introduced in the “French colonies in West Africa” at this time replacing the “French West African franc”. At launch, the CFA Franc circulated within the “Free French Colonies in Africa” at the exchange rate of 1 CFA Franc to 1.70 French Franc (FF).

On 17.10.1948, the CFA had become much stronger than the French Franc and the Exchange rate was pegged at 1 CFA franc to 2 French Francs.

In 1955, the “Institut d’Emission de l’Afrique Occidentale Francaise et du Togo” was created.

On 27.12.1958, the new French Franc was introduced and the CFA was devalued to 1 CFA franc to 0.02 new French Franc.

In 1959, the “Institut d’Emission de l’Afrique Occidentale Francaise et du Togo”, was converted into the “Banque Centrale des Etats de l’Afrique de l’Ouest” (BCEAO) or the “Central Bank of West African States”.

In 1961, Mali (erstwhile French Sudan) replaced the CFA Franc with its own franc at par with the CFA Franc.

On 15.05.1962, the Treaty establishing the West African Economic and Monetary Union (WAEMU) was concluded which gave the “Banque Centrale des Etats de l’Afrique de l’Ouest” (BCEAO) the exclusive rights to issue the currency as the common Central Bank for the then seven (7) member countries viz., Cote d’Ivoire, Dahomey, Haute-Volta (Upper Volta), Mali, Mauritania, Niger and Senegal.

In 1973, Mauritania replaced the CFA Franc with the “ouguiya” at the Exchange rate of 1 ouguiya to 5 francs.

In 1975, Central African CFA Bank notes were issued with an obverse unique to each participating country and common reverse as seen in Euros.

In 1984, Mali re-introduced the CFA Franc at the Exchange Rate of 1 CFA Franc to 2 Malian francs.

On 12.01.1994, the CFA was further devalued to 1 CFA Franc to 0.01 French Franc.

In 1997, Guinea Bissau (a former Portuguese colony) adopted the CFA Franc replacing the “Guinea Bissau peso at an Exchange Rate of 1 CFA Franc to 65 Pesos.

On 01.01.1999, the CFA was pegged to the Euro at an Exchange Rate of 1 Euro to 655.957 CFA Francs.

Present Day: the CFA Franc trades at about 658.79 to a Euro.

Proposal for 01.01.2015: West African States of Gambia, Ghana, Liberia, Nigeria and Sierra Leone (English speaking countries) and Guinea (French speaking country) have jointly proposed to create a “West African Ecomonic and Monetary Zone (WAMZ) and to  introduce a common currency, innovatively called the “Eco” from 01.01.2015. The ultimate goal is that the WAMZ will work towards a later day merger with the “West African Economic and Monetary Union” (WAEMU) to create a larger Economic bloc.

Coinage:

In 1948, Aluminium 1 and 2 franc coins were introduced by the “Institut d’Emission de l’Afrique Occidentale Francaise et du Togo”. These coins carried the name “Afrique Occidentale Francaise”.

In 1956, Aluminium-bronze 5, 10 and 25 francs were introduced by the “Institut d’Emission de l’Afrique Occidentale Francaise et du Togo”. These coins, also, carried the name “Afrique Occidentale Francaise”.

In 1957, 10 and 25 Franc coins were issued with the name of Togo added to the earlier inscription.

Since 1959, the coins have been issued by the BCEAO. 
Obverse of a 25 franc coin issued in 2003. On the periphery is mentioned “Banque Centrale Des Etats de L’Afrique de L’ Ouest” and in the centre is mentioned the denomination of the coin “25 Francs” and  is a "symbol of prosperity" which is known as a "Taku symbol".


 Reverse of the above coin issued in 2003 showing On the top periphery is mentioned the year of issue. The image shows a woman filling a glass/laboratory tube. The weight of this coin is 8.072 gms and the size is 27.2 mm.


In 1967, 100 francs nickel coins were issued.



Obverse of a 100 franc nickel coin issued in 1980 having the Taku symbol. On the periphery is mentioned “Banque Centrale Des Etats De L’Afrique de L’ Ouest”.



Reverse of the above coin issued in 1980. On the Periphery is mentioned “Union Monetaire Ouest Africane” and the year of issue 1980. The denominational value of the coin "100 Franc" is encased in a flower wreath. The weight of this coin is 6.967 gms, and the size is 25.8 mm.

In 1972, 50 Franc cupro-nickel coins were minted.



On the obverse of the above coin is the Taku symbol and is mentioned “Banque Centrale Des Etats De L’Afrique De L’Quest” on the periphery.



Reverse of the above 50 franc coin issued in 1997. On the Periphery is mentioned “Union Monetaire Ouest Africane” and the year of issue “1997”.  The image shows sprigs and nuts. In the centre is mentioned the denomination of the coin “50 Francs”.The weight of this coin is 4.98 gms. and the size is 22mm.

In 1976, 1 Franc coins were minted, however, minting of these denominations was discontinued after 1995 due to inflation.

In 1992, bimetallic 250 franc coins were introduced, minting of which was discontinued in 1996, due to exorbitant costs of minting. 



Obverse of a bimetallic 250 Franc coin showing the map of Africa and a Taku symbol.  On the Periphery is the inscription “Union Monetaire Ouest Africane” and the year of issue "1992". Notice that in this coin the "Union Monetaire Quest is inscribed on the obverse of the coin unlike in the earlier images shown above or other coin images shown below, while, “Banque Centrale Des Etats De L’Afrique De L’Quest” has shifted to the reverse face of the coin.



On the reverse of the above coin is mentioned “Banque Centrale Des Etats De L’Afrique De L’Quest” on the periphery and in the centre is mentioned the denomination of the coin “250 Francs”.

In 2003, bimetallic 200 and 500 franc coins were circulated.



Obverse of a bimetallic 200 Franc coin. On the periphery is mentioned “Banque Centrale Des Etats De L’Afrique de L’ Ouest”.



Reverse of the above bimetallic 200 Franc coin. On the Periphery is the inscription “Union Monetaire Ouest – Africane” and the year of issue “2004”.

Bank/ Currency Notes:

In 1945, the “Banque Centrale des Etats de l’Afrique Occidentale” introduced Bank Notes in denominations of 25, 50, 100 and 1000 CFA francs.

In 1946, 500 CFA Franc notes were issued.

In 1948, 5000 CFA Franc Notes were issued.

In 1955, “the Institut d’Emission de l’Afrique Occidentale Francaise et du Togo” took over the issuance of CFA franc Bank Notes. 
In 1959, the BCEAO (Banque Centrale Des Etats De L'Afrique de L'Ouest" took over this task from them.

A unique feature of the BCEAO issues is that the note issues have a letter to indicate the country of issuance of the Bank-notes. For example, “A” stands for Cote d’Ivoire (Ivory Coast), “B” stands for Benin, “C” stands for Burkina Faso, “D” stands for Mali, “H” stands for Niger, “K” stands for Senegal, “T” stands for Togo and “S” stands for Guinea Bissau.
The Front of a 500 CFA Franc Banknote showing the letter "H" indicating that the country of issuance of this banknote is Niger.
 The Back of the above Banknote showing a farmer using a mechanised vehicle to till his fields - the growing stress & importance being laid to Agricultural produce.
 The Front of a 500 CFA Franc Banknote showing the letter "K" indicating that the country of issuance of this banknote is Senegal.

The Back of the above Banknote showing the same image as the above Banknote.

The Front of a 500 CFA Franc Banknote showing the letter "T" indicating that the country of issuance of this banknote is Togo.

The Back of the above Banknote showing the same image as the above Banknote.

In 1991, a new series of Bank notes was issued in the denominations of 500, 1000, 2500, 5000 and 10000 CFA Francs.

Denominations of Bank notes which have been taken out of issuance over the years are: 50 CFA Franc notes after 1959, 100 CFA Franc notes after 1966 and 500 CFA Franc notes since 2003. These have all been replaced by coin issues of the same denominations. While, 10000 franc CFA notes were issued from 1977 and 2500 CFA Notes from 1992 onwards.

Again, in 2003, another Series of CFA Franc Notes in the denominations of 1000, 2000, 5000 and 10000 were issued, with wooden carved masks on the Front representing symbols of health (1000 CFA Franc note), Transportation (2000 CFA Franc Note), Agriculture ( 5000 CFA Franc Note) and telecommunications (1000 CFA Franc Note). On the back are Camels (1000 CFA Franc note), Fish (2000 CFA Franc Note), “Kob” Antelopes (5000 CFA Franc Note) and Birds (10000 CFA Franc Note).

History of the Central African CFA Franc:

Coins:

In 1945, the Central African CFA Franc was introduced in the French colonies in Equatorial Africa replacing the “French Equatorial African Franc”.

In 1948, coins in the denominations of 1 and 2 CFA Francs were issued.

In 1958, 5, 10 and 25 CFA Franc coins were issued.

In 1961, 50 franc nickel coins were issued.

In 1966, 100 franc coins were minted.

From 1971, 100 franc coins were minted by the individual countries.

In 1976, 500 franc cupro-nickel coins were issued and by individual countries from 1985 onwards.

Centralized production of 100 franc coins and 500 franc coins was reintroduced in 1996 and 1998 respectively.

From 2006, 2 Franc steel coins were minted.

Bank/Currency Notes:

At inception, in 1945, the Bank notes were issued by the “Caisse Centrale de la France d’Outre-Mer” (“Central Cashier of Overseas France”) in denominations of 5, 10, 20, 100 and 1000 francs.

In 1947, a new series of Bank notes was introduced in French Equatorial Africa under which notes in the same denominations were issued.

In 1949, 500 franc notes were issued followed by 5000 franc notes in 1952.

In 1957, the “Institut d’Emission de l’Afrique Equatoriale Francaise et du Cameroun” took over the task of currency note issue.

In 1961, the “Banque Centrale des Etats de l’Afrique Equatoriale et du Cameroun”  took over the task of Bank note printing. 

In 1963, the name of the Bank was changed to “Banque Centrale des Etats de l’Afrique Equatoriale”.

In 1968, 10000 franc notes were issued.

In 1971, 100 franc notes were replaced by coins.

In 1975, the name of the Bank was again revised to “Banque  Centrale des Etats de l’Afrique Centrale. Also, individual Countries started issuing Bank notes in their own names in denominations of 500, 1000, 5000 and 10000 francs a practice which stopped in 1993 with individual countries being represented by letters as in the case of West African note issues by individual countries for example: “C” stands for the Republic of Congo, “E” stands for Cameroon, “F” stands for Central African Republic, “L” stands for Gabon, “N” stands for Equatorial Guinea and “P” stands for Chad. Also, in the same year 2000 Franc notes were issued.

The present series of Bank notes are in the denominations of 500 francs, 1000 francs, 2000 Francs, 5000 francs and 10000 Francs Notes.

 (The coins whose images are represented here have been collected by Arvind  during his visits to the West African countries of Benin, Burkina Faso and Cote d’Ivoire and have been given for my coin collection. The 250 Franc coin and the Banknotes are from the collection of Jayant Biswas).

Links:

1) Financial Institution for issuing Currency/Coinage for French Overseas Territories in the Pacific & French Southern Territories of Antarctica: The Institut d'emission d'outre-Mer (IEOM) for French Polynesia(Tahiti), New Caledonia, Wallis-et-Futuna & the erstwhile New Hebrides (present day Vanuatu).
 

4 comments:

  1. Ramchandra Lalingkar has commented on 31.03.13:
    "I always wonder how you are collecting all this information. You are also collecting coins of various countries, photo-copying them and including their images in your informative articles. Hats off to you and to your approach to share the same with your friends !"

    ReplyDelete
  2. Thank you for your generous comment. It does require a lot of effort, but, I really enjoy reading and learning about the history/culture of countries reflected through their coins .

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  3. Hi i have two of that coins of 1957 25 francs tOGO, i wish to know how much could be the price of each one?

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  4. Hi Anonymous, I checked up on e-bay and found 5 minimum reserve prices for this coin - $8, $10, $14, $15 & $39. Going by averages, my assessment would be that the coins would be valued at about $10 to $15 each in uncirculated/mint condition.

    ReplyDelete