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Sunday, 24 March 2013

88) Coinage and Currency of Mozambique: Metical (Meticais) and Centavos



88) Coinage and Currency of Mozambique


The currency of Mozambique is called the “Metical” (or “Metica”) or “Meticais” in plural. One Metical consists of 100 Centavos. 


Historical Development of currency/coinage in Mozambique:

From 1706 to 1914, the currency of Mozambique was predominantly, the “Real.

Some of the coins in circulation during this period were in the following denominations:

1 Real, 2 Reis, 20 Reis, 40 Reis, 80 Reis, 1 Thaler, 2½ Meticais etc.

1 Rupee (India): (Metal composition: Silver -0.917; Weight: 11.66gms. – as approved under “The Coinage Act 1835”- India; Diameter: 30.78mm) was also used by the Portuguese in Mozambique.

From 1914 to 1980 the currency of Mozambique was the Escudo. (100 Centavos were equal to 1 Escudo).

Some of the coins in circulation during this period included the following denominations:

10 Centavos, 20 Centavos, 50 Centavos, 1 Escudo, 2.5 Escudo,5 Escudos,10 Escudos, 20 Escudos.

Brief Note on Portuguese coin designs after 1935:

The coins after 1935, mostly show the emblem which was in vogue till the time of the Portuguese leaving Goa and its other territories in India and in the World.

There is a blason (which means “A Coat of Arms” or a “shield in Heraldry “) which had been inspired by a design by Francisco Coelho in the 17th century. 
The design includes a Sable in Chief (vertical lines criss-crossing each other) and a Castle Gules ( the neck of a column or heraldic colours which was dyed in red on the Portuguese Flag ) as well as an "Or", which is a water wheel above the Gules ( a symbolic reminder of the Catherine Wheel i.e. the wheel on which St.Catherine who was imprisoned by the Emperor Maximian (r. 286-305) was supposed to be broken, instead the wheel  itself is said to have broken up upon her touch  and she was , therefore, beheaded to carry out the Royal orders). 

The shield is supported by the crowned armillary-sphere (a celestial globe consisting merely of metal rings representing the Equator, the Tropics, Arctic and Antarctic Circles revolving on an axis) which was common for representing all the achievements of the Portuguese colonies across the World.

The Bank of Mozambique (or “Banco de Mocambique” in Portuguese):
The Bank of Mozambique is the Central Bank of Mozambique and is situated in Maputo, the capital city of Mozambique, with branches in Beira (1992) and Nampula (1996).
It was set up in 1975, after Mozambique gained Independence from the Portuguese, by taking over the operations of the Mozambique operations of the “Banco Nacional Ultramarino” (a Portuguese Bank).
In 1977, most of the Commercial Banks in Mozambique were nationalised.
In 1995, the commercial operations of the Bank of Mozambique were taken over by the Banco Comercial de Mozambique which was in turn merged with the “Banco Internacional de Mocambique” in 2001.
The Bank of Mozambique has as its mission “to safeguard the National currency value and to promote a sound and efficient financial sector”.

The Transition currency when Mozambique gained Independence from Portugal in 1975:
The first Metical (symbolised as “MZM”) was introduced in 1975 as a parallel currency to the Portuguese Escudo, (which was the circulating currency in Mozambique from 1914 to 1980) and ultimately replaced the Portuguese Escudo at par on 16.06.1980.

Each Metical was subdivided into 100 “Centavos”. The highest denomination coin issued under this Series was 2.5 Meticais.

 The specifications of each coin issued under this Series were:

2.5 Meticais: Metal composition: Copper–Nickel; Weight: 13.5 gms; Diameter: 30mm.Reverse design: Cotton Plant.

1 Metica: Metal composition: Copper – Nickel; weight: 11.4 gms.; Diameter: 28.6 mm. Reverse design: Sisal Agave.

50 Centimos: Metal Composition: Copper – Nickel; Weight: 5.6 gms.; Diameter: 23.6 mm. Reverse design: Cashew nuts.

20 Centimos: Metal Composition: Copper – Nickel; Weight: 2.8 gms; Diameter: 19.3 mm. Reverse design: Tea Plant.

10 Centimos: Metal Composition: Brass; Weight: 7.3 gms.; Diameter: 26.0 mm. Reverse design: Sugar Cane.

5 Centimos: Metal Composition: Brass; Weight: 3.6 gms.; Diameter: 21.0 mm. Reverse design: Purple dissotis.

2 Centimos: Metal Composition: Brass; Weight: 1.8 gms.; Diameter: 17.2 mm. Reverse design: Rain daisy (Dimorphotheca Pluvialis).

1 Centimo: Metal Composition: Aluminium; Weight: 0.9 gms.; Diameter: 16.0 mm. Reverse design: Angolan protea (Protea Angolensis).

The obverse of all these coins has a portrait of President Samora Moises Machel. (He was a military commander, revolutionary socialist leader and President of Mozambique from 1975 (the year Mozambique gained Independence from the Portuguese) to 1986 when his Presidential aircraft met with a tragic fatal accident.

This Series remained current till 1980.

The First Metical:

The Metical became the official currency of Mozambique on 16.06.1980, when it replaced the Portuguese Escudo, both currencies being treated at par. Severe inflation led to the First Metical being severely devalued and there was a time when the Metical was being quoted at about 24500 meticais to a US dollar.

Coins:

In 1980, the coins denominated/issued under the first Metical were 20 and 10 Meticais (cupro-nickel) 5, 2½ Meticais (aluminium), 1 Metical (brass) and 50 centavos (Aluminium).

In 1986, 50, 20, 10 Meticais and 1 Metical Aluminium coins were issued as inflation had led to issuing these denominations in cupro-nickel cost-ineffective.

In 1994, in view of rampant inflation, another series of coins was issued in the denominations of 1000, 500, 100, 50 (composition of all four coins being nickel clad steel), 20, 10 and 5 Meticais and 1 Metical (composition of all four denominations being brass clad steel).

In 1998, 5000 Meticais coins were issued.

In 2003, 10000 Meticais coins were issued.

Bank/currency notes:

The undernoted three Series of Bank notes were issued under the First Metical:

On 16.06.1980, under the First Series, currency notes were issued in the denominations of 1000, 500, 100 and 50 Meticais.

On 16.06.1983, under the Second Series, the same denominations of currency notes were issued with the new Mozambique State Emblem/Logo.

On 03.02.1989, a new denomination of 5000 Meticais was issued.

On 16.06.1991, under the Third Series, Bank notes in the denominations of 10000, 5000, 1000 and 500 Meticais were issued.

On 16.06.1993, owing to rising inflation, Bank notes in the denominations of 100000 and 50000 Meticais were brought out.

On 16.06.1999, this Series was supplemented with the addition of 20000 Meticais Bank notes.

On 16.06.2003, further denominations of 500000 and 200000 Meticais were added.

The Second Metical:

To shore up the currency, on 01.07.2006, the Second Metical was introduced with one new Metical being equivalent to 1000 old Meticais. The new currency replaced the old one during a transition period lasting six months, during which both metical issues were in circulation as legal tender.

After 31.12.2006, the First Metical ceased to be legal tender but could still be deposited with the Bank of Mozambique in exchange for the new currency until 31.12.2012.

Coins:


The denominations of coins issued under the Second Metical were one, two, five and ten Meticais and 50, 20, 10, 5 and 1 Centavos. 



Obverse of a seven-sided (heptagonal), one Metical coin issued in 2006. On the periphery is the inscription “Banco de Mocambique”. In the centre of the coin is the image of the Banco de Mocambique logo/emblem.



 Reverse of a 1 Metical coin showing a woman studying. The theme of this coin is Women’s education.




Obverse of a circular, two Meticais coin issued in 2006. On the periphery is the inscription “Banco de Mocambique”.





Reverse of a 2 Meticais coin showing a fish. The theme of this coin is Aquaculture.



Obverse of a circular, 5 Meticais coin issued in 2006. On the periphery is the inscription “Banco de Mocambique”.


Reverse of a 5 Meticais coin showing a native xylophone. The theme of this coin is musical instruments of Mozambique.

 Obverse of a circular, bimetallic 10 Meticais coin issued in 2006. On the periphery is the inscription “Banco de Mocambique”.





Reverse of the bimetallic 10 Meticais coin showing the picture of Mozambique’s Central Bank building.



Obverse of a circular, 50 centavos coin issued in 2006. On the periphery is the inscription “Banco de Mocambique”.

 Reverse of a 50 centavos coin showing a bird. The theme of this coin is Avifauna.
 
In addition:


-     the 20 centavos coin has a cotton plant ( the theme of the coin  being Agriculture produce)



-     the 10 centavos shows a picture of a tractor ploughing a field (the theme of the coin being emphasis on mechanised implements for enhanced Agricultural productivity)



-     the 5 centavos coin has a leopard (the theme of the coin being Wildlife protection)



-     while a 1 centavo coin has a rhinoceros on it (The theme of the coin being Wildlife Protection).



Bank Currency Notes:


On 01.07.2006, Bank Notes of the Second Metical were issued as legal tender. The following denominations of Currency Notes were issued under this Series:


The Front of all Notes issued under this Series and the watermark window had a portrait of President Samora Moises Machel.



The Front of the 1000 Meticais Bank Note mentioning the date of issue as “16 De Junho De 2006” and the value of the Note as “Mil Meticais”.


 

The Back of the 1000 Meticais Note shows a herd of Elephants.




The Front of the 500 Meticais Note issued mentioning the date of issue as “16 De Junho De 2006” and the value of the Note as “Quinhentos Meticais”.





The Back of the 500 Meticais Note shows a herd of Buffaloes.


The Front of the 200 Meticais Note mentions the date of issue as “16 De Junho De 2006” and the value of the Note as “Duzentos Meticais”.


The Back of the 200 Meticais Note shows a Pride of Lions.


The Front of the 100 Meticais Note mentions the date of issue as “16 De Junho De 2006” and the value of the Note as “Cem Meticais”.


The Back of the 100 Meticais Note shows three Giraffes in their stride.




The Front of the 50 Meticais Note mentions the date of issue as “16 De Junho De 2006” and the value of the Note as “Cinquenta Meticais”.


 

The Back of the 50 Meticais Note shows three Kudus. 


 

The Front of the 20 Meticais Note mentions the date of issue as “16 De Junho De 2006” and the value of the Note as “Vinte Meticais”.





The Back of the 20 Meticais Note shows a Rhinoceros.


On 01.10.2011, a new series of Bank notes was issued which were identical to the 2006 issues, except that these Notes contained enhanced security features.


Also, Bank Notes of the denomination of 1000, 500 and 200 Meticais are still printed by De La Rue on paper, while the smaller denomination Notes of 100, 50 and 20 Meticais are all polymer issues.




The Front of a polymer Note of 100 Meticais denomination, similar to the earlier Note, except for the transparent water-mark window feature on the top left hand side and additional security features. The date is mentioned as “16 De Junho De 2011”.




The Back of the above 100 Meticais polymer Note.




The Front of a polymer Note of 50 Meticais denomination, similar to the earlier Note, except for the transparent water-mark window feature on the top left hand side and additional security features. The date is mentioned as “16 De Junho De 2011”.





The Back of the above 50 Meticais polymer Note.



The Front of a polymer Note of 20 Meticais denomination, similar to the earlier Note, except for the transparent water-mark window feature on the top left hand side and additional security features. The date is mentioned as “16 De Junho De 2011”.





The Back of the above 50 Meticais polymer Note.


National Coin Museum:


The National Coin Museum in the city of Maputo was inaugurated on 15.06.1981 following the celebrations of the first anniversary of Mozambique’s currency the “Metical”. Its exhibits on display include about 4500 coins and currency notes (from Mozambique and around the World) and several medals among other exhibits. The Museum is also called “Casa Amarela” (meaning “Yellow House”), because of the colour of its outside walls.


It also has on display an exhibit of 4.83 gms. of gold powder known as “Metica” (which is said to be a word of Arabic origin), from which the name of Mozambique’s currency “Metical” has originated.


(The coins/currency notes included on this Post have been contributed by Vania Serra for Ajit George's collection. Article researched and coin/currency images scanned by Rajeev Prasad)

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