845) Republic of Zambia (ROZ): a) A K500 Banknote issued by the Central Bank of Zambia in 1992; b) Evolution/History of Zambian Currency - Kwacha & Ngwee c) The 2013 Banknote Series; iv) Coinage of Zambia:
The Republic of Zambia (ROZ) is a mind-locked country in South-central Africa. The name Zambia for the former colony of Northern Rhodesia derives from the Zambesi River ("Zambesi" means the "Grand or Mighty River").
Zambia has the Democratic Republic of Congo (DRC) to its North, Tanzania to the North-East, Mozambique to the South-East, Zimbabwe and Botswana to the South, Namibia to the South-West and Angola to the West.
The capital city of Zambia is Lusaka.
The currency of Zambia is the Kwacha, subdivided into 100 Ngwee. The term "Kwacha" derives from the Nyanja, Bembo and Tonga languages word for "dawn", alluding to the Zambian nationalist slogan meaning a "new dawn of freedom". "Ngwee" means "bright" in the Nyanja language.
About Zambia:
Around 36,000 years ago, several successive human cultures/civilisations settled along the Zambezi River, Zambesi Valley and the Kalembo Falls.
Around 300 AD, Zambia was originally inhabited by the Khoisan people.
In the 12th Century, the expansion/migration of the Bantu people (hunters/gatherers) in other territories, like Malawi, brought Bantu immigrants/groups/settlers into Zambia too. Among the migrants were the Tonga people (also called "Ba-Tonga" - "Men of Tonga" who were the first of the migrants to settle in Zambia. The "Nkoya" people from the "Luba-Lunda" kingdoms (present day Democratic Republic of Congo - DRC and Northern Angola) were the next to migrate/settle in Zambia
By the end of the 12th Century, advanced kingdoms and empires had been established in most regions of present day Zambia.
To the East, the Maravi Empire spread over vast areas of present day Malawi and Northern Mozambique flourished under Kalonga.
Around the 18th Century, European missionaries and scouts - chiefly Portuguese & British - the most prominent among them - Francisco de Lacerda and David Livingston - settled in this territory.Livingston had three objectives in mind which he called the "3Cs" - Christianity, Commerce and Civilisation.
In 1855, Livingston was the first European to see the magnificent waterfalls on the Zambezi River called the "Mosi-o-Tunya" (or the "Thundering Smoke")which he renamed as Victoria Falls after Queen Victoria of England. His accounts of his travels and the places he saw brought a crowd of European visitors, missionaries and traders/businessmen to this pristine land.
In 1888, the British South African Company (BSAC) led by Cecil Rhodes procured mineral mining rights from the Litunga of the Lozi people, who was the Paramount Chief of the Lozi (Ba-rotse) for the area which was renamed as "Barotziland-North-Western Rhodesia, thus bringing "civilisation" to this area.
Major copper deposits were discovered along the Kafue River.
In 1897, the Angoni (or Ngoni), who were originally from Zululand brought about an uprising under Tsinco, son of King Mpezeni, which was quelled and Mpezeni was forced to accept the British colony and their "civilisation".
Towards the end of the 19th Century which the British turned into the Protectorates of Barotziland-North-Western Rhodesia.
In 1911, North-Eastern Rhodesia and Barotziland-North-Western Rhodesia, which were being administered as separate units, were merged to form Northern Rhodesia - a British Protectorate.
In 1923, the BSAC ceded control of Northern Rhodesia to the British Government and Rhodesia became a self-governing British colony.
In the same year Southern Rhodesia (present day Zimbabwe), a conquered territory which was also administered by the BSAC, also became a self-governing British Colony.
In 1924, the administration of Northern Rhodesia was transferred to the British Colonia Office.
In 1953, Federation of Rhodesia and Nyasaland was set up controlling Northern Rhodesia, Southern Rhodesia and Nyasaland (present day Malawi) as as single semi-autonomous region.
In 1962, elections were held resulting in an African majority in the legislative council. A call to dissolve the Federation and internal self-government under a new constitution and a new Assembly based on more democratic rights followed.
On 31.12.1963, the Federation was dissolved.
On 24.10.1964, Northern Rhodesia became the Republic of Zambia.
Present day Zambia is populated by over 60 ethnic groups.
Present day Zambia is populated by over 60 ethnic groups.
In 2010, the World Bank named Zambia as one of the fastest economically reformed countries in the World.
The history/evolution of Zambian Currency:
The present Zambian Currency is the Kwacha which is a decimal type with K1 (one Kwacha) being made up of 100 Ngwee.
The Currency Act of 1967, replaced the British Pound with the Zambian Kwacha Banknotes and Ngwee coins.
The Bank of Zambia is the authority mandated to issue Zambian currency - Banknotes and Coins - as legal tender.
The New Kwacha was issued/designated into six denominations - K10, K2, K1, 50 N, 20N and 5N.
The Bank of Zambia is the authority mandated to issue Zambian currency - Banknotes and Coins - as legal tender.
The New Kwacha was issued/designated into six denominations - K10, K2, K1, 50 N, 20N and 5N.
Since 1967, the Kwacha has undergone several structural changes aimed at ensuring its support to Zambia's economic activities and maintaining public confidence in the National currency.
In 1968, the First Series/Emission of Kwacha Banknotes was issued comprising K20, K10, K2 , K1 and 50N. On the Front it featured President Kenneth Kaunda in tribal outfit on the right & the Zambian Coat of Arms on the left on the 50N Banknote and on the upper centre of the Kwacha Banknotes. These Banknotes were printed by Thomas de La Rue - the Banknote and securities printing major worldwide.
From 1969 to 1973, the Second Series/Emission of Banknotes was in circulation, which were similar in design and denominations to the First Series. These Banknotes were also printed by Thomas de La Rue.
On 13.12.1973, Zambia converted to a "One Party Participatory Democracy" (a "One Party State"). A commemorative 50N coin and a Commemorative Banknote of 1 Kwacha were issued to celebrate the birth of the Second Republic.
In 04/1974, a multi-coloured 50N Banknote was also issued, but was shortly phased out.
From 1974-1976, the Third Series/Emission of Banknotes was circulated, printed by Bradbury, Wilkinson & Co. The new designs featured an older portrait of President Kenneth Kaunda.
In 1980, a change in the design of all Banknotes took place. The 50N Banknote was withdrawn from circulation. The K20 Banknote remained the highest denomination in circulation so far.
In 1986, to meet inflationary pressures, a K50 Banknote was introduced. The K1 Banknote was replaced by a coin of the same denomination, while the K2 Banknote was no longer being printed & eventually withdrawn from circulation.
In 1991, the K100 and K500 Banknotes were added.
On the Front of the K500 Banknote is seen the Fish Eagle and the Coat of Arms of Zambia. The year of issue mentioned on this Banknote is 1992 (below the Coat of Arms at left bottom).
On the Back of the K500 Banknote is seen workers on a field, an African Forest Elephant and the Freedom Statue in Lusaka.
In 1992, Zambian currency designs underwent a change, with the portrait of the Head of State being added to the current features which bore the famous fish eagle and other important National monuments, flora and fauna which characterised the rich culture and heritage of the Zambian people.
Banknotes of K5 and K10 denominations were replaced by coins of the same denominations. The smaller denomination coins were no longer being used and the smallest denomination in use became the new 25N coin.
In May 1996, the Bank of Zambia introduced three new denominations, to cope with inflationary pressures - K1,000, K5,000 and K10,000.
In 2003, two higher denominations - K20,000 and K 50,000 were circulated. Now nine denominations of Banknotes were in circulation - K20, K50, K100, K500, K1,000, K5,000, K10,000, K20,000 and K50,000. The coinage at this point of time, saw only 25N, 50N, K1, K5 and K10 denominations in circulation.
In 2013, the Kwacha underwent a redenomination, as the high levels of inflation resulted in :-
Inconveniences and risks inherent in carrying large sums of money for transactions
Increased difficulties in maintaining book-keeping and statistical records and ensuring compatibility with data processing software and,
Higher costs on the payment system, particularly the delivery of banking services through a greater use of technology.
The rebasing/redenomination of the currency brought in greater confidence among the users, facilitated easier business transactions involving smaller units of money, reduction in costs of transactions, efficient payment systems and re-introduction of a culture of using coins which are more durable.
The 2013 Series/Emission of Banknotes:
These Banknotes reflect the economy, culture and history of the Nation -
On the Front:
The African Fish Eagle - is the main feature or primary recognition feature on all the Banknotes. It symbolises the Zambian people's pride; its excellent vision and swift reaction symbolises the country's focus on economic growth and ability to rise above challenges.
Coat of Arms - which is the National Emblem which Zambia is distinctly identified by and is found on the left hand corner of the Front side of every Banknote with the year of print.
On the Back -
Freedom Statue in Lusaka - which is the National Symbol that represents Zambia's struggle in the pre-colonial days and is a tribute to the country's fallen heroes.
Trees and animals - which depict the country's abundant forest resources and wild-life and consequently the potential for tourism.
An activity based theme.
The Front of the K2 Banknote depicts the Fish Eagle, a Teak tree & the Coat of Arms of Zambia.
The Back of the K2 Banknote depicts women trading in the market-place, a Roan Antelope and the Freedom Statue in Lusaka.
The Front of the K5 Banknote depicts the Fish Eagle, a Mopane tree and the Coat of Arms of Zambia.
In 1968, the First Series/Emission of Kwacha Banknotes was issued comprising K20, K10, K2 , K1 and 50N. On the Front it featured President Kenneth Kaunda in tribal outfit on the right & the Zambian Coat of Arms on the left on the 50N Banknote and on the upper centre of the Kwacha Banknotes. These Banknotes were printed by Thomas de La Rue - the Banknote and securities printing major worldwide.
From 1969 to 1973, the Second Series/Emission of Banknotes was in circulation, which were similar in design and denominations to the First Series. These Banknotes were also printed by Thomas de La Rue.
On 13.12.1973, Zambia converted to a "One Party Participatory Democracy" (a "One Party State"). A commemorative 50N coin and a Commemorative Banknote of 1 Kwacha were issued to celebrate the birth of the Second Republic.
In 04/1974, a multi-coloured 50N Banknote was also issued, but was shortly phased out.
From 1974-1976, the Third Series/Emission of Banknotes was circulated, printed by Bradbury, Wilkinson & Co. The new designs featured an older portrait of President Kenneth Kaunda.
In 1980, a change in the design of all Banknotes took place. The 50N Banknote was withdrawn from circulation. The K20 Banknote remained the highest denomination in circulation so far.
In 1986, to meet inflationary pressures, a K50 Banknote was introduced. The K1 Banknote was replaced by a coin of the same denomination, while the K2 Banknote was no longer being printed & eventually withdrawn from circulation.
In 1991, the K100 and K500 Banknotes were added.
In 1992, Zambian currency designs underwent a change, with the portrait of the Head of State being added to the current features which bore the famous fish eagle and other important National monuments, flora and fauna which characterised the rich culture and heritage of the Zambian people.
Banknotes of K5 and K10 denominations were replaced by coins of the same denominations. The smaller denomination coins were no longer being used and the smallest denomination in use became the new 25N coin.
In May 1996, the Bank of Zambia introduced three new denominations, to cope with inflationary pressures - K1,000, K5,000 and K10,000.
In 2003, two higher denominations - K20,000 and K 50,000 were circulated. Now nine denominations of Banknotes were in circulation - K20, K50, K100, K500, K1,000, K5,000, K10,000, K20,000 and K50,000. The coinage at this point of time, saw only 25N, 50N, K1, K5 and K10 denominations in circulation.
In 2013, the Kwacha underwent a redenomination, as the high levels of inflation resulted in :-
Inconveniences and risks inherent in carrying large sums of money for transactions
Increased difficulties in maintaining book-keeping and statistical records and ensuring compatibility with data processing software and,
Higher costs on the payment system, particularly the delivery of banking services through a greater use of technology.
The rebasing/redenomination of the currency brought in greater confidence among the users, facilitated easier business transactions involving smaller units of money, reduction in costs of transactions, efficient payment systems and re-introduction of a culture of using coins which are more durable.
The 2013 Series/Emission of Banknotes:
These Banknotes reflect the economy, culture and history of the Nation -
On the Front:
The African Fish Eagle - is the main feature or primary recognition feature on all the Banknotes. It symbolises the Zambian people's pride; its excellent vision and swift reaction symbolises the country's focus on economic growth and ability to rise above challenges.
Coat of Arms - which is the National Emblem which Zambia is distinctly identified by and is found on the left hand corner of the Front side of every Banknote with the year of print.
On the Back -
Freedom Statue in Lusaka - which is the National Symbol that represents Zambia's struggle in the pre-colonial days and is a tribute to the country's fallen heroes.
Trees and animals - which depict the country's abundant forest resources and wild-life and consequently the potential for tourism.
An activity based theme.
The Front of the K2 Banknote depicts the Fish Eagle, a Teak tree & the Coat of Arms of Zambia.
The Front of the K10 Banknote depicts a Fish Eagle, a Sugar Plum tree and the Coat of Arms of Zambia.
The Back of the K10 Banknote depicts Farmers harvesting wheat, a porcupine and the Freedom Statue in Lusaka.
The Front of the K20 Banknote shows a Fish Eagle, a Mukwa Tree and the Coat of Arms of Zambia.
On the Back of the K50 Banknote is seen the Bank of Zambia Headquarters in Lusaka, a leopard and the Freedom Statue in Lusaka.
On the Back of the K100 Banknote is seen the National Assembly building in Lusaka, an African Buffalo and the Freedom Statue in Lusaka.
The 2013 Banknote Series carries several enhanced security features - holograms, multi-coloured Banknotes, embedded devices like strips, micro-printing, watermarks and various types of optically variable inks and design features which prevent counterfeiting by photocopying or scanning.
Coinage of Zambia:
In 1968, Bronze 1 and 2 Ngwee and Cupro-Nickel 5, 10 and 20 Ngwee coins were introduced. The Obverses of these coins carried images of President Kenneth Kaunda, while the Reverses depicted the flora & fauna of Zambia.
In 1979, a 12-sided 50 Ngwee coin was circulated, which replaced the 50 Ngwee Banknote and depicted FAO commemorative themes.
In 1982-83, copper-clad-steel replaced the Bronze in the 1 & 2 Ngwee coins.
In 1987, minting of 5 & 10 Ngwee coins was stopped.
In 1988, minting of 20 Ngwee coins was stopped.
In 1989, Nickel-brass 1 Kwacha coins were introduced for one year.
On 01.01.2013 The new Kwacha (2013 Series):
New coins were circulated in the 5, 10, 50 Ngwee and 1 Kwacha denominations Obverses depict the Coat of Arms of Zambia. The Reverses depict the following images:
The specifications of this coin are -
Diameter/Size: 21.0 mm; Thickness: 1.60 mm; Metal Composition: Brass-plated Steel; Edge: Reeded; Year mentioned on coin: 2012; Date of first issue: 01.01.2013.
The specifications of this coin are -
Diameter/Size: 20.0 mm; Thickness: 1.57 mm; Metal Composition: Brass-plated Steel; Edge: Plain; Year mentioned on coin: 2012; Date of first issue: 01.01.2013.
The Reverse of the 5 Ngwee Coin depicts a Zambezi indigo-bird.
The specifications of this coin are -
Diameter/Size: 19.0 mm; Thickness: 1.55 mm; Metal Composition: Nickel-plated Steel; Edge: Plain; Year mentioned on coin: 2012; Date of first issue: 01.01.2013.
The Reverse of the K1 coin depicts the Zambian barbet.
The specifications of this coin are:
Metal Composition: Nickel-plated Steel; Edge: reeded; Year mentioned on the coin: 2012; Date of first issue: 01.01.2013.
The Coat of Arms of Zambia:
Armiger: Republic of Zambia
Adopted on: 24.10.1964
Crest: An eagle Or (golden) displayed above a crossed hoe and pick-axe proper
The African Fish eagle represents the conquest/attainment of freedom and the country's hope for the future. The pick and hoe represent the country's economic backbone: Agriculture and Mining, as well as, the characteristics that have influenced Zambia's evolution and nature.
The shield is a representation of "Mosi-o-Tunya" waterfalls with white water cascading over black rock. The Falls represent the Zambesi River from which Zambia takes its name. The Coat of Arms also has emblems of Zambia's natural resources - minerals, mining, agriculture and wildlife.
Blazon: Sable (white), six pallets wavy argent (silver)
Supporters: A Zambian man in Western garb to the left and a Zambian woman in traditional Zambian garb to the right
The supporters represent the common citizens of Zambia
Compartment: Green Earth and an ear of maize proper
Motto on a scroll: "One Zambia, One Nation"
The motto emphasises the need for unity in a country of over 60 ethnic groups.
(The K500 Banknote (1992) is from the collection of Jayant Biswas. Post researched and written by Rajeev Prasad)
Some other interesting posts from the African Continent on this blog:
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