Leone (monetary unit)

In the colonial period, the issue of the single currency of British West Africa - the West African pound - was carried out by the Monetary Council of West Africa, created in 1913 in London . The pound continued to be used in circulation after the declaration of Sierra Leone's independence in 1961.

March 27, 1963 Bank of Sierra Leone was established . On August 4, 1964, the bank began operations and the issue of a new currency, the leone, and the exchange was made: 1 pound = 2 leone. West African pounds were gradually withdrawn from circulation and on February 4, 1966, they lost the power of legal tender . The gold content of leone was set at 1.24414 g of pure gold, the rate of the pound sterling - 0.5 pounds per 1 leone, to the US dollar - 1.40 dollars per 1 leone. Leone was among the currencies of the sterling zone .

In November 1967, after the devaluation of the pound, the leone was devalued. Its gold content was reduced to 1.06641 g of pure gold, the rate against the US dollar amounted to 1.20 dollars per 1 leone. In December 1971, after the devaluation of the US dollar, the leone rate rose to 1.30286 dollars per 1 leone.

After the floating rate of the pound sterling was established in June 1972, the parity ratio of 1 pound = 2 leones was maintained until November 1978, then until December 1982 the ratio to SDRs was valid: 1, 36693 leones = 1 SDR.

On December 17, 1982, the leone exchange rate was set to the official leone rate: 1.257 leone for 1 US dollar. At the same time as the official one, there was a commercial market rate, initially amounting to 2.30 leone for 1 dollar. From January 1, 1983 to February 1985, a single rate was in effect - 2.50 leone per dollar. On February 21, 1986, the leone to dollar exchange rate was set in the ratio: 6 leone = 1 US dollar, but soon, on June 27, 1986, a freely fluctuating rate against the dollar was established. In May 1987, this rate was already 45.80 leone for 1 dollar ^[1] .

A series of military coups and the civil war of 1991-2002 increased inflation and depreciation of leone ^[2]

Coin production began in 1964. The first issue consisted of coins in denominations of 1/2, 1, 5, 10, 20 cents and 1 leone. All coins had an image of Milton Margai . In 1972, a coin was issued in 50 cents with a portrait of Siak Stevens , then his wipe began to be placed on coins of other denominations. In 1976, a coin was issued in 2 leones, in 1984 - the last issue of coins in cents. In 1987, there was another change in the portrait on coins, this time Joseph Saidu Momo began to be depicted.

From 1989 to 1995, coins were not minted for circulation. In 1996, coin production was resumed, coins in 10, 50 and 100 leones were issued ^[3] , in 2003 - 20 leones, in 2004–500 leones. There are no portraits of modern political figures on the new coins ^[4] .

The issue of banknotes in leone was started in 1964, the first issue consisted of banknotes in 1, 2 and 5 leone. The banknotes of the second issue, 1970-1980s, had a greater number of denominations - 50 cents, 1, 2 and 5 leones; in 1980, a banknote of 10 leones was also issued. A portrait of Siak Stevens was placed on the banknotes of the second issue. His portrait was also placed on a series of commemorative banknotes issued in 1980 (50 cents, 1, 2, 5, and 10 leone) dedicated to the conference of the Organization of African Unity in Freetown . In 1982, a banknote of 20 leones was issued, with a modified portrait of Siak Stevens.

In 1988, the production of new banknotes began, with a portrait of Joseph Saidu Momo, in denominations of 10, 20, 50 and 100 leones, and in 1991 - 500 leones.

Since 1993, the production of banknotes began, on which portraits of modern political figures are no longer depicted. Banknotes of 1,000 and 5,000 leones were issued, in 1995 - 500 leones, in 2000 - 2000 leones. In 2002, modified banknotes of 1,000, 2,000 and 5,000 leones were issued; in 2004, banknotes of 10,000 leones were issued.

In 2010, modified banknotes of the 2010 model were issued, with a reduced size of 1,000, 2,000, 5,000 and 10,000 leones ^[5] . Banknotes of all previous issues have been withdrawn from circulation.

• Butakov D.D., Zolotarenko E.D., Rybalko G.P. World Currencies: A Handbook / Ed. S.M. Borisova, G.P. Rybalko, O.V. Mozhaiskova. - 5th ed., Revised. and add. - M .: Finance and statistics, 1987. - 383 p.
• Michael T. Standard Catalog of World Coins 1901-2000. - 45th ed. - Iola: Krause Publications, 2017 .-- 2384 p. - ISBN 978-1-4402-4797-2 .
• Michael T. Standard Catalog of World Coins 2001 — Date. - 12th ed. - Iola: Krause Publications, 2017 .-- 1488 p. - ISBN 978-1-4402-4798-9 .
• Schmidt TL Standard Catalog of World Paper Money. General Issues 1961 — Present. - 23rd ed. - Iola: Krause Publications, 2017 .-- 1200 p. - ISBN 978-1-4402-4795-8 .

• Republic of Sierra Leone , fox-notes.ru