Zambian kwacha
Encyclopedia
The kwacha is the currency of Zambia
. It is subdivided into 100 ngwee.
word for "dawn", alluding to the Zambian nationalist slogan of a "new dawn of freedom". The name ngwee translates as "bright" in the Nyanja language.
at a rate of 2 kwacha = 1 pound (10 shillings = 1 kwacha). The currency has suffered from high inflation. In 1968, the kwacha was worth 1.2 U.S. dollars, but in 2006, the dollar was worth 4,800 kwacha.
As of March 8, 2011, 1 US dollar = 4,715 kwacha.http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=ZMK
All these coins remain legal tender. However, their diminished value, due to inflation and the fact that the value of the metal in the coins is worth more than the face value, means that they are never seen or used in normal trade. The only place you see coins today is when they are sold as souvenirs to tourists.
introduced notes for 50 ngwee, 1, 2, 10 and 20 kwacha. 5 kwacha notes were introduced in 1973, the same year that the last 50 ngwee notes were issued. 50 kwacha notes were introduced in 1986, with the 1 kwacha note being replaced by a coin in 1988. 100 and 500 kwacha notes were introduced in 1991, followed by 1000, 5000 and 10,000 kwacha in 1992, when the 5 and 10 kwacha notes were replaced by coins and the 2 kwacha discontinued. In 2003, 20,000 and 50,000 kwacha notes were introduced.
Until 1991, all Zambian banknotes featured a portrait of President Kenneth Kaunda
on the obverse. Since 1992, all notes have instead featured a fish eagle
on the obverse. Since 1989, all the reverses have featured the Chainbreaker statue. In 2003, Zambia became the first African country to issue polymer banknotes. The 500 and 1000 kwacha are both printed on polymer.
Although the 20 kwacha note is still in circulation, such is the rarity of this note that most major retailers will round prices up to the nearest 50 kwacha when calculating a total. Most items in major supermarkets are displayed using 20 kwacha in the value (e.g., 1980 kwacha).
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
. It is subdivided into 100 ngwee.
Etymology
The name derives from the Nyanja and BembaBemba language
The Bemba language, ChiBemba , is a major Bantu language spoken primarily in north-eastern Zambia by the Bemba people and as a lingua franca by about 18 related ethnic groups, including the Bisa people of Mpika and Lake Bangweulu, and to a lesser extent in Katanga in the Democratic Republic of the...
word for "dawn", alluding to the Zambian nationalist slogan of a "new dawn of freedom". The name ngwee translates as "bright" in the Nyanja language.
History
In 1968, the kwacha replaced the poundZambian pound
The pound was the currency in Zambia from independence in 1964 until decimalization on January 16, 1968. It was subdivided into 20 shillings, each of 12 pence.-History:The Zambian pound replaced the Rhodesia and Nyasaland pound at par...
at a rate of 2 kwacha = 1 pound (10 shillings = 1 kwacha). The currency has suffered from high inflation. In 1968, the kwacha was worth 1.2 U.S. dollars, but in 2006, the dollar was worth 4,800 kwacha.
As of March 8, 2011, 1 US dollar = 4,715 kwacha.http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=ZMK
Coins
In 1968, bronze 1 and 2 ngwee and cupro-nickel 5, 10 and 20 ngwee were introduced, followed by 50 ngwee in 1969 ( click for image). In 1982, copper-clad-steel replaced bronze. The 1 and 2 ngwee were struck until 1983, with production of the 5 and 10 ngwee ceasing in 1987 and that of the 20 ngwee in 1988. Nickel-brass 1 kwacha were introduced in 1989. In 1992, a new coinage was introduced consisting of nickel-plated-steel 25 and 50 ngwee and brass 1, 5 and 10 kwacha.
All these coins remain legal tender. However, their diminished value, due to inflation and the fact that the value of the metal in the coins is worth more than the face value, means that they are never seen or used in normal trade. The only place you see coins today is when they are sold as souvenirs to tourists.
Banknotes
In 1968, the Bank of ZambiaBank of Zambia
The Bank of Zambia is the central bank of Zambia. According to its website, the principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country.The bank's offices are located in Lusaka....
introduced notes for 50 ngwee, 1, 2, 10 and 20 kwacha. 5 kwacha notes were introduced in 1973, the same year that the last 50 ngwee notes were issued. 50 kwacha notes were introduced in 1986, with the 1 kwacha note being replaced by a coin in 1988. 100 and 500 kwacha notes were introduced in 1991, followed by 1000, 5000 and 10,000 kwacha in 1992, when the 5 and 10 kwacha notes were replaced by coins and the 2 kwacha discontinued. In 2003, 20,000 and 50,000 kwacha notes were introduced.
| Denomination | Dates |
|---|---|
| 50 ngwee | 1968-1973 |
| 1 kwacha | 1968-1988 |
| 2 kwacha | 1968-1989 |
| 5 kwacha | 1973-1989 |
| 10 kwacha | 1968-1991 |
| 20 kwacha | 1968-1992 |
| 50 kwacha | 1986- |
| 100 kwacha | 1991- |
| 500 kwacha | 1991- |
| 1000 kwacha | 1992- |
| 5000 kwacha | 1992- |
| 10,000 kwacha | 1992- |
| 20,000 kwacha | 2003- |
| 50,000 kwacha | 2003- |
Until 1991, all Zambian banknotes featured a portrait of President Kenneth Kaunda
Kenneth Kaunda
Kenneth David Kaunda, known as KK, served as the first President of Zambia, from 1964 to 1991.-Early life:Kaunda was the youngest of eight children. He was born at Lubwa Mission in Chinsali, Northern Province of Northern Rhodesia, now Zambia...
on the obverse. Since 1992, all notes have instead featured a fish eagle
African Fish Eagle
The African Fish Eagle or – to distinguish it from the true fish eagles , the African Sea Eagle – is a large species of eagle that is found throughout sub-Saharan Africa wherever large bodies of open water occur that have an abundant food supply. As a result of its large range, it is known in many...
on the obverse. Since 1989, all the reverses have featured the Chainbreaker statue. In 2003, Zambia became the first African country to issue polymer banknotes. The 500 and 1000 kwacha are both printed on polymer.
Although the 20 kwacha note is still in circulation, such is the rarity of this note that most major retailers will round prices up to the nearest 50 kwacha when calculating a total. Most items in major supermarkets are displayed using 20 kwacha in the value (e.g., 1980 kwacha).