British West African pound
| Country | Gold Coast Colony  |
|---|---|
| Dey apply to jurisdiction | British West Africa |
| Currency symbol description | £ |
| Replaced by | Ghanaian pound, Nigerian pound, Central African CFA franc, leone, Gambian pound |
| Start time | 1907 |
| End time | 1968 |
De pound be de currency of British West Africa, ebe group of British colonies, protectorates den mandate territories. Na ebe equal to one pound sterling den ebe similar say you go fi subdivide am into 20 shillings, each of 12 pence.
History[edit | edit source]
Insy de 19th century, de sterling become de currency for de British West African territories den esan be standard issue British coinage wey dem circulate. De West African territories be Nigeria, de Gold Coast (now Ghana), Sierra Leone den de Gambia.[1]
Insyd 1912,[2] de authorities insyd London come set up de West African Currency Board den issue am as ebe de distinctive set of sterling coinage give de British West Africa. De circumstance dey prompt dis move be tendency for standard sterling coins wey dem ship go West African territories to leave de region den return to circulation insyd de UK, as edey cause a local dearth of coinage. A unique British West African variety of sterling coinage wey dem no accept am insyd de shops for Britain den dem keep am in circulation locally.
Dere gey a precedent for dis move: insyd 1910, Australia dey already start dey issuing ein own distinctive varieties for de sterling coinage, buh de reasons for doing so be quite different from dose wey dey relate to British West Africa. Australian authorities dey issue de local coinage as ebe step towards introducing a separate currency plus a flexible exchange rate against sterling, while dem no gey such plan say dem dey considere am for British West Africa. With de exception of Jamaica where special low denomination coins dem issue am insyd place give de British copper coins, sake of local superstitions wey dey surround de use of copper coinage for church collections, authorities insyd London wey dem no replace any sterling coins plus local wey issues for any other British colony.
De British West African pound dem san adopt am by Liberia insyd 1907, as ecome replace de Liberian dollar, although na eno dey serve de West African Currency Board. Liberia change am to de US dollar insyd 1943.[3] Togo den Cameroon all come adopt de West African currency insyd 1914 den 1916 respectively wey British den French troops take over dose colonies from Germany as part of World War I.
Beginning insyd 1958, de British West African pound come replace by local currencies insyd de individual territories. De replacements be:
| Country | Date | New Currency | Conversion Rate From BWA pound |
|---|---|---|---|
| Western Nigeria | 1958 | Nigerian pound | 1 |
| Ghana | 1958 | Ghanaian pound | 1 |
| Nigeria | 1958 | Nigerian pound | 1 |
| British Cameroom | 1961 | CFA franc (BEAC) | 700 |
| Sierra Leone | 1964 | Leone | 2 |
| Gambia | 1965 | Gambia pound | 1 |
Coins[edit | edit source]
Insyd 1907, aluminium 1⁄10d den cupro-nickel 1d coins be coins wey dem introduce. Both coins gey hole for insyd. Insyd 1908, cupro-nickel come replace de aluminum in de 1⁄10d den, in 1911, as de hole, cupro-nickel 1⁄2d coins dem introduce dem. Insyd 1913, silver 3d den 6d, 1/– and 2/– dem introduce dem. Insyd 1920, brass come replace silver in dese denominations.
Insyd 1938, larger, cupro-nickel 3d coins dem introduce dem, with nickel-brass as ecome replace brass in de higher denominations. Insyd 1952, bronze come replace cupro-nickel in de 1⁄10d, 1⁄2d den 1d coins. De last coins for British West Africa be insyd 1958.
Banknotes[edit | edit source]
Insyd 1916, de West African Currency Board come introduce notes for 2/–, 10/–, den 20/– (£1), wey dey follow by 1/– notes insyd 1918. Only de 10/– den 20/– notes dem issue after 1918 until 100/– (£5) notes wey dem introduce insyd 1953. De last notes dem produce be insyd1962.
San see[edit | edit source]
- Biafran pound
- British currency insyd Oceania
- British currency insyd de Middle East
- British currency insyd de South Atlantic and the Antarctic
- British currency insyd de West Indies
- Gambian pound
- Ghanaian pound
- Gold Coast ackey
- Nigerian pound
- West African Monetary Zone
- Economic Community of West African States
References[edit | edit source]
- ↑ Clauson, G. L. M. "The British Colonial Currency System". The Economic Journal. 54 (213).
- ↑ "The West African Currency Board - Some Notes with a Nigerian Bias" by Bob Maddocks in Cameo, Journal of the West Africa Study Circle, Vol. 13, No. 2, June 2012, pp. 106-108.
- ↑ Erasmus, Lodewyk; Leichter, Jules; Menkulasi, Jeta (2009). "Dedollarization in Liberia—Lessons from Cross-country Experience". International Monetary Fund Working Paper.