Set Description:
A HISTORY OF THE BANKNOTES ISSUED BY THE BANK OF ZAMBIA:
The Bank of Zambia has been issuing banknotes since Zambia attained independence in 1964. Prior to that, the Rhodesia and Nyasaland pound was the legal tender of the then short-lived British protectorate of Northern Rhodesia, which later became Zambia.
From 1964 to 1968, Zambian banknotes consisted of the 10 shillings, £1 and £5 notes. The Currency Act of 1967 completely replaced the British pound with the Zambian Kwacha banknotes and the ngwee coins. The Zambian pound notes, and coins ceased to be a legal tender on January 31, 1974.
The Zambian pound notes of 10 shillings, 1, and 5 pounds were changed into 1, 2 and 10 kwacha respectively, a note of 50 ngwee was issued to replace the old 5 shillings coin. A new denomination banknote of 20 kwacha was also introduced. By 1980 the 50 Ngwee banknote had been completely withdrawn from circulation.
Due to inflation from the mid 1980s to the early 1990s, higher denomination banknotes were introduced into circulation. This included the K50 denomination in 1986, and the K100 and K500 banknotes in 1991. During this period the K1 was replaced with a coin of the same denomination while the K2 paper note was completely withdrawn from circulation.
From 1992, the appearance of the banknotes was modified, replacing the portrait of the Head of State with the famous Fish eagle and other important national monuments, wildlife and bird life that characterize the rich culture and heritage of the Zambian people. The K5 & K10 notes were also replaced with coins.
Continued high inflation necessitated the introduction of banknotes of higher denominations, and in 1996 the Bank of Zambia introduced the K1,000, K5,000 and K10,000 notes into circulation, followed by the introduction of the K20,000 and K50,000 notes in 2003.
In 2013, the Bank of Zambia decided to rebase the currency, dividing all denominational values by 1,000 and this resulted in the replacement of all Zambian banknotes with the rebased currency. Two new banknotes, K2 and K100 were also introduced. This current series of banknotes are in circulation to this day.
DESIGN:
The Zambian banknotes have been printed with features to reflect the economy, culture and history of the nation. The African Fish Eagle is the main feature or primary recognition feature on all the Zambian banknotes.
The fish eagle is said to reflect Zambian' s pride; the excellent vision and its swift reaction symbolizes the country' s focus on economic growth and ability to rise above challenges.
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* Coat of Arms -Â 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.
* Freedom Statue -Â the national symbol that represents Zambia' s struggle for freedom in the pre-colonial days and is a tribute to our fallen heroes.
* Trees and animals - depict the country' s abundant forest resources and wild life, and consequently the potential for tourism.
Sources:
- Wikipedia
- www.boz.zm
- www.colnect.com
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