West African pound

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The West African pound was a currency used in several West African countries, all British colonies, protectorates and mandate territories. It was equal to one pound sterling. It has been replaced by other currencies.

[edit] History

The West African pound was introduced in 1907 for circulation in Nigeria, the Gold Coast (now Ghana), Sierra Leone and the Gambia. From 1912, it was issued by the West African Currency Board. Liberia also adopted the currency in 1907, replacing the Liberian Dollar, despite the fact it was not served by the West African Currency Board. Liberia changed to the U.S. dollar in 1943. The British section of Cameroon adopted the West African currency in 1916 after it was taken from Germany.

During the period 1958 to 1968, the West African pound was replaced by local currencies in the newly independent nations. The replacements were:

Country		Date		New Currency		Conversion Rate From Pound
Ghana		1958		Ghanaian Pound		1
Nigeria		1958		Nigerian Pound		1
British Cameroon		1961		CFA Franc		700
Sierra Leone		1964		Leone		2
Gambia		1968		Gambian Pound		1

[edit] Denominations

Coins were issued in ¹⁄₁₀, ½, 1, 3 and 6 pence, 1 and 2 shillings. Bank notes were issued from 1918, in 1, 2, 5, 10, 20 and 100 shilling denominations, with the two highest denominations also given as 1 and 5 pounds.

[edit] References

• Monetary Institutions And Underdevelopment: History And Prescriptions For Africa