Biafran pound

Biafran pound
Biafran 2+1⁄2 shilling coin from 1969; aluminium, reverse.Biafran 2+1⁄2 shilling coin from 1969; aluminium, obverse.
Unit
Symbol£‎
Denominations
Subunit
 1⁄20shilling
 1⁄240penny
Plural
 pennypence
Symbol
 shillings or /–
 pennyd
Banknotes5/–, 10/–, £1, £5, £10
Coins3d, 6d, 1/–, 2/6
Demographics
Date of introduction29 January 1968
Date of withdrawal1970
User(s)Biafra
Issuance
Central bankBank of Biafra
This infobox shows the latest status before this currency was rendered obsolete.

The pound (symbol £) was the currency of the breakaway Republic of Biafra between 1968 and 1970.

Context

The Republic of Biafra existed from 1967 to 1970 as an independent state between Nigeria and Cameroon. The central bank of Biafra was one of the first institutions created. It was then decided to maintain the Nigerian pound. The young Republic relied heavily on foreign exchange for cash, which turned into a risky venture.[1]

On 27 January 1968, Biafran President C. Odumegwu Ojukwu declared:[1]

"Fellow countrymen, I am happy to announce to you that I have today signed a decree introducing Biafran currency notes which will be the legal tender throughout the Republic of Biafra. By that same decree, Nigeria currency notes will cease to be legal tender in Biafra. Our new currency notes, along with our new postage stamps, will be issued to the public on January 29, 1968."

The first notes, in denominations of 5/– and £1, were introduced on January 29, 1968.[2] A series of coins was issued in 1969; 3d, 6d, 1/–, and 2s 6d coins were minted, all struck in aluminium. In February 1969, a second family of notes was issued in denominations of 5/– and 10/–, £1, £5 and £10. Despite not being recognised currency by the rest of the world when issued, the banknotes were afterwards sold as curios (typically at an eighth of their face value, or 2/6 sterling for Biafran £1) in British notaphily shops. The notes are now traded among banknote collectors at well above their original nominal value.

The most commonly found notes are the 1968 and 1969 £1 notes, with the £10 note and all coins being rare.

All banknotes issued by the Bank of Biafra are undated, though the dates of issuance are known. All notes bear the signature of bank Governor Sylvester Ugoh and Director William Uzoaga.

Banknotes of the Biafran pound (1968 "First" issue)[2]
Value Obverse Reverse Issue Date Size Prefixes
5/– Palm tree over a rising sun Four Biafran girls 29 Jan 1968 110 x 55 mm A/O - A/P
£1 Palm tree over a rising sun Coat of arms of Biafra 29 Jan 1968 140 x 70 mm A/A - A/D
Banknotes of the Biafran pound (1969 "Second" issue)[2]
Value Obverse Reverse Issue Date Size Prefixes
5/– Palm tree over a rising sun Four Biafran girls Feb 1969 110 x 55 mm MA - NR
10/– Palm tree over a rising sun Oil refinery Feb 1969 125 x 60 mm GA - GW
£1 Palm tree over a rising sun Coat of arms of Biafra Feb 1969 140 x 70 mm BA - DX
£5 Palm tree over a rising sun A female weaver; coat of arms Feb 1969 145 x 75 mm WA - WF
£10 Palm tree over a rising sun A male carver; coat of arms Feb 1969 155 x 80 mm ZA - ZC

See also

References

  1. ^ a b "Biafra Currency". www.biafraland.com. Retrieved 2023-06-09.
  2. ^ a b c Linzmayer, Owen (2011). "Biafra". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. Retrieved 2011-08-21.


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