This is a One Dalasi commemorative note issued in 1978 celebrating the opening ceremony of the new Central Bank of The Gambia HQ building. The note is dated 18th February 1978. The design of this note on the front is the same as the 1 Dalasi first issued in 1972 with the portrait of the then President Sir Dawda Kairaba Jawara (b 1924, First President of Republic of The Gambia) and the reverse showing the Central Bank new building. This new building is located at Ecowas Avenue in Banjul, which is also the capital of The Gambia. The Central Bank of The Gambia (CBG) was established in 1971 when it took over the assets of the then Gambia Currency Board which was established on 01.10.1964. The CBG then issued it's first set of Dalasi notes with denominations of 1, 5. 10 and 25 Dalasi in 1972. Prior to that the country's used the Pound currency systems.
A ten rupees (2-uncut sheet) commemorative note celebrating the country's 40th Anniversary of Independence from the British on 29.06.1976. The design of this note (dated 2013) is the same as the 10 rupees first issued in 1998, but with the following text added to the watermark area - 40th ANNIVERSARY OF INDEPENDENCE. It is believed that this commemorative issue was released in uncut sheet format and then privately cut into 3-Uncut, 2-Uncut and single note by dealers. The note bears the signature of governor Caroline Abel. Caroline Abel was appointed to the central bank governor role on 14.03.2012. She is also the first woman appointed to this role since the country's independence in 1976.
These are two Bond notes issued in late 2016 ($2) and early 2017 ($5). Zimbabwe on 12.04.2009 abandoned its own currency to end hyperinflation and
commenced using foreign currencies such as US Dollar, South Africa Rand, Euro, British Pound, Botswana Pula, Indian Rupee and even the Chinese Yuan and Australian Dollar as legal tender (some of these foreign currencies were added on later). These Bond notes are redeemable for all these foreign currencies or can be used as normal day to day transactions. However these Bond notes are not legal tender outside the country. The value of these Bond notes are at parity with the US$ when it was first issued.
The Zimbabwe inflation crises started in the late 90s when the President Robert Mugabe removed white farmers and replaced them with blacks farmers. Unfortunately due to lack of experience in managing these farms, the productions dropped and so does foreign incomes too. To over come this, the government decided to print more money to pay for their bills. Now, any Economist out there will tell you that this will not work unless you have the foreign reverse to back this up. Whilst this is bad to the country, it was haven to collectors, including myself. Since 2006, a total of 70 notes were issued from 1 cent to 100 Trillion dollars. I still do not understand why they even bother to print those lower denomination notes such as the 1, 5, 10, 50 cents and even the $1 when the values do not even worth the paper printed on.
The issue of these Bond notes was authorised by the President Robert Mugabe on 07.11.2016 to tackle the shortage of cash in the country. The country spent more than it raised, much of it on imports causing the outflow of US$ out of the country. These new Bond notes were backed by US$200 million held in actual reserve when they were issued. To the locals, the nickname for the Bond note is called "Bollars". Interesting to note that Zimbabwe was once called the foods basket of Southern Africa.
Since the released of the Bond notes end of last year, the Bollars are loosing it's value. The local businesses are so worrying that as these new Bond notes have no value outside the country, it may lead to the drop in value. Some shops which are desperate for hard currency, are offering discounts on their goods, some up to 50% if payments are made by US$. Old habits die hard!
Signature: Governor Dr John Mangudya
Two Dollars (Bond Note)
Dated 2016, P99, Issued in November 2016
Five Dollars (Bond Note)
Dated 2016 (2017), P100
$2 - 5,000,000 pieces ($10,000,000) Issued on 28.11.2016;
$5 - 3,000,000 pieces ($15,000,000) Issued on 02.02.2017.