Development
of Currency in The Gambia
Until the middle of the nineteenth century the recognised method
of payment in The Gambia was by Cowrie Shells. The earliest forms
of “coin” were brass or copper rods and sometimes metal
tokens.
By 1880 silver coins, mainly in the form of French 5 Franc pieces,
were in general use. In 1892 the African Banking Corporation was
established in Lagos and one of the Bank’s function was to
supply West African countries with new British coin and repatriate
redundant silver coin to London. Two years later in 1894 these
responsibilities passed to the Bank of British West Africa.
In 1912 a Committee (the architect of the Currency Board) was set
up to examine ways of establishing a more uniform currency and to
decide on future policy. Although a one-penny and one-tenth of a
penny coin had been issued from 1907, and a half-penny from 1911,
the French 5 Franc silver pieces still dominated in The Gambia.
In 1913 a three-penny, six-penny, one shilling and florin coin were
issued.
At the end of 1915 the Committee that had now become the West the
West African Currency Board, revised and enlarged its constitution
to provide for a note issue. The proposal was put forward that currency
notes be issued to each colony but that these should be “under
the authority of the Currency Board in London”. The notes
were to be a uniform design but bearing the distinguishing mark
of each issuing office. This constitution was to remain unchanged
until 1949.
An order was thus placed with the London printers, Waterlow &
Sons Ltd., for 2 shilling, 10 shilling and £1 banknotes. These
entered circulation in The Gambia towards the end of 1917. With
the exception of the 2 shilling note, the reception was generally
favourable. The following year when a 1 shilling note was printed
by the Bank of England it was also found to be as unpopular as the
2 shilling.
1919 marked the issue of a £5 note that was withdrawn only
four years later through lack of popularity. It was not until 1954
that this note was reissued in The Gambia
Internal self-government came to The Gambia in October 1963 and
on the initiative of the West African Currency Board an order for
notes was placed with Bradbury Wilkinson & Co. Ltd. For 10 shilling,
£1 and £5 notes. These were put into issue only four
days after the new currency ordinance, that formed The Gambia Currency
Board, came into force 1st. October 1964.
18th. February 1965 – Independence Day in The Gambia. The
Gambia Currency Board issued its own coinage, produced by Royal
Mint, to replace the West African Currency Board coin, on 21st.
November 1966. The values remained the same although the one-tenth
and half-penny coins were not issued, whilst a 4 shilling piece
went into circulation. An 8 shilling coin was subsequently struck
in 1970.
The assets and liabilities of The Gambia Currency Board were vested
in 1971, in the Central Bank Of The Gambia. That same year the currency
was decimalised on the basis of 1 Dalasi = 100 Bututs. The coins
were minted by the Royal Mint. The notes of 1, 5, 10 and 25 Dalasi
denominated were printed by Bradbury Wilkinson & Co. Ltd. With
the royal effigy being replaced by the portrait of H. E. The President
of the Republic of The Gambia on both the notes and the coin.
To commemorate the tenth anniversary of Independence in The Gambia
a new 10 Dalasi coin was produced in 1975.
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