Sierra Leonean leone

Sierra Leonean leone

Circulating coins 10 to 500 leones
ISO 4217
Code	SLL (numeric: 694)
Unit
Symbol	Le‎
Denominations
Subunit
1/100	cent
Banknotes	1,000, 2,000, 5,000, 10,000 leones
Coins	10, 50, 100, 500 leones
Demographics
User(s)	Sierra Leone
Issuance
Central bank	Bank of Sierra Leone
Website	www.bsl.gov.sl
Valuation
Inflation	11.1%
Source	The World Factbook, 2013 est.

The leone is the currency of Sierra Leone. It is subdivided into 100 cents, but denominations in cents are no longer in use due to the low value of the currency. The ISO 4217 code is SLL and the leone is abbreviated as Le placed before the amount.

History

The leone was introduced on 4 August 1964. It replaced the British West African pound at a rate of 1 pound = 2 leones (i.e., 1 leone = 10 shillings).

For an earlier Sierra Leone currency, see Sierra Leonean dollar.

Coins

In 1964, decimal coins were introduced in denominations of ½, 1, 5, 10 and 20 cents. The coins size and compositions were based in part on those of the former colonial state British West Africa. All bore the portrait of the first prime minister of Sierra Leone, Sir Milton Margai. In 1972, 50 cents coins were introduced which carried the portrait of the first president Dr. Siaka Stevens.

In 1974, round cupro-nickel one leone coins were introduced and in 1976, seven sided cupro-nickel 2 leone coins commemorating FAO were introduced. These latter two denominations, however, did not circulate as frequently as the lower cent denominations. The portrait of Stevens also appeared on a new, slightly smaller series of coins introduced in 1980 in denominations of ½, 1, 5, 10 and 20 cents. In 1987, octagonal, nickel-bronze 1 leone coins were introduced with a bust portrait of General Joseph Saidu Momoh. This coin effectively replaced the one leone note.

Following a period of economic collapse and the following Sierra Leone Civil War inflation became rampant, devaluing older coins. A new coin series was introduced in 1996 for 10, 50 and 100 leones. The 50 leones is octagonal while the other two are round. These coins were struck in nickel-plated steel and feature important figures in Sierra Leone's political history. Ten sided, bimetallic 500 leones coins were first introduced in 2004. Of the four coins in circulation, only the 100 leones is available in small quantity due to their low valuation and shortage of supply.

500 leones coins and the two lowest denominations are rarely encountered due to rampant metal theft in the impoverished country.

1 leone 1987
Coat of arms	Joseph Saidu Momoh

Banknotes

With the introduction of decimal currency in 1964, a new series of Banknotes was introduced by the Bank of Sierra Leone. Originally called Shillings, the unit name "Leone" was finally decided upon. After considering (and subsequently rejecting) several new designs, including a particularly attractive multi-coloured design, notes were issued in the 1, 2 and 5 Leone denominations. These officially replaced notes of the British West African pound at a two leone to one pound exchange ratio. 50 cents notes were introduced in 1979, followed by 10 leones in 1980 and 20 leones notes in 1982. Throughout this period the value of the currency was fixed and remained relatively stable despite inherent economic problems.

100 leones notes were introduced in 1988, followed by 500 leones in 1991, 1000 and 5000 leones in 1993, 2000 leones in the year 2000 and 10,000 Leone in 2004.

The original series of notes (1964-1974) depicted the famous 300 year old Cottonwood Tree and Court building in central Freetown. The reverses showed Diamond Mining (1 Leone), a Village market scene (2 Leones) and the Dockside in Freetown (5 Leones). Subsequent issues (1974-1991) depicted the head of state during the time of issue. The first series depicting Sir Milton Margai and later issues depicting either Siaka and Momoh. This practice ended with the ascension of the NPRC regime and has remained so despite the return to civilian government.

Prior to June 2010, bank notes in circulation were 500, 1000, 2000, 5000 and 10,000 leones. 10,000 leones notes were in circulation for less than ten years and were infrequently encountered. This meant that most transactions took place in bundles of 5000 leones notes.

In June 2010, the Bank of Sierra Leone issued new notes which were slightly smaller in size than the earlier series and intended to be more secure and durable. The new bank notes are: Le10,000, Le5,000, Le2,000 and Le1,000. Coins are still used, but because of their low value are less common.

Because of inflation, a 20,000 leone banknote has been suggested. As of 23 Oct 2018, 20,000 leones are equivalent to about 2.09 EUR. As of 19 April 2021, 20,000 leones are equivalent to about 1.62 EUR.

2010 Series
Image	Value	Dimensions	Main Color	Description		Date of issue	Date of first issue	Watermark
				Obverse	Reverse
[1]	1000 leones	135 x 67 mm	Red	Bai Bureh; Coat of arms of Sierra Leone	Telecommunications satellite dish	27 April 2010	14 May 2010	Lion head and electrotype 1000
[2]	2000 leones	140 x 69 mm	Brown	Isaac Theophilus Akunna Wallace-Johnson, cargo ship; Coat of arms of Sierra Leone	Bank of Sierra Leone building, Freetown	27 April 2010	14 May 2010	Lion head and electrotype 2000
[3]	5000 leones	145 x 71 mm	Purple	Sengbe Pieh; Coat of arms of Sierra Leone	Bumbuna Dam	27 April 2010	14 May 2010	Lion head and electrotype 5000
	10,000 leones	153 x 73 mm	Blue and Green	Dove flying over the map of Sierra Leone, Flag of Sierra Leone	White silk-cotton tree; Coat of arms of Sierra Leone	27 April 2010	14 May 2010	Lion head and electrotype 10000

Redenomination

Main article: Redenomination

Due to high inflation (13.4% in 2020) In august 2021 the central bank announces that Sierra Leone will lop three zeros from its currency and print smaller bills and will be called the New Leone without determinating a date for the change.

Specimen notes

Specimen notes are issued to banks to familiarize the local inhabitants with any currency changes. These are issued by Thomas De La Rue of the UK.

Current SLL exchange rates
From Google Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA:	AUD CAD CHF CNY EUR GBP HKD JPY USD

See also

• Economy of Sierra Leone

References

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

External links

• banknote serie