East African shilling

The East African shilling (English: East African shilling ) was from 1921 to 1969 the currency of the British colonies in East Africa. He was issued by the East African Currency Board ( EACB ).

East African shilling is also the name given by the East African Community has provided (East African Community ) for the proposed common currency.

History

First East African shilling

The East African shilling (now the mainland of Tanzania) introduced on 1 January 1921 in Kenya, Tanganyika and Uganda, and in June 1923 its official currency. It replaced the short-lived East African Florin at an exchange rate of 2 shillings = 1 florin. The currency was tied to the pound sterling at a ratio of 20 shillings = 1 pound sterling. A shilling was divided into 100 cents. 1936 Zanzibar joined with the currency board and the Zanzibar rupee was replaced with an exchange rate of 1.5 shillings = 1 Rupee Zanzibar by the East African shilling. After obtaining independence in 1964, the East African shilling was replaced by the national currencies Kenyan shilling, Ugandan shilling and Tanzanian shilling.

The 5 - and 10 -cent pieces of 1936 were the only circulating coins of the Empire (apart from two Indian princely states ), bearing the signature of Edward VIII.

1951 replaced the East African shilling, the Indian rupee in the colony of Aden, which in 1963 became the State of Aden within the South Arabian Federation. With the collapse of the East African Currency Board in 1965 the shilling was superseded in the South Arabian Federation of South Arabian Dinar.

After the defeat of Italy in the Second World War and the dissolution of Italian East Africa 1941, the East African shilling was also used in parts of present-day Somalia, Ethiopia and Eritrea, as this fell under British control. Before 1941, the Italian East Africa was lira cash. Italian Somaliland was returned in 1949 under a UN trusteeship in Italy and soon moved to Italian Somaliland Somalo, which corresponded to the value of the East African shilling. British Somaliland gained independence in 1960 and teamed up with former Italian Somaliland Somalia. Somalia introduced the Somali shilling, which also corresponded to the value of the East African shilling.

Ethiopia gained with the help of the British in 1941 the independence and began to use the East African shilling. Maria Theresa thaler, Indian rupees and the Egyptian pound were initially more valid method of payment. After attainment of full independence in late 1944 the Ethiopian Birr was introduced in 1945 again with an exchange rate of 1 birr = 2 shillings.

Eritrea belonging to Italy in 1941 terminated by Allied forces. The area was placed under British military administration and began to use the East African shilling and the Egyptian pound. The lira was withdrawn from circulation in 1942. 1952 formed a federation of Eritrea with Ethiopia and took over the Ethiopian Birr as currency.

Second East African shilling

The East African Community (East African Community ) is planning a new edition of the East African shilling. The East African shilling to be the common currency of Kenya, Tanzania, Uganda, Rwanda and Burundi. With the official launch is not expected according to the latest studies before 2015.

1921, 5 - and brought 10 cent hole bronze coins and 50-cent and 1 shilling coins of silver in hole transport, a bronze 1 cent coin hole followed in 1922, silver was replaced by cupro-nickel in 1948.. The last coins were produced in 1964, when the colonies gained independence.

Bills

The East African Currency Board was 1921 banknotes in the denominations of 5, 10, 20, 100, 200, 1000 and 10,000 shillings. On the 20 banknote Schilling and later also its equivalent value in pounds sterling ( £ 1, £ 5, £ 10, £ 50 and £ 500) was printed. 1943 1 shilling notes were issued unique. The 1000 shilling notes were issued until 1933, and the 10,000 -shilling banknotes until 1947. The remaining denominations were issued until 1964.