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==History==
==History==
In 1968, the kwacha, a decimal type currency replaced the short lived [[Zambian pound|pound]] at a rate of 2 kwacha = 1 pound (10 shillings = 1 kwacha). During the [[Kenneth Kaunda]] regime the value of the currency was fixed at a rate of approximately 1.2 kwacha to 1 USD. During the late eighties and early nineties a severe economic crisis emerged stemming from poor government oversight and overspending. As a result, the currency suffered from high depreciation throughout the 1990s and 2000s. By 2006, it took 4,800 kwacha to buy one U.S. dollar.


As of March 8, 2011, 1 US dollar was equal to 4,715 kwacha.[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=ZMW]
Prior to [[Zambia#independence|independence]], the [[Rhodesia and Nyasaland pound]] was the legal tender of the short-lived [[United Kingdom|British]] [[protectorate]] of [[Northern Rhodesia]]. Banknotes of 10 shillings, 1, 5, and 10 pounds issued by the Central Africa Currency Board were in circulation, together with coins of ½, 1, 3, 6 pence, and 1, 2, 2½, and 5 shillings. After independence, the [[Bank of Zambia]] issued the first Zambian currency, the [[Zambian pound]], in 1964. The issued paper bills and coins were of similar denominations as these used before independence, except for the 10 pounds note, which was never issued by the Bank of Zambia.<ref>[http://colnect.com/en/banknotes/list/country/4203-Zambia/series/55808-1964_ND_Issue Zambia 1964 ND Issue from Colnect.com]</ref> A new design to depict the newly independent country's history and struggle was adopted. The two currencies - the Rhodesia and Nyasaland pound and the Zambian pound, were allowed to circulate in parallel until December 15, 1965, when the South Rhodesian pound bills and coins were withdrawn from circulation, except for the 3 pence coin which was allowed to circulate alongside its Zambian alternative for a brief period.<ref>[http://www.boz.zm/bankingcurrency_curencyhistory.htm Bank of Zambia - History of the Zambian Currency]</ref>


As of January 23, 2012, 1 US dollar was equal to 5,120 kwacha [http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=ZMW]
On July 1, 1966, the [[National Assembly (Zambia)|parliament]] approved the arrangements of the decimal currency system ([http://www.parliament.gov.zm/sites/default/files/documents/acts/Decimal%20Currency%20System%20%28Arrangements%29%20Act.pdf Act 40 of 1966]). The government voted in favor of [[decimalisation]], and changing the main currency unit to Kwacha, with one kwacha being equal to 100 ngwee. The [[exchange rate]] was set to one kwacha equivalent to ten Zambian shillings, or one half of a Zambian pound. Thus, by January 16, 1968 all Zambian pound bills and coins were removed from [[Circulation (currency)|circulation]] and replaced by the new kwacha bills, and ngwee coins. The Zambian pound bills of 10 shillings, 1, and 5 pounds were changed into 1, 2 and 10 kwacha respectively, a bill of 50 ngwee was issued to replace the old 5 shillings coin, alongside a new bill of 20 kwacha.<ref>[http://colnect.com/en/banknotes/list/country/4203-Zambia/series/55809-1968_ND_Issue Zambia 1968 ND Issue from Colnect.com]</ref> Ngwee coins with the denominations of 1, 2, 5, 10, and 20 ngwee replacing the existing 1, 3, 6 pence, 1, and 2 shillings coins respectively.<ref>[http://colnect.com/en/coins/list/country/2576-Zambia/series/164112-1968~2012_-_Kwacha_-_Circulation Zambia 1968~2012 - Kwacha - Circulation from Colnect.com]</ref> The Zambian pound notes, and coins ceased to be a legal tender on January 31, 1974.<ref>[http://www.boz.zm/bankingcurrency_curencyhistory.htm Bank of Zambia - History of the Zambian Currency]</ref>


As of August 03, 2015, 1 US dollar was equal to 8.7 kwacha [https://www.cia.gov/library/publications/the-world-factbook/geos/za.html]
At the very beginning, the kwacha was pegged to the [[Pound sterling|pound]] at a [[Fixed exchange-rate system|fixed rate]] of 1.7094 kwacha per 1 pound. Yet, after the devaluation of the [[United States dollar|dollar]] on August 15, 1971, Zambia broke all its currency's ties to the British monetary unit, and pegged the kwacha to the American monetary unit. These reforms resulted in a reduction of the kwacha's [[gold standard]] by 7.8%. A few months later, the British [[Chancellor of the Exchequer]] [[Anthony Barber]], announced the demise of the [[Sterling area]], and [[Floating exchange rate|floatation]] of the sterling pound, causing Zambia to renounce the monetary privileges once enjoyed as a member state.
 
Throughout the years, the Zambian currency suffered high rates of [[inflation]] forcing the Bank of Zambia to introduce high value denominations in 2003, including 20,000 and 50,000 kwacha bills to facilitate transactions. In 2013, a new, [[redenominate]]d kwacha was introduced.


==2013 rebasing==
==2013 rebasing==
Line 125: Line 126:


5 kwacha notes were introduced in 1973, the same year that the last 50 ngwee notes were issued. 50 kwacha notes were introduced in 1986, with the 1 kwacha note being replaced by a coin in 1988. 100 and 500 kwacha notes were introduced in 1991, followed by 1000, 5000 and 10,000 kwacha in 1992, when the 5 and 10 kwacha notes were replaced by coins and the 2 kwacha discontinued. In 2003, 20,000 and 50,000 kwacha notes were introduced.
5 kwacha notes were introduced in 1973, the same year that the last 50 ngwee notes were issued. 50 kwacha notes were introduced in 1986, with the 1 kwacha note being replaced by a coin in 1988. 100 and 500 kwacha notes were introduced in 1991, followed by 1000, 5000 and 10,000 kwacha in 1992, when the 5 and 10 kwacha notes were replaced by coins and the 2 kwacha discontinued. In 2003, 20,000 and 50,000 kwacha notes were introduced.
===First Kwacha (1968-2012)===
====First issue (1968)====
The first issue of the first kwacha was issued in 1968. The series comprised five banknotes of 50 ngwee, 1, 2, 10, and 20 kwacha. The obverse of the five banknotes featured a portrait of president [[Kenneth Kaunda]] in tribal outfit on the right, together with the [[Coat of Arms of Zambia]] on the left on the 50 ngwee banknote, or at upper center on the kwacha banknotes. The reverse showed different activity based themes reflecting life in Zambia. The banknotes were printed by [[De La Rue|Thomas De La Rue & Co. Limited]], and bore the signature of Dr Justin B. Zulu, Bank of Zambia's second governor. Apart from the 50 ngwee banknote, the kwacha banknotes had president Kenneth Kaunda as a watermark. [[Specimen banknote]]s were issued for each denomination, with the word SPECIMEN [[overprint]] in red [[Sans-serif|sans]] on both the obverse and reverse.
{| class="wikitable"
|- style="background:#2E8B57;"
! Denomination
! [[Standard Catalog of World Paper Money|Pick]]
! Obverse
! Reverse
! F.I<sup>1</sup>
! L.I<sup>2</sup>
! Description
|-
| Fifty Ngwee
| P-4
| [[File:Zambia P-4 O.jpg|250px]]
| [[File:Zambia P-4 R.jpg|250px]]
| 1968
| 1968
|<small>'''Obverse:''' Red-violet on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] on the left. A dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' [[Lechwe|Southern lechwe]] in the [[Kafue Flats]].</small><br>
<small>'''Watermark:''' None</small>
|-
| One Kwacha
| P-5
| [[File:Zambia P-5 O.jpg|250px]]
| [[File:Zambia P-5 R.jpg|250px]]
| 1968
| 1968
| <small>'''Obverse:''' Dark brown on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. A dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' Farmer plowing field with [[tractor]]. Another two farmers plowing the same field with four [[ox]]en.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Two Kwacha
| P-6
| [[File:Zambia P-6 O.jpg|250px]]
| [[File:Zambia P-6 R.jpg|250px]]
| 1968
| 1968
| <small>'''Obverse:''' Green on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. A dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' Copper mining facility. Mining tower at the center, and conveyor belt on the left.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Ten Kwacha
| P-7
| [[File:Zambia P-7 O.jpg|250px]]
| [[File:Zambia P-7 R.jpg|250px]]
| 1968
| 1968
| <small>'''Obverse:''' Blue on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. A dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' [[Victoria Falls]] on the [[Zambezi River]] at center.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Twenty Kwacha
| P-8
| [[File:Zambia P-8 O.jpg|250px]]
| [[File:Zambia P-8 R.jpg|250px]]
| 1968
| 1968
| <small>'''Obverse:''' Purple on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. A dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' [[National Assembly (Zambia)|National Assembly]] building in [[Lusaka]] at center.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|}
<small><sup>1</sup> ''First Issued,'' refers to the year of first issue of the actual banknote from the same emission.</small><br>
<small><sup>2</sup> ''Last Issued:'' refers to the year of last issue of the actual banknote from the same emission.</small>
====Second emission (1969-1973)====
In 1969, a second emission of the Zambian kwacha was issued. Initially, the emission comprised the same five banknotes of the first emission, and all five denominations bore the signatures of Dr Justin B. Zulu, Mr Valentine S. Musakanya, and that of Mr Bitwell R. Kuwani, the second, third, and forth governors of the Bank of Zambia, respectively, except for the 50 ngwee bills that never existed with Dr Zulu's signature, as well as the 1 kwacha bills that never showed Mr Kuwani's signature. The second emission banknotes were exactly similar to these of the first emission, except for a slight difference, in which the dot (•) between the currency symbol and the face value was removed. The banknotes were printed by [[De La Rue|Thomas De La Rue & Co. Limited]], and [[specimen banknote]]s were issued for each denomination, with the word SPECIMEN [[overprint]] in red [[Sans-serif|sans]] on both the obverse and reverse.
{| class="wikitable"
|- style="background:#2E8B57;"
! Denomination
! [[Standard Catalog of World Paper Money|Pick]]
! Obverse
! Reverse
! F.I<sup>1</sup>
! L.I<sup>2</sup>
! Description
|-
| Fifty Ngwee
| P-9
| [[File:Zambia P-9 O.jpg|250px]]
| [[File:Zambia P-9 R.jpg|250px]]
| 1970
| 1972
|<small>'''Obverse:''' Red-violet on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] on the left. No dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' [[Lechwe|Southern lechwe]] in the [[Kafue Flats]].</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| One Kwacha
| P-10
| [[File:Zambia P-10 O.jpg|250px]]
| [[File:Zambia P-10 R.jpg|250px]]
| 1969
| 1972
| <small>'''Obverse:''' Dark brown on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. No dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' Farmer plowing field with [[tractor]]. Another two farmers plowing the same field with four [[ox]]en.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Two Kwacha
| P-11
| [[File:Zambia P-11 O.jpg|250px]]
| [[File:Zambia P-11 R.jpg|250px]]
| 1969
| 1973
| <small>'''Obverse:''' Green on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. No dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' Copper mining facility. Mining tower at the center, and conveyor belt on the left.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Ten Kwacha
| P-12
| [[File:Zambia P-12 O.jpg|250px]]
| [[File:Zambia P-12 R.jpg|250px]]
| 1969
| 1973
| <small>'''Obverse:''' Blue on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. No dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' [[Victoria Falls]] on the [[Zambezi River]] at center.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Twenty Kwacha
| P-13
| [[File:Zambia P-13 O.jpg|250px]]
| [[File:Zambia P-13 R.jpg|250px]]
| 1969
| 1973
| <small>'''Obverse:''' Purple on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. No dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' [[National Assembly (Zambia)|National Assembly]] building in [[Lusaka]] at center.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|}
<small><sup>1</sup> ''First Issued,'' refers to the year of first issue of the actual banknote from the same emission.</small><br>
<small><sup>2</sup> ''Last Issued:'' refers to the year of last issue of the actual banknote from the same emission.</small>
During the second emission period, a [[Zambian kwacha#Commemorative banknotes|commemorative banknote of 1 kwacha]] was issued in celebration of the declaration of [[One-party state]] on December 13, 1972. The banknote was not a legal tender, and had a different frame design than the banknotes of both, the first and second issues.
Later on in 1973, the Bank of Zambia issued the 5 kwacha banknote for the first time. A red-violet on multicolour [[underprint]] design was chosen for the new bill note. The new design resulted in a lot of confusion between the existing 50 ngwee bill and the new 5 kwacha one. This urged the Bank of Zambia to adopt a new design for the 50 ngwee banknotes in 1973. A new black and lilac on multicolor underprint was used for easy recognition, nevertheless, this was the last issue of the 50 ngwee banknotes as it was replaced later by a coin. The two new banknotes bore the signature of Mr Bitwell R. Kuwani, and were printed by [[De La Rue|Thomas De La Rue & Co. Limited]]. [[Specimen banknote]]s were issued for both denominations, with the word SPECIMEN [[overprint]] in red [[Sans-serif|sans]] on both the obverse and reverse.
{| class="wikitable"
|- style="background:#2E8B57;"
! Denomination
! [[Standard Catalog of World Paper Money|Pick]]
! Obverse
! Reverse
! F.I<sup>1</sup>
! L.I<sup>2</sup>
! Description
|-
| Fifty Ngwee
| P-14
| [[File:Zambia P-14 O.jpg|250px]]
| [[File:Zambia P-14 R.jpg|250px]]
| 1973
| 1973
|<small>'''Obverse:''' Black and lilac on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. A depiction of an [[African fish eagle]] flying in front of the [[Sun]] on the left. No dot between the currency symbol and face value. </small><br>
<small>'''Reverse:''' Miners in copper mine.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Five Kwacha
| P-15
| [[File:Zambia P-15 O.jpg|250px]]
| [[File:Zambia P-15 R.jpg|250px]]
| 1973
| 1973
| <small>'''Obverse:''' Red-violet on multicolor [[underprint]]. A [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center. No dot between the currency symbol and face value.</small><br>
<small>'''Reverse:''' Child painting and children in class at center. School on the left.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|}
<small><sup>1</sup> ''First Issued,'' refers to the year of first issue of the actual banknote from the same emission.</small><br>
<small><sup>2</sup> ''Last Issued:'' refers to the year of last issue of the actual banknote from the same emission.</small>
====Third issue (1974-1976)====
Prior to the third issue, short-lived designs of the obverses of the 10 and 20 kwacha banknotes were introduced. The new banknotes were printed by the [[United Kingdom|English]] [[engraving]], and [[printing]] company [[Bradbury Wilkinson and Company|Bradbury, Wilkinson & Co.]] The new designs featured an older portrait of president Kenneth Kaunda, without the usual frame design, and bearing the signature of Mr Bitwell R. Kuwani. Specimen banknotes were issued for both banknotes, with the word SPECIMEN overprint in red sans on both the obverse and reverse. Thanks to their scarcity, both bills are the most expensive banknotes of the Zambian collection among [[Notaphily|notaphilists]].
{| class="wikitable"
|- style="background:#2E8B57;"
! Denomination
! [[Standard Catalog of World Paper Money|Pick]]
! Obverse
! Reverse
! F.I<sup>1</sup>
! L.I<sup>2</sup>
! Description
|-
| Ten Kwacha
| P-17
| [[File:Zambia P-17 O.jpg|250px]]
| [[File:Zambia P-17 R.jpg|250px]]
| 1974
| 1974
|<small>'''Obverse:''' Blue on multicolor [[underprint]]. An older [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center.</small><br>
<small>'''Reverse:''' [[Victoria Falls]] on the [[Zambezi River]] at center..</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Twenty Kwacha
| P-18
| [[File:Zambia P-18 O.jpg|250px]]
| [[File:Zambia P-18 R.jpg|250px]]
| 1974
| 1974
| <small>'''Obverse:''' Red and purple on multicolor [[underprint]]. An older [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center.</small><br>
<small>'''Reverse:''' [[National Assembly (Zambia)|National Assembly]] building in [[Lusaka]] at center.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|}
<small><sup>1</sup> ''First Issued,'' refers to the year of first issue of the actual banknote from the same emission.</small><br>
<small><sup>2</sup> ''Last Issued:'' refers to the year of last issue of the actual banknote from the same emission.</small>
In 1976, a four bills third issue was issued, in which the old frame design was re-adopted once again. Banknotes with all denominations were reproduced, except for the twenty kwacha bill, which was never issued in spite of being redesigned . All bills bore the signatures of Mr Luke J. Mwananshiku, the fifth governors of the Bank of Zambia, except for the two kwacha banknotes, which retained the signature of Mr Bitwell R. Kuwani. The third emission banknotes were exactly similar to these of the second emission, except for president [[Kenneth Kaunda]]'s portrait, where an older portrait replaced the younger portrait appearing on the first, and second emissions. The banknotes were once again printed by [[De La Rue|Thomas De La Rue & Co. Limited]], and [[specimen banknote]]s were issued for each denomination, with the word SPECIMEN [[overprint]] in red [[Sans-serif|sans]] on both the obverse and reverse.
{| class="wikitable"
|- style="background:#2E8B57;"
! Denomination
! [[Standard Catalog of World Paper Money|Pick]]
! Obverse
! Reverse
! F.I<sup>1</sup>
! L.I<sup>2</sup>
! Description
|-
| One Kwacha
| P-19
| [[File:Zambia P-19 O.jpg|250px]]
| [[File:Zambia P-19 R.jpg|250px]]
| 1976
| 1980
| <small>'''Obverse:''' Dark brown on multicolor [[underprint]]. An older [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center.</small><br>
<small>'''Reverse:''' Farmer plowing field with [[tractor]]. Another two farmers plowing the same field with four [[ox]]en.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Two Kwacha
| P-20
| [[File:Zambia P-20 O.jpg|250px]]
| [[File:Zambia P-20 R.jpg|250px]]
| 1976
| 1980
| <small>'''Obverse:''' Green on multicolor [[underprint]]. An older [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center.</small><br>
<small>'''Reverse:''' Copper mining facility. Mining tower at the center, and conveyor belt on the left.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Five Kwacha
| P-21
| [[File:Zambia P-21 O.jpg|250px]]
| [[File:Zambia P-21 R.jpg|250px]]
| 1976
| 1980
| <small>'''Obverse:''' Red-violet on multicolor [[underprint]]. An older [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center.</small><br>
<small>'''Reverse:''' Child painting and children in class at center. School on the left.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Ten Kwacha
| P-22
| [[File:Zambia P-22 O.jpg|250px]]
| [[File:Zambia P-22 R.jpg|250px]]
| 1976
| 1980
| <small>'''Obverse:''' Blue on multicolor [[underprint]]. An older [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center.</small><br>
<small>'''Reverse:''' [[Victoria Falls]] on the [[Zambezi River]] at center.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|-
| Twenty Kwacha
| P-22A
|
|
| N/A
| N/A
| <small>'''Obverse:''' Purple, and red on multicolor [[underprint]]. An older [[portrait]] of president [[Kenneth Kaunda]] in tribal outfit on the right. [[Coat of arms of Zambia|Coat of Arms]] at upper center.</small><br>
<small>'''Reverse:''' [[National Assembly (Zambia)|National Assembly]] building in [[Lusaka]] at center.</small><br>
<small>'''Watermark:''' President [[Kenneth Kaunda]]</small>
|}
<small><sup>1</sup> ''First Issued,'' refers to the year of first issue of the actual banknote from the same emission.</small><br>
<small><sup>2</sup> ''Last Issued:'' refers to the year of last issue of the actual banknote from the same emission.</small>


{|class = "wikitable"
{|class = "wikitable"
Line 147: Line 420:
|500 kwacha||1991-2013
|500 kwacha||1991-2013
|-
|-
|1000 kwacha[[File:Zambia K1000.jpg|thumb|197x197px]]||1992-2013
|1000 kwacha||1992-2013
|-
|-
|5000 kwacha||1992-2013
|5000 kwacha||1992-2013
Line 158: Line 431:
|}
|}


Until 1991, all Zambian banknotes featured a portrait of President [[Kenneth Kaunda]] on the obverse. After 1992, all notes have instead featured a fish eagle on the obverse. After 1989, all the reverses featured the Chainbreaker statue. In 2003, Zambia became the first African country to issue polymer banknotes. The 500 and 1000 kwacha were both printed on polymer. Although the old 20 kwacha note was still in circulation until 2012, such is the rarity of this note that most major retailers rounded prices up to the nearest 50 kwacha when calculating a total. Most items in major supermarkets were displayed using 20 kwacha in the value (e.g., 1980 kwacha).
Until 1991, all Zambian banknotes featured a portrait of President [[Kenneth Kaunda]] on the obverse. After 1992, all notes have instead featured a [[African fish eagle|fish eagle]] on the obverse. After 1989, all the reverses featured the Chainbreaker statue. In 2003, Zambia became the first African country to issue [[polymer banknotes]]. The 500 and 1000 kwacha were both printed on polymer. Although the old 20 kwacha note was still in circulation until 2012, such is the rarity of this note that most major retailers rounded prices up to the nearest 50 kwacha when calculating a total. Most items in major supermarkets were displayed using 20 kwacha in the value (e.g., 1980 kwacha).


'''Banknotes of the new kwacha (2013 series)'''<ref>http://www.boz.zm/Publishing/35/35_Feartures_New_Zambian_Currency.pdf</ref><ref>http://www.boz.zm/Publishing/35/35_KWACHA_NGWEE_Presentation_COMMERCIAL_BANKS.pdf</ref><ref>[http://banknotenews.com/files/ec7802f52b8560a9e870469610f99404-2436.php Zambia rebased kwacha notes confirmed] BanknoteNews.com. January 23, 2012. Retrieved on 2013-01-24.</ref>
===New Kwacha (2012 series)===


{|class = "wikitable"
On January 23, 2012, the [[Bank of Zambia]] proposed certain measures in regards of the [[redenomination]] of the Zambian Kwacha.<ref>Bank of Zambia press release [http://www.boz.zm/currencyrebase/Rebasing%20Fact%20Sheet.pdf Kwacha Rebasing - All you need to know!]</ref> Such recommendations were initially approved by the government, being one of the measures required to address costs associated with the continuous [[devaluation]] of the national currency, due to [[depreciation]] throughout time, as a direct result of several years of high [[inflation]] rates that characterized the [[Economy of Zambia|national economy]] during the late decades of the [[20th century]], and the early years of the [[21st century]].<ref>Bank of Zambia press release [http://www.boz.zm/currencyrebase/Rebasing%20Fact%20Sheet.pdf Kwacha Rebasing - All you need to know!]</ref> The recommendations were assented to the [[National Assembly (Zambia)|parliament]] on November 3, 2012. Later, The Re-Domination of Currency Act ([http://www.parliament.gov.zm/sites/default/files/documents/acts/Redomination%20of%20Currency.PDF Act 8 of 2012]) was enacted on December 3, 2012.<ref>[http://www.parliament.gov.zm/node/3128 The Re-Domination of Currency Act 2012 - National Assembly of Zambia]</ref>
!Denomination!!Dates
 
|-
The old currency unit was divided by 1000, hence, removing three zeros from the preexisting K50,000, K20,000, K10,000, K5,000, and K1,000. The lower denominations of K500, K100, and K50 were also divided by 1000 and were changed into the 1 Kwacha, 50, 10, and 5 Ngwee coins respectively. On the other hand, the preexisting K20 banknote was removed from circulation due to its extremely low purchasing power.
|2 kwacha||2013-
 
|-
The Bank of Zambia announced January 1, 2013 as the changeover date. On the same day, the new redenominated currency became the legal tender of Zambia.<ref>Bank of Zambia press release [http://www.boz.zm/Publishing/35/35_KWACHA_NGWEE_Presentation_COMMERCIAL_BANKS.pdf Presenntation to commercial banks: Identifying the genuine Zambian currency]</ref> The old and new currencies were allowed to circulate side-by-side for a transition period of six months, until 30 June 2013.<ref>[http://www.zanaco.co.zm/index.php/more-news/160-zanaco-rebasing Zanaco Kwacha Rebasing Q & A]</ref> During this period, the old currency was denoted by 'K', whilst the new one was denoted by 'KR'. After the six-month period, the 'KR' symbol was dropped, and the new currency was referred to by the 'K' symbol.
|5 kwacha||2013-
 
|-
By June 26, 2013, the Bank of Zambia managed to withdraw 3.7 trillion Kwacha in old banknotes, accumulating to about 95.3% of the circulating banknotes. Although the old currency ceased to be legal tender four days later, the Bank of Zambia Deputy Governor, announced that residents who were still holding to the old currency, especially those living in rural areas, could still be able to exchange the old currency for the new one through [[commercial bank]]s, and other designated agents.<ref>[https://www.lusakatimes.com/2013/06/28/boz-assures-the-nation-on-old-kwacha-note/ Lusaka Times - Zambia : BOZ assures the nation on Old Kwacha note]</ref>
|10 kwacha||2013-
|-
|20 kwacha||2013-
|-
|50 kwacha||2013-
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|100 kwacha||2013-
|}


==See also==
==See also==
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{{Exchange Rate|ZMW|ZAR}}
{{Exchange Rate|ZMW|ZAR}}
{{Economy of Zambia}}
{{Economy of Zambia}}
 
{{Banknotes}}
[[Category:Zambian currency]]
[[Category:Zambian currency]]
[[Category:Money]]
[[Category:Money]]
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