Event
currency of Sierra Leone
The leone is the currency of Sierra Leone. It is subdivided into 100 cents. As of 1 July 2022, the ISO 4217 code is SLE due to a redenomination of the old leone (SLL) at a rate of SLL 1000 to SLE 1. The leone is abbreviated as Le placed before the amount.
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Text from the Wikipedia article “leone”, available under CC BY-SA 4.0.
The leone is the currency of Sierra Leone. It is subdivided into 100 cents. As of 1 July 2022, the ISO 4217 code is SLE due to a redenomination of the old leone (SLL) at a rate of SLL 1000 to SLE 1. The leone is abbreviated as Le placed before the amount.
The first 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).
In August 2021, it was announced that a new leone (SLE), worth 1000 SLL, would be introduced. The new leone was introduced in July 2022. Old leones were legal tender until 1 January 2024 and redeemable for current legal tender in commercial banks until 1 April 2024.
In 1964, decimal coins were introduced in denominations of 1⁄2, 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 1⁄2, 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.
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.
When it was introduced, one leone was worth precisely half a pound sterling or US$1.40. The leone was worth more than the U.S. dollar until the 1980s, when the currency started to devalue rapidly. Years of high inflation have caused the value of leone to plummet, and a U.S. dollar became worth thousands of leones starting in the 2000s.
As of 23 Oct 2018, 20,000 leones were equivalent to about 2.09 EUR. As of 19 April 2021, 20,000 leones were equivalent to about 1.62 EUR.
In August 2021, it was announced that a new leone (SLE), worth 1,000 SLL, would be introduced.
Banknotes and coins of the SLE entered circulation on 1 July 2022. Old leones were legal tender until 1 January 2024 and redeemable for current legal tender until 1 April 2024.
According to the Bank of Sierra Leone the goal behind this redenomination was the reduction of the amount of banknotes needed to perform transactions. Carrying and counting huge quantities of SLL banknotes was costly and risky. It also made the functioning of ATM’s more difficult. On top of that Sierra Leone experiences a massive currency hoarding between June 2020 and August 2021. The decision to specifically drop 3 zeroes and maintain the designs of most banknotes was made because of the high level of illiteracy in the country.
On 1 July 2022 coins were issued in denominations of 1, 5, 10, 25, and 50 cents. Their design featured musicians and musical instruments. Due to their low value these coins however quickly disappeared from circulation. Since at least 2023 coins are virtually unused for payments.
Banknotes in the values of 1, 2, 5, 10, and 20 leones were introduced on 1 July 2022. The design of the 1, 2, 5 and 10 leone notes was identical to the 1,000-10,000 notes of the 2010 series. The 20 leones was a new design. The banknotes were printed by De La Rue in the United Kingdom.
Text from the Wikipedia article “Sierra Leonean leone”, available under CC BY-SA 4.0.