Liberian dollar

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Liberian dollar
Lib5$.png
A current $5 banknote
ISO 4217
Code LRD
Denominations
Subunit
 1/100 cent
Symbol L$
Banknotes $5, $10, $20, $50, $100, $500
Coins 5¢, 10¢, 25¢, 50¢, $1 [1]
Demographics
User(s)  Liberia
Issuance
Central bank Central Bank of Liberia
 Website cbl.org.lr
Valuation
Inflation 7.7%
 Source The World Factbook , 2015 est.

The dollar (currency code LRD) has been the currency of Liberia since 1943. It was also the country's currency between 1847 and 1907. It is normally abbreviated with the dollar sign $, or alternatively L$ or LD$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

First dollar

Twenty-five cent note (1880), previously unknown as a denomination.[2]
19th Century Liberian One dollar.

The first Liberian dollar was issued in 1847. It was pegged to the US dollar at par and circulated alongside the US dollar until 1907, when Liberia adopted the British West African pound, which was pegged to sterling.

Coins

In 1847, copper 1 and 2 cents coins were issued and were the only Liberian coins until 1896, when a full coinage consisting of 1, 2, 10, 25 and 50 cents coins were introduced. The last issues were made in 1906.

Banknotes

The Treasury Department issued notes between 1857 and 1880 in denominations of 10 and 50 cents, 1, 2, 3, 5 and 10 dollars.

Second dollar

United States currency replaced the British West African pound in Liberia in 1935.[3] Starting in 1937, Liberia issued its own coins which circulated alongside US currency.

The flight of suitcase-loads of USD paper by Americo-Liberian following the April 12, 1980 coup d'état created a currency shortage. This was remedy by minting of the Liberian $5 coins. The 7-sided coins were the same size and weight as the one-dollar coin; this prevented corrupted members of the Elite society leaving with country with Liberia's money.

In the late 1980s the coins were largely replaced with a newly designed $5 note modeled on the US greenback ("J. J. Roberts" notes). The design was modified during the 1990-2004 civil war to ostracize notes looted from the Central Bank of Liberia. This effectively created two currency zones -- the new "Liberty" notes were legal tender in government-held areas (primarily Monrovia), while the old notes were legal tender in non-government areas. Each was of course illegal in the other territory. Following Charles Taylor arrival in monrovia,the capital, in 1995.The j.j. Robert's bank notes were legally accepted in most parts of Monrovia for purchases. Banking and some majors institutions did not accept the j.j. Robert's bank note as legal tender, during this period.

Following the election of the Charles Taylor government in 1997 a new series of banknotes dated 1999 was introduced on March 29, 2000.

Coins

In 1937, coins were issued in denominations of ½, 1 and 2 cents. These were augmented in 1960 with coins for 1, 5, 10, 25 and 50 cents. A $1 coin was issued the following year. Five-dollar coins were issued in 1982 and 1985 (see above). According to the 2009 Standard Catalog of World Coins (Krause Publications, Iola, WI), numerous commemorative coins (featuring U.S. Presidents, dinosaurs, Chinese Lunar-Zodiac animals, etc.) in denominations ranging from 1 to 2500 Dollars have been issued beginning in the 1970s through the present.

Banknotes

Five-dollar notes were introduced in 1989 which bore the portrait of J. J. Roberts. These were known as "J. J." notes. In 1991, similar notes were issued (see above) which replaced the portrait with Liberia's arms. These were known as "Liberty" notes.

On 29 March 2000, the Central Bank of Liberia introduced a new “unified” currency, which was exchanged at par for “J. J.” notes and at a ratio of 1:2 for “Liberty” notes. The new banknotes each feature a portrait of a former president. These notes remain in current use, although they underwent a minor redesign in 2003, with new dates, signatures, and the CENTRAL BANK OF LIBERIA banner on the back.[4]

On 27 July 2016, the Central Bank of Liberia announced new banknotes will be introduced with enhanced security features. All of the denominations are the same as previous issues, with the $500 banknote being introduced as part of this series.[5] On 6 October 2016, the Central Bank of Liberia introduced new banknotes, as announced.[6]

When the $500 note was introduced it was worth US$5.50. Its value has since dropped to US$3.35 as of 30 June 2018.[7]

1999 series
Images Value Background color Description Date of
Obverse Reverse Obverse Reverse Watermark first series Issue
[8] $5 Red President Edward J. Roye Woman harvesting rice Seal of Liberia 1999 March 29, 2000
[9] $10 Blue President Joseph J. Roberts Rubber tapper Seal of Liberia 1999 March 29, 2000
[10] $20 Brown President William V. S. Tubman Young men by the road with scooters Seal of Liberia 1999 March 29, 2000
[11] $50 Purple President Samuel K. Doe Worker on a palm plantation Seal of Liberia 1999 March 29, 2000
[12] $100 Green President William R. Tolbert, Jr. Market woman and her child Seal of Liberia 1999 March 29, 2000
2016 series
Images Value Background color Description Date of
Obverse Reverse Obverse Reverse Watermark first series Issue
[13] $5 Purple President Edward J. Roye Woman harvesting rice Seal of Liberia 2016 2016
[14] $10 Blue President Joseph J. Roberts Rubber tapper Seal of Liberia 2016 2016
[15] $20 Brown President William V. S. Tubman Young men by the road with scooters Seal of Liberia 2016 2016
[16] $50 Red President Samuel K. Doe Worker on a palm plantation Seal of Liberia 2016 2016
[17] $100 Green President William R. Tolbert, Jr. Market woman and her child Seal of Liberia 2016 2016
[18] $500 Violet Men and woman Hippopotamus and its child Seal of Liberia 2016 2016

See also

Exchange rate

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

References

  1. ^ Currency from the Central Bank of Liberia. Accessed 2008/03/19
  2. ^ Cuhaj, George S. (2010). Standard Catalog of World Paper Money General Issues (1368-1960) (13 ed.). Krause Publications. p. 801. ISBN 978-1-4402-1293-2.
  3. ^ "Tables of Modern Monetary Systems". 6 May 2006. Archived from the original on 6 May 2006. Retrieved 17 July 2017.
  4. ^ Linzmayer, Owen (2012). "Liberia". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  5. ^ "Liberia reported to issue new banknote family "shortly" | Banknote News". www.banknotenews.com. Retrieved 17 July 2017.
  6. ^ "New Liberian Dollar Banknotes Released". cbl.org.lr. Retrieved 17 July 2017.
  7. ^ "XE Currency Charts: USD to LRD".
  8. ^ Liberia 5 Dollars
  9. ^ Liberia 10 Dollars
  10. ^ Liberia 20 Dollars
  11. ^ Liberia 50 Dollars
  12. ^ Liberia 100 Dollars
  13. ^ Liberia 5 Dollars
  14. ^ Liberia 10 Dollars
  15. ^ Liberia 20 Dollars
  16. ^ Liberia 50 Dollars
  17. ^ Liberia 100 Dollars
  18. ^ Liberia 500 Dollars

External links

  • Media related to Money of Liberia at Wikimedia Commons
  • Liberian banknotes
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