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Undid revision 1102038455 by TheCurrencyGuy (talk) Please stop your edit war. Thanks. This is the original version way before you joined Wikipedia. Thanks. Tags: Undo Reverted Mobile edit Mobile web edit Advanced mobile edit |
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{{short description|Currency of Egypt}} |
{{short description|Currency of Egypt}} |
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{{ |
{{distinguish|Pound sterling}} |
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{{Infobox currency |
{{Infobox currency |
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| currency_name_in_local = {{native name|arz|جنيه مصرى|italics=no}} |
| currency_name_in_local = {{native name|arz|جنيه مصرى|italics=no}} |
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| image_1 = File:EGP 200 Pounds Apr 2007 (Back).jpg |
| image_1 = File:EGP 200 Pounds Apr 2007 (Back).jpg |
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| image_2 = |
| image_2 = |
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| image_title_1 = Obverse of |
| image_title_1 = Obverse of £200 banknote |
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| image_title_2 = |
| image_title_2 = |
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| iso_code = EGP |
| iso_code = EGP |
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| iso_number = 818 |
| iso_number = 818 |
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| iso_exponent = 2 |
| iso_exponent = 2 |
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| subunit_name_1 = [[Piastre]] ({{lang|ar|قرش}}, |
| subunit_name_1 = [[Piastre]] ({{lang|ar|قرش}}, [[Kuruş|Ersh]]) |
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| symbol = £,<ref>{{cite web | url=https://www.xe.com/currency/egp-egyptian-pound | title=EGP - Egyptian Pound rates, news, and tools | Xe }}</ref><ref>{{cite web | url=https://www.introducingegypt.com/currency | title=Currency in Egypt - the Egyptian Pound, Egypt's currency }}</ref> E£,<ref>{{cite web | url=https://www1.oanda.com/currency/iso-currency-codes/EGP | title=EGP | Egyptian Pound | OANDA }}</ref><ref>{{cite web | url=https://www.investopedia.com/terms/e/egp.asp | title=Egyptian Pound (EGP) Definition }}</ref> £E, {{lang|ar|ج.م}}, and L.E. |
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| symbol = None official, see [[#Notation and symbols|notation and symbols section]] |
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| rarely_used_banknotes = |
| rarely_used_banknotes = 25pt, 50pt |
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| frequently_used_banknotes = |
| frequently_used_banknotes = £1, £5, £10, £20, £50, £100, £200 |
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| used_coins = |
| used_coins = 25pt, 50pt, £1 |
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| subunit_ratio_1 = {{Frac|100}} |
| subunit_ratio_1 = {{Frac|100}} |
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| subunit_ratio_2 = {{Frac|1,000}} |
| subunit_ratio_2 = {{Frac|1,000}} |
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| subunit_name_2 = [[Mill (currency)|Millieme]] ({{lang|ar|مليم}},‎ Mallīm) |
| subunit_name_2 = [[Mill (currency)|Millieme]] ({{lang|ar|مليم}},‎ Mallīm) |
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| symbol_subunit_1 = pt. |
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| using_countries = {{flag|Egypt}} |
| using_countries = {{flag|Egypt}} |
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| unofficial_users = {{flag|Gaza Strip}}<ref>{{Cite book|url=https://books.google.com/books?id=hpAREAAAQBAJ&q=egyptian+pound+used+in+gaza&pg=PA351|title=Macroeconomic Policy in Fragile States|isbn=978-0-19-885309-1|last1=Chami|first1=Ralph|last2=Espinoza|first2=Raphael|last3=Montiel|first3=Peter J.|date=26 January 2021}}</ref> |
| unofficial_users = {{flag|Gaza Strip}}<ref>{{Cite book|url=https://books.google.com/books?id=hpAREAAAQBAJ&q=egyptian+pound+used+in+gaza&pg=PA351|title=Macroeconomic Policy in Fragile States|isbn=978-0-19-885309-1|last1=Chami|first1=Ralph|last2=Espinoza|first2=Raphael|last3=Montiel|first3=Peter J.|date=26 January 2021}}</ref> |
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}} |
}} |
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The '''pound''' ({{lang-arz|جنيه مصرى}} ''{{transl|arz|Genēh Maṣri}}'' {{IPA-arz|ɡeˈneː(h) ˈmɑsˤɾi|}}; |
The '''Egyptian pound''' ({{lang-arz|جنيه مصرى}} ''{{transl|arz|Genēh Maṣri}}'' {{IPA-arz|ɡeˈneː(h) ˈmɑsˤɾi|}}; [[currency sign|sign]]: '''£''',<ref>{{cite web | url=https://www.xe.com/currency/egp-egyptian-pound | title=EGP - Egyptian Pound rates, news, and tools | Xe }}</ref><ref>{{cite web | url=https://www.introducingegypt.com/currency | title=Currency in Egypt - the Egyptian Pound, Egypt's currency }}</ref> E£,<ref>{{cite web | url=https://www1.oanda.com/currency/iso-currency-codes/EGP | title=EGP | Egyptian Pound | OANDA }}</ref><ref>{{cite web | url=https://www.investopedia.com/terms/e/egp.asp | title=Egyptian Pound (EGP) Definition }}</ref> £E, L.E. {{lang|arz|ج.م}}; [[ISO 4217|code]]: '''EGP''') is the currency of [[Egypt]]. It is divided into 100 [[piastre]]s, or [[qirsh|ersh]] ({{lang|arz|قرش}} {{IPA-arz|ʔeɾʃ|}}; ''plural'' {{lang|arz|قروش}} {{IPA-arz|ʔʊˈɾuːʃ|}}),<ref name="statista1"/> or 1,000 milliemes ({{lang|arz|مليم}} {{IPA-arz|mælˈliːm|}}; {{lang-fr|millième}}). |
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[[File:Egyptian Pound.png|thumb|right|A contemporary |
[[File:Egyptian Pound.png|thumb|right|A contemporary E£1 coin.]] |
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The Egyptian pound can be abbreviated to '''LE''' or '''L.E.''' ({{lang|fr|livre égyptienne}} in [[French language|French]]), '''E£''' or '''£E'''. The Arabic name ''{{transl|arz|genēh}}'' {{IPA-arz|ɡeˈneː(h)|}} is derived from the [[guinea (British coin)|guinea]] unit of account in sterling, which was close in value to 100 piastres at the end of the 19th century. |
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==History== |
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{{Css Image Crop|Image = SUD-S111b-Siege of Khartoum-50 Egyptian Pounds (1884).jpg|bSize = 228|cWidth = 220|cHeight = 142|oTop = 2|oLeft = 3|Location = right|Description=50 Egyptian pound [[Siege of Khartoum currency|promissory note]] issued and hand-signed by Gen. [[Charles George Gordon|Gordon]] during the [[Siege of Khartoum]] (26 April 1884)<ref>{{Cite book |url=https://books.google.com/books?id=22dKPgAACAAJ&q=standard+catalog+of+specialized+issues|page=1070|title= Standard Catalog of World Paper Money Specialized Issues|edition=11|publisher=Krause|isbn=978-1-4402-0450-0|editor-last=Cuhaj|editor-first=George S.|year=2009}}</ref>}} |
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[[File:Egyptian First pound bill.jpg|thumb|330px|The first E£1 banknote issued in 1899]] |
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In 1834, a [[khedive|khedival]] decree was issued, adopting an Egyptian currency based on a [[bimetallic standard]] ([[gold]] and [[silver]]) on the basis of the [[Maria Theresa thaler]], a popular [[trade coin]] in the region.<ref>{{cite book|author=Markus A. Denzel|title=Handbook of World Exchange Rates, 1590-1914|url=https://books.google.com/books?id=2T7l7Wi2ESsC&pg=PA599|year=2010|publisher=Ashgate Publishing|isbn=978-0-7546-0356-6|page=599|quote= The piastre of 1839 contained 1.146 grammes of fine silver, the piastre of 1801 approximately 4.6 grammes of fine silver. The most important Egyptian coins, the bedidlik in gold (= 100 piastres; 7.487 grammes of fine gold) and the rial in silver (20 piastres; 23.294 grammes of fine silver)}}</ref> The Egyptian pound, known as the {{transl|arz|geneih}}, was introduced, replacing the [[Egyptian piastre]] ({{transl|arz|ersh}}) as the chief unit of currency. The piastre continued to circulate as {{frac|100}} of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths ({{lang|ar|عشر القرش}} {{transl|arz|'oshr el-ersh}}). These tenths were renamed milliemes ({{transl|arz|malleem}}) in 1916. |
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The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a ''de facto'' [[gold standard]] between 1885 and 1914, with E£1 = 7.4375 grams pure gold. At the outbreak of [[World War I]], the Egyptian pound used a [[pound sterling|sterling]] peg at one pound and sixpence sterling to one Egyptian pound (£1Stg = E£0.975, or E£1 = £1/-/6Stg). |
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Egypt remained part of the [[Sterling Area]] until 1962, when Egypt devalued slightly and switched to a peg to the [[United States dollar]], at a rate of E£1 = US$2.3. This peg was changed to E£1 = US$2.55555 in 1973 when the dollar was devalued. The pound was itself devalued in 1978 to a peg of £1Stg = US$1.42857 (1 dollar = E£0.7). The pound [[floating exchange rate|floated]] in 1989. However, until 2001, the float was [[managed float regime|tightly managed]] by the [[Central Bank of Egypt]] and [[foreign exchange controls]] were in effect. After exhausting all of its policies to support the Egyptian pound, the Central Bank of Egypt was forced to end the managed-float regime and allowed the pound to float freely on the 3rd of November 2016;<ref>{{cite news |url= https://www.bloomberg.com/news/articles/2016-11-03/egypt-free-floats-pound-raises-lending-rates-to-spur-economy|title=Egypt Free Floats Pound, Raises Lending Rates to Spur Economy |last1=Feteha |first1= Ahmed |last2= Shahine |first2=Alaa |date= 3 November 2016|newspaper= Bloomberg.com|access-date= 3 November 2016}}</ref> the bank also announced an end to foreign exchange controls that day.<ref>{{cite web |url= http://www.egyptindependent.com//news/cbe-not-impose-restrictions-foreign-currency-exchange|title=CBE not to impose restrictions on foreign currency exchange |date= 3 November 2016|website= Egypt Independent |access-date= 3 November 2016}}</ref> The official rate fell twofold. |
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The Egyptian pound was also used in [[Anglo-Egyptian Sudan]] between 1899 and 1956, and [[Cyrenaica]] when it was under [[British Military Administration (Libya)|British occupation]] and later an [[Emirate of Cyrenaica|independent emirate]] between 1942 and 1951. It also circulated in [[Mandatory Palestine]] from 1918 to 1927, when the [[Palestine pound]] was introduced, equal in value to the [[pound sterling]]. The [[National Bank of Egypt]] issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the [[Central Bank of Egypt]] in 1961. |
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==Popular denominations and nomenclature== |
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===Used for historical values or jocularly=== |
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Several unofficial popular names are used to refer to different values of Egyptian currency. These include (from the word ''[[wikt:nickel|nickel]]'') ''nekla'' ({{lang|ar|نكلة}}) {{IPA-arz|ˈneklæ|}} for 2 milliemes, ''ta'rifa'' ({{lang|ar|تعريفة}}) {{IPA-arz|tæʕˈɾiːfæ|}} for 5 milliemes, {{transl|arz|shelen}} ({{lang|ar|شلن}}) {{IPA-arz|ˈʃelen|}} (i.e. a [[shilling]]) for 5 piastres, ''bariza'' ({{lang|ar|بريزة}}) {{IPA-arz|bæˈɾiːzæ|}} for 10 piastres, and ''reyal'' (<!--the only popular fonts to ensure it is displayed properly--><span style="font-size:125%; font-family:'KacstOne', 'DejaVu Sans', 'DejaVu Sans Condensed', Tahoma, 'Iranian Sans'">ريال</span>) {{IPA-arz|ɾeˈjæːl|}} (''"[[Spanish real|real]]"'') for 20 piastres. Since the piastre and millieme are no longer legal tender, the smallest denomination currently minted being the 25-piastre coin (functioning as one-quarter of one pound), these terms have mostly fallen into disuse and survive as curios. A few have survived to refer to pounds: ''bariza'' now refers to a ten-pound note and ''reyal'' can be used in reference to a 20-pound note.{{citation needed|date=February 2021}} |
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===Informal=== |
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Different sums of EGP have special nicknames, for example: E£1 '' Bolbol '' meaning nightingale or '' Gondi '' meaning soldier, E£1,000 ''bako'' ({{lang|ar|باكو}}) {{IPA-arz|ˈbæːko|}} "pack"; E£1,000,000 ''arnab'' ({{lang|ar|أرنب}}) {{IPA-arz|ˈʔæɾnæb|}} "rabbit"; E£1,000,000,000 ''feel'' ({{lang|ar|فيل}}) {{IPA-arz|fiːl|}} "elephant". |
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== Coins == |
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Between 1837 and 1900, copper 1 and 5 para*, silver 10 and 20 para, 1, 5, 10 and 20 piastre, gold 5, 10 and 20 piastre and 1 pound coins were introduced, with gold 50 piastre coins following in 1839. |
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Copper 10 para coins were introduced in 1853, although the silver coin continued to be issued. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 2{{frac|2}} piastre coins in 1863. Gold 25 piastre coins were introduced in 1867. |
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In 1885, a new coinage was introduced consisting of bronze {{frac|4}}, {{frac|2}}, 1, 2 and 5 millieme, silver 1, 2, 5, 10 and 20 piastre coins. The gold coinage practically ceased, with only small numbers of 5 and 10 piastre coins issued. |
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In 1916 and 1917, a new base metal coinage was introduced consisting of bronze {{frac|2}} millieme and holed, cupro-nickel 1, 2, 5 and 10 millieme coins. Silver 2, 5, 10 and 20 piastre coins continued to be issued, and a gold 1 pound coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 and 50 piastre and 1 and 5 pound coins. In 1924, bronze replaced cupro-nickel in the 1 millieme coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5 and 10 millieme coins were introduced, followed in 1944 by silver, hexagonal 2 piastre coins. |
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Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1, 5 and 10 millieme and silver 5, 10 and 20 piastre coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2 millieme coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced. |
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Aluminium replaced aluminium-bronze in the 1, 5 and 10 millieme coins in 1972, followed by brass in the 5 and 10 millieme coins in 1973. Aluminium-bronze 2 piastre and cupro-nickel 20 piastre coins were introduced in 1980, followed by aluminium-bronze 1 and 5 piastre coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993. The size of 5 piastre coins was reduced in 2004, 10 and 25 piastre coins - in 2008. |
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On June 1, 2006, 50 piastre and 1 pound coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of [[Cleopatra VII]] and [[Tutankhamun's mask]], and the 1 pound coin is [[bi-metallic coins|bimetallic]]. The size and composition of 50 piastre coins was reduced in 2007. |
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{{Clear}} |
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{| class="wikitable" |
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|+ Coins in circulation<ref>{{cite web|title=Developments of Note Issue|url=http://www.cbe.org.eg/1historical_review_for_currency.htm|archive-url=https://web.archive.org/web/20041210032607/http://www.cbe.org.eg/1historical_review_for_currency.htm|url-status=dead|archive-date=10 December 2004|date=10 December 2004|access-date=15 October 2017}}</ref><ref>{{Cite web|url=https://en.numista.com/catalogue/egypte-7.html|title = Coins from Egypt – Numista}}</ref> |
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|- |
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!rowspan=2|Value !!rowspan=2|Debut !!colspan=2| Image !!colspan=5| Specifications !!colspan=2| Description |
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|- |
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! Obverse !! Reverse !! Diameter (mm) !!Thickness (mm) !!Mass (g) !!colspan=2|Composition !! Obverse !! Reverse |
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|- |
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| rowspan=3 style="text-align:center;"|5pt** |
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|1984 |
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| [[File:5qershObverse1984.jpg|55px|5qershObverse1984]] |
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| [[File:5qershReverse1984.jpg|55px|5qershReverse1984]] |
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| style="text-align:center;"|23 |
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| style="text-align:center;"|1.2 |
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| style="text-align:center;"|4.9 |
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| colspan=2 |[[Copper]] 95% [[Aluminum]] 5% |
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|[[Giza pyramids|3 pyramids of Giza]] |
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| rowspan=11| |
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* جمهورية مصر العربية ("[[Arab Republic of Egypt]]") |
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* Value in [[Arabic]] |
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* [[Islamic calendar|Hijri]] and [[Gregorian year]] in Arabic |
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|- |
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|1992 |
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| rowspan=2 | |
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| rowspan=2 | |
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| style="text-align:center;"|21 |
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| style="text-align:center;"|1.1 |
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| style="text-align:center;"|3.2 |
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| colspan=2 |[[Copper]] 92% <br />[[Aluminum]] 8% |
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| rowspan=2 | [[Islamic art|Islamic pottery]] |
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|- |
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|2004–2008 |
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| style="text-align:center;"|17 |
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| style="text-align:center;"|1.04 |
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| style="text-align:center;"|2.4 |
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| colspan=2 | [[Steel]] 94% <br /> [[Nickel]] 2%<br />[[Copper]] plating 4% |
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|- |
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| colspan=7 | |
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|- |
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| rowspan=3 style="text-align:center;"|10pt** |
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|1984 |
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| |
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| |
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| style="text-align:center;"|25 |
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| style="text-align:center;"|1.35 |
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| style="text-align:center;"|5.2 |
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| colspan=2 |[[Copper]] 75% [[Nickel]] 25% |
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| rowspan=5| [[Mosque of Muhammad Ali]] |
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|- |
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|1992 |
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| [[File:10 EPT obverse.JPG|55px]] |
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| [[File:10 EPT reverse.JPG|55px]] |
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| style="text-align:center;"|23 |
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| style="text-align:center;"|1.2 |
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| style="text-align:center;"|4.9 |
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| colspan=2 |[[Copper]] 95% [[Aluminum]] 5% |
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|- |
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|2008 |
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| |
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| |
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| style="text-align:center;"|19 |
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| style="text-align:center;"|1.1 |
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| style="text-align:center;"|3.2 |
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| colspan=2 | [[Steel]] 94% <br /> [[Copper]] 2%<br />[[Nickel]] plating 4% |
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|- |
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| colspan=7 | |
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|- |
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| rowspan=2 style="text-align:center;"|20pt** |
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|1984 |
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| |
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| |
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| style="text-align:center;"|27 |
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| style="text-align:center;"|1.4 |
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| style="text-align:center;"|6 |
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| colspan=2 |[[Copper]] 75% [[Nickel]] 25% |
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|- |
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|1992 |
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| |
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| [[File:20 EPT reverse.JPG|55px]] |
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| rowspan=3 style="text-align:center;"|25 |
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| style="text-align:center;"|1.35 |
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| rowspan=3 style="text-align:center;"|5.2 |
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| rowspan=3 colspan=2 | [[Copper]] 95%<br /> [[Aluminum]] 5% |
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| [[Al-Azhar University|Al-Azhar mosque]] |
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|- |
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| colspan="4" | |
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|- |
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| rowspan=2 style="text-align:center;"|25pt |
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|1993** |
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| |
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| |
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| style="text-align:center;"|1.4 |
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|rowspan=2| |
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* Islamic illustration |
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* Value in [[Arabic]] and in [[English language|English]] |
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|rowspan=2| |
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* جمهورية مصر العربية ("[[Arab Republic of Egypt]]") |
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* [[Islamic calendar|Hijri]] and [[Gregorian year|Gregorian]] year in Arabic |
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|- |
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|2008-22 |
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| |
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| |
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| style="text-align:center;"|21 |
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| style="text-align:center;"|1.26 |
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| style="text-align:center;"|4.5 |
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| colspan=2 | [[Steel]] 94% <br /> [[Copper]] 2%<br />[[Nickel]] plating 4% |
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|- |
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| colspan=10 | |
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|- |
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| rowspan=2 style="text-align:center;"|50pt |
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|2005 |
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|rowspan=2 | [[File:50 Egyptian piastres obverse.JPG|70px]] |
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|rowspan=2 | [[File:50 Egyptian piastres reverse.jpg|70px]] |
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| style="text-align:center;"|25 |
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| style="text-align:center;"|1.58 |
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| rowspan=2 style="text-align:center;"|6.5 |
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|colspan=2 |[[Copper]] 75% <br />[[Zinc]] 20% <br />[[Nickel]] 5% |
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|rowspan=2| |
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* [[Cleopatra]]'s head |
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* [[Islamic calendar|Hijri]] and [[Gregorian year|Gregorian]] year in Arabic |
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| rowspan=2| |
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* جمهورية مصر العربية ("[[Arab Republic of Egypt]]") |
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* Value in Arabic and in English |
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|- |
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|2007-21 |
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| style="text-align:center;"|23 |
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| style="text-align:center;"|1.7 |
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| colspan=2 | [[Steel]] 94% <br /> [[Nickel]] 2%<br />[[Copper]] plating 4% |
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|- |
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|colspan=10 | |
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|- |
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| rowspan=5 style="text-align:center;"|£1*** |
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|rowspan=3|2005 |
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|rowspan=5 | [[File:100 EPT obverse.JPG|70px]] |
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|rowspan=5 | [[File:100 EPT reverse.JPG|70px]] |
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| rowspan=5 style="text-align:center;"|25 |
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| rowspan=3 style="text-align:center;"|1.89 |
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| rowspan=5 style="text-align:center;"|8.5 |
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| colspan=2 style="text-align:center;"|[[Bi-metal|Bimetal]] |
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| rowspan=5 style="text-align:center;"| [[Tutankhamun]]'s mask |
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|rowspan=5| |
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* جمهورية مصر العربية ("[[Arab Republic of Egypt]]") |
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* Value in Arabic and in English |
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* [[Islamic calendar|Hijri]] and [[Gregorian year|Gregorian]] year in Arabic |
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|- style="text-align:center;" |
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||Ring |
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||Centre |
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|- |
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||[[Copper]] 75% <br />[[Nickel]] 25% |
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||[[Copper]] 75% <br />[[Zinc]] 20% <br />[[Nickel]] 5% |
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|- |
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| rowspan=2|2007–2020 |
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| rowspan=2 style="text-align:center;"|1.96 |
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|rowspan=2| [[Steel]] 94% <br /> [[Copper]] 2%<br />[[Nickel]] plating 4% |
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|rowspan=2| [[Steel]] 94% <br /> [[Nickel]] 2%<br />[[Copper]] plating 4% |
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|} |
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<small>''* 1 para = {{frac|40}} piastre.'' |
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''** Not in circulation as of 2008.'' |
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''*** As to commemorate the branching of the Suez canal, the obverse had the Arabic phrase, {{lang|ar|قناة السويس الجديدة}} "New Suez Canal".''</small> |
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==Banknotes== |
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In 1899, the [[National Bank of Egypt]] introduced notes in denominations of 50 piastres, £1, £5, £10, £50 and £100. Between 1916 and 1917, 25 piastre notes were added, together with government currency notes for 5 and 10 piastres. Issued intermittently, the 5 and 10 piastres are today produced by the [[Minister of Finance (Egypt)|Ministry of Finance]]. |
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In 1961, the [[Central Bank of Egypt]] took over from the National Bank and issued notes in denominations of 25 and 50 piastres, £1, £5, £10 and £20 notes were introduced in 1976, followed by £100 in 1978, £50 in 1993 and £200 in 2007.<ref>{{cite web|url=http://www.nachthund.biz/CatalogUpdate/Egypt/EgyptIndex.html|title=Nach Thund|website=Nachthund.biz|access-date=15 October 2017|archive-url=https://web.archive.org/web/20070927065106/http://www.nachthund.biz/CatalogUpdate/Egypt/EgyptIndex.html|archive-date=27 September 2007|url-status=dead|df=dmy-all}}</ref> |
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All Egyptian banknotes are [[multilingualism|bilingual]], with [[Arabic language|Arabic]] texts and [[Eastern Arabic numerals]] on the obverse, and [[English language|English]] texts and [[Western Arabic numerals]] on the reverse. Obverse designs tend to feature an [[Islam]]ic building with reverse designs featuring [[Ancient Egypt]]ian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in articles in ''Al Ahram'' and ''Al Akhbar'' newspapers that there were plans to introduce £200 and £500 notes. As of 2019, there are £200 notes circulating but there are still no plans for making £500 notes.<ref>{{cite web|url=http://www.youm7.com/story/2012/9/15/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%89--%D8%AA%D8%B1%D8%A7%D8%AC%D8%B9-%D9%82%D9%8A%D9%85%D8%A9-%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D9%84%D9%86-%D9%8A%D8%AF%D9%81%D8%B9%D9%86%D8%A7-%D9%84%D8%B7%D8%B1%D8%AD-%D9%88%D8%B1%D9%82%D8%A9-%D9%86%D9%82%D8%AF%D9%8A%D8%A9-%D9%85%D9%86-%D9%81%D8%A6%D8%A9-/786552|title="المركزى": تراجع قيمة الجنيه لن يدفعنا لطرح ورقة نقدية من فئة 500 - اليوم السابع|date=15 September 2012|website=Youm7.com|access-date=15 October 2017}}</ref> Starting from 2011 the 25, 50 piastres and £1 banknotes have been phased out and replaced by more extensive use of coins. As of June 2016 the National Bank of Egypt reintroduced the £1 banknote into circulation<ref>{{cite web |url=http://www.npa-egypt.com/15826/%D8%B9%D9%88%D8%AF%D8%A9-%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D8%A7%D9%84%D9%88%D8%B1%D9%82%D9%8A-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A8%D8%B9%D8%AF-%D8%A7%D8%AE/ |title=Archived copy |access-date=2016-05-30 |archive-url=https://web.archive.org/web/20160630173459/http://www.npa-egypt.com/15826/%D8%B9%D9%88%D8%AF%D8%A9-%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D8%A7%D9%84%D9%88%D8%B1%D9%82%D9%8A-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A8%D8%B9%D8%AF-%D8%A7%D8%AE/ |archive-date=2016-06-30 |url-status=dead }}</ref> as well as the 25 and 50 piastres notes in response to a shortage of small change. |
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The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.<ref>{{Cite web|date=2020-09-12|title=Egypt to roll out new plastic currency starting 2021: Amer|url=https://en.amwalalghad.com/egypt-to-roll-out-new-plastic-currency-starting-2021-amer/|access-date=2020-12-05|website=Amwal Al Ghad|language=en-US}}</ref> On July 31, 2021, the [[President of Egypt]] reviewed the notes of 10 and 20 EGP, to be issued in November 2021.<ref>{{Cite web|date=2021-08-01|title=ننشر أول صور للعملات البلاستيكية الجديدة فئة 10 و20 جنيها|url=https://www.elbalad.news/4910100|access-date=2021-08-02|website=صدى البلد|language=ar-eg}}</ref> In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a [[Rainbow flag (LGBT)|covert message]] of support for [[LGBT rights in Egypt|LGBT rights]].<ref>{{cite news|url=https://www.pinknews.co.uk/2021/08/03/egypt-rainbow-bank-note/|title=Bank of Egypt forced to confirm new rainbow note isn't for LGBT+ rights after backlash|last=Powys Maurice|first=Emily|date=3 August 2021|work=[[PinkNews]]|accessdate=3 August 2021}}</ref><ref>{{cite news|url=https://www.egyptindependent.com/cbe-confirms-continued-validity-of-all-paper-currencies/|title=CBE confirms continued validity of all paper currencies|date=3 August 2021|work=[[Egypt Independent]]|accessdate=3 August 2021}}</ref> |
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{| class="wikitable" |
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|+ Current series of the Egyptian pound |
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|- |
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!colspan=2| Image !!rowspan=2| Value !!rowspan=2| Dimensions (millimeters) !!rowspan=2| Main color !!colspan=2| Description !!rowspan=2| Year of first issue |
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|- |
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! Obverse !! Reverse !! Obverse !! Reverse |
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|- |
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| [[File:EGP 25 Piastres 2008 (Front).png|300px]] |
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| [[File:25piastres reverse.jpg|300px]] |
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| style="text-align:center;"| 25pt |
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|130 × 70 |
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| Blue |
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| [[Sayeda Aisha Mosque|Ayesha mosque]] |
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| [[Coat of arms of Egypt]] |
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| 1985 |
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|- |
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| [[File:50 piastres obverse.jpg|300px]] |
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| [[File:50 piastres reverse.jpg|300px]] |
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| style="text-align:center;"| 50pt |
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|135 × 70 |
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| Brown/yellow-green |
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| [[Al-Azhar Mosque]] |
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| [[Ramesses II]] |
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| 1985 |
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|- |
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| [[File:1EGP-2001(5).png|300px]] |
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| [[File:1pound Egypt reverse.jpg|300px]] |
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| style="text-align:center;"| £1 |
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|140 × 70 |
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| Beige |
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|[[Complex of Sultan al-Ashraf Qaytbay|Mosque and mausoleum of Qaitbay]] |
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| [[Abu Simbel temples]] |
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| 1978 |
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|- |
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| [[File:5EGP-2012.png|300px]] |
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| [[File:5EGP(2).png|300px]] |
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| style="text-align:center;"| £5 |
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|145 × 70 |
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| Bluish-green |
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| [[Mosque of Ibn Tulun]] |
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| A Pharaonic engraving of [[Hapi (Nile god)|Hapi]] (god of the annual [[Flooding of the Nile|flooding]] of the [[Nile]]) offering bounties. |
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| 1981 |
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|- |
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| [[File:EGP 10 Pounds 2003 (Front).png|300px]] |
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| [[File:EGP 10 Pounds 2003 (Back).png|300px]] |
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| style="text-align:center;"| £10 |
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|150 × 70 |
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| Pink |
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| [[Al Rifa'i Mosque]] |
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| [[Khafre Enthroned]] |
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| 2003 |
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|- |
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| [[File:Egypt 20 Pound 2009 obverse.jpg|300px]] |
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| [[File:Egypt 20 Pound 2009 reverse.jpg|300px]] |
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| style="text-align:center;"| £20 |
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|155 × 70 |
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| Green |
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| [[Mosque of Muhammad Ali]] |
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| A [[Military history of Ancient Egypt#Chariotry|Pharaonic war chariot]] and frieze from the chapel of [[Senusret I]] |
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| 1978 |
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|- |
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| [[File:EGP 50 Pounds Dec 2001 (Front).jpg|300px]] |
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| [[File:EGP 50 Pounds Dec 2001 (Back).jpg|300px]] |
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| style="text-align:center;"| £50 |
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|160 × 70 |
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| Brownish-red |
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|[[Amir Qijmas al-Ishaqi Mosque|Abu Hurayba Mosque]] |
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[[Amir Qijmas al-Ishaqi Mosque|(Qijmas al-Ishaqi Mosque)]] |
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| [[Edfu temple|Temple of Edfu]] |
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| 1993 |
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|- |
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| [[File:EGP 100 Pounds 2009 (Front).jpg|300px]] |
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| [[File:100 EGP reverse 2014-1-26.jpg|300px]] |
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| style="text-align:center;"| £100 |
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| 165 × 70 |
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| Cyan |
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| [[Mosque-Madrassa of Sultan Hassan|Sultan Hassan Mosque]] |
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| [[Great Sphinx of Giza]] |
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| 1994 |
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|- |
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| [[File:EGP 200 Pounds Apr 2007 (Front).jpg|300px]] |
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| [[File:EGP 200 Pounds Apr 2007 (Back).jpg|300px]] |
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| style="text-align:center;"| £200 |
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| 165 × 72 |
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| Olive |
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| [[Mosque of Qani-Bay]] |
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| [[The Seated Scribe]] |
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| 2007 |
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|} |
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== Historical and current exchange rates == |
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===Pound sterling=== |
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This table shows the value of one British [[pound sterling]] in Egyptian pounds: |
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{|class="wikitable" |
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|- |
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! Date !! Official rate |
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|- |
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| 1885 to 1949 || E£0.975 |
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|- |
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| 2008 || E£10.0775 |
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|- |
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| 2009 || E£8.50 |
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|- |
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| 2012 || E£9.68 |
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|- |
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| 2014 || E£11.97 to E£12.03 |
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|- |
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| 2016 || E£12.60 to E£21.21 |
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|- |
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| 2017 || E£20.00 |
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|- |
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| 2020 || E£19.53 |
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|- |
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| 2022 || E£24.40 |
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|} |
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===US dollar=== |
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[[File:Screenshot from 2021-02-23 17-07-14.png|thumb|700px|The historical value of one U.S. dollar in Egyptian pounds from 1789 to 2020]] |
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This table shows the historical value of 1.00 [[US dollar]] in Egyptian pounds: |
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{|class="wikitable" |
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|- |
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! Date !! Official rate |
|||
|- |
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| 1789 to 1799 ||E£0.03 |
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|- |
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| 1800 to 1824 || E£0.06 |
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|- |
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| 1825 to 1884 || E£0.14 |
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|- |
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| 1885 to 1939 || E£0.20 |
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|- |
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| 1940 to 1949 || E£0.25 |
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|- |
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| 1950 to 1967 || E£0.36 |
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|- |
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| 1968 to 1978 || E£0.40 |
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|- |
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| 1979 to 1988 || E£0.60 |
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|- |
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| 1989 || E£0.83 |
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|- |
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| 1990 || E£1.50 |
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|- |
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| 1991 || E£3.00 |
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|- |
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| 1992 || E£3.33 |
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|- |
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| 1993 to 1998 || E£3.39 |
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|- |
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| 1999 || E£3.40 |
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|- |
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| 2000 || E£3.42 to E£3.75 |
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|- |
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| 2001 || E£3.75 to E£4.50 |
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|- |
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| 2002 || E£4.50 to E£4.62 |
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|- |
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| 2003 || E£4.82 to E£6.25 |
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|- |
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| 2004 || E£6.13 to E£6.28 |
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|- |
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| 2005 to 2006 || E£5.75 |
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|- |
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| 2007 || E£5.64 to E£5.5 |
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|- |
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| 2008 || E£5.5 to E£5.29 |
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|- |
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| 2009 || E£5.75 |
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|- |
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| 2010 || E£5.80 |
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|- |
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| 2011 || E£5.95 |
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|- |
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| 2012 || E£6.36 |
|||
|- |
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| 2013 || E£6.5 to E£6.96 |
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|- |
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| 2014 || E£6.95 to E£7.15 |
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|- |
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| 2015 || E£7.15 to E£11.00 |
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|- |
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| 2016 || E£15.00 to E£18.00 |
|||
|- |
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| 2017 || E£17.70 to E£17.83 |
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|- |
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| 2018 || E£17.69 to E£17.89 |
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|- |
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| 2019 || E£17.89 to E£15.99 |
|||
|- |
|||
| 2020 || E£16.04 to E£15.79 |
|||
|- |
|||
| 2022 || E£18.49 to E£18.49 |
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|} |
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==See also== |
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* [[Economy of Egypt]] |
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* [[British currency in the Middle East]] |
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{{Exchange rate|EGP|ILS|JOD|TRY|EUR|JPY|USD}} |
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==References== |
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{{Reflist}} |
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==Bibliography== |
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* {{numis cite SCWC|date=1991}} |
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* {{numis cite SCWPM|date=1994}} |
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==External links== |
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{{Commons category|Money of Egypt}} |
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* [https://www.cbe.org.eg/ Central Bank of Egypt] |
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* [https://www.bis-ans-ende-der-welt.net/Aegypten-B-En.htm Historical and current banknotes of Egypt] |
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* [http://www.egyptgiftshop.com/egyptguide/egyptian_money.html Information about Egyptian money] |
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{{Economy of Egypt}} |
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{{Currencies of Africa|state = collapsed}} |
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{{Currencies of Asia|state = collapsed}} |
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{{Pound (currency)}} |
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{{Egypt topics}} |
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{{Portal bar|Africa|Asia|Egypt|Money|Numismatics}} |
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{{DEFAULTSORT:Egyptian Pound}} |
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[[Category:Economy of Egypt]] |
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[[Category:Currencies introduced in 1834]] |
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[[Category:1834 establishments in Egypt]] |
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==History== |
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{{Css Image Crop|Image = SUD-S111b-Siege of Khartoum-50 Egyptian Pounds (1884).jpg|bSize = 228|cWidth = 220|cHeight = 142|oTop = 2|oLeft = 3|Location = right|Description=LE 50 [[Siege of Khartoum currency|promissory note]] issued and hand-signed by Gen. [[Charles George Gordon|Gordon]] during the [[Siege of Khartoum]] (26 April 1884)<ref>{{Cite book |url=https://books.google.com/books?id=22dKPgAACAAJ&q=standard+catalog+of+specialized+issues|page=1070|title= Standard Catalog of World Paper Money Specialized Issues|edition=11|publisher=Krause|isbn=978-1-4402-0450-0|editor-last=Cuhaj|editor-first=George S.|year=2009}}</ref>}} |
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[[File:Egyptian First pound bill.jpg|thumb|330px|The first LE 1 banknote issued in 1899]] |
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In 1834, a [[khedive|khedival]] decree was issued, adopting an Egyptian currency based on a [[bimetallic standard]] ([[gold]] and [[silver]]) on the basis of the [[Maria Theresa thaler]], a popular [[trade coin]] in the region.<ref>{{cite book|author=Markus A. Denzel|title=Handbook of World Exchange Rates, 1590-1914|url=https://books.google.com/books?id=2T7l7Wi2ESsC&pg=PA599|year=2010|publisher=Ashgate Publishing|isbn=978-0-7546-0356-6|page=599|quote= The piastre of 1839 contained 1.146 grammes of fine silver, the piastre of 1801 approximately 4.6 grammes of fine silver. The most important Egyptian coins, the bedidlik in gold (= 100 piastres; 7.487 grammes of fine gold) and the rial in silver (20 piastres; 23.294 grammes of fine silver)}}</ref> The Egyptian pound, known as the {{transl|arz|geneih}}, was introduced, replacing the [[Egyptian piastre]] ({{transl|arz|ersh}}) as the chief unit of currency. The piastre continued to circulate as {{frac|100}} of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths ({{lang|ar|عشر القرش}} {{transl|arz|'oshr el-ersh}}). These tenths were renamed milliemes ({{transl|arz|malleem}}) in 1916. |
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The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a ''de facto'' [[gold standard]] between 1885 and 1914, with LE 1 = 7.4375 grams pure gold. At the outbreak of [[World War I]], the Egyptian pound used a [[currency peg|peg]] of one Egyptian pound to one pound and sixpence [[pound sterling|sterling]] (£1 = LE 0.975, or 92{{sfrac|2}} PT). |
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Egypt remained part of the [[Sterling Area]] until 1962, when Egypt devalued slightly and switched to a peg to the [[United States dollar]], at a rate of LE 1 = US$2.3. This peg was changed to LE 1 = US$2.55555 in 1973 when the dollar was devalued. The Egyptian pound [[floating exchange rate|floated]] in 1989. However, until 2001, the float was [[managed float regime|tightly managed]] by the [[Central Bank of Egypt]] and [[foreign exchange controls]] were in effect. After exhausting all of its policies to support its pound, the Central Bank of Egypt was forced to end the managed-float regime and allowed the Egyptian pound to float freely on the 3rd of November 2016;<ref>{{cite news |url= https://www.bloomberg.com/news/articles/2016-11-03/egypt-free-floats-pound-raises-lending-rates-to-spur-economy|title=Egypt Free Floats Pound, Raises Lending Rates to Spur Economy |last1=Feteha |first1= Ahmed |last2= Shahine |first2=Alaa |date= 3 November 2016|newspaper= Bloomberg.com|access-date= 3 November 2016}}</ref> the bank also announced an end to foreign exchange controls that day.<ref>{{cite web |url= http://www.egyptindependent.com//news/cbe-not-impose-restrictions-foreign-currency-exchange|title=CBE not to impose restrictions on foreign currency exchange |date= 3 November 2016|website= Egypt Independent |access-date= 3 November 2016}}</ref> The official rate fell twofold. |
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The Egyptian pound was also used in [[Anglo-Egyptian Sudan]] between 1899 and 1956, and [[Cyrenaica]] when it was under [[British Military Administration (Libya)|British occupation]] and later an [[Emirate of Cyrenaica|independent emirate]] between 1942 and 1951. It also circulated in [[Mandatory Palestine]] from 1918 to 1927, when the [[Palestine pound]] was introduced, equal in value to [[Pound sterling|sterling]]. The [[National Bank of Egypt]] issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the [[Central Bank of Egypt]] in 1961. |
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==Symbols and nomenclature <span class="anchor" id="Popular denominations and nomenclature"></span>== |
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===Notation and symbols=== |
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The Egyptian pound has no formal or single widely adopted [[currency sign]]. Historically, Egyptian banknotes and postage stamps used {{char|ℒℰ}} (the letters 'LE' in a [[script typeface]]) as a sign for the currency in Latin script<ref>See for example the [https://en.numista.com/catalogue/note207652.html one pound note of 1930]])</ref>. The style {{char|£E}} using the [[pound sign]] has been used to varying degrees and may still be encountered, but the abbreviations "LE" or "L.E." ({{lang|fr|livre égyptienne}} in [[French language|French]]) are the most commonly used to-day. |
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The piastre almost always uses the abbreviation "PT" or "P.T." (standing for {{lang|fr|piastre tarifée}}<ref>{{cite web|url=https://en.wikisource.org/wiki/Page:Statesman%27s_Year-Book_1899_American_Edition.djvu/1478|title=Statesman's Year-Book 1899 American Edition – page 178 |website=en.wikisource.org |date=1899 |access-date=2022-07-03 }}</ref> in French, meaning ''tariffed piastre'' in English). When issued as a circulation coin the millieme was abbreviated to "m", "mill" or "mills". |
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===Used for historical values or jocularly=== |
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Several unofficial popular names are used to refer to different denominations of Egyptian currency. These include (from the word ''[[wikt:nickel|nickel]]'') ''nekla'' ({{lang|ar|نكلة}}) {{IPA-arz|ˈneklæ|}} for 2 milliemes, ''ta'rifa'' ({{lang|ar|تعريفة}}) {{IPA-arz|tæʕˈɾiːfæ|}} for 5 milliemes, {{transl|arz|shelen}} ({{lang|ar|شلن}}) {{IPA-arz|ˈʃelen|}} (i.e. a [[shilling]]) for 5 piastres, ''bariza'' ({{lang|ar|بريزة}}) {{IPA-arz|bæˈɾiːzæ|}} for 10 piastres, and ''reyal'' (<!--the only popular fonts to ensure it is displayed properly--><span style="font-size:125%; font-family:'KacstOne', 'DejaVu Sans', 'DejaVu Sans Condensed', Tahoma, 'Iranian Sans'">ريال</span>) {{IPA-arz|ɾeˈjæːl|}} (''"[[Spanish real|real]]"'') for 20 piastres. Since the piastre and millieme are no longer legal tender, the smallest denomination currently minted being the 25 PT. coin (functioning as one-quarter of LE 1), these terms have mostly fallen into disuse and survive as curios. A few have survived to refer to pound notes: ''bariza'' now refers to the LE 10 note and ''reyal'' can be used in reference to the LE 20 note.{{citation needed|date=February 2021}} |
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===Informal=== |
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Different sums of the Egyptian pound have nicknames in vernacular speech, for example: LE 1 '' Bolbol '' meaning nightingale or '' Gondi '' meaning soldier, LE 1,000 ''bako'' ({{lang|ar|باكو}}) {{IPA-arz|ˈbæːko|}} "pack"; LE 1,000,000 ''arnab'' ({{lang|ar|أرنب}}) {{IPA-arz|ˈʔæɾnæb|}} "rabbit"; LE 1,000,000,000 ''feel'' ({{lang|ar|فيل}}) {{IPA-arz|fiːl|}} "elephant". |
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== Coins == |
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Between 1837 and 1900, copper 1 and 5 para*, silver 10 and 20 para, 1, 5, 10 and 20 piastre (PT), gold 5, 10 and 20 piastre and LE 1 coins were introduced, with gold 50 PT coins following in 1839. |
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Copper 10 para coins were introduced in 1853, although the silver coin continued to be issued. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 2{{frac|2}} PT coins in 1863. Gold 25 PT coins were introduced in 1867. |
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In 1885, the para was replaced by the millieme and a new coinage was introduced. The issue consisted of bronze {{frac|4}}, {{frac|2}}, 1, 2 and 5 millieme (m), silver 1 PT, 2 PT, 5 PT, 10 PT and 20 PT coins. The gold coinage practically ceased, with only small numbers of 5 PT and 10 PT coins issued. |
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In 1916 and 1917, a new base metal coinage was introduced consisting of bronze {{frac|2}}m and holed, cupro-nickel 1m, 2m, 5m and 10m coins. Silver 2 PT, 5 PT, 10 PT and 20 PT coins continued to be issued, and a gold LE 1 coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 PT and 50 PT and LE 1 and LE 5 coins. In 1924, bronze replaced cupro-nickel in the 1m coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5m and 10m coins were introduced, followed in 1944 by silver, hexagonal 2 PT coins. |
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Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1m, 5m and 10m and silver 5 PT, 10 PT and 20 PT coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2m coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced. |
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Aluminium replaced aluminium-bronze in the 1m, 5m and 10m coins in 1972, followed by brass in the 5m and 10m coins in 1973. Aluminium-bronze 2 PT and cupro-nickel 2 0PT coins were introduced in 1980, followed by aluminium-bronze 1 PT and 5 PT coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993. The size of 5 PT coins was reduced in 2004, 10 PT and 25 PT coins - in 2008. |
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On June 1, 2006, 50 PT and LE 1 coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of [[Cleopatra VII]] and [[Tutankhamun's mask]], and the LE 1 coin is [[bi-metallic coins|bimetallic]]. The size and composition of 50 PT coins was reduced in 2007. |
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{{Clear}} |
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{| class="wikitable" |
|||
|+ Coins in circulation<ref>{{cite web|title=Developments of Note Issue|url=http://www.cbe.org.eg/1historical_review_for_currency.htm|archive-url=https://web.archive.org/web/20041210032607/http://www.cbe.org.eg/1historical_review_for_currency.htm|url-status=dead|archive-date=10 December 2004|date=10 December 2004|access-date=15 October 2017}}</ref><ref>{{Cite web|url=https://en.numista.com/catalogue/egypte-7.html|title = Coins from Egypt – Numista}}</ref> |
|||
|- |
|||
!rowspan=2|Value !!rowspan=2|Debut !!colspan=2| Image !!colspan=5| Specifications !!colspan=2| Description |
|||
|- |
|||
! Obverse !! Reverse !! Diameter (mm) !!Thickness (mm) !!Mass (g) !!colspan=2|Composition !! Obverse !! Reverse |
|||
|- |
|||
| rowspan=3 style="text-align:center;"|5 PT** |
|||
|1984 |
|||
| [[File:5qershObverse1984.jpg|55px|5qershObverse1984]] |
|||
| [[File:5qershReverse1984.jpg|55px|5qershReverse1984]] |
|||
| style="text-align:center;"|23 |
|||
| style="text-align:center;"|1.2 |
|||
| style="text-align:center;"|4.9 |
|||
| colspan=2 |[[Copper]] 95% [[Aluminium]] 5% |
|||
|[[Giza pyramids|3 pyramids of Giza]] |
|||
| rowspan=11| |
|||
* جمهورية مصر العربية ("[[Arab Republic of Egypt]]") |
|||
* Value in [[Arabic]] |
|||
* [[Islamic calendar|Hijri]] and [[Gregorian year]] in Arabic |
|||
|- |
|||
|1992 |
|||
| rowspan=2 | |
|||
| rowspan=2 | |
|||
| style="text-align:center;"|21 |
|||
| style="text-align:center;"|1.1 |
|||
| style="text-align:center;"|3.2 |
|||
| colspan=2 |[[Copper]] 92% <br />[[Aluminium]] 8% |
|||
| rowspan=2 | [[Islamic art|Islamic pottery]] |
|||
|- |
|||
|2004–2008 |
|||
| style="text-align:center;"|17 |
|||
| style="text-align:center;"|1.04 |
|||
| style="text-align:center;"|2.4 |
|||
| colspan=2 | [[Steel]] 94% <br /> [[Nickel]] 2%<br />[[Copper]] plating 4% |
|||
|- |
|||
| colspan=7 | |
|||
|- |
|||
| rowspan=3 style="text-align:center;"|10 PT** |
|||
|1984 |
|||
| |
|||
| |
|||
| style="text-align:center;"|25 |
|||
| style="text-align:center;"|1.35 |
|||
| style="text-align:center;"|5.2 |
|||
| colspan=2 |[[Copper]] 75% [[Nickel]] 25% |
|||
| rowspan=5| [[Mosque of Muhammad Ali]] |
|||
|- |
|||
|1992 |
|||
| [[File:10 EPT obverse.JPG|55px]] |
|||
| [[File:10 EPT reverse.JPG|55px]] |
|||
| style="text-align:center;"|23 |
|||
| style="text-align:center;"|1.2 |
|||
| style="text-align:center;"|4.9 |
|||
| colspan=2 |[[Copper]] 95% [[Aluminium]] 5% |
|||
|- |
|||
|2008 |
|||
| |
|||
| |
|||
| style="text-align:center;"|19 |
|||
| style="text-align:center;"|1.1 |
|||
| style="text-align:center;"|3.2 |
|||
| colspan=2 | [[Steel]] 94% <br /> [[Copper]] 2%<br />[[Nickel]] plating 4% |
|||
|- |
|||
| colspan=7 | |
|||
|- |
|||
| rowspan=2 style="text-align:center;"|20 PT** |
|||
|1984 |
|||
| |
|||
| |
|||
| style="text-align:center;"|27 |
|||
| style="text-align:center;"|1.4 |
|||
| style="text-align:center;"|6 |
|||
| colspan=2 |[[Copper]] 75% [[Nickel]] 25% |
|||
|- |
|||
|1992 |
|||
| |
|||
| [[File:20 EPT reverse.JPG|55px]] |
|||
| rowspan=3 style="text-align:center;"|25 |
|||
| style="text-align:center;"|1.35 |
|||
| rowspan=3 style="text-align:center;"|5.2 |
|||
| rowspan=3 colspan=2 | [[Copper]] 95%<br /> [[Aluminum]] 5% |
|||
| [[Al-Azhar University|Al-Azhar mosque]] |
|||
|- |
|||
| colspan="4" | |
|||
|- |
|||
| rowspan=2 style="text-align:center;"|25 PT |
|||
|1993** |
|||
| |
|||
| |
|||
| style="text-align:center;"|1.4 |
|||
|rowspan=2| |
|||
* Islamic illustration |
|||
* Value in [[Arabic]] and in [[English language|English]] |
|||
|rowspan=2| |
|||
* جمهورية مصر العربية ("[[Arab Republic of Egypt]]") |
|||
* [[Islamic calendar|Hijri]] and [[Gregorian year|Gregorian]] year in Arabic |
|||
|- |
|||
|2008-22 |
|||
| |
|||
| |
|||
| style="text-align:center;"|21 |
|||
| style="text-align:center;"|1.26 |
|||
| style="text-align:center;"|4.5 |
|||
| colspan=2 | [[Steel]] 94% <br /> [[Copper]] 2%<br />[[Nickel]] plating 4% |
|||
|- |
|||
| colspan=10 | |
|||
|- |
|||
| rowspan=2 style="text-align:center;"|50 PT |
|||
|2005 |
|||
|rowspan=2 | [[File:50 Egyptian piastres obverse.JPG|70px]] |
|||
|rowspan=2 | [[File:50 Egyptian piastres reverse.jpg|70px]] |
|||
| style="text-align:center;"|25 |
|||
| style="text-align:center;"|1.58 |
|||
| rowspan=2 style="text-align:center;"|6.5 |
|||
|colspan=2 |[[Copper]] 75% <br />[[Zinc]] 20% <br />[[Nickel]] 5% |
|||
|rowspan=2| |
|||
* [[Cleopatra]]'s head |
|||
* [[Islamic calendar|Hijri]] and [[Gregorian year|Gregorian]] year in Arabic |
|||
| rowspan=2| |
|||
* جمهورية مصر العربية ("[[Arab Republic of Egypt]]") |
|||
* Value in Arabic and in English |
|||
|- |
|||
|2007-21 |
|||
| style="text-align:center;"|23 |
|||
| style="text-align:center;"|1.7 |
|||
| colspan=2 | [[Steel]] 94% <br /> [[Nickel]] 2%<br />[[Copper]] plating 4% |
|||
|- |
|||
|colspan=10 | |
|||
|- |
|||
| rowspan=5 style="text-align:center;"|LE 1*** |
|||
|rowspan=3|2005 |
|||
|rowspan=5 | [[File:100 EPT obverse.JPG|70px]] |
|||
|rowspan=5 | [[File:100 EPT reverse.JPG|70px]] |
|||
| rowspan=5 style="text-align:center;"|25 |
|||
| rowspan=3 style="text-align:center;"|1.89 |
|||
| rowspan=5 style="text-align:center;"|8.5 |
|||
| colspan=2 style="text-align:center;"|[[Bi-metal|Bimetal]] |
|||
| rowspan=5 style="text-align:center;"| [[Tutankhamun]]'s mask |
|||
|rowspan=5| |
|||
* جمهورية مصر العربية ("[[Arab Republic of Egypt]]") |
|||
* Value in Arabic and in English |
|||
* [[Islamic calendar|Hijri]] and [[Gregorian year|Gregorian]] year in Arabic |
|||
|- style="text-align:center;" |
|||
||Ring |
|||
||Centre |
|||
|- |
|||
||[[Copper]] 75% <br />[[Nickel]] 25% |
|||
||[[Copper]] 75% <br />[[Zinc]] 20% <br />[[Nickel]] 5% |
|||
|- |
|||
| rowspan=2|2007–2020 |
|||
| rowspan=2 style="text-align:center;"|1.96 |
|||
|rowspan=2| [[Steel]] 94% <br /> [[Copper]] 2%<br />[[Nickel]] plating 4% |
|||
|rowspan=2| [[Steel]] 94% <br /> [[Nickel]] 2%<br />[[Copper]] plating 4% |
|||
|} |
|||
<small>''* 1 para = {{frac|40}} piastre.'' |
|||
''** Not in circulation as of 2008.'' |
|||
''*** As to commemorate the branching of the Suez canal, the obverse had the Arabic phrase, {{lang|ar|قناة السويس الجديدة}} "New Suez Canal".''</small> |
|||
==Banknotes== |
|||
In 1899, the [[National Bank of Egypt]] introduced notes in denominations of 50 piastres, LE 1, LE 5, LE 10, LE 50 and LE 100. Between 1916 and 1917, 25 piastre notes were added, together with government currency notes for 5 and 10 piastres. Issued intermittently, the 5 and 10 piastres are today produced by the [[Minister of Finance (Egypt)|Ministry of Finance]]. |
|||
In 1961, the [[Central Bank of Egypt]] took over from the National Bank and issued notes in denominations of 25 and 50 piastres, LE 1, LE 5, and LE 10. LE 20 notes were introduced in 1976, followed by LE 100 in 1978, LE 50 in 1993 and LE 200 in 2007.<ref>{{cite web|url=http://www.nachthund.biz/CatalogUpdate/Egypt/EgyptIndex.html|title=Nach Thund|website=Nachthund.biz|access-date=15 October 2017|archive-url=https://web.archive.org/web/20070927065106/http://www.nachthund.biz/CatalogUpdate/Egypt/EgyptIndex.html|archive-date=27 September 2007|url-status=dead|df=dmy-all}}</ref> |
|||
All Egyptian banknotes are [[multilingualism|bilingual]], with [[Arabic language|Arabic]] texts and [[Eastern Arabic numerals]] on the obverse, and [[English language|English]] texts and [[Western Arabic numerals]] on the reverse. Obverse designs tend to feature an [[Islam]]ic building with reverse designs featuring [[Ancient Egypt]]ian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in articles in ''Al Ahram'' and ''Al Akhbar'' newspapers that there were plans to introduce LE 200 and LE 500 notes. As of 2019, there are LE 200 notes circulating but there are still no plans for issuing LE 500 notes.<ref>{{cite web|url=http://www.youm7.com/story/2012/9/15/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%89--%D8%AA%D8%B1%D8%A7%D8%AC%D8%B9-%D9%82%D9%8A%D9%85%D8%A9-%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D9%84%D9%86-%D9%8A%D8%AF%D9%81%D8%B9%D9%86%D8%A7-%D9%84%D8%B7%D8%B1%D8%AD-%D9%88%D8%B1%D9%82%D8%A9-%D9%86%D9%82%D8%AF%D9%8A%D8%A9-%D9%85%D9%86-%D9%81%D8%A6%D8%A9-/786552|title="المركزى": تراجع قيمة الجنيه لن يدفعنا لطرح ورقة نقدية من فئة 500 - اليوم السابع|date=15 September 2012|website=Youm7.com|access-date=15 October 2017}}</ref> Starting from 2011 the 25 PT, 50 PT and LE 1 banknotes have been phased out and replaced by more extensive use of coins. As of June 2016 the National Bank of Egypt reintroduced the LE 1 banknote into circulation<ref>{{cite web |url=http://www.npa-egypt.com/15826/%D8%B9%D9%88%D8%AF%D8%A9-%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D8%A7%D9%84%D9%88%D8%B1%D9%82%D9%8A-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A8%D8%B9%D8%AF-%D8%A7%D8%AE/ |title=Archived copy |access-date=2016-05-30 |archive-url=https://web.archive.org/web/20160630173459/http://www.npa-egypt.com/15826/%D8%B9%D9%88%D8%AF%D8%A9-%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D8%A7%D9%84%D9%88%D8%B1%D9%82%D9%8A-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A8%D8%B9%D8%AF-%D8%A7%D8%AE/ |archive-date=2016-06-30 |url-status=dead }}</ref> as well as the 25 PT and 50 PT notes in response to a shortage of small change. |
|||
The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.<ref>{{Cite web|date=2020-09-12|title=Egypt to roll out new plastic currency starting 2021: Amer|url=https://en.amwalalghad.com/egypt-to-roll-out-new-plastic-currency-starting-2021-amer/|access-date=2020-12-05|website=Amwal Al Ghad|language=en-US}}</ref> On July 31, 2021, the [[President of Egypt]] reviewed the notes of LE 10 and LE 20, to be issued in November 2021.<ref>{{Cite web|date=2021-08-01|title=ننشر أول صور للعملات البلاستيكية الجديدة فئة 10 و20 جنيها|url=https://www.elbalad.news/4910100|access-date=2021-08-02|website=صدى البلد|language=ar-eg}}</ref> In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a [[Rainbow flag (LGBT)|covert message]] of support for [[LGBT rights in Egypt|LGBT rights]].<ref>{{cite news|url=https://www.pinknews.co.uk/2021/08/03/egypt-rainbow-bank-note/|title=Bank of Egypt forced to confirm new rainbow note isn't for LGBT+ rights after backlash|last=Powys Maurice|first=Emily|date=3 August 2021|work=[[PinkNews]]|accessdate=3 August 2021}}</ref><ref>{{cite news|url=https://www.egyptindependent.com/cbe-confirms-continued-validity-of-all-paper-currencies/|title=CBE confirms continued validity of all paper currencies|date=3 August 2021|work=[[Egypt Independent]]|accessdate=3 August 2021}}</ref> |
|||
{| class="wikitable" |
|||
|+ Current series of the Egyptian pound |
|||
|- |
|||
!colspan=2| Image !!rowspan=2| Value !!rowspan=2| Dimensions (millimeters) !!rowspan=2| Main color !!colspan=2| Description !!rowspan=2| Year of first issue |
|||
|- |
|||
! Obverse !! Reverse !! Obverse !! Reverse |
|||
|- |
|||
| [[File:EGP 25 Piastres 2008 (Front).png|300px]] |
|||
| [[File:25piastres reverse.jpg|300px]] |
|||
| style="text-align:center;"| 25 PT |
|||
|130 × 70 |
|||
| Blue |
|||
| [[Sayeda Aisha Mosque|Ayesha mosque]] |
|||
| [[Coat of arms of Egypt]] |
|||
| 1985 |
|||
|- |
|||
| [[File:50 piastres obverse.jpg|300px]] |
|||
| [[File:50 piastres reverse.jpg|300px]] |
|||
| style="text-align:center;"| 50 PT |
|||
|135 × 70 |
|||
| Brown/yellow-green |
|||
| [[Al-Azhar Mosque]] |
|||
| [[Ramesses II]] |
|||
| 1985 |
|||
|- |
|||
| [[File:1EGP-2001(5).png|300px]] |
|||
| [[File:1pound Egypt reverse.jpg|300px]] |
|||
| style="text-align:center;"| LE 1 |
|||
|140 × 70 |
|||
| Beige |
|||
|[[Complex of Sultan al-Ashraf Qaytbay|Mosque and mausoleum of Qaitbay]] |
|||
| [[Abu Simbel temples]] |
|||
| 1978 |
|||
|- |
|||
| [[File:5EGP-2012.png|300px]] |
|||
| [[File:5EGP(2).png|300px]] |
|||
| style="text-align:center;"| LE 5 |
|||
|145 × 70 |
|||
| Bluish-green |
|||
| [[Mosque of Ibn Tulun]] |
|||
| A Pharaonic engraving of [[Hapi (Nile god)|Hapi]] (god of the annual [[Flooding of the Nile|flooding]] of the [[Nile]]) offering bounties. |
|||
| 1981 |
|||
|- |
|||
| [[File:EGP 10 Pounds 2003 (Front).png|300px]] |
|||
| [[File:EGP 10 Pounds 2003 (Back).png|300px]] |
|||
| style="text-align:center;"| LE 10 |
|||
|150 × 70 |
|||
| Pink |
|||
| [[Al Rifa'i Mosque]] |
|||
| [[Khafre Enthroned]] |
|||
| 2003 |
|||
|- |
|||
| [[File:Egypt 20 Pound 2009 obverse.jpg|300px]] |
|||
| [[File:Egypt 20 Pound 2009 reverse.jpg|300px]] |
|||
| style="text-align:center;"| LE 20 |
|||
|155 × 70 |
|||
| Green |
|||
| [[Mosque of Muhammad Ali]] |
|||
| A [[Military history of Ancient Egypt#Chariotry|Pharaonic war chariot]] and frieze from the chapel of [[Senusret I]] |
|||
| 1978 |
|||
|- |
|||
| [[File:EGP 50 Pounds Dec 2001 (Front).jpg|300px]] |
|||
| [[File:EGP 50 Pounds Dec 2001 (Back).jpg|300px]] |
|||
| style="text-align:center;"| LE 50 |
|||
|160 × 70 |
|||
| Brownish-red |
|||
|[[Amir Qijmas al-Ishaqi Mosque|Abu Hurayba Mosque]] |
|||
[[Amir Qijmas al-Ishaqi Mosque|(Qijmas al-Ishaqi Mosque)]] |
|||
| [[Edfu temple|Temple of Edfu]] |
|||
| 1993 |
|||
|- |
|||
| [[File:EGP 100 Pounds 2009 (Front).jpg|300px]] |
|||
| [[File:100 EGP reverse 2014-1-26.jpg|300px]] |
|||
| style="text-align:center;"| LE 100 |
|||
| 165 × 70 |
|||
| Cyan |
|||
| [[Mosque-Madrassa of Sultan Hassan|Sultan Hassan Mosque]] |
|||
| [[Great Sphinx of Giza]] |
|||
| 1994 |
|||
|- |
|||
| [[File:EGP 200 Pounds Apr 2007 (Front).jpg|300px]] |
|||
| [[File:EGP 200 Pounds Apr 2007 (Back).jpg|300px]] |
|||
| style="text-align:center;"| LE 200 |
|||
| 165 × 72 |
|||
| Olive |
|||
| [[Mosque of Qani-Bay]] |
|||
| [[The Seated Scribe]] |
|||
| 2007 |
|||
|} |
|||
== Historical and current exchange rates == |
|||
===Sterling=== |
|||
This table shows the value of one [[Pound (currency)|pound]] [[Pound sterling|sterling]] in Egyptian pounds: |
|||
{|class="wikitable" |
|||
|- |
|||
! Date !! Official rate |
|||
|- |
|||
| 1885 to 1949 || LE 0.975 |
|||
|- |
|||
| 2008 || LE 10.0775 |
|||
|- |
|||
| 2009 || LE 8.50 |
|||
|- |
|||
| 2012 || LE 9.68 |
|||
|- |
|||
| 2014 || LE 11.97 to LE 12.03 |
|||
|- |
|||
| 2016 || LE 12.60 to LE 21.21 |
|||
|- |
|||
| 2017 || LE 20.00 |
|||
|- |
|||
| 2020 || LE 19.53 |
|||
|- |
|||
| 2022 || LE 24.40 |
|||
|} |
|||
===US dollar=== |
|||
[[File:Screenshot from 2021-02-23 17-07-14.png|thumb|700px|The historical value of one U.S. dollar in Egyptian pounds from 1789 to 2020]] |
|||
This table shows the historical value of one [[US dollar]] in Egyptian pounds: |
|||
{|class="wikitable" |
|||
|- |
|||
! Date !! Official rate |
|||
|- |
|||
| 1789 to 1799 ||LE 0.03 |
|||
|- |
|||
| 1800 to 1824 || LE 0.06 |
|||
|- |
|||
| 1825 to 1884 || LE 0.14 |
|||
|- |
|||
| 1885 to 1939 || LE 0.20 |
|||
|- |
|||
| 1940 to 1949 || LE 0.25 |
|||
|- |
|||
| 1950 to 1967 || LE 0.36 |
|||
|- |
|||
| 1968 to 1978 || LE 0.40 |
|||
|- |
|||
| 1979 to 1988 || LE 0.60 |
|||
|- |
|||
| 1989 || LE 0.83 |
|||
|- |
|||
| 1990 || LE 1.50 |
|||
|- |
|||
| 1991 || LE 3.00 |
|||
|- |
|||
| 1992 || LE 3.33 |
|||
|- |
|||
| 1993 to 1998 || LE 3.39 |
|||
|- |
|||
| 1999 || LE 3.40 |
|||
|- |
|||
| 2000 || LE 3.42 to LE 3.75 |
|||
|- |
|||
| 2001 || LE 3.75 to LE 4.50 |
|||
|- |
|||
| 2002 || LE 4.50 to LE 4.62 |
|||
|- |
|||
| 2003 || LE 4.82 to LE 6.25 |
|||
|- |
|||
| 2004 || LE 6.13 to LE 6.28 |
|||
|- |
|||
| 2005 to 2006 || LE 5.75 |
|||
|- |
|||
| 2007 || LE 5.64 to LE 5.5 |
|||
|- |
|||
| 2008 || LE 5.5 to LE 5.29 |
|||
|- |
|||
| 2009 || LE 5.75 |
|||
|- |
|||
| 2010 || LE 5.80 |
|||
|- |
|||
| 2011 || LE 5.95 |
|||
|- |
|||
| 2012 || LE 6.36 |
|||
|- |
|||
| 2013 || LE 6.5 to LE 6.96 |
|||
|- |
|||
| 2014 || LE 6.95 to LE 7.15 |
|||
|- |
|||
| 2015 || LE 7.15 to LE 11.00 |
|||
|- |
|||
| 2016 || LE 15.00 to LE 18.00 |
|||
|- |
|||
| 2017 || LE 17.70 to LE 17.83 |
|||
|- |
|||
| 2018 || LE 17.69 to LE 17.89 |
|||
|- |
|||
| 2019 || LE 17.89 to LE 15.99 |
|||
|- |
|||
| 2020 || LE 16.04 to LE 15.79 |
|||
|- |
|||
| 2022 || LE 18.49 to LE 18.49 |
|||
|} |
|||
==See also== |
|||
* [[Economy of Egypt]] |
|||
* [[British currency in the Middle East]] |
|||
{{Exchange rate|EGP|ILS|JOD|TRY|EUR|JPY|USD}} |
|||
==References== |
|||
{{Reflist}} |
|||
==Bibliography== |
|||
* {{numis cite SCWC|date=1991}} |
|||
* {{numis cite SCWPM|date=1994}} |
|||
==External links== |
|||
{{Commons category|Money of Egypt}} |
|||
* [https://www.cbe.org.eg/ Central Bank of Egypt] |
|||
* [https://www.bis-ans-ende-der-welt.net/Aegypten-B-En.htm Historical and current banknotes of Egypt] |
|||
* [http://www.egyptgiftshop.com/egyptguide/egyptian_money.html Information about Egyptian money] |
|||
{{Economy of Egypt}} |
|||
{{Currencies of Africa|state = collapsed}} |
|||
{{Currencies of Asia|state = collapsed}} |
|||
{{Pound (currency)}} |
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{{Egypt topics}} |
|||
{{Portal bar|Africa|Asia|Egypt|Money|Numismatics}} |
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{{DEFAULTSORT:Egyptian Pound}} |
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[[Category:Economy of Egypt]] |
|||
[[Category:Currencies introduced in 1834]] |
|||
[[Category:1834 establishments in Egypt]] |
|||
==History== |
==History== |
Revision as of 02:34, 3 August 2022
جنيه مصرى (Egyptian Arabic) | |
---|---|
ISO 4217 | |
Code | EGP (numeric: 818) |
Subunit | 0.01 |
Unit | |
Symbol | £,[1][2] E£,[3][4] £E, ج.م, and L.E. |
Denominations | |
Subunit | |
1⁄100 | Piastre (قرش, Ersh) |
1⁄1,000 | Millieme (مليم, Mallīm) |
Symbol | |
Piastre (قرش, Ersh) | pt. |
Banknotes | |
Freq. used | £1, £5, £10, £20, £50, £100, £200 |
Rarely used | 25pt, 50pt |
Coins | 25pt, 50pt, £1 |
Demographics | |
Official user(s) | Egypt |
Unofficial user(s) | Gaza Strip[5] |
Issuance | |
Central bank | Central Bank of Egypt |
Website | www |
Valuation | |
Inflation | 5.86%[6] (2020) |
The Egyptian pound (Egyptian Arabic: جنيه مصرى Genēh Maṣri [ɡeˈneː(h) ˈmɑsˤɾi]; sign: £,[7][8] E£,[9][10] £E, L.E. ج.م; code: EGP) is the currency of Egypt. It is divided into 100 piastres, or ersh (قرش [ʔeɾʃ]; plural قروش [ʔʊˈɾuːʃ]),[6] or 1,000 milliemes (مليم [mælˈliːm]; French: millième).
The Egyptian pound can be abbreviated to LE or L.E. (livre égyptienne in French), E£ or £E. The Arabic name genēh [ɡeˈneː(h)] is derived from the guinea unit of account in sterling, which was close in value to 100 piastres at the end of the 19th century.
History
In 1834, a khedival decree was issued, adopting an Egyptian currency based on a bimetallic standard (gold and silver) on the basis of the Maria Theresa thaler, a popular trade coin in the region.[12] The Egyptian pound, known as the geneih, was introduced, replacing the Egyptian piastre (ersh) as the chief unit of currency. The piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths (عشر القرش 'oshr el-ersh). These tenths were renamed milliemes (malleem) in 1916.
The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with E£1 = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound used a sterling peg at one pound and sixpence sterling to one Egyptian pound (£1Stg = E£0.975, or E£1 = £1/-/6Stg).
Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. This peg was changed to E£1 = US$2.55555 in 1973 when the dollar was devalued. The pound was itself devalued in 1978 to a peg of £1Stg = US$1.42857 (1 dollar = E£0.7). The pound floated in 1989. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. After exhausting all of its policies to support the Egyptian pound, the Central Bank of Egypt was forced to end the managed-float regime and allowed the pound to float freely on the 3rd of November 2016;[13] the bank also announced an end to foreign exchange controls that day.[14] The official rate fell twofold.
The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951. It also circulated in Mandatory Palestine from 1918 to 1927, when the Palestine pound was introduced, equal in value to the pound sterling. The National Bank of Egypt issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961.
Popular denominations and nomenclature
Used for historical values or jocularly
Several unofficial popular names are used to refer to different values of Egyptian currency. These include (from the word nickel) nekla (نكلة) [ˈneklæ] for 2 milliemes, ta'rifa (تعريفة) [tæʕˈɾiːfæ] for 5 milliemes, shelen (شلن) [ˈʃelen] (i.e. a shilling) for 5 piastres, bariza (بريزة) [bæˈɾiːzæ] for 10 piastres, and reyal (ريال) [ɾeˈjæːl] ("real") for 20 piastres. Since the piastre and millieme are no longer legal tender, the smallest denomination currently minted being the 25-piastre coin (functioning as one-quarter of one pound), these terms have mostly fallen into disuse and survive as curios. A few have survived to refer to pounds: bariza now refers to a ten-pound note and reyal can be used in reference to a 20-pound note.[citation needed]
Informal
Different sums of EGP have special nicknames, for example: E£1 Bolbol meaning nightingale or Gondi meaning soldier, E£1,000 bako (باكو) [ˈbæːko] "pack"; E£1,000,000 arnab (أرنب) [ˈʔæɾnæb] "rabbit"; E£1,000,000,000 feel (فيل) [fiːl] "elephant".
Coins
Between 1837 and 1900, copper 1 and 5 para*, silver 10 and 20 para, 1, 5, 10 and 20 piastre, gold 5, 10 and 20 piastre and 1 pound coins were introduced, with gold 50 piastre coins following in 1839.
Copper 10 para coins were introduced in 1853, although the silver coin continued to be issued. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 21⁄2 piastre coins in 1863. Gold 25 piastre coins were introduced in 1867.
In 1885, a new coinage was introduced consisting of bronze 1⁄4, 1⁄2, 1, 2 and 5 millieme, silver 1, 2, 5, 10 and 20 piastre coins. The gold coinage practically ceased, with only small numbers of 5 and 10 piastre coins issued.
In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1⁄2 millieme and holed, cupro-nickel 1, 2, 5 and 10 millieme coins. Silver 2, 5, 10 and 20 piastre coins continued to be issued, and a gold 1 pound coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 and 50 piastre and 1 and 5 pound coins. In 1924, bronze replaced cupro-nickel in the 1 millieme coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5 and 10 millieme coins were introduced, followed in 1944 by silver, hexagonal 2 piastre coins.
Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1, 5 and 10 millieme and silver 5, 10 and 20 piastre coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2 millieme coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced.
Aluminium replaced aluminium-bronze in the 1, 5 and 10 millieme coins in 1972, followed by brass in the 5 and 10 millieme coins in 1973. Aluminium-bronze 2 piastre and cupro-nickel 20 piastre coins were introduced in 1980, followed by aluminium-bronze 1 and 5 piastre coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993. The size of 5 piastre coins was reduced in 2004, 10 and 25 piastre coins - in 2008.
On June 1, 2006, 50 piastre and 1 pound coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the 1 pound coin is bimetallic. The size and composition of 50 piastre coins was reduced in 2007.
Value | Debut | Image | Specifications | Description | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Obverse | Reverse | Diameter (mm) | Thickness (mm) | Mass (g) | Composition | Obverse | Reverse | |||
5pt** | 1984 | 23 | 1.2 | 4.9 | Copper 95% Aluminum 5% | 3 pyramids of Giza |
| |||
1992 | 21 | 1.1 | 3.2 | Copper 92% Aluminum 8% |
Islamic pottery | |||||
2004–2008 | 17 | 1.04 | 2.4 | Steel 94% Nickel 2% Copper plating 4% | ||||||
10pt** | 1984 | 25 | 1.35 | 5.2 | Copper 75% Nickel 25% | Mosque of Muhammad Ali | ||||
1992 | 23 | 1.2 | 4.9 | Copper 95% Aluminum 5% | ||||||
2008 | 19 | 1.1 | 3.2 | Steel 94% Copper 2% Nickel plating 4% | ||||||
20pt** | 1984 | 27 | 1.4 | 6 | Copper 75% Nickel 25% | |||||
1992 | 25 | 1.35 | 5.2 | Copper 95% Aluminum 5% |
Al-Azhar mosque | |||||
25pt | 1993** | 1.4 |
| |||||||
2008-22 | 21 | 1.26 | 4.5 | Steel 94% Copper 2% Nickel plating 4% | ||||||
50pt | 2005 | 25 | 1.58 | 6.5 | Copper 75% Zinc 20% Nickel 5% |
| ||||
2007-21 | 23 | 1.7 | Steel 94% Nickel 2% Copper plating 4% | |||||||
£1*** | 2005 | 25 | 1.89 | 8.5 | Bimetal | Tutankhamun's mask |
| |||
Ring | Centre | |||||||||
Copper 75% Nickel 25% |
Copper 75% Zinc 20% Nickel 5% | |||||||||
2007–2020 | 1.96 | Steel 94% Copper 2% Nickel plating 4% |
Steel 94% Nickel 2% Copper plating 4% |
* 1 para = 1⁄40 piastre.
** Not in circulation as of 2008.
*** As to commemorate the branching of the Suez canal, the obverse had the Arabic phrase, قناة السويس الجديدة "New Suez Canal".
Banknotes
In 1899, the National Bank of Egypt introduced notes in denominations of 50 piastres, £1, £5, £10, £50 and £100. Between 1916 and 1917, 25 piastre notes were added, together with government currency notes for 5 and 10 piastres. Issued intermittently, the 5 and 10 piastres are today produced by the Ministry of Finance.
In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25 and 50 piastres, £1, £5, £10 and £20 notes were introduced in 1976, followed by £100 in 1978, £50 in 1993 and £200 in 2007.[17]
All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse, and English texts and Western Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring Ancient Egyptian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce £200 and £500 notes. As of 2019, there are £200 notes circulating but there are still no plans for making £500 notes.[18] Starting from 2011 the 25, 50 piastres and £1 banknotes have been phased out and replaced by more extensive use of coins. As of June 2016 the National Bank of Egypt reintroduced the £1 banknote into circulation[19] as well as the 25 and 50 piastres notes in response to a shortage of small change.
The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.[20] On July 31, 2021, the President of Egypt reviewed the notes of 10 and 20 EGP, to be issued in November 2021.[21] In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a covert message of support for LGBT rights.[22][23]
Image | Value | Dimensions (millimeters) | Main color | Description | Year of first issue | ||
---|---|---|---|---|---|---|---|
Obverse | Reverse | Obverse | Reverse | ||||
25pt | 130 × 70 | Blue | Ayesha mosque | Coat of arms of Egypt | 1985 | ||
50pt | 135 × 70 | Brown/yellow-green | Al-Azhar Mosque | Ramesses II | 1985 | ||
£1 | 140 × 70 | Beige | Mosque and mausoleum of Qaitbay | Abu Simbel temples | 1978 | ||
£5 | 145 × 70 | Bluish-green | Mosque of Ibn Tulun | A Pharaonic engraving of Hapi (god of the annual flooding of the Nile) offering bounties. | 1981 | ||
£10 | 150 × 70 | Pink | Al Rifa'i Mosque | Khafre Enthroned | 2003 | ||
£20 | 155 × 70 | Green | Mosque of Muhammad Ali | A Pharaonic war chariot and frieze from the chapel of Senusret I | 1978 | ||
£50 | 160 × 70 | Brownish-red | Abu Hurayba Mosque | Temple of Edfu | 1993 | ||
£100 | 165 × 70 | Cyan | Sultan Hassan Mosque | Great Sphinx of Giza | 1994 | ||
£200 | 165 × 72 | Olive | Mosque of Qani-Bay | The Seated Scribe | 2007 |
Historical and current exchange rates
Pound sterling
This table shows the value of one British pound sterling in Egyptian pounds:
Date | Official rate |
---|---|
1885 to 1949 | E£0.975 |
2008 | E£10.0775 |
2009 | E£8.50 |
2012 | E£9.68 |
2014 | E£11.97 to E£12.03 |
2016 | E£12.60 to E£21.21 |
2017 | E£20.00 |
2020 | E£19.53 |
2022 | E£24.40 |
US dollar
This table shows the historical value of 1.00 US dollar in Egyptian pounds:
Date | Official rate |
---|---|
1789 to 1799 | E£0.03 |
1800 to 1824 | E£0.06 |
1825 to 1884 | E£0.14 |
1885 to 1939 | E£0.20 |
1940 to 1949 | E£0.25 |
1950 to 1967 | E£0.36 |
1968 to 1978 | E£0.40 |
1979 to 1988 | E£0.60 |
1989 | E£0.83 |
1990 | E£1.50 |
1991 | E£3.00 |
1992 | E£3.33 |
1993 to 1998 | E£3.39 |
1999 | E£3.40 |
2000 | E£3.42 to E£3.75 |
2001 | E£3.75 to E£4.50 |
2002 | E£4.50 to E£4.62 |
2003 | E£4.82 to E£6.25 |
2004 | E£6.13 to E£6.28 |
2005 to 2006 | E£5.75 |
2007 | E£5.64 to E£5.5 |
2008 | E£5.5 to E£5.29 |
2009 | E£5.75 |
2010 | E£5.80 |
2011 | E£5.95 |
2012 | E£6.36 |
2013 | E£6.5 to E£6.96 |
2014 | E£6.95 to E£7.15 |
2015 | E£7.15 to E£11.00 |
2016 | E£15.00 to E£18.00 |
2017 | E£17.70 to E£17.83 |
2018 | E£17.69 to E£17.89 |
2019 | E£17.89 to E£15.99 |
2020 | E£16.04 to E£15.79 |
2022 | E£18.49 to E£18.49 |
See also
Current EGP exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
References
- ^ "EGP - Egyptian Pound rates, news, and tools | Xe".
- ^ "Currency in Egypt - the Egyptian Pound, Egypt's currency".
- ^ "EGP | Egyptian Pound | OANDA".
- ^ "Egyptian Pound (EGP) Definition".
- ^ Chami, Ralph; Espinoza, Raphael; Montiel, Peter J. (26 January 2021). Macroeconomic Policy in Fragile States. ISBN 978-0-19-885309-1.
- ^ a b Published by H. Plecher (2020-04-29). "• Egypt- Inflation rate 2021". Statista. Retrieved 2020-06-02.
- ^ "EGP - Egyptian Pound rates, news, and tools | Xe".
- ^ "Currency in Egypt - the Egyptian Pound, Egypt's currency".
- ^ "EGP | Egyptian Pound | OANDA".
- ^ "Egyptian Pound (EGP) Definition".
- ^ Cuhaj, George S., ed. (2009). Standard Catalog of World Paper Money Specialized Issues (11 ed.). Krause. p. 1070. ISBN 978-1-4402-0450-0.
- ^ Markus A. Denzel (2010). Handbook of World Exchange Rates, 1590-1914. Ashgate Publishing. p. 599. ISBN 978-0-7546-0356-6.
The piastre of 1839 contained 1.146 grammes of fine silver, the piastre of 1801 approximately 4.6 grammes of fine silver. The most important Egyptian coins, the bedidlik in gold (= 100 piastres; 7.487 grammes of fine gold) and the rial in silver (20 piastres; 23.294 grammes of fine silver)
- ^ Feteha, Ahmed; Shahine, Alaa (3 November 2016). "Egypt Free Floats Pound, Raises Lending Rates to Spur Economy". Bloomberg.com. Retrieved 3 November 2016.
- ^ "CBE not to impose restrictions on foreign currency exchange". Egypt Independent. 3 November 2016. Retrieved 3 November 2016.
- ^ "Developments of Note Issue". 10 December 2004. Archived from the original on 10 December 2004. Retrieved 15 October 2017.
- ^ "Coins from Egypt – Numista".
- ^ "Nach Thund". Nachthund.biz. Archived from the original on 27 September 2007. Retrieved 15 October 2017.
- ^ ""المركزى": تراجع قيمة الجنيه لن يدفعنا لطرح ورقة نقدية من فئة 500 - اليوم السابع". Youm7.com. 15 September 2012. Retrieved 15 October 2017.
- ^ "Archived copy". Archived from the original on 2016-06-30. Retrieved 2016-05-30.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ "Egypt to roll out new plastic currency starting 2021: Amer". Amwal Al Ghad. 2020-09-12. Retrieved 2020-12-05.
- ^ "ننشر أول صور للعملات البلاستيكية الجديدة فئة 10 و20 جنيها". صدى البلد (in Arabic). 2021-08-01. Retrieved 2021-08-02.
- ^ Powys Maurice, Emily (3 August 2021). "Bank of Egypt forced to confirm new rainbow note isn't for LGBT+ rights after backlash". PinkNews. Retrieved 3 August 2021.
- ^ "CBE confirms continued validity of all paper currencies". Egypt Independent. 3 August 2021. Retrieved 3 August 2021.
Bibliography
- 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
History
In 1834, a khedival decree was issued, adopting an Egyptian currency based on a bimetallic standard (gold and silver) on the basis of the Maria Theresa thaler, a popular trade coin in the region.[2] The Egyptian pound, known as the geneih, was introduced, replacing the Egyptian piastre (ersh) as the chief unit of currency. The piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths (عشر القرش 'oshr el-ersh). These tenths were renamed milliemes (malleem) in 1916.
The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with LE 1 = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound used a peg of one Egyptian pound to one pound and sixpence sterling (£1 = LE 0.975, or 921/2 PT).
Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of LE 1 = US$2.3. This peg was changed to LE 1 = US$2.55555 in 1973 when the dollar was devalued. The Egyptian pound floated in 1989. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. After exhausting all of its policies to support its pound, the Central Bank of Egypt was forced to end the managed-float regime and allowed the Egyptian pound to float freely on the 3rd of November 2016;[3] the bank also announced an end to foreign exchange controls that day.[4] The official rate fell twofold.
The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951. It also circulated in Mandatory Palestine from 1918 to 1927, when the Palestine pound was introduced, equal in value to sterling. The National Bank of Egypt issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961.
Symbols and nomenclature
Notation and symbols
The Egyptian pound has no formal or single widely adopted currency sign. Historically, Egyptian banknotes and postage stamps used ℒℰ (the letters 'LE' in a script typeface) as a sign for the currency in Latin script[5]. The style £E using the pound sign has been used to varying degrees and may still be encountered, but the abbreviations "LE" or "L.E." (livre égyptienne in French) are the most commonly used to-day.
The piastre almost always uses the abbreviation "PT" or "P.T." (standing for piastre tarifée[6] in French, meaning tariffed piastre in English). When issued as a circulation coin the millieme was abbreviated to "m", "mill" or "mills".
Used for historical values or jocularly
Several unofficial popular names are used to refer to different denominations of Egyptian currency. These include (from the word nickel) nekla (نكلة) [ˈneklæ] for 2 milliemes, ta'rifa (تعريفة) [tæʕˈɾiːfæ] for 5 milliemes, shelen (شلن) [ˈʃelen] (i.e. a shilling) for 5 piastres, bariza (بريزة) [bæˈɾiːzæ] for 10 piastres, and reyal (ريال) [ɾeˈjæːl] ("real") for 20 piastres. Since the piastre and millieme are no longer legal tender, the smallest denomination currently minted being the 25 PT. coin (functioning as one-quarter of LE 1), these terms have mostly fallen into disuse and survive as curios. A few have survived to refer to pound notes: bariza now refers to the LE 10 note and reyal can be used in reference to the LE 20 note.[citation needed]
Informal
Different sums of the Egyptian pound have nicknames in vernacular speech, for example: LE 1 Bolbol meaning nightingale or Gondi meaning soldier, LE 1,000 bako (باكو) [ˈbæːko] "pack"; LE 1,000,000 arnab (أرنب) [ˈʔæɾnæb] "rabbit"; LE 1,000,000,000 feel (فيل) [fiːl] "elephant".
Coins
Between 1837 and 1900, copper 1 and 5 para*, silver 10 and 20 para, 1, 5, 10 and 20 piastre (PT), gold 5, 10 and 20 piastre and LE 1 coins were introduced, with gold 50 PT coins following in 1839.
Copper 10 para coins were introduced in 1853, although the silver coin continued to be issued. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 21⁄2 PT coins in 1863. Gold 25 PT coins were introduced in 1867.
In 1885, the para was replaced by the millieme and a new coinage was introduced. The issue consisted of bronze 1⁄4, 1⁄2, 1, 2 and 5 millieme (m), silver 1 PT, 2 PT, 5 PT, 10 PT and 20 PT coins. The gold coinage practically ceased, with only small numbers of 5 PT and 10 PT coins issued.
In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1⁄2m and holed, cupro-nickel 1m, 2m, 5m and 10m coins. Silver 2 PT, 5 PT, 10 PT and 20 PT coins continued to be issued, and a gold LE 1 coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 PT and 50 PT and LE 1 and LE 5 coins. In 1924, bronze replaced cupro-nickel in the 1m coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5m and 10m coins were introduced, followed in 1944 by silver, hexagonal 2 PT coins.
Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1m, 5m and 10m and silver 5 PT, 10 PT and 20 PT coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2m coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced.
Aluminium replaced aluminium-bronze in the 1m, 5m and 10m coins in 1972, followed by brass in the 5m and 10m coins in 1973. Aluminium-bronze 2 PT and cupro-nickel 2 0PT coins were introduced in 1980, followed by aluminium-bronze 1 PT and 5 PT coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993. The size of 5 PT coins was reduced in 2004, 10 PT and 25 PT coins - in 2008.
On June 1, 2006, 50 PT and LE 1 coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the LE 1 coin is bimetallic. The size and composition of 50 PT coins was reduced in 2007.
Value | Debut | Image | Specifications | Description | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Obverse | Reverse | Diameter (mm) | Thickness (mm) | Mass (g) | Composition | Obverse | Reverse | |||
5 PT** | 1984 | 23 | 1.2 | 4.9 | Copper 95% Aluminium 5% | 3 pyramids of Giza |
| |||
1992 | 21 | 1.1 | 3.2 | Copper 92% Aluminium 8% |
Islamic pottery | |||||
2004–2008 | 17 | 1.04 | 2.4 | Steel 94% Nickel 2% Copper plating 4% | ||||||
10 PT** | 1984 | 25 | 1.35 | 5.2 | Copper 75% Nickel 25% | Mosque of Muhammad Ali | ||||
1992 | 23 | 1.2 | 4.9 | Copper 95% Aluminium 5% | ||||||
2008 | 19 | 1.1 | 3.2 | Steel 94% Copper 2% Nickel plating 4% | ||||||
20 PT** | 1984 | 27 | 1.4 | 6 | Copper 75% Nickel 25% | |||||
1992 | 25 | 1.35 | 5.2 | Copper 95% Aluminum 5% |
Al-Azhar mosque | |||||
25 PT | 1993** | 1.4 |
| |||||||
2008-22 | 21 | 1.26 | 4.5 | Steel 94% Copper 2% Nickel plating 4% | ||||||
50 PT | 2005 | 25 | 1.58 | 6.5 | Copper 75% Zinc 20% Nickel 5% |
| ||||
2007-21 | 23 | 1.7 | Steel 94% Nickel 2% Copper plating 4% | |||||||
LE 1*** | 2005 | 25 | 1.89 | 8.5 | Bimetal | Tutankhamun's mask |
| |||
Ring | Centre | |||||||||
Copper 75% Nickel 25% |
Copper 75% Zinc 20% Nickel 5% | |||||||||
2007–2020 | 1.96 | Steel 94% Copper 2% Nickel plating 4% |
Steel 94% Nickel 2% Copper plating 4% |
* 1 para = 1⁄40 piastre.
** Not in circulation as of 2008.
*** As to commemorate the branching of the Suez canal, the obverse had the Arabic phrase, قناة السويس الجديدة "New Suez Canal".
Banknotes
In 1899, the National Bank of Egypt introduced notes in denominations of 50 piastres, LE 1, LE 5, LE 10, LE 50 and LE 100. Between 1916 and 1917, 25 piastre notes were added, together with government currency notes for 5 and 10 piastres. Issued intermittently, the 5 and 10 piastres are today produced by the Ministry of Finance.
In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25 and 50 piastres, LE 1, LE 5, and LE 10. LE 20 notes were introduced in 1976, followed by LE 100 in 1978, LE 50 in 1993 and LE 200 in 2007.[9]
All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse, and English texts and Western Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring Ancient Egyptian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce LE 200 and LE 500 notes. As of 2019, there are LE 200 notes circulating but there are still no plans for issuing LE 500 notes.[10] Starting from 2011 the 25 PT, 50 PT and LE 1 banknotes have been phased out and replaced by more extensive use of coins. As of June 2016 the National Bank of Egypt reintroduced the LE 1 banknote into circulation[11] as well as the 25 PT and 50 PT notes in response to a shortage of small change.
The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.[12] On July 31, 2021, the President of Egypt reviewed the notes of LE 10 and LE 20, to be issued in November 2021.[13] In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a covert message of support for LGBT rights.[14][15]
Image | Value | Dimensions (millimeters) | Main color | Description | Year of first issue | ||
---|---|---|---|---|---|---|---|
Obverse | Reverse | Obverse | Reverse | ||||
25 PT | 130 × 70 | Blue | Ayesha mosque | Coat of arms of Egypt | 1985 | ||
50 PT | 135 × 70 | Brown/yellow-green | Al-Azhar Mosque | Ramesses II | 1985 | ||
LE 1 | 140 × 70 | Beige | Mosque and mausoleum of Qaitbay | Abu Simbel temples | 1978 | ||
LE 5 | 145 × 70 | Bluish-green | Mosque of Ibn Tulun | A Pharaonic engraving of Hapi (god of the annual flooding of the Nile) offering bounties. | 1981 | ||
LE 10 | 150 × 70 | Pink | Al Rifa'i Mosque | Khafre Enthroned | 2003 | ||
LE 20 | 155 × 70 | Green | Mosque of Muhammad Ali | A Pharaonic war chariot and frieze from the chapel of Senusret I | 1978 | ||
LE 50 | 160 × 70 | Brownish-red | Abu Hurayba Mosque | Temple of Edfu | 1993 | ||
LE 100 | 165 × 70 | Cyan | Sultan Hassan Mosque | Great Sphinx of Giza | 1994 | ||
LE 200 | 165 × 72 | Olive | Mosque of Qani-Bay | The Seated Scribe | 2007 |
Historical and current exchange rates
Sterling
This table shows the value of one pound sterling in Egyptian pounds:
Date | Official rate |
---|---|
1885 to 1949 | LE 0.975 |
2008 | LE 10.0775 |
2009 | LE 8.50 |
2012 | LE 9.68 |
2014 | LE 11.97 to LE 12.03 |
2016 | LE 12.60 to LE 21.21 |
2017 | LE 20.00 |
2020 | LE 19.53 |
2022 | LE 24.40 |
US dollar
This table shows the historical value of one US dollar in Egyptian pounds:
Date | Official rate |
---|---|
1789 to 1799 | LE 0.03 |
1800 to 1824 | LE 0.06 |
1825 to 1884 | LE 0.14 |
1885 to 1939 | LE 0.20 |
1940 to 1949 | LE 0.25 |
1950 to 1967 | LE 0.36 |
1968 to 1978 | LE 0.40 |
1979 to 1988 | LE 0.60 |
1989 | LE 0.83 |
1990 | LE 1.50 |
1991 | LE 3.00 |
1992 | LE 3.33 |
1993 to 1998 | LE 3.39 |
1999 | LE 3.40 |
2000 | LE 3.42 to LE 3.75 |
2001 | LE 3.75 to LE 4.50 |
2002 | LE 4.50 to LE 4.62 |
2003 | LE 4.82 to LE 6.25 |
2004 | LE 6.13 to LE 6.28 |
2005 to 2006 | LE 5.75 |
2007 | LE 5.64 to LE 5.5 |
2008 | LE 5.5 to LE 5.29 |
2009 | LE 5.75 |
2010 | LE 5.80 |
2011 | LE 5.95 |
2012 | LE 6.36 |
2013 | LE 6.5 to LE 6.96 |
2014 | LE 6.95 to LE 7.15 |
2015 | LE 7.15 to LE 11.00 |
2016 | LE 15.00 to LE 18.00 |
2017 | LE 17.70 to LE 17.83 |
2018 | LE 17.69 to LE 17.89 |
2019 | LE 17.89 to LE 15.99 |
2020 | LE 16.04 to LE 15.79 |
2022 | LE 18.49 to LE 18.49 |
See also
Current EGP exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
References
- ^ Cuhaj, George S., ed. (2009). Standard Catalog of World Paper Money Specialized Issues (11 ed.). Krause. p. 1070. ISBN 978-1-4402-0450-0.
- ^ Markus A. Denzel (2010). Handbook of World Exchange Rates, 1590-1914. Ashgate Publishing. p. 599. ISBN 978-0-7546-0356-6.
The piastre of 1839 contained 1.146 grammes of fine silver, the piastre of 1801 approximately 4.6 grammes of fine silver. The most important Egyptian coins, the bedidlik in gold (= 100 piastres; 7.487 grammes of fine gold) and the rial in silver (20 piastres; 23.294 grammes of fine silver)
- ^ Feteha, Ahmed; Shahine, Alaa (3 November 2016). "Egypt Free Floats Pound, Raises Lending Rates to Spur Economy". Bloomberg.com. Retrieved 3 November 2016.
- ^ "CBE not to impose restrictions on foreign currency exchange". Egypt Independent. 3 November 2016. Retrieved 3 November 2016.
- ^ See for example the one pound note of 1930])
- ^ "Statesman's Year-Book 1899 American Edition – page 178". en.wikisource.org. 1899. Retrieved 2022-07-03.
- ^ "Developments of Note Issue". 10 December 2004. Archived from the original on 10 December 2004. Retrieved 15 October 2017.
- ^ "Coins from Egypt – Numista".
- ^ "Nach Thund". Nachthund.biz. Archived from the original on 27 September 2007. Retrieved 15 October 2017.
- ^ ""المركزى": تراجع قيمة الجنيه لن يدفعنا لطرح ورقة نقدية من فئة 500 - اليوم السابع". Youm7.com. 15 September 2012. Retrieved 15 October 2017.
- ^ "Archived copy". Archived from the original on 2016-06-30. Retrieved 2016-05-30.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ "Egypt to roll out new plastic currency starting 2021: Amer". Amwal Al Ghad. 2020-09-12. Retrieved 2020-12-05.
- ^ "ننشر أول صور للعملات البلاستيكية الجديدة فئة 10 و20 جنيها". صدى البلد (in Arabic). 2021-08-01. Retrieved 2021-08-02.
- ^ Powys Maurice, Emily (3 August 2021). "Bank of Egypt forced to confirm new rainbow note isn't for LGBT+ rights after backlash". PinkNews. Retrieved 3 August 2021.
- ^ "CBE confirms continued validity of all paper currencies". Egypt Independent. 3 August 2021. Retrieved 3 August 2021.
Bibliography
- 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
History
In 1834, a khedival decree was issued, adopting an Egyptian currency based on a bimetallic standard (gold and silver) on the basis of the Maria Theresa thaler, a popular trade coin in the region.[2] The Egyptian pound, known as the geneih, was introduced, replacing the Egyptian piastre (ersh) as the chief unit of currency. The piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths (عشر القرش 'oshr el-ersh). These tenths were renamed milliemes (malleem) in 1916.
The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with LE 1 = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound used a peg of one Egyptian pound to one pound and sixpence sterling (£1 = LE 0.975, or 921/2 PT).
Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of LE 1 = US$2.3. This peg was changed to LE 1 = US$2.55555 in 1973 when the dollar was devalued. The Egyptian pound floated in 1989. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. After exhausting all of its policies to support its pound, the Central Bank of Egypt was forced to end the managed-float regime and allowed the Egyptian pound to float freely on the 3rd of November 2016;[3] the bank also announced an end to foreign exchange controls that day.[4] The official rate fell twofold.
The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951. It also circulated in Mandatory Palestine from 1918 to 1927, when the Palestine pound was introduced, equal in value to the pound sterling. The National Bank of Egypt issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961.
Symbols and nomenclature
Notation and symbols
The Egyptian pound has no formal or single widely adopted currency sign. Historically, Egyptian banknotes and postage stamps used ℒℰ (the letters 'LE' in a script typeface) as a sign for the currency in Latin script[5]. The style £E using the pound sign has been used to varying degrees and may still be encountered, but the abbreviation "LE" (livre égyptienne in French) is the most commonly used to-day.
The piastre almost always uses the abbreviation "PT" (standing for piastre tarifée[6] in French, meaning tariffed piastre in English). When issued as a circulation coin the millieme was abbreviated to "m", "mill" or "mills".
Used for historical values or in vernacular speech
Several unofficial popular names are used to refer to different denominations of Egyptian currency. These include (from the word nickel) nekla (نكلة) [ˈneklæ] for 2 milliemes, ta'rifa (تعريفة) [tæʕˈɾiːfæ] for 5 milliemes, shelen (شلن) [ˈʃelen] (i.e. a shilling) for 5 piastres, bariza (بريزة) [bæˈɾiːzæ] for 10 piastres, and reyal (ريال) [ɾeˈjæːl] ("real") for 20 piastres. Since the piastre and millieme are no longer legal tender, the smallest denomination currently minted being the 25 PT. coin (functioning as one-quarter of LE 1), these terms have mostly fallen into disuse and survive as curios. A few have survived to refer to pound notes: bariza now refers to the LE 10 note and reyal can be used in reference to the LE 20 note.[citation needed]
Informal
Different sums of the Egyptian pound have nicknames in vernacular speech, for example: LE 1 Bolbol meaning nightingale or Gondi meaning soldier, LE 1,000 bako (باكو) [ˈbæːko] "pack"; LE 1,000,000 arnab (أرنب) [ˈʔæɾnæb] "rabbit"; LE 1,000,000,000 feel (فيل) [fiːl] "elephant".
Coins
Between 1837 and 1900, copper 1 and 5 para*, silver 10 and 20 para, 1, 5, 10 and 20 piastre (PT), gold 5, 10 and 20 piastre and LE 1 coins were introduced, with gold 50 PT coins following in 1839.
Copper 10 para coins were introduced in 1853, although the silver coin continued to be issued. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 21⁄2 PT coins in 1863. Gold 25 PT coins were introduced in 1867.
In 1885, the para was replaced by the millieme in order to decimalise the currency and a new coinage was introduced. The issue consisted of bronze 1⁄4, 1⁄2, 1, 2 and 5 millieme (m), silver 1 PT, 2 PT, 5 PT, 10 PT and 20 PT coins. The gold coinage practically ceased, with only small numbers of 5 PT and 10 PT coins issued.
In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1⁄2m and holed, cupro-nickel 1m, 2m, 5m and 10m coins. Silver 2 PT, 5 PT, 10 PT and 20 PT coins continued to be issued, and a gold LE 1 coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 PT and 50 PT and LE 1 and LE 5 coins. In 1924, bronze replaced cupro-nickel in the 1m coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5m and 10m coins were introduced, followed in 1944 by silver, hexagonal 2 PT coins.
Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1m, 5m and 10m and silver 5 PT, 10 PT and 20 PT coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2m coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced.
Aluminium replaced aluminium-bronze in the 1m, 5m and 10m coins in 1972, followed by brass in the 5m and 10m coins in 1973. Aluminium-bronze 2 PT and cupro-nickel 2 0PT coins were introduced in 1980, followed by aluminium-bronze 1 PT and 5 PT coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993. The size of 5 PT coins was reduced in 2004, 10 PT and 25 PT coins - in 2008.
On the 1st of June, 2006, 50 PT and LE 1 coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the LE 1 coin is bimetallic. The size and composition of 50 PT coins was reduced in 2007.
Value | Debut | Image | Specifications | Description | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Obverse | Reverse | Diameter (mm) | Thickness (mm) | Mass (g) | Composition | Obverse | Reverse | |||
5 PT** | 1984 | 23 | 1.2 | 4.9 | Copper 95% Aluminium 5% | 3 pyramids of Giza |
| |||
1992 | 21 | 1.1 | 3.2 | Copper 92% Aluminium 8% |
Islamic pottery | |||||
2004–2008 | 17 | 1.04 | 2.4 | Steel 94% Nickel 2% Copper plating 4% | ||||||
10 PT** | 1984 | 25 | 1.35 | 5.2 | Copper 75% Nickel 25% | Mosque of Muhammad Ali | ||||
1992 | 23 | 1.2 | 4.9 | Copper 95% Aluminum 5% | ||||||
2008 | 19 | 1.1 | 3.2 | Steel 94% Copper 2% Nickel plating 4% | ||||||
20 PT** | 1984 | 27 | 1.4 | 6 | Copper 75% Nickel 25% | |||||
1992 | 25 | 1.35 | 5.2 | Copper 95% Aluminium 5% |
Al-Azhar mosque | |||||
25 PT | 1993** | 1.4 |
| |||||||
2008-22 | 21 | 1.26 | 4.5 | Steel 94% Copper 2% Nickel plating 4% | ||||||
50 PT | 2005 | 25 | 1.58 | 6.5 | Copper 75% Zinc 20% Nickel 5% |
| ||||
2007-21 | 23 | 1.7 | Steel 94% Nickel 2% Copper plating 4% | |||||||
LE 1*** | 2005 | 25 | 1.89 | 8.5 | Bimetal | Tutankhamun's mask |
| |||
Ring | Centre | |||||||||
Copper 75% Nickel 25% |
Copper 75% Zinc 20% Nickel 5% | |||||||||
2007–2020 | 1.96 | Steel 94% Copper 2% Nickel plating 4% |
Steel 94% Nickel 2% Copper plating 4% |
* 1 para = 1⁄40 piastre.
** Not in circulation as of 2008.
*** As to commemorate the branching of the Suez canal, the obverse had the Arabic phrase, قناة السويس الجديدة "New Suez Canal".
Banknotes
In 1899, the National Bank of Egypt introduced notes in denominations of 50 PT, LE 1, LE 5, LE 10, LE 50 and LE 100. Between 1916 and 1917, 25 PT notes were added, together with government currency notes for 5 PT and 10 PT issued by the Ministry of Finance.
In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25 and 50 piastres, LE 1, LE 5, LE 10 and LE 20 notes were introduced in 1976, followed by LE 100 in 1978, LE 50 in 1993 and LE 200 in 2007.[9]
All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse, and English texts and Western Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring Ancient Egyptian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce LE 200 and LE 500 notes. As of 2019, there are LE 200 notes circulating but there are still no plans for making £500 notes.[10] Starting from 2011 the 25 PT, 50 PT and LE 1 banknotes were phased out in favour of more extensive use of coins. However as of June 2016 the National Bank of Egypt reintroduced the LE 1 banknote into circulation[11] as well as 25 PT and 50 PT notes in response to a shortage of small change.
The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.[12] On July 31, 2021, the President of Egypt reviewed the notes of LE 10 and LE 20, to be issued in November 2021.[13] In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a covert message of support for LGBT rights.[14][15]
Image | Value | Dimensions (millimeters) | Main color | Description | Year of first issue | ||
---|---|---|---|---|---|---|---|
Obverse | Reverse | Obverse | Reverse | ||||
25pt | 130 × 70 | Blue | Ayesha mosque | Coat of arms of Egypt | 1985 | ||
50pt | 135 × 70 | Brown/yellow-green | Al-Azhar Mosque | Ramesses II | 1985 | ||
£1 | 140 × 70 | Beige | Mosque and mausoleum of Qaitbay | Abu Simbel temples | 1978 | ||
£5 | 145 × 70 | Bluish-green | Mosque of Ibn Tulun | A Pharaonic engraving of Hapi (god of the annual flooding of the Nile) offering bounties. | 1981 | ||
£10 | 150 × 70 | Pink | Al Rifa'i Mosque | Khafre Enthroned | 2003 | ||
£20 | 155 × 70 | Green | Mosque of Muhammad Ali | A Pharaonic war chariot and frieze from the chapel of Senusret I | 1978 | ||
£50 | 160 × 70 | Brownish-red | Abu Hurayba Mosque | Temple of Edfu | 1993 | ||
£100 | 165 × 70 | Cyan | Sultan Hassan Mosque | Great Sphinx of Giza | 1994 | ||
£200 | 165 × 72 | Olive | Mosque of Qani-Bay | The Seated Scribe | 2007 |
Historical and current exchange rates
Pound sterling
This table shows the value of one British pound sterling in Egyptian pounds:
Date | Official rate |
---|---|
1885 to 1949 | E£0.975 |
2008 | E£10.0775 |
2009 | E£8.50 |
2012 | E£9.68 |
2014 | E£11.97 to E£12.03 |
2016 | E£12.60 to E£21.21 |
2017 | E£20.00 |
2020 | E£19.53 |
2022 | E£24.40 |
US dollar
This table shows the historical value of 1.00 US dollar in Egyptian pounds:
Date | Official rate |
---|---|
1789 to 1799 | E£0.03 |
1800 to 1824 | E£0.06 |
1825 to 1884 | E£0.14 |
1885 to 1939 | E£0.20 |
1940 to 1949 | E£0.25 |
1950 to 1967 | E£0.36 |
1968 to 1978 | E£0.40 |
1979 to 1988 | E£0.60 |
1989 | E£0.83 |
1990 | E£1.50 |
1991 | E£3.00 |
1992 | E£3.33 |
1993 to 1998 | E£3.39 |
1999 | E£3.40 |
2000 | E£3.42 to E£3.75 |
2001 | E£3.75 to E£4.50 |
2002 | E£4.50 to E£4.62 |
2003 | E£4.82 to E£6.25 |
2004 | E£6.13 to E£6.28 |
2005 to 2006 | E£5.75 |
2007 | E£5.64 to E£5.5 |
2008 | E£5.5 to E£5.29 |
2009 | E£5.75 |
2010 | E£5.80 |
2011 | E£5.95 |
2012 | E£6.36 |
2013 | E£6.5 to E£6.96 |
2014 | E£6.95 to E£7.15 |
2015 | E£7.15 to E£11.00 |
2016 | E£15.00 to E£18.00 |
2017 | E£17.70 to E£17.83 |
2018 | E£17.69 to E£17.89 |
2019 | E£17.89 to E£15.99 |
2020 | E£16.04 to E£15.79 |
2022 | E£18.49 to E£18.49 |
See also
Current EGP exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
References
- ^ Cuhaj, George S., ed. (2009). Standard Catalog of World Paper Money Specialized Issues (11 ed.). Krause. p. 1070. ISBN 978-1-4402-0450-0.
- ^ Markus A. Denzel (2010). Handbook of World Exchange Rates, 1590-1914. Ashgate Publishing. p. 599. ISBN 978-0-7546-0356-6.
The piastre of 1839 contained 1.146 grammes of fine silver, the piastre of 1801 approximately 4.6 grammes of fine silver. The most important Egyptian coins, the bedidlik in gold (= 100 piastres; 7.487 grammes of fine gold) and the rial in silver (20 piastres; 23.294 grammes of fine silver)
- ^ Feteha, Ahmed; Shahine, Alaa (3 November 2016). "Egypt Free Floats Pound, Raises Lending Rates to Spur Economy". Bloomberg.com. Retrieved 3 November 2016.
- ^ "CBE not to impose restrictions on foreign currency exchange". Egypt Independent. 3 November 2016. Retrieved 3 November 2016.
- ^ See for example the one pound note of 1930])
- ^ "Statesman's Year-Book 1899 American Edition – page 178". en.wikisource.org. 1899. Retrieved 2022-07-03.
- ^ "Developments of Note Issue". 10 December 2004. Archived from the original on 10 December 2004. Retrieved 15 October 2017.
- ^ "Coins from Egypt – Numista".
- ^ "Nach Thund". Nachthund.biz. Archived from the original on 27 September 2007. Retrieved 15 October 2017.
- ^ ""المركزى": تراجع قيمة الجنيه لن يدفعنا لطرح ورقة نقدية من فئة 500 - اليوم السابع". Youm7.com. 15 September 2012. Retrieved 15 October 2017.
- ^ "Archived copy". Archived from the original on 2016-06-30. Retrieved 2016-05-30.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ "Egypt to roll out new plastic currency starting 2021: Amer". Amwal Al Ghad. 2020-09-12. Retrieved 2020-12-05.
- ^ "ننشر أول صور للعملات البلاستيكية الجديدة فئة 10 و20 جنيها". صدى البلد (in Arabic). 2021-08-01. Retrieved 2021-08-02.
- ^ Powys Maurice, Emily (3 August 2021). "Bank of Egypt forced to confirm new rainbow note isn't for LGBT+ rights after backlash". PinkNews. Retrieved 3 August 2021.
- ^ "CBE confirms continued validity of all paper currencies". Egypt Independent. 3 August 2021. Retrieved 3 August 2021.
Bibliography
- 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
History
In 1834, a khedival decree was issued, adopting an Egyptian currency based on a bimetallic standard (gold and silver) on the basis of the Maria Theresa thaler, a popular trade coin in the region.[2] The Egyptian pound, known as the geneih, was introduced, replacing the Egyptian piastre (ersh) as the chief unit of currency. The piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths (عشر القرش 'oshr el-ersh). These tenths were renamed milliemes (malleem) in 1916.
The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions. Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with LE 1 = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound used a peg of one Egyptian pound to one pound and sixpence sterling (£1 = LE 0.975, or 921/2 PT).
Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of LE 1 = US$2.3. This peg was changed to LE 1 = US$2.55555 in 1973 when the dollar was devalued. The Egyptian pound floated in 1989. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. After exhausting all of its policies to support its pound, the Central Bank of Egypt was forced to end the managed-float regime and allowed the Egyptian pound to float freely on the 3rd of November 2016;[3] the bank also announced an end to foreign exchange controls that day.[4] The official rate fell twofold.
The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951. It also circulated in Mandatory Palestine from 1918 to 1927, when the Palestine pound was introduced, equal in value to sterling. The National Bank of Egypt issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961.
Symbols and nomenclature
Notation and symbols
The Egyptian pound has no formal or single widely adopted currency sign. Historically, Egyptian banknotes and postage stamps used ℒℰ (the letters 'LE' in a script typeface) as a sign for the currency in Latin script[5]. The style £E using the pound sign has been used to varying degrees and may still be encountered, but the abbreviations "LE" or "L.E." (livre égyptienne in French) are the most commonly used to-day.
The piastre almost always uses the abbreviation "PT" or "P.T." (standing for piastre tarifée[6] in French, meaning tariffed piastre in English). When issued as a circulation coin the millieme was abbreviated to "m", "mill" or "mills".
Used for historical values or jocularly
Several unofficial popular names are used to refer to different denominations of Egyptian currency. These include (from the word nickel) nekla (نكلة) [ˈneklæ] for 2 milliemes, ta'rifa (تعريفة) [tæʕˈɾiːfæ] for 5 milliemes, shelen (شلن) [ˈʃelen] (i.e. a shilling) for 5 piastres, bariza (بريزة) [bæˈɾiːzæ] for 10 piastres, and reyal (ريال) [ɾeˈjæːl] ("real") for 20 piastres. Since the piastre and millieme are no longer legal tender, the smallest denomination currently minted being the 25 PT. coin (functioning as one-quarter of LE 1), these terms have mostly fallen into disuse and survive as curios. A few have survived to refer to pound notes: bariza now refers to the LE 10 note and reyal can be used in reference to the LE 20 note.[citation needed]
Informal
Different sums of the Egyptian pound have nicknames in vernacular speech, for example: LE 1 Bolbol meaning nightingale or Gondi meaning soldier, LE 1,000 bako (باكو) [ˈbæːko] "pack"; LE 1,000,000 arnab (أرنب) [ˈʔæɾnæb] "rabbit"; LE 1,000,000,000 feel (فيل) [fiːl] "elephant".
Coins
Between 1837 and 1900, copper 1 and 5 para*, silver 10 and 20 para, 1, 5, 10 and 20 piastre (PT), gold 5, 10 and 20 piastre and LE 1 coins were introduced, with gold 50 PT coins following in 1839.
Copper 10 para coins were introduced in 1853, although the silver coin continued to be issued. Copper 10 para coins were again introduced in 1862, followed by copper 4 para and 21⁄2 PT coins in 1863. Gold 25 PT coins were introduced in 1867.
In 1885, the para was replaced by the millieme and a new coinage was introduced. The issue consisted of bronze 1⁄4, 1⁄2, 1, 2 and 5 millieme (m), silver 1 PT, 2 PT, 5 PT, 10 PT and 20 PT coins. The gold coinage practically ceased, with only small numbers of 5 PT and 10 PT coins issued.
In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1⁄2m and holed, cupro-nickel 1m, 2m, 5m and 10m coins. Silver 2 PT, 5 PT, 10 PT and 20 PT coins continued to be issued, and a gold LE 1 coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 PT and 50 PT and LE 1 and LE 5 coins. In 1924, bronze replaced cupro-nickel in the 1m coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5m and 10m coins were introduced, followed in 1944 by silver, hexagonal 2 PT coins.
Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1m, 5m and 10m and silver 5 PT, 10 PT and 20 PT coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2m coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piastre coins were introduced.
Aluminium replaced aluminium-bronze in the 1m, 5m and 10m coins in 1972, followed by brass in the 5m and 10m coins in 1973. Aluminium-bronze 2 PT and cupro-nickel 2 0PT coins were introduced in 1980, followed by aluminium-bronze 1 PT and 5 PT coins in 1984. In 1992, brass 5 and 10 piastre coins were introduced, followed by holed, cupro-nickel 25 piastre coins in 1993. The size of 5 PT coins was reduced in 2004, 10 PT and 25 PT coins - in 2008.
On June 1, 2006, 50 PT and LE 1 coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the LE 1 coin is bimetallic. The size and composition of 50 PT coins was reduced in 2007.
Value | Debut | Image | Specifications | Description | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Obverse | Reverse | Diameter (mm) | Thickness (mm) | Mass (g) | Composition | Obverse | Reverse | |||
5 PT** | 1984 | 23 | 1.2 | 4.9 | Copper 95% Aluminium 5% | 3 pyramids of Giza |
| |||
1992 | 21 | 1.1 | 3.2 | Copper 92% Aluminium 8% |
Islamic pottery | |||||
2004–2008 | 17 | 1.04 | 2.4 | Steel 94% Nickel 2% Copper plating 4% | ||||||
10 PT** | 1984 | 25 | 1.35 | 5.2 | Copper 75% Nickel 25% | Mosque of Muhammad Ali | ||||
1992 | 23 | 1.2 | 4.9 | Copper 95% Aluminium 5% | ||||||
2008 | 19 | 1.1 | 3.2 | Steel 94% Copper 2% Nickel plating 4% | ||||||
20 PT** | 1984 | 27 | 1.4 | 6 | Copper 75% Nickel 25% | |||||
1992 | 25 | 1.35 | 5.2 | Copper 95% Aluminum 5% |
Al-Azhar mosque | |||||
25 PT | 1993** | 1.4 |
| |||||||
2008-22 | 21 | 1.26 | 4.5 | Steel 94% Copper 2% Nickel plating 4% | ||||||
50 PT | 2005 | 25 | 1.58 | 6.5 | Copper 75% Zinc 20% Nickel 5% |
| ||||
2007-21 | 23 | 1.7 | Steel 94% Nickel 2% Copper plating 4% | |||||||
LE 1*** | 2005 | 25 | 1.89 | 8.5 | Bimetal | Tutankhamun's mask |
| |||
Ring | Centre | |||||||||
Copper 75% Nickel 25% |
Copper 75% Zinc 20% Nickel 5% | |||||||||
2007–2020 | 1.96 | Steel 94% Copper 2% Nickel plating 4% |
Steel 94% Nickel 2% Copper plating 4% |
* 1 para = 1⁄40 piastre.
** Not in circulation as of 2008.
*** As to commemorate the branching of the Suez canal, the obverse had the Arabic phrase, قناة السويس الجديدة "New Suez Canal".
Banknotes
In 1899, the National Bank of Egypt introduced notes in denominations of 50 piastres, LE 1, LE 5, LE 10, LE 50 and LE 100. Between 1916 and 1917, 25 piastre notes were added, together with government currency notes for 5 and 10 piastres. Issued intermittently, the 5 and 10 piastres are today produced by the Ministry of Finance.
In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25 and 50 piastres, LE 1, LE 5, and LE 10. LE 20 notes were introduced in 1976, followed by LE 100 in 1978, LE 50 in 1993 and LE 200 in 2007.[9]
All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse, and English texts and Western Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring Ancient Egyptian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce LE 200 and LE 500 notes. As of 2019, there are LE 200 notes circulating but there are still no plans for issuing LE 500 notes.[10] Starting from 2011 the 25 PT, 50 PT and LE 1 banknotes have been phased out and replaced by more extensive use of coins. As of June 2016 the National Bank of Egypt reintroduced the LE 1 banknote into circulation[11] as well as the 25 PT and 50 PT notes in response to a shortage of small change.
The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.[12] On July 31, 2021, the President of Egypt reviewed the notes of LE 10 and LE 20, to be issued in November 2021.[13] In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a covert message of support for LGBT rights.[14][15]
Image | Value | Dimensions (millimeters) | Main color | Description | Year of first issue | ||
---|---|---|---|---|---|---|---|
Obverse | Reverse | Obverse | Reverse | ||||
25 PT | 130 × 70 | Blue | Ayesha mosque | Coat of arms of Egypt | 1985 | ||
50 PT | 135 × 70 | Brown/yellow-green | Al-Azhar Mosque | Ramesses II | 1985 | ||
LE 1 | 140 × 70 | Beige | Mosque and mausoleum of Qaitbay | Abu Simbel temples | 1978 | ||
LE 5 | 145 × 70 | Bluish-green | Mosque of Ibn Tulun | A Pharaonic engraving of Hapi (god of the annual flooding of the Nile) offering bounties. | 1981 | ||
LE 10 | 150 × 70 | Pink | Al Rifa'i Mosque | Khafre Enthroned | 2003 | ||
LE 20 | 155 × 70 | Green | Mosque of Muhammad Ali | A Pharaonic war chariot and frieze from the chapel of Senusret I | 1978 | ||
LE 50 | 160 × 70 | Brownish-red | Abu Hurayba Mosque | Temple of Edfu | 1993 | ||
LE 100 | 165 × 70 | Cyan | Sultan Hassan Mosque | Great Sphinx of Giza | 1994 | ||
LE 200 | 165 × 72 | Olive | Mosque of Qani-Bay | The Seated Scribe | 2007 |
Historical and current exchange rates
Sterling
This table shows the value of £1 sterling in Egyptian pounds:
Date | Official rate |
---|---|
1885 to 1949 | LE 0.975 |
2008 | LE 10.0775 |
2009 | LE 8.50 |
2012 | LE 9.68 |
2014 | LE 11.97 to LE 12.03 |
2016 | LE 12.60 to LE 21.21 |
2017 | LE 20.00 |
2020 | LE 19.53 |
2022 | LE 24.40 |
US dollar
This table shows the historical value of US$1 in Egyptian pounds:
Date | Official rate |
---|---|
1789 to 1799 | LE 0.03 |
1800 to 1824 | LE 0.06 |
1825 to 1884 | LE 0.14 |
1885 to 1939 | LE 0.20 |
1940 to 1949 | LE 0.25 |
1950 to 1967 | LE 0.36 |
1968 to 1978 | LE 0.40 |
1979 to 1988 | LE 0.60 |
1989 | LE 0.83 |
1990 | LE 1.50 |
1991 | LE 3.00 |
1992 | LE 3.33 |
1993 to 1998 | LE 3.39 |
1999 | LE 3.40 |
2000 | LE 3.42 to LE 3.75 |
2001 | LE 3.75 to LE 4.50 |
2002 | LE 4.50 to LE 4.62 |
2003 | LE 4.82 to LE 6.25 |
2004 | LE 6.13 to LE 6.28 |
2005 to 2006 | LE 5.75 |
2007 | LE 5.64 to LE 5.5 |
2008 | LE 5.5 to LE 5.29 |
2009 | LE 5.75 |
2010 | LE 5.80 |
2011 | LE 5.95 |
2012 | LE 6.36 |
2013 | LE 6.5 to LE 6.96 |
2014 | LE 6.95 to LE 7.15 |
2015 | LE 7.15 to LE 11.00 |
2016 | LE 15.00 to LE 18.00 |
2017 | LE 17.70 to LE 17.83 |
2018 | LE 17.69 to LE 17.89 |
2019 | LE 17.89 to LE 15.99 |
2020 | LE 16.04 to LE 15.79 |
2022 | LE 18.49 to LE 18.49 |
See also
Current EGP exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD ILS JOD TRY |
References
- ^ Cuhaj, George S., ed. (2009). Standard Catalog of World Paper Money Specialized Issues (11 ed.). Krause. p. 1070. ISBN 978-1-4402-0450-0.
- ^ Markus A. Denzel (2010). Handbook of World Exchange Rates, 1590-1914. Ashgate Publishing. p. 599. ISBN 978-0-7546-0356-6.
The piastre of 1839 contained 1.146 grammes of fine silver, the piastre of 1801 approximately 4.6 grammes of fine silver. The most important Egyptian coins, the bedidlik in gold (= 100 piastres; 7.487 grammes of fine gold) and the rial in silver (20 piastres; 23.294 grammes of fine silver)
- ^ Feteha, Ahmed; Shahine, Alaa (3 November 2016). "Egypt Free Floats Pound, Raises Lending Rates to Spur Economy". Bloomberg.com. Retrieved 3 November 2016.
- ^ "CBE not to impose restrictions on foreign currency exchange". Egypt Independent. 3 November 2016. Retrieved 3 November 2016.
- ^ See for example the one pound note of 1930])
- ^ "Statesman's Year-Book 1899 American Edition – page 178". en.wikisource.org. 1899. Retrieved 2022-07-03.
- ^ "Developments of Note Issue". 10 December 2004. Archived from the original on 10 December 2004. Retrieved 15 October 2017.
- ^ "Coins from Egypt – Numista".
- ^ "Nach Thund". Nachthund.biz. Archived from the original on 27 September 2007. Retrieved 15 October 2017.
- ^ ""المركزى": تراجع قيمة الجنيه لن يدفعنا لطرح ورقة نقدية من فئة 500 - اليوم السابع". Youm7.com. 15 September 2012. Retrieved 15 October 2017.
- ^ "Archived copy". Archived from the original on 2016-06-30. Retrieved 2016-05-30.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ "Egypt to roll out new plastic currency starting 2021: Amer". Amwal Al Ghad. 2020-09-12. Retrieved 2020-12-05.
- ^ "ننشر أول صور للعملات البلاستيكية الجديدة فئة 10 و20 جنيها". صدى البلد (in Arabic). 2021-08-01. Retrieved 2021-08-02.
- ^ Powys Maurice, Emily (3 August 2021). "Bank of Egypt forced to confirm new rainbow note isn't for LGBT+ rights after backlash". PinkNews. Retrieved 3 August 2021.
- ^ "CBE confirms continued validity of all paper currencies". Egypt Independent. 3 August 2021. Retrieved 3 August 2021.
Bibliography
- 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.