Exchange Currency
Ugandan shilling
The shilling is the currency of Uganda. Officially, the shilling is subdivided into 100 cents but no subdivisions have been issued since the revaluation of the shilling in 1987.
Cowrie shells had been used in Uganda during the Nineteenth Century, and the British set an official exchange rate of 1 Penny equal to 50 Cowrie Shells. Beginning in 1895, the Imperial British East Africa Company minted coins denominated in Rupees, Annas and Peace, following the British Indian monetary system. The coins were decimalized in 1906 when coins were issued in the name of the British East Africa and Uganda Protectorates with 1 Rupee = 100 cents. Indian coins circulated in Uganda until their importation was made illegal on July 31, 1920.
The East African Currency Board of Nairobi was established to provide a medium of exchange for British East Africa (Kenya, Tanzania and Uganda). On July 31, 1920, the Florin (XEAF) replaced the Rupee, equal to two British Pound Shillings or one Indian Rupee and divisible into 100 Cents. On June 8, 1921, the East African Shilling (XEAS), equal to half a East African Florin and one British Shilling Sterling, and also divisible into 100 Cents, replaced the East Africa Florin.
The East African Shilling continued to be used until September 14, 1967 when Uganda introduced the Uganda Shilling (UGS) at par with the East African Shilling). Inflation in the 1980s led the introduction of a new Shilling (UGX) on May 15, 1987 with 1 New Shilling equal to 100 Old Shillings. The Rupee, Florin and Shilling were each divided into 100 Cents. The Bank of Uganda, which was established on May 28, 1966 and began operations on August 15, 1966, is the sole note-issuing authority for Uganda.
The shilling is now a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with low spreads. The United States dollar is also widely accepted. The pound sterling and increasingly the euro are also used.
The Bank of Uganda cut its policy rate to 22% on 1 February 2012 after reduction of inflation for 3 consecutive months.
In 1987, cupro-nickel-plated-steel 1 and 2 shilling and stainless-steel 5 and 10 shilling coins were introduced, with the 5 and 10 shilling curved-equilateral heptagonal in shape. In 1998, coins for 50, 100, 200 and 500 shillings were introduced. Denominations currently circulating are 50, 100, 200 and 500 shillings.
A new government took over in 1971; And in 1973, changes were made to the Banknotes. The denominations of the 1966 Issue were maintained, and a 50-shilling note was also issued. A portrait of President Idi Amin was then introduced on the Banknotes.
In 1979, a new government came in place and made slight changes to the currency. While it maintained the same denominations, Amin’s portrait was replaced with an artist impression of the Bank of Uganda building.
A new government came in place in 1981. In 1982 new currency were issued out and same denominations were maintained. In 1983, the denominations of 500 and 1000 Shillings notes were introduced, and had a portrait of President Milton Obote.
In 1985/86, another issue of currency was made, and Obote’s portrait replaced with the National Emblem in the middle of the Map of Uganda. A new Banknote of 5000 was also introduced.
A new government came in place in 1986. New currency with a completely different design was introduced. This currency had coins of 5 cents, 1 shilling, and 2 shillings. In 1999 new denomination coins of 50, 100, 200 and 500 shillings were introduced.
Therefore, on December 31, 2000, Notes of Uganda Shilling 5, 10, 20, 50, 100, 200 and 500 cease to be legal tender.
The new currency also maintained same Banknote denominations of: 1000 shillings and 5000 shillings. On December 10, 2001, a new series of 1,000-Shilling banknote with additional features such as; a vertical embedded security thread visible with 1000 running along the thread, the date 2000 and the latent image feature of number 1000 at a lower bottom centre of the banknote, was introduced.
On June 20, 2005, Bank of Uganda further enhanced 1,000-Shilling banknote. It has an improved cotton paper, shifting ink on the lower left front in figure 1000 that changes from green to blue when viewed at different angles.
On November 01, 2004, Bank of Uganda issued an upgraded 5,000-Shilling note with upgraded features. In 1995, a new denomination of 10,000 was introduced. It was later upgraded, and on January 02, 2006, the upgraded 10,000 shilling Banknote was put in circulation.
In 1999, Bank of Uganda issued out a new 20,000 banknote. It was also upgraded, and on November 01, 2004, the upgraded 20,000-shilling note was issued.
On December 01, 2003, Bank of Uganda issued out a new 50,000-Shilling note.
The latest family of currency was issued in May 2010. It has the following notes: 50,000, 20,000, 10,000, 5000, 2000 and 1000.
Summary info
Summary information about Ugandan shilling- ISO 4217 Code:
- UGX
- Currency sign:
- USh
- Country:
- Uganda
- Subunit:
- cent
- Coins:
- 10 shillings, 50 shillings, 100 shillings, 200 shillings, 500 shillings
- Banknotes:
- 1000 shillings, 2000 shillings, 5000 shillings, 10000 shillings, 20000 shillings, 50000 shillings
- Central bank:
- Bank of Uganda
History
Uganda fell under British rule in 1890 with the British East Africa Company administering the region. A British protectorate over Buganda was declared in 1894, and over Bunyoro-Kitara, Toro, Ankole and Busoga in 1896. This area became part of the British East Africa Protectorate on July 1, 1895, which was separated into British East Africa (Kenya) and the Uganda Protectorate in 1903. Uganda gained its independence on October 9, 1962 and became a republic on October 9, 1963.Cowrie shells had been used in Uganda during the Nineteenth Century, and the British set an official exchange rate of 1 Penny equal to 50 Cowrie Shells. Beginning in 1895, the Imperial British East Africa Company minted coins denominated in Rupees, Annas and Peace, following the British Indian monetary system. The coins were decimalized in 1906 when coins were issued in the name of the British East Africa and Uganda Protectorates with 1 Rupee = 100 cents. Indian coins circulated in Uganda until their importation was made illegal on July 31, 1920.
The East African Currency Board of Nairobi was established to provide a medium of exchange for British East Africa (Kenya, Tanzania and Uganda). On July 31, 1920, the Florin (XEAF) replaced the Rupee, equal to two British Pound Shillings or one Indian Rupee and divisible into 100 Cents. On June 8, 1921, the East African Shilling (XEAS), equal to half a East African Florin and one British Shilling Sterling, and also divisible into 100 Cents, replaced the East Africa Florin.
The East African Shilling continued to be used until September 14, 1967 when Uganda introduced the Uganda Shilling (UGS) at par with the East African Shilling). Inflation in the 1980s led the introduction of a new Shilling (UGX) on May 15, 1987 with 1 New Shilling equal to 100 Old Shillings. The Rupee, Florin and Shilling were each divided into 100 Cents. The Bank of Uganda, which was established on May 28, 1966 and began operations on August 15, 1966, is the sole note-issuing authority for Uganda.
The shilling is now a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with low spreads. The United States dollar is also widely accepted. The pound sterling and increasingly the euro are also used.
The Bank of Uganda cut its policy rate to 22% on 1 February 2012 after reduction of inflation for 3 consecutive months.
Coins
In 1966, coins were introduced in denominations of 5, 10, 20 and 50 cents and 1 and 2 shillings. The 5, 10 and 20 cent coins were struck in bronze, with the higher denominations struck in cupro-nickel. The 2 shilling was only issued that year. In 1972, cupro-nickel 5 shilling coins were issued but were withdrawn from circulation are now very rare. In 1976, copper-plated steel replaced bronze in the 5 and 10 cent and cupro-nickel-plated steel replaced cupro-nickel in the 50 cent and 1 shilling. In 1986, nickel-plated-steel 50 cent and 1 shilling coins were issued, the last coins of the first shilling.In 1987, cupro-nickel-plated-steel 1 and 2 shilling and stainless-steel 5 and 10 shilling coins were introduced, with the 5 and 10 shilling curved-equilateral heptagonal in shape. In 1998, coins for 50, 100, 200 and 500 shillings were introduced. Denominations currently circulating are 50, 100, 200 and 500 shillings.
Banknotes
The 1966 currency had banknotes of: 5 shillings, 10 shillings, 20 shillings, and 100 shillings. The Banknote had a ‘palm’ watermark.A new government took over in 1971; And in 1973, changes were made to the Banknotes. The denominations of the 1966 Issue were maintained, and a 50-shilling note was also issued. A portrait of President Idi Amin was then introduced on the Banknotes.
In 1979, a new government came in place and made slight changes to the currency. While it maintained the same denominations, Amin’s portrait was replaced with an artist impression of the Bank of Uganda building.
A new government came in place in 1981. In 1982 new currency were issued out and same denominations were maintained. In 1983, the denominations of 500 and 1000 Shillings notes were introduced, and had a portrait of President Milton Obote.
In 1985/86, another issue of currency was made, and Obote’s portrait replaced with the National Emblem in the middle of the Map of Uganda. A new Banknote of 5000 was also introduced.
A new government came in place in 1986. New currency with a completely different design was introduced. This currency had coins of 5 cents, 1 shilling, and 2 shillings. In 1999 new denomination coins of 50, 100, 200 and 500 shillings were introduced.
Therefore, on December 31, 2000, Notes of Uganda Shilling 5, 10, 20, 50, 100, 200 and 500 cease to be legal tender.
The new currency also maintained same Banknote denominations of: 1000 shillings and 5000 shillings. On December 10, 2001, a new series of 1,000-Shilling banknote with additional features such as; a vertical embedded security thread visible with 1000 running along the thread, the date 2000 and the latent image feature of number 1000 at a lower bottom centre of the banknote, was introduced.
On June 20, 2005, Bank of Uganda further enhanced 1,000-Shilling banknote. It has an improved cotton paper, shifting ink on the lower left front in figure 1000 that changes from green to blue when viewed at different angles.
On November 01, 2004, Bank of Uganda issued an upgraded 5,000-Shilling note with upgraded features. In 1995, a new denomination of 10,000 was introduced. It was later upgraded, and on January 02, 2006, the upgraded 10,000 shilling Banknote was put in circulation.
In 1999, Bank of Uganda issued out a new 20,000 banknote. It was also upgraded, and on November 01, 2004, the upgraded 20,000-shilling note was issued.
On December 01, 2003, Bank of Uganda issued out a new 50,000-Shilling note.
The latest family of currency was issued in May 2010. It has the following notes: 50,000, 20,000, 10,000, 5000, 2000 and 1000.
UGX banknotes pictures gallery
| 1000 Ugandan shillings | |
|---|---|
| Banknote of 1000 Ugandan shillings has dimensions 130×64 mm and main colors are taupe, burlywood, pale brown, light brown, satin sheen gold, copper, pale gold and pale brown. The banknote of 1000 Ugandan shillings was issued on the 17 May 2010. | |
 Obverse side of the 1000 Ugandan shillings is showing the Nyero Rock Paintings in Nyero Rock Caves. Coat of Arms depicting spears, waves of Lake Victoria, the Sun, a traditional drum, Crested Crane (Balearica regulorum gibbericeps), the Ugandan Kob (Kobus kob thomasi), River Nile, fertile land, coffee and cotton. |
 Reverse side of the 1000 Ugandan shillings is showing the Equator, Outline map of Uganda, Antelopes Kudu, Woman hoisting a baby in the air - National Independence Monument overlooking Speke Road and Nile Avenue in Kampala. |
| 2000 Ugandan shillings | |
|---|---|
| Banknote of 2000 Ugandan shillings has dimensions 135×66 mm and main colors are ucla blue, teal blue, asparagus, steel blue, zinnwaldite brown, air force blue and dark gray. The banknote of 2000 Ugandan shillings was issued on the 17 May 2010. | |
 Obverse side of the 2000 Ugandan shillings is showing source of the Nile Gardens and Speke Memorial and Lake Victoria. Coat of Arms depicting spears, waves of Lake Victoria, the Sun, a traditional drum, Crested Crane (Balearica regulorum gibbericeps), the Ugandan Kob (Kobus kob thomasi), River Nile, fertile land, coffee and cotton. |
 Reverse side of the 2000 Ugandan shillings is showing the Equator, Outline map of Uganda, a Fish, Woman hoisting a baby in the air - National Independence Monument overlooking Speke Road and Nile Avenue in Kampala. |
| 5000 Ugandan shillings | |
|---|---|
| Banknote of 5000 Ugandan shillings has dimensions 139×68 mm and main colors are lincoln green, neon green, dark sea green, olivine, silver, myrtle, green, olive drab, sap green and napier green. The banknote of 5000 Ugandan shillings was issued on the 17 May 2010. | |
 Obverse side of the 5000 Ugandan shillings is showing the World War II Memorial, Kampala. |
 Reverse side of the 5000 Ugandan shillings is showing the Weaver birds with nest. |
| 10000 Ugandan shillings | |
|---|---|
| Banknote of 10000 Ugandan shillings has dimensions 142×70 mm and main colors are rose quartz, antique fuchsia, puce, twilight lavender, dark slate blue, turkish rose, tumbleweed and mountbatten pink. The banknote of 10000 Ugandan shillings was issued on the 17 May 2010. | |
 Obverse side of the 10000 Ugandan shillings is showing the Independence monument (Kampala), waterfall. |
 Reverse side of the 10000 Ugandan shillings is showing the Banana trees and a monument. |
| 20000 Ugandan shillings | |
|---|---|
| Banknote of 20000 Ugandan shillings has dimensions 146×72 mm and main colors are tea rose, pale carmine, tumbleweed, wine, fire engine red, flame, pale carmine and pale chestnut. The banknote of 20000 Ugandan shillings was issued on the 17 May 2010. | |
 Obverse side of the 20000 Ugandan shillings is showing the National monument on the background of the lake. |
 Reverse side of the 20000 Ugandan shillings is showing the Equator, the buffalo and a monument. |
| 50000 Ugandan shillings | |
|---|---|
| Banknote of 50000 Ugandan shillings has dimensions 151×73 mm and main colors are saffron, sandy taupe, brass, beaver, dark tan, hansa yellow and wheat. The banknote of 50000 Ugandan shillings was issued on the 17 May 2010. | |
 Obverse side of the 50000 Ugandan shillings is showing the Monument on the background of the jungle. |
 Reverse side of the 50000 Ugandan shillings is showing the Equator, a monument and gorilla ape. |
Useful links
- About Bank of Uganda:
- Bank of Uganda
- List of currencies:
- Currencies
- Security and design features of UGX banknotes:
- UGX banknotes
- UGX currency on Wikipedia:
- Ugandan shilling
- Official Website of Bank of Uganda:
- www.bou.or.ug
- Commemorative coins:
- Commemorative Coins