Ugandan shilling

Infobox Currency
currency_name_in_local = Shilingi ya Uganda sw icon
image_1 = UgandanShillings1000.jpg
image_title_1 = The 1000 shilling note depicts a farmer on one side and grain storage on the reverse
image_2 = UgandanShillings20000.jpg
image_title_2 = 20000 shillings
iso_code = UGX
using_countries = flag|Uganda
inflation_rate = 6%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2006 est.
subunit_ratio_1 = 1/100
subunit_name_1 = cent
symbol = USh
frequently_used_coins = 10, 50, 100, 200, 500 shillings
rarely_used_coins = 1, 2 and 5 Shillings.
used_banknotes = 1000, 5000, 10000, 20000, 50000 shillings
issuing_authority = Bank of Uganda
issuing_authority_website = www.bou.or.ug

The shilling (sign: USh; code: UGX) is the currency of Uganda. Technically, the shilling is subdivided into 100 cents but no subdivisions have been issued since the revaluation of the shilling in 1987.

History

The first Ugandan shilling (UGS) replaced the East African shilling in 1966 at par. Following high inflation, a new shilling (UGX) was introduced in 1987 worth 100 old shillings.

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 U.S. dollar is also widely accepted. The pound sterling and increasingly the euro are also used.

Coins

First shilling

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 In 1972, cupro-nickel 5 shilling coins were issued but were withdrawn from circulation are now very rare.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.

econd 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 10, 50, 100, 200 and 500 shillings.

Banknotes

First shilling

In 1966, the Bank of Uganda introduced notes in denominations of 5, 10, 20 and 100 shillings. In 1973, 50 shilling notes were introduced, followed by 500 and 1000 shillings in 1983 and 5000 shillings in 1985.

econd shilling

In 1987, notes were introduced in the new currency in denominations of 5, 10, 20, 50, 100 and 200 shillings. In 1991, 500 and 1000 shilling notes were added, followed by 5000 shillings in 1993, 10,000 shillings in 1998, 20,000 shillings in 1999 and 50,000 shillings in 2003. Banknotes currently in circulation are 1000, 5000, 10,000, 20,000 and 50,000 shillings. In 2005, the Bank of Uganda was considering whether to replace the low value notes such as the 1000 shilling with coins. The lower denomination notes take a battering in daily use, often being very dirty and sometimes disintegrating. [http://www.newvision.co.ug/D/8/14/426135]

As of April 12, 2008, one US Dollar = 1701.0 Ugandan Shillings

ee also

* Economy of Uganda

References

*numis cite SCWC | date=1991
*numis cite SCWPM | date=1994

External links

Standard numismatics external links
world_coin_gallery_1_url = Uganda
world_coin_gallery_1_name = Uganda
banknote_world_1_url = uganda
banknote_world_1_name = Uganda
dollarization_1_url = ug
dollarization_1_name = Uganda
gfd_1_url = Uganda
gfd_1_name = Uganda
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y