Egyptian Pound
History
In 1834, a Royal Decree promulgating a Parliamentary Bill was issued providing for the issuing of an Egyptian currency based on a bimetallic base. The Egyptian pound was introduced, replacing the Egyptian piastre as the chief unit of currency. The piastre continued to circulate, as 1100 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 ( oshr el-qirsh). These tenths were renamed malleem (milliemes) 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 1 Egyptian Pound = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound was pegged to the British pound sterling at par.
The first one Egyptian Pound banknote issued in 1899
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 1 Egyptian pound = 2.3 dollars. This peg was changed to 1 Egyptian pound = 2.55555 dollars in 1973 when the dollar was devalued. The Egyptian pound was itself devalued in 1978 to a peg of 1 Egyptian pound = 1.42857 dollars (1 dollar = 0.7 Egyptian pound). The Egyptian pound floated in 1989; however, the float is tightly managed by the Central Bank of Egypt and foreign exchange controls are in effect.
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.
For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.
Coins
140 EPT Coin -1839
140 EPT Coin -1909
10 EPT Coin -1909
20 EPT coin -1915
2 Millieme Coin -1916
212 Millieme Coin -1933
12 Millieme Coin -1938
1 EGP golden Coin -1938
10 millieme coin -1943
2 EPT coin -1944
1 millieme coin -1954
25 EPT coin -1970
Between 1834 and 1836, 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. (1 Para = 140 Piastre).
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 212 piastre coins in 1863. Gold 25 piastre coins were introduced in 1867.
In 1885, a new coinage was introduced consisting of bronze 14 , 12 , 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 12 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 with date 2005 were introduced, with the equivalent banknotes to be scrapped later. The coins bear the faces of Cleopatra VII and Tutankhamun, and the 1 pound coin is bimetallic. The size of 50 piastre coins was reduced in 2007.
Coins, even for the smallest amounts, are encountered much less frequently than notes but coins down to 5 piastres remain legal currency.
Coins in circulation
Value
Deput
Image
Specifications
Description
Obverse
Reverse
Diameter (mm)
Thickness (mm)
Mass (g)
Composition
Obverse
Reverse
5 Piastres
1984
23
1.2
4.9
Copper 95% Aluminum 5%
3 pyramids of Giza
(“Arab Republic of Egypt”)
Value in Arabic
Hijri and Gregorian year in Arabic
1992
21
1.1
3.2
Copper 92%
Aluminum 8%
Islamic pottery
2004
17
1.04
2.4
Steel 94%
Nickel 2%
Copper plating 4%
10 Piastres
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 Piastres
1984
27
1.4
6
Copper 75% Nickel 25%
1992
25
1.35
5.2
Copper 95%
Aluminum 5%
Al-Azhar mosque
25 Piastres
1993
1.4
Islamic illustration
Value in Arabic and in English
(“Arab Republic of Egypt”)
Hijri and Gregorian year in Arabic
2008
21
1.26
4.5
Steel 94%
Copper 2%
Nickel plating 4%
50 Piastres
2005
25
1.58
6.5
Copper 75%
Zinc 20%
Nickel 5%
Cleopatra’s head
Hijri and Gregorian year in Arabic
‘ ‘ meaning ‘Arab Republic of Egypt’
Value in Arabic and in English
2007
23
1.7
Steel 94%
Nickel 2%
Copper plating 4%
1 Pound
2005
25
1.89
8.5
Bimetal
Tutankhamun’s mask
(“Arab Republic of Egypt”)
Value in Arabic and in English
Hijri and Gregorian year in Arabic
Ring
Centre
Copper 75%
Nickel 25%
Copper 75%
Zinc 20%
Nickel 5%
2007 2008
1.96
Steel 94%
Copper 2%
Nickel plating 4%
Steel 94%
Nickel 2%
Copper plating 4%
Banknotes
1 EGP banknote – 1924
10 EGP banknote – 1937
50 EPT banknote – 1951
5 EGP banknote – 1958
1 EGP banknote – 1971
25 EPT banknote – 1974
20 EGP banknote – 1976
100 EGP banknote – 1978
In 1899, the National Bank of Egypt introduced notes in denominations of 50 Piastres, 1 5, 10, 50 and 100 Egyptian Pounds were introduced. Between 1916 and 1917, 25 Piastres 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 Piasters, 1, 5 Pounds, 10 and 20 Pounds notes were introduced in 1976, followed by 100 gineih in 1978, 50 Pound in 1993 and 200 Egyptian Pounds in 2007.
All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse and English and Hindu Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring an Ancient Egyptian building. During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce a 200 and 500 Pound notes. As of 2007, there are 200 Pound notes circulating in Egypt and subsequently 500 Pound notes will start circulating. As of the summer of 2009, banknotes of one pound and one half pound are being phased out, replaced by more extensive use of coins. Presumably quarter pound notes will be phased out as well.
Current Series
Image
Value
Dimensions (mm)
Main color
Description
Obverse
Reverse
Obverse
Reverse
25 piastres
130 70
Light blue
Mosque of umm-al-mu’minn Aisha
Egyptian coat of arms
50 piastres
135 70
Light green
Al-Azhar Mosque
Ramesses II
1 Pound
140 70
Orange
Qaitbay Mosque
Abu Simbel
5 Pounds
145 70
Bluish-green
Mosque of Ibn Tulun
A Pharaonic engraving symbolizing the River Nile offering its bounties to the valley.
10 Pounds
150 70
Pink
Al Rifa’i Mosque
Khafra
20 Pounds
155 70
Green
Mosque of Muhammad Ali
A Pharaonic war chariot
50 Pounds
160 70
Brownish-red
Abu Huraiba Mosque
Temple of Edfu
100 Pounds
165 70
Purple
Sultan Hassan Mosque
Sphinx
200 Pounds
175 80
Olive
Mosque of Qanibay
The Seated Scribe
Popular denominations and nomenclature
Several unofficial popular names are used to refer to different values of Egyptian currency. These include nicklah for 2 milliemes, ta’rifa [tarifa] for 5 milliemes, shilin for 5 piastres, bariza [bariza] for 10 piastres, and reyal for 20 piastres.
Different sums of EGP have special nicknames, for example: 100 EGP astik “rubber band”; 1,000 EGP bako “pack”; 1,000,000 EGP arnab [arnab] “rabbit”; 1,000,000,000 EGP feel “elephant”.
Historical exchange rates
Pound sterling
This table shows the value of one pound sterling in Egyptian pounds:
Date
Official rate
1885 to 1949
EGP 1
2008
EGP 10.0775
2009
EGP 8.50
US dollar
The historical value of one U.S. dollar in Egyptian pounds from 1885 to 2009
This table shows the historical value of one U.S. dollar in Egyptian pounds:
Date
Official rate
1789 to 1799
EGP 0.002
1800 to 1824
EGP 0.06
1825 to 1884
EGP 0.14
1885 to 1939
EGP 0.20
1940 to 1949
EGP 0.25
1950 to 1967
EGP 0.36
1968 to 1978
EGP 0.40
1979 to 1988
EGP 0.60
1989
EGP 0.83
1990
EGP 1.50
1991
EGP 3.00
1992
EGP 3.33
1993 to 1998
EGP 3.39
1999
EGP 3.40
2000
EGP 3.42 to EGP 3.75
2001
EGP 3.75 to EGP 4.50
2002
EGP 4.50 to EGP 4.62
2003
EGP 4.82 to EGP 6.13
2004
EGP 6.13 to EGP 6.28
2005 to 2006
EGP 5.75
2007
EGP 5.64 to EGP 5.5
2008
EGP 5.5 to EGP 5.29
2009
EGP 5.75
Current EGP exchange rates
From Google Finance:
AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance:
AUD CAD CHF EUR GBP HKD JPY USD
From XE.com:
AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com:
AUD CAD CHF EUR GBP HKD JPY USD
See also
Economy of Egypt
References
^ https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html CIA World Factbook, 2008 est.
^ Arabic Language for Travelers: Money & Shopping … youregypt.com
^ http://egypt.destinations.starwoodhotels.com/Currency.htm
^ http://www.cbe.org.eg/1historical_review_for_currency.htm accessed 2009-05-10
^ http://www.nachthund.biz/CatalogUpdate/Egypt/EgyptIndex.html accessed 2007-04-24
Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 18011991 (18th ed. 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 of the Egyptian gineih
Egyptian money
Egyptian coins (catalog and gallery)
v d e
Economy of Egypt
Currency: Egyptian pound
Communications
Banking Communications History of Trade Transportation
Industries:
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Currencies of Africa
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East
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Currencies of Asia
Central
Kazakhstani tenge Kyrgyzstani som Tajikistani somoni Turkmenistani manat Uzbekistani som
East
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North
Russian ruble
South
Afghan afghani Bangladeshi taka Bhutanese ngultrum Indian rupee (Bhutan) Maldivian rufiyaa Nepalese rupee Pakistani rupee (Afghanistan) Sri Lankan rupee U.S. dollar (Afghanistan, British Indian Ocean Territory)
South-East
Brunei dollar (Singapore) Cambodian riel Chinese yuan (Myanmar, Vietnam) Indonesian rupiah Lao kip Malaysian ringgit Myanma kyat Philippine peso Singapore dollar (Brunei) Thai baht U.S. dollar + East Timorese centavo (East Timor) Vietnamese g
West
Abkhazian apsar (unrecognized) Armenian dram (Nagorno-Karabakh) Azerbaijani manat Bahraini dinar Egyptian pound (Gaza Strip) Euro (Cyprus) Georgian lari Iranian rial Iraqi dinar Israeli new sheqel (Palestinian terrtories) Jordanian dinar (West Bank) Karabakh dram (unrecognized) Kuwaiti dinar Lebanese pound Omani rial Russian ruble (Abkhazia, South Ossetia) Qatari riyal Saudi riyal Syrian pound Turkish lira (Northern Cyprus) UAE dirham Yemeni rial
v d e
Currencies named pound or similar
Current
Egyptian pound Falkland Islands pound Gibraltar pound Guernsey pound Jersey pound Lebanese pound Manx pound Pound sterling Saint Helena pound Sudanese pound Syrian pound Turkish lira
Defunct
Alderney pound Anglo-Saxon pound Australian pound Bahamian pound Bermudian pound Biafran pound British West African pound Canadian pound Connecticut pound Cypriot pound Delaware pound Fijian pound French livre Gambian pound Georgia pound Ghanaian pound Haitian livre Irish pound Israeli lira Italian lira Jamaican pound Libyan pound Livre tournois Lombardy-Venetia pound Malawian pound Maltese pound Maltese lira Maryland pound Massachusetts pound New Brunswick pound New France livre New Guinean pound New Hampshire pound New Jersey pound New York pound New Zealand pound Newfoundland pound Nigerian pound North Carolina pound Nova Scotian pound Oceanian pound Palestinian pound Paris livre Pennsylvania pound Pound Scots Prince Edward Island pound Rhode Island pound Rhodesian pound Rhodesia and Nyasaland pound Solomon Islands pound South Carolina pound Southern Rhodesian pound South African pound South African Republic pond South West African pound Tongan pound Transvaal pound Virginia pound West Indian pound Western Samoan pound Zambian pound
See also
Dinar Pound sign Troy pound
Categories: Currencies of Africa | Circulating currencies | Currencies of Asia | Pound (currency) | History of Egypt | Economy of EgyptHidden categories: Articles containing Arabic language text
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