Somaliland shilling
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| Somaliland shilling شلن صوماليلاندي (Arabic) Soomaaliland shilin (Somali) |
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| ISO 4217 Code | SOS |
|---|---|
| User(s) |  Somaliland |
| Symbol | Sl. Sh. |
| Coins | 1, 5, 10, 20 shillings |
| Banknotes | 5, 10, 20, 50, 100, 200, and 500 shillings |
| Central bank | Bank of Somaliland |
| Website | www.somalilandgov.com/bank.htm |
The Somaliland shilling (Somali: Soomaaliland shilin) is the official currency of the self declared Republic of Somaliland, which has been a de facto-independent state since 1991. It was introduced on 18 October 1994 at one new Somaliland shilling to 100 Somali shillings. The Somali shilling ceased to be legal tender in Somaliland on 31 January 1995.
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[edit] Coins
Nominally, one Somaliland shilling is divided into 100 cents, but coins denominated in cents have never been issued, probably due to the low value of one shilling. The coin with the lowest value is the one shilling coin, first minted in 1994 at the Pobjoy Mint in England and therefore bearing the PM mintmark. In 2002, 2 and 5 shilling coins were issued, bearing depictions of the explorer Sir Richard Burton and of a rooster, respectively. Other coins that have been issued at some point are the 10 shilling coin (depicting a monkey), the 20 shilling coin (depicting a dog), and a silver 1,000 shilling coin (also depicting Sir Richard Burton). The reverse side of the 1,000 shilling coin contains an interesting error: Instead of depicting the Coat of arms of Somaliland, they depict the Coat of arms of Somalia instead.
[edit] Banknotes
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Banknotes are issued with denominations of 5, 10, 20, 50, 100, and 500 shillings. The 500 shilling has the most recent issue of 2005 [1]. Other dates of issue include, 1994, 1996, 1999, and 2002.
[edit] Exchange rates
The central bank provides exchange services for various currencies at the official government rate, but most people prefer the better, although unofficial, rates provided by the Hawala agents and moneychangers found on the streets of main cities.
In November 2000 the official exchange rate of the Somaliland Central Bank was 4,550 shillings for 1 US dollar. Unofficial exchange rates at the time were fluctuating between 4,000 and 5,000 shillings per dollar.
The official exchange rate of the Somaliland Central Bank is 6,000 shillings for 1 US dollar. Unofficial exchange rates are fluctuating between 6,000 and 6,500 shillings per dollar.[citation needed]
[edit] See also
[edit] References
- Cuhaj, George S. (editor) (2006). Standard Catalog of World Paper Money: Modern Issues 1961-Present, 12th ed., Krause Publications. ISBN 0-89689-356-1.
[edit] External links
- Don's World Coin Gallery - Somaliland
- Ron Wise's World Paper Money - Somaliland Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Somalia Mirror site
- The Global History of Currencies - Somaliland
- Global Financial Data currency histories table (
Microsoft Excel format)
| Preceded by: Somali shilling Reason: currency independence Ratio: 1 Somaliland shilling = 100 Somali shillings = 1/50 United States dollar |
Currency of Somaliland 1994 – Note: Somaliland is not widely recognized |
Succeeded by: Current |
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