Ugandan shilling
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| Ugandan shilling Shilingi ya Uganda (Swahili) |
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| ISO 4217 Code | UGX | ||||
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| User(s) |  Uganda |
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| Inflation | 6% | ||||
| Source | The World Factbook, 2006 est. | ||||
| Subunit | |||||
| 1/100 | cent | ||||
| Symbol | USh | ||||
| Coins | |||||
| Freq. used | 10, 50, 100, 200, 500 shillings | ||||
| Rarely used | 1, 2 and 5 Shillings. | ||||
| Banknotes | 1000, 5000, 10000, 20000, 50000 shillings | ||||
| Central bank | Bank of Uganda | ||||
| Website | www.bou.or.ug | ||||
The shilling is the currency of Uganda. Its ISO 4217 currency code is UGX. Technically, the shilling is subdivided into 100 cents but no subdivisions have been issued since the revaluation of the shilling in 1987.
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[edit] 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.
[edit] Coins
[edit] 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 In 1972, cupro-nickel 5 shilling coins were issued but were withdrawn from circulation are now very rare.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.
[edit] Second 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.
[edit] Banknotes
[edit] 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.
[edit] Second 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.[1]
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As of April 12, 2008, one US Dollar = 1701.0 Ugandan Shillings
[edit] See also
[edit] References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- 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.
[edit] External links
- Don's World Coin Gallery - Uganda
- Ron Wise's World Paper Money - Uganda Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Uganda Mirror site
- The Global History of Currencies - Uganda
- Global Financial Data currency histories table (
Microsoft Excel format)
| Preceded by: East African shilling Reason: currency independence Ratio: at par Note: independent shilling introduced in 1966, but EA shilling not demonetized until 1969 |
Currency of Uganda 1966 – 1987 |
Succeeded by: Second Ugandan shilling Reason: inflation Ratio: 1 new shilling = 100 old shillings |
| Preceded by: First Ugandan shilling Reason: inflation Ratio: 1 new shilling = 100 old shillings |
Currency of Uganda 1987 – |
Succeeded by: Current |
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