Note Issue and Cover: 1990-2004

1-The period 1990 -2004 witnessed large and continuous increases in note issue compared with previous periods. The average rate of increase during that period stood at 11.7%.

2- Note issue cover is currently composed of gold and Egyptian treasury notes. The relative importance of such components as at end of June 2004 was as follows: 7.4% gold, and 92.6% treasury notes.

3- The proportional distribution of note issue by denomination as at end of June 2004 was as follows: 30.9% of one hundred pounds, 38.0% of fifty pounds , 18.4% of twenty pounds, 9.2% of ten pounds, 2.1% of five pounds ,0.9% of one pound, 0.3% of fifty piaster’s and 0.2% of twenty five piaster’s .

Egyptian Pound

The Egyptian currency is the Egyptian Pound (Geneih) usually written as L.E. The Egyptian Pound is divided into 100 piaster’s (‘isrh). It is mainly a paper currency but coins are used for fractions of the pound. Egypt’s paper money (Egyptian Money ) has two faces; an Arabic face and an English one.

The Arabic side has pictures of some of the historic mosques in Egypt. Two interesting peculiarities of Egypt currency are that each note is written in two languages, Arabic and English and that the smaller the note denomination, the smaller its physical size. The Arabic side of the note has engravings of architecturally and historically important mosques.

The English side depicts the legacy of Ancient Egypt, with engravings of figures, statues, and temples. Egyptian Money or paper money is among the most beautiful, on account of its color and the use of Egyptian and Arab motifs in its design.

Egyptian Coins

There are various denominations of paper money  (Egyptian Money) starting from 5 piasters till 100 LE. The coins are usually made of copper and silver. On one side there are pictures; usually of the pyramids or the Egyptian official seal, and on the other is the value. They range from 5 to 25 piasters.

Between 1834 and 1836, copper 1 and 5 para, silver 10 and 20 para, 1, 5, 10 and 20 piaster, gold 5, 10 and 20 piaster and 1 pound coins were introduced, with gold 50 piaster coins following in 1839. (1 Para = 1/40Piastre).

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 21/2 piaster coins in 1863. Gold 25 piaster coins were introduced in 1867.

In 1885, a new coinage was introduced consisting of bronze 1/4, 1/2, 1, 2 and 5 millieme, silver 1, 2, 5, 10 and 20 piaster coins. The gold coinage practically ceased, with only small numbers of 5 and 10 piaster coins issued.

In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1/2 millieme and holed, cupro-nickel 1, 2, 5 and 10 millieme coins. Silver 2, 5, 10 and 20 piaster 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 piaster 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 piaster coins.

Between 1954 and 1956, a new coinage was introduced, consisting of aluminum-bronze 1, 5 and 10 millieme and silver 5, 10 and 20 piaster coins, with the size of the silver coinage significantly reduced. An aluminum-bronze 2 millieme coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5 and 10 piaster coins were introduced.

Aluminium replaced aluminum-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 piaster and cupro-nickel 20 piaster coins were introduced in 1980, followed by aluminum-bronze 1 and 5 piaster coins in 1984.

In 1992, brass 5 and 10 piaster coins were introduced, followed by holed, cupro-nickel 25 piaster coins in 1993. The size of 5 piaster coins was reduced in 2004, 10 and 25 piaster coins – in 2008.

On June 1, 2006, 50 piaster 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 piaster coins was reduced in 2007.

Coins, even for the smallest amounts, are encountered much less frequently than notes but coins down to 5 piaster’s remain legal currency.

Tips when using Egyptian money:

Look carefully at the banknote because sometimes people are a bit confused with Egyptian money. Read the note value on the English face if you couldn’t read Arabic.

Some Egyptian banknotes are a bit old so they look different than new ones. Don’t worry all can be used in Egypt.

When you exchange your currency with Egyptian currency go to an exchange company, a bank or ask at the hotel but DO NOT exchange currency from unauthorized dealers, it is forbidden by law to exchange currency in an unauthorized place. You will find so many exchange offices in Egypt you might be surprised at the how many they are.

When you tip hotel servant, waiter etc. use one-five pound notes.

When you go to buy a souvenir better go alone not with a guide, and go to several shops to ask for prices to get the best deal.