Egyptian pound

E£50 promissory note issued and hand-signed by Gen. Gordon during the Siege of Khartoum (26 April 1884)[11]

The first E£1 banknote issued in 1899

In 1834, a khedival decree was issued, adopting an Egyptian currency based on a bimetallic standard (gold and silver) on the basis of the Maria Theresa thaler, a popular trade coin in the region.[12] The Egyptian pound, known as the geneih, was introduced, replacing the Egyptian piastre (ersh) as the chief unit of currency. The piastre continued to circulate as 1⁄100 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 (عشر القرش 'oshr el-ersh). These tenths were renamed milliemes (malleem) 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 E£1 = 7.4375 grammes pure gold. At the outbreak of World War I, the Egyptian pound used a sterling peg of one pound and sixpence sterling to one Egyptian pound. Inverted, this gives E£0.975 for one pound sterling.

The 1929 issue of E£1 banknote

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 E£1 = US$2.3. This peg was changed to E£1 = US$2.55555 in 1973 when the dollar was devalued. The Egyptian pound floated in 1989. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. After exhausting all of its policies to support the pound, the Central Bank of Egypt was forced to end the managed-float regime and allowed the currency to float freely on 3 November 2016;[13] the bank also announced an end to foreign exchange controls that day.[14] The official rate fell twofold.

The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951. It also circulated in Mandatory Palestine from 1918 to 1927, when the Palestine pound was introduced, equal in value to the pound sterling. 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.

Between 1837 and 1900, copper 1 and 5 para*, silver 10 and 20 para, 1, 5, 10 and 20 piastre (pt), gold 5pt, 10pt. and 20pt and E£1 coins were introduced, with gold 50 PT coins issued in 1839.

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 PT coins in 1863. Gold 25 PT coins were introduced in 1867.

In 1885, the para was replaced by the millieme in order to decimalise the currency and a new coinage was introduced. The issue consisted of bronze 1⁄4, 1⁄2, 1, 2 and 5 millieme (m), silver 1 PT, 2 PT, 5 PT, 10 PT and 20 PT coins. The gold coinage practically ceased, with only small numbers of 5 PT and 10 PT coins issued.

The 1938 issue of 1/2 Millieme

In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1⁄2m and holed, cupro-nickel 1m, 2m, 5m and 10m coins. Silver 2 PT, 5 PT, 10 PT and 20 PT coins continued to be issued, and a gold E£1 coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20 PT and 50 PT and E£1 and E£5 coins. In 1924, bronze replaced cupro-nickel in the 1m coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5m and 10m coins were introduced, followed in 1944 by silver, hexagonal 2 PT coins.

Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1m, 5m and 10m and silver 5 PT, 10 PT and 20 PT coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2m 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 1m, 5m and 10m coins in 1972, followed by brass in the 5m and 10m coins in 1973. Aluminium-bronze 2 PT and cupro-nickel 20 PT coins were introduced in 1980, followed by aluminium-bronze 1 PT and 5 PT 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 PT coins was reduced in 2004, 10 PT and 25 PT coins - in 2008.

On the 1st of June, 2006, 50 PT and E£1 coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun's mask, and the E£1 coin is bimetallic. The size and composition of 50 PT coins was reduced in 2007.

Coins in circulation[15][16]

Value	Debut	Image		Specifications					Description
		Obverse	Reverse	Diameter (mm)	Thickness (mm)	Mass (g)	Composition		Obverse	Reverse
5 PT**	1984			23	1.2	4.9	Copper 95% Aluminium 5%		3 pyramids of Giza	جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic Hijri and Gregorian year in Arabic
	1992			21	1.1	3.2	Copper 92% Aluminium 8%		Islamic pottery
	2004–2008			17	1.04	2.4	Steel 94% Nickel 2% Copper plating 4%
10 PT**	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 PT**	1984			27	1.4	6	Copper 75% Nickel 25%
	1992			25	1.35	5.2	Copper 95% Aluminium 5%		Al-Azhar mosque
25 PT	1993**				1.4				Islamic illustration Value in Arabic and in English	جمهورية مصر العربية ("Arab Republic of Egypt") Hijri and Gregorian year in Arabic
	2008-22			21	1.26	4.5	Steel 94% Copper 2% Nickel plating 4%
50 PT	2005			25	1.58	6.5	Copper 75% Zinc 20% Nickel 5%		Cleopatra's head Hijri and Gregorian year in Arabic	جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic and in English
	2007-21			23	1.7		Steel 94% Nickel 2% Copper plating 4%
£1***	2005			25	1.89	8.5	Bimetal		Tutankhamun's mask	جمهورية مصر العربية ("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%
	2007–2022				1.96		Steel 94% Copper 2% Nickel plating 4%	Steel 94% Nickel 2% Copper plating 4%

In 1899, the National Bank of Egypt introduced notes in denominations of 50 PT, £1, £5, £10, £50 and £100. Between 1916 and 1917, 25 PT notes were added, together with government currency notes for 5 PT and 10 PT issued by the Ministry of Finance.

The 1967 issue of E£1 banknote

In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25 and 50 piastres, £1, £5, £10 and £20 notes were introduced in 1976, followed by £100 in 1978, £50 in 1993 and £200 in 2007.[17]

All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse, and English texts and Western Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring Ancient Egyptian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce £200 and £500 notes. As of 2019, there are £200 notes circulating but there are still no plans for issuing £500 notes.[18] Starting from 2011 the 25 PT, 50 PT and £1 banknotes were phased out in favour of more extensive use of coins. However, as of June 2016 the National Bank of Egypt reintroduced the £1 banknote into circulation[19] as well as 25 PT and 50 PT notes in response to a shortage of small change.

The 1976 issue of E£10 banknote

The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.[20] On July 31, 2021, the President of Egypt reviewed the notes of £10 and £20, to be issued in November 2021.[21] In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a covert message of support for LGBT rights.[22][23] Just nearly 2 years after the £10 note was released, the Central Bank of Egypt released the new £20 polymer banknote. The paper variants of the same denominations will continue to be legal tender.

Current series of the Egyptian pound

Image		Value	Dimensions (millimeters)	Main color	Description		Year of first issue
Obverse	Reverse				Obverse	Reverse
		25 PT	130 × 70	Blue	Ayesha mosque	Coat of arms of Egypt	1985
		50 PT	135 × 70	Brown/yellow-green	Al-Azhar Mosque	Ramesses II	1985
		£1	140 × 70	Beige	Mosque and mausoleum of Qaitbay	Abu Simbel temples	1978
		£5	145 × 70	Bluish-green	Mosque of Ibn Tulun	A Pharaonic engraving of Hapi (god of the annual flooding of the Nile) offering bounties.	1981
		£10	132 × 70	Orange	Al-Fattah Al-Aleem Mosque	Hatshepsut	2022
		£20	155 × 70	Mint Green	Mosque of Muhammad Ali	A Pharaonic war chariot and Queen Cleopatra	2023
		£50	160 × 70	Brownish-red	Abu Hurayba Mosque (Qijmas al-Ishaqi Mosque)	Temple of Edfu	1993
		£100	165 × 70	Cyan	Sultan Hassan Mosque	Great Sphinx of Giza	1994
		£200	165 × 72	Olive	Mosque of Qani-Bay	The Seated Scribe	2007

• Economy of Egypt
• British currency in the Middle East

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th 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.

Wikimedia Commons has media related to Money of Egypt.

• Central Bank of Egypt
• Historical and current banknotes of Egypt