Bechuanaland was divided between the Bechuanaland Protectorate and British Bechuanaland (see South Africa). The Bechuanaland Protectorate became a crown colony of Great Britain from September 1, 1885 after the discovery of gold nearby. It gained self-government in 1965 and gained its independence on September 30, 1966.
Botswana used the Pound Sterling (GBP), including British coins, until 1920 when the South African Pound was introduced. The South African Pound became legal tender in 1932 and South African coins replaced British coins in 1933. Rhodesian coins circulated in the northern part of Botswana until the 1950s. The Pound was divisible into 20 Shillings and 240 Pence.
The South African Rand replaced the South African Pound at the rate of 2 Rand equal to 1 Pound on February 14, 1961. The South African Reserve Bank began issuing banknotes in 1921. Botswana, Lesotho, South Africa and Swaziland left the Sterling Area on June 23, 1972 when the United Kingdom officially went off the gold standard.
Although some commemorative coins were issued for Botswana in 1966, the first coins weren't issued for circulation until 1976 with 1 pula = 100 thebe. Botswana introduced the Pula at par with the South African Rand on August 23, 1976. The Pula is divisible into 100 Thebe and is issued by the Bank of Botswana. |