Mashonaland and Matabeleland, which were administered by the British South Africa Company, were united as Southern Rhodesia in 1901. Southern Rhodesia became a British colony on October 1, 1923. It was part of the Federation of Rhodesia and Nyasaland (comprising present-day Malawi, Zambia and Zimbabwe) from August 1, 1953 until December 31, 1963.
Rhodesia declared its independence on November 11, 1965, but because it did not allow blacks any representation in the government, Britain introduced sanctions against Rhodesia. Rhodesia severed ties with Britain and established the Republic of Rhodesia on March 2, 1970. Rhodesia was expelled from the Sterling area and abandoned membership in the International Monetary Fund. On March 3, 1978, Ian Smith signed an agreement to provide black majority rule in Rhodesia. The country was renamed Zimbabwe Rhodesia on June 1, 1979, and Zimbabwe declared its independence on April 17, 1980.
Zimbabwe was a source of gold for the Arabs and Portuguese for centuries, but no coins were produced locally until the 1880s when British coins were introduced. South African coins circulated between 1923 and 1933, and beginning in 1932 the Southern Rhodesia Currency Board issued coins for Zimbabwe.
British Pound Sterling (GBP) coins circulated in Rhodesia and remained legal tender until December 31, 1954. Banknotes issued by the Standard Bank of South Africa, National Bank of South Africa and Barclays Bank DCO also circulated in Southern Rhodesia.
When the Southern Rhodesia Currency Board was established on November 1, 1940, these banknotes lost their legal tender status on March 1, 1942. The Southern Rhodesia Currency Board issued its own pound (RHSP). Northern Rhodesia and Nyasaland became part of this arrangement in 1943-1944. The currency board.s name was changed to the Central African Currency Board on March 12, 1954 and Northern Rhodesia (Zambia) and Nyasaland (Malawi) gained a larger role in the new currency board. Coins issued by the Currency Board then replaced the British coins that had circulated until that point. The Bank of Rhodesia and Nyasaland was founded on April 1, 1956 and became the Central Bank for the Federation of Rhodesia and Nyasaland, issuing the Rhodesia and Nyasaland Pound (RHFP).
The currency board.s name was changed to the Central African Currency Board in 1953. The Bank of Rhodesia and Nyasaland was founded on April 1, 1956, became the Central Bank for the Federation of Rhodesia and Nyasaland, and issued the Rhodesia and Nyasaland Pound (RHFP).
The Reserve Bank of Rhodesia replaced the Bank of Rhodesia and Nyasaland on June 1, 1965 and made the Pound divisible into 20 Shillings or 100 Cents. The Rhodesia Dollar (RHD) replaced the Rhodesia Pound on February 17, 1970 with 2 Rhodesia Dollars equal to 1 Rhodesia Pound, and divisible into 100 cents. The Zimbabwe Dollar (ZWD) replaced the Rhodesia Dollar at par on April 18, 1980. The Reserve Bank of Zimbabwe is the sole note-issuing authority for Zimbabwe.
On July 31, 2006, Zimbabwe introduced a new Dollar with 1000 old Zimbabwe Dollars (ZWD) equal to 1 new Zimbabwe Dollar (ZWN) |
