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Malawi was known as the Nyasaland Districsts Protectorate from its establishment on May 14, 1891 until 1893, the British Central Africa Protectorate from 1893 until 1907, and Nyasaland from 1907 until August 1, 1953 when it became part of the Federation of Rhodesia and Nyasaland (comprising present-day Malawi, Zambia and Zimbabwe). The Federation dissolved in 1963 because Zambia and Malawi did not want to be under the white minority rule of Rhodesia. Malawi gained its independence on July 6, 1964.

South African coins circulated between 1923 and 1933, and beginning in 1932 the Southern Rhodesia Currency Board issued coins for Malawi. British Pound Sterling (GBP) coins circulated in Nyasaland 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, though these banknotes were issued in Salisbury (Harare) rather than in Nyasaland.

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) and Nyasaland officially 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 Malawi Pound (MWP) was introduced at par with the Rhodesia and Nyasaland Pound on July 6, 1964, though the banknotes weren’t introduced until November 16, 1964 and coins on January 25, 1964. The Kwacha (MWK) replaced the Pound on February 15, 1971 with 2 Kwacha equal to 1 Pound, and 1 Kwacha divisible into 100 Tambala. The Reserve Bank of Malawi has issued the Malawi Pound and The Malawi Kwacha.

Here is a 5 Kwacha note dated 1997. The note is deep olive-green and olive-brown on multicolored underprint. The obverse features Reverend John Chilembwe in the forground and a sunset on the lake with fishermen fishing. Reverened John was an orthodox Baptist educator and an early figure in resistance to colonialism in Nyasaland, now Malawi. The reverse depicts villagers mashing grain to the left and a bank seal to t he upper right. The note shows Reverend Chilembwe as a watermark.

• Krause# Pick-36a

This is a 5 Kwacha note dated 2004. The note is deep olive-green and olive-brown on multicolored underprint. The obverse features Reverend John Chilembwe in the forground and a sunset on the lake with fishermen fishing. Today John Chilembwe is celebrated as a hero for independence, and John Chilembwe Day is observed annually on January 15th in Malawi. The reverse depicts villagers mashing grain to the left and a bank seal to the upper right. The note shows Reverend Chilembwe as a watermark.

• Krause# Pick-36b

This 2004 dated notes is valued at 10 Kwacha. The note is dark brown and brown-violet on multicolored underprint. The obverse features Reverend John Chilembwe in the forground and a sunset on the lake with fishermen fishing. Reverend Chilembwe was born in 1871 and died February 3, 1915 and was an orthodox Baptist educator. The reverse depicts children and a teacher in a 'bush' school to the right and the bank seal to the upper right.. This note shows Reverend John as a watermark.

• Krause# Pick-43c