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David Livingstone reached the upper Zambezi River in 1851, and emissaries of Cecil Rhodes and the British South Africa Company concluded treaties with most Zambian chiefs in the 1890s. Northeastern Rhodesia and Northwestern Rhodesia, which were administered by the British South Africa Company, were united as Northern Rhodesia in 1911. Northern Rhodesia became a British Protectorate in 1924 when the government took over administration from the South Africa Company. Zambia was part of the Federation of Rhodesia and Nyasaland (comprising present-day Malawi, Zambia and Zimbabwe) from August 1, 1953 until December 31, 1963. Northern Rhodesia became independent Zambia on October 24, 1964.

South African coins circulated between 1923 and 1933, and beginning in 1932 the Southern Rhodesia Currency Board issued coins for Zambia. British Pound Sterling (GBP) coins circulated in Northern 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, though these banknotes were issued in Salisbury (Harare) rather than in Northern 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) and Northern Rhodesia 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 Zambia Pound (ZMP) was introduced at par with the Rhodesia and Nyasaland Pound on August 7, 1964. The Kwacha (ZMK) replaced the Pound on January 16, 1968 with 2 Kwacha equal to 1 Pound, and 1 Kwacha divisible into 100 Ngwee. The Bank of Zambia is the sole note-issuing authority in Zambia.

This is a 2 Kwacha note undated, but printed between 1986 and 1988. The note is olive green on multicolored underprint. The obverse features President Kenneth David Kaunda (born April 28, 1924) on the right, an African Fish Eagle near the center and denominationinthe center. The reverse depicts a local teacher with a student on the left and a school building on the right. The note has a watermark of President Kenneth David Kaunda. Signature 7.

• Krause# Pick-24c
• Signature: Dr. L. S. Chivuno

Here is a 5 Kwacha banknote printed between 1980 and 1988. The note is brown on multicolored underprint. The obverse features President Kenneth David Kaunda, the first president of Zambia. The obverse also features an African Fish Eagle. The reverse depicts an aerial view of a modern hydroelectric dam. The note has a watermark showing the President. Signature 7.

• Krause# Pick-25d
• Signature: Dr. L. S. Chivuno

Here is a 50 Kwacha note printed between 1986 and 1988. The note is purple, violet and multicolored. The obverse features President Kenneth David Kaunda, commonly known as KK, who served as the first President of Zambia. The obverse also features an African Fish Eagle. The reverse depicts the "Chainbreaker" statue to the left, and a modern building in the center. The note has a watermark showing the President. Signature 7.

• Krause# Pick-28a
• Signature: Dr. L. S. Chivuno

This 5 Kwacha note is undated, but printed between 1988 and 1989. The note is brown and red-orange on multicolored underprint. The obverse features President Kenneth David Kaunda on the right, and an African fish eagle in the lower left, and a buterfly over the coat of arms in the center. The reverse depicts the famous 'ChainBreaker' statue on the left, a lion cub head in the lower left, a jar on the right, and a building in the center. The note has a watermark showing President Kaunda who served as the first President of Zambia, from 1964 to 1991. Signature 8.

• Krause# Pick-30a
• Signature: F. Nkhoma

This note is a 10 Kwacha note printed between 1989 and 1991. The note is black, dark blue and red-violet on multicolored underprint. The obverse features President Kenneth David Kaunda, who On 19 October 2007 was the recipient of the 2007 Ubuntu Award. The obverse also features an African Fish Eagle to the left, and a butterfly in the center. The reverse is dark blue and depicts a giraffes head in the lower left, a building in the center and a carving of a mans head to the right. There is a watermark showing the President.

• Krause# Pick-31a

Here is a 20 Kwacha note printed between 1989 and 1991. The note is dark olive-green, brown and blue on multicolored underprint. The obverse features President Kenneth David Kaunda, who was an African President in Residence at Boston University from 2002 to 2004. The obverse also features an African Fish Eagle to the left, and a butterfly in the center. The reverse is dark green and depicts a Dama Gazelle head in the lower left, a building in the center and a carving of a mans head to the right. The note has a watermark showing the President.

• Krause# Pick-32b

This note is a 100 Kwacha note printed in 1991. The note is purple, red and blue on multicolored underprint. The obverse features President Kenneth David Kaunda, who was born at Lubwa Mission in Chinsali, a Northern Province in Northern Rhodesia, which is now Zambia. The obverse also features an African Fish Eagle to the left. The reverse shows a water buffalo to the left, the "Chainbreaker" statue, Victoria Falls of Zambezi in the center, and a rainbow across the center. The notes watermark depicts the President.

• Krause# Pick-34a

This 2007 dated note is valued at 50 Kwacha. The note is red on multicolored underprint. The obverse features an African fish eagle on the right, caot of arms at the lower left, a sausage tree inthe center and a Zebra on the left. The reverse depicts a copper refining operation at the Nkana mine in the center, and the chainbreaker statue at the lower right. This note has a watermark depicting an african fish eagles head. Signature 12.

• Krause# Pick-37e
• Signature: K. Fundanga

Here is a note dated 2003 and valued at 100 Kwacha. The note is deep purple on multicolored underprint. The obverse features an African Fish Eagle on the right, Palm tree in the center, and coat of arms in the lower left. The reverse depicts a water buffalos head on the left, the crest of Victoria falls in the center and the chainbreaker statue in the lower right. This note has a watermark of the fish eagles head. Signature 12.

• Krause# Pick-38d
• Signature: K. Fundanga

This note is dated 2005 and denominated 100 Kwacha. The note is deep purple on multicolored underprint. The obverse features an African Fish Eagle on the right, Palm tree in the center, and coat of arms in the lower left. The reverse depicts a water buffalos head on the left, the crest of Victoria falls in the center and the chainbreaker statue in the lower right. This note has a watermark of the fish eagles head. Signature 12.

• Krause# Pick-38e
• Signature: K. Fundanga

Here is a 100 Kwacha note dated 2006. The note is deep purple on multicolored underprint. The obverse features a Fish Eagle to the right, Palm trees in the center, with a grove of trees in the background, and the Seal of Arms in the lower left corner. The reverse depicts a Water Buffalo head on the left, Victoria Falls in the center and the Chainbreaker statue to the right. The note carries a watermark of the Fish Eagle's head.

• Krause# Pick-38f
• Signature: K. Fundanga