Ugandan Shilling

The Ugandan Shilling is the official currency of the country of Uganda. It is minted by the Bank of Uganda with currency code UGX. 1 shilling is technically divided into or is equal to 100 cents but no other subdivisions have been initiated since the 1987 Shilling revaluation.

The first Ugandan shilling (UGS) was a replacement to its East African counterpart in 1966 after the British relinquished control of the region. After encountering high inflation, it was revalued and the new shilling (UGX) was brought in in 1987 at a rate of a hundred old shillings per new shilling. The shilling has become stable in recent years and Uganda currently enjoys an efficient and stable foreign exchange market. The US dollar and pound sterling are generally accepted in Uganda. The euro, as well, is gaining increasing popularity. The shilling is valued today at around 1 USD to 2,350 UGX.

The shilling denominations are as follows: 10, 50, 100, 200, and 500 shilling coins. The 10 shilling is curved, equilateral, and heptagonal in shape and made of stainless steel. The 50, 100, 200, and 500 series are made up of copper, nickel, and aluminum bronze. In circulation when it comes to the banknotes are the following: 1000, 2000, 5000, 10000, 20000 and 50000 shillings. The Bank of Uganda considered replacing low value notes like the 1000 shilling in 2005 with coins since they were being battered from daily use, which resulted in them becoming dirty and even disintegrating.

Some artworks showcased on some shilling notes are the plantation terraces by the Lake Bunyonyi on the 5000 shilling note from the 2004 series. On the reverse side is the ferry “kaaya” on Lake Victoria. The watermark is the African Crowned Crane. The 20000 note features a crested crane (Balearica regulorum gibbericeps) on the obverse side. The reverse shows the Parliament Building in Kampala. Watermark is the Coat of Arms of Uganda. The 50000 2007 series shows the National Independence Monument on the obverse. The reverse side shows the Ugandan farmers picking cotton. Watermark: Coat of Arms of Uganda.

In 2010 new note designs were released particularly the 1000, 2000, and 5000 series that incorporate the latest security features such as watermarks which look like the State Emblem of Uganda. Protective strips with the micro text of a digital designation of a nominal value run across the notes. Also, there are various holographic strips in the note with visible digital designation of the nominal value and an abbreviation of Bank of Uganda.

Ugandan Shilling