Egyptian pound facts for kids

Quick facts for kids Egyptian pound
Obverse of a modern E£1 coin Reverse of the E£200 banknote
ISO 4217 Code	EGP
Official user(s)	Egypt
Unofficial user(s)	Gaza Strip
Inflation	27.130% (2024)
Subunit
1⁄100	Piastre (قرش, "qirsh")
1⁄1,000	Millieme (مليم,‎ mallīm) Milliemes are obsolete.
Symbol	£, E£, £E, LE, EGP, .ج.م
Coins	25 PT, 50 PT, £1
Banknotes
Freq. used	£5, £10, £20, £50, £100, £200
Rarely used	25 PT, 50 PT, £1

The Egyptian pound (also called EGP) is the official money used in Egypt. It's often shown with symbols like £, E£, or LE.

One Egyptian pound is made up of 100 smaller units called piastres. In the past, it was also divided into 1,000 milliemes, but these are not used anymore. Since July 6, 2022, some banknotes, like the 10 and 20 pound notes, are made from a special plastic material called polymer.

History of Egyptian Money

How the Egyptian Pound Began

At the start of the 1800s, Egypt and Turkey used the same money, called the Ottoman piastre. But under Muhammad Ali of Egypt, Egypt started making its own coins. In 1834, Egypt officially created its own money system.

This new system used both silver and gold coins. A popular silver coin called the Maria Theresa thaler was worth 20 piastres. Egypt also made a gold coin called the bedidlik, which was worth 100 piastres.

The Pound Becomes Official

Even though people sometimes called 100 Egyptian piastres a "pound," it wasn't the main unit of money at first. The idea of an Egyptian pound as an official unit appeared in 1884. It became the official currency unit in 1885.

£E50 promissory note issued and hand-signed by Gen. Gordon during the Siege of Khartoum (26 April 1884)

In 1885, Egypt decided to use only gold to back its money, a system called the gold standard. The Egyptian pound was set to be worth 7.4375 grams of pure gold. This was done to keep its value similar to the British gold sovereign. The piastre then became worth 1/100th of a pound.

Changes Over Time

Banknotes with the word "pounds" on them first appeared in 1899. During World War I, the Egyptian pound was linked to the British pound sterling. One Egyptian pound was worth one pound and sixpence sterling. This link continued until the early 1960s.

The first E£1 banknote issued in 1899

After that, Egypt changed its money system. The Egyptian pound was then linked to the United States dollar, with E£1 being worth US$2.3. The Egyptian pound was also used in other places like Anglo-Egyptian Sudan and Mandatory Palestine for some time.

The 1929 issue of E£1 banknote

Names for Money

Old and Informal Names

People in Egypt have used many unofficial names for different amounts of money. For example:

• Nekla (نكلة) was used for 2 milliemes.
• Ta'rifa (تعريفة) meant 5 milliemes.
• Shelen (شلن) was for 5 piastres, like a shilling.
• Bariza (بريزة) was for 10 piastres.
• Reyal (ريال) was for 20 piastres, like a Spanish real.

The 1914 issue of 5 milliemes, shelen

Today, milliemes and most piastre coins are not used anymore. So, these old names are rarely heard. However, bariza can now mean an E£10 note, and reyal can refer to an E£20 note.

Fun Nicknames for Amounts

Some larger amounts of Egyptian pounds also have fun nicknames:

• E£1 can be called bolbol (بلبل), meaning "nightingale," or gondi (جندى), meaning "soldier."
• E£1,000 is sometimes called bako (باكو), meaning "pack."
• E£1,000,000 (one million pounds) is called arnab (أرنب), meaning "rabbit."
• E£1,000,000,000 (one billion pounds) is called feel (فيل), meaning "elephant."

Coins of Egypt

Early Coins

Between 1837 and 1900, Egypt introduced many different coins. These included copper coins (1 and 5 para), silver coins (10 and 20 para, 1, 5, 10, and 20 piastre), and gold coins (5, 10, 20 piastre, and E£1). Gold 50 piastre coins were also made in 1839.

In 1885, the para was replaced by the millieme to make the currency easier to count in tens. New coins were made, including bronze (1/4, 1/2, 1, 2, and 5 millieme) and silver (1, 2, 5, 10, and 20 piastre) coins.

The 1938 issue of 1/2 Millieme

Modern Coins

Over the years, the materials and designs of coins changed. In 1916 and 1917, new coins were introduced, including bronze and cupro-nickel (a mix of copper and nickel) coins. Silver coins continued to be made.

In 2006, new 50 piastre and E£1 coins were released. The 50 piastre coin features Cleopatra VII, and the E£1 coin shows Tutankhamun's mask. The E£1 coin is also a bimetallic coin, meaning it's made of two different metals.

A contemporary E£1 coin in 2010.

Coins in circulation

Value	Debut	Image		Specifications					Description
		Obverse	Reverse	Diameter (mm)	Thickness (mm)	Mass (g)	Composition		Obverse	Reverse
5 PT**	1984			23	1.2	4.9	Copper 95% Aluminium 5%		3 pyramids of Giza	جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic Hijri and Gregorian year in Arabic
	1992			21	1.1	3.2	Copper 92% Aluminium 8%		Islamic pottery
	2004–2008			17	1.04	2.4	Steel 94% Nickel 2% Copper plating 4%
10 PT**	1984			25	1.35	5.2	Copper 75% Nickel 25%		Mosque of Muhammad Ali
	1992			23	1.2	4.9	Copper 95% Aluminum 5%
	2008			19	1.1	3.2	Steel 94% Copper 2% Nickel plating 4%
20 PT**	1984			27	1.4	6	Copper 75% Nickel 25%
	1992			25	1.35	5.2	Copper 95% Aluminium 5%		Al-Azhar mosque
25 PT	1993**				1.4				Islamic illustration Value in Arabic and in English	جمهورية مصر العربية ("Arab Republic of Egypt") Hijri and Gregorian year in Arabic
	2008-22			21	1.26	4.5	Steel 94% Copper 2% Nickel plating 4%
50 PT	2005			25	1.58	6.5	Copper 75% Zinc 20% Nickel 5%		Cleopatra's head Hijri and Gregorian year in Arabic	جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic and in English
	2007-21			23	1.7		Steel 94% Nickel 2% Copper plating 4%
£1***	2005			25	1.89	8.5	Bimetal		Tutankhamun's mask	جمهورية مصر العربية ("Arab Republic of Egypt") Value in Arabic and in English Hijri and Gregorian year in Arabic
							Ring	Centre
							Copper 75% Nickel 25%	Copper 75% Zinc 20% Nickel 5%
	2007–2022				1.96		Steel 94% Copper 2% Nickel plating 4%	Steel 94% Nickel 2% Copper plating 4%

Egyptian Banknotes

Issuing Banknotes

In 1899, the National Bank of Egypt started printing banknotes. These included values like 50 piastres, £1, £5, £10, £50, and £100. Later, in 1916 and 1917, 25 piastre notes were added. The Ministry of Finance also issued smaller notes for 5 and 10 piastres.

In 1961, the Central Bank of Egypt took over printing money. They issued notes for 25 and 50 piastres, and £1. Over the years, new, higher value notes were introduced, such as £5, £10, £20, £50, £100, and £200.

The 1967 issue of E£1 banknote

What Banknotes Look Like

All Egyptian banknotes are bilingual. This means they have text in two languages. The front side has Arabic text and numbers. The back side has English text and numbers.

The front of the notes usually shows an Islamic building. The back often features designs from Ancient Egypt, like buildings, statues, or inscriptions.

New Polymer Notes

Since 2011, smaller banknotes (25 PT, 50 PT, and £1) were slowly replaced by coins. However, in 2016, these notes were brought back because there wasn't enough small change.

The Central Bank of Egypt started making new banknotes out of polymer plastic in 2021. The first ones were the £10 and £20 notes. These new plastic notes are harder to copy. Even with the new plastic notes, the older paper versions are still valid to use.

Current series of the Egyptian pound

Image		Value	Dimensions (millimeters)	Main color	Description		Year of first issue
Obverse	Reverse				Obverse	Reverse
		25 PT	130 × 70	Blue	Ayesha mosque	Coat of arms of Egypt	1985
		50 PT	135 × 70	Brown/yellow-green	Al-Azhar Mosque	Ramesses II	1985
		£1	140 × 70	Beige	Mosque and mausoleum of Qaitbay	Abu Simbel temples	1978
		£5	145 × 70	Bluish-green	Mosque of Ibn Tulun	A Pharaonic engraving of Hapi (god of the annual flooding of the Nile) offering bounties.	1981
		£10	132 × 69	Orange	Al-Fattah Al-Aleem Mosque	Hatshepsut	2022
		£20	137 × 69	Mint Green	Mosque of Muhammad Ali	A Pharaonic war chariot and Queen Cleopatra	2023
		£50	160 × 70	Brownish-red	Abu Hurayba Mosque (Qijmas al-Ishaqi Mosque)	Temple of Edfu	1993
		£100	165 × 70	Cyan	Sultan Hassan Mosque	Great Sphinx of Giza	1994
		£200	165 × 72	Olive	Mosque of Qani-Bay	The Seated Scribe	2007

Exchange Rates

The value of the Egyptian pound changes compared to other currencies like the British pound sterling and the US dollar. This is called the exchange rate.

Egyptian Pound vs. British Pound

This table shows how many Egyptian pounds you would get for one British pound sterling over time:

Egyptian Pound vs. US Dollar

This table shows how many Egyptian pounds (or piastres before 1834) you would get for one US$:

The historical value of one US dollar in Egyptian currency from 1789 to 2020. Figures prior to 1834, the year the pound was introduced, indicate multiples of 100 piastres

See also

• Economy of Egypt
• Economy of Africa
• Sudanese pound