Sierra Leonean leone facts for kids

Quick facts for kids Sierra Leonean leone
10 to 500 leone coins of the old leone (SLL), demonetised as of 1 January 2024
ISO 4217 Code	SLE
User(s)	Sierra Leone
Inflation	11.1%
Source	The World Factbook, 2013 est.
Subunit
1⁄100	cent
Symbol	Le
Coins	1¢, 5¢, 10¢, 25¢, 50¢
Banknotes	Le 1, Le 2, Le 5, Le 10, Le 20

The leone is the official money used in Sierra Leone, a country in West Africa. It is divided into 100 smaller units called cents. Since July 1, 2022, its official code is SLE. This change happened because the old leone (SLL) was replaced. Now, 1,000 old leones are worth 1 new leone. You can write the leone as Le before the amount, like Le 10.

History of the Leone Currency

The leone was first used on August 4, 1964. It took the place of the British West African pound. One British pound was equal to 2 leones. This meant one leone was worth half a pound sterling or about US$1.40. The leone was stronger than the U.S. dollar until the 1980s. After that, its value started to drop quickly.

Years of high inflation, which means prices went up a lot, made the leone lose much of its value. By the 2000s, one U.S. dollar was worth thousands of leones.

In August 2021, the government announced a new leone (SLE) would be introduced. This new money would be worth 1,000 old leones (SLL). The new leone officially started in July 2022. People could still use the old leones until December 31, 2023. They could also exchange old leones for new ones at banks until March 31, 2024.

Coins of Sierra Leone

First Leone (SLL) Coins

In 1964, the first coins were made. They came in values of 1⁄2, 1, 5, 10, and 20 cents. These coins were similar in size and material to those used in British West Africa. All of them showed the picture of Sierra Leone's first prime minister, Sir Milton Margai. Later, in 1972, 50 cents coins were added. These coins featured the picture of the first president, Dr. Siaka Stevens.

In 1974, new one leone coins were introduced. In 1976, special 2 leone coins were made to celebrate the FAO (Food and Agriculture Organization). However, these higher value coins were not used as often as the smaller cent coins. In 1980, a new, slightly smaller set of coins came out. They still had President Stevens' picture and were in values of 1⁄2, 1, 5, 10, and 20 cents. In 1987, octagonal (eight-sided) 1 leone coins were introduced. These coins showed General Joseph Saidu Momoh. This coin replaced the 1 leone paper money.

After a tough economic time and the Sierra Leone Civil War, prices rose very fast. This made older coins almost worthless. So, in 1996, new coins were made for 10, 50, and 100 leones. The 50 leones coin was octagonal, while the others were round. These coins were made of nickel-plated steel. They featured important people from Sierra Leone's history. In 2004, ten-sided, two-metal 500 leones coins were first made. Because of their very low value and limited supply, the 100 leones coin is now hard to find.

The 500 leones coins and the two lowest value coins are rarely seen. This is because people sometimes take them for their metal value in the country.

1 leone 1987
Coat of arms	Joseph Saidu Momoh

Second Leone (SLE) Coins

When the new leone was introduced, new coins were also made. These coins come in values of 1, 5, 10, 25, and 50 cents.

Banknotes of Sierra Leone

First Leone (SLL) Banknotes

In 1964, when the new money system started, the Bank of Sierra Leone printed new paper money. At first, they thought about calling the money "Shillings," but they decided on "Leone." After looking at many designs, they printed notes for 1, 2, and 5 leones. These new notes officially replaced the old British West African pound notes. Two leones were equal to one pound. In 1979, 50 cents notes were added. Then came 10 leones in 1980 and 20 leones notes in 1982. During this time, the value of the money stayed fairly steady.

Later, 100 leones notes were introduced in 1988. Then came 500 leones in 1991, and 1,000 and 5,000 leones in 1993. In the year 2000, 2,000 leones notes were added. Finally, 10,000 leones notes were introduced in 2004.

The first series of notes (from 1964-1974) showed the famous 300-year-old Cottonwood Tree and the Court building in Freetown. The back of the notes showed scenes like Diamond Mining (1 Leone), a Village market (2 Leones), and the Dockside in Freetown (5 Leones). Later notes (from 1974-1991) showed the picture of the country's leader at that time. This included Sir Milton Margai, Siaka, and Momoh. This practice stopped when the NPRC government took over and has not returned.

Before June 2010, the notes commonly used were 500, 1,000, 2,000, 5,000, and 10,000 leones. The 10,000 leones notes were not used for very long and were hard to find. This meant that most payments were made using bundles of 5,000 leones notes.

In June 2010, the Bank of Sierra Leone released new notes. These were a bit smaller and designed to be safer and last longer. The new notes were Le10,000, Le5,000, Le2,000, and Le1,000. Coins were still used, but they were less common because their value was so low.

As of October 23, 2018, 20,000 leones were worth about 2.09 Euros. By April 19, 2021, 20,000 leones were worth about 1.62 Euros.

Second Leone (SLE) Banknotes

In 2022, new banknotes were introduced with the new leone. These notes are in values of 1, 2, 5, 10, and 20 leones. The 20 leones note is a brand new value. The notes from 1 to 10 leones look similar to the old 1,000 to 10,000 old leone notes. They keep the same pictures and designs.

What are Specimen Banknotes?

Specimen banknotes are special notes given to banks. They help people in the area get used to any changes in the money. These notes are made by a company in the UK called Thomas De La Rue.

See also

• Economy of Sierra Leone