First Leone (SLL)
The First Leone (SLL) served as the official currency of Sierra Leone for nearly six decades, marking the nation's transition from colonial monetary systems to financial independence. Introduced in the mid-1960s, the currency evolved through various denominations and designs, reflecting the political and economic shifts of the country.
Key Facts
- Introduction Date: 4 August 1964.
- Initial Exchange Rate: 1 pound = 2 leones.
- Replacement: Succeeded by the new leone (SLE) in July 2022.
- Conversion Rate: 1,000 SLL = 1 SLE.
- Legal Tender End: Old leones ceased to be legal tender on 1 January 2024.
Historical Transition and Evolution
The first leone was established on 4 August 1964 to replace the British West African pound. At the time of its launch, the exchange rate was set at 1 pound to 2 leones, meaning 1 leone was equivalent to 10 shillings. Initially, the currency held significant value, trading at precisely half a pound sterling or approximately US$1.40.
For several decades, the currency remained relatively stable. However, starting in the 1980s, the leone began to devalue rapidly. This decline accelerated during a period of economic collapse and the Sierra Leone Civil War, where rampant inflation caused the currency's value to plummet. By the 2000s, a single U.S. dollar was worth thousands of leones.
To address the devaluation, the government announced the introduction of a new leone (SLE) in August 2021. This new currency, worth 1,000 SLL, was officially introduced in July 2022. While the old leones remained legal tender until 1 January 2024, they could be redeemed at commercial banks until 1 April 2024.
The Evolution of SLL Coins
Upon the shift to decimal currency in 1964, coins were issued in denominations of 1⁄2, 1, 5, 10, and 20 cents. These early coins featured the portrait of Sir Milton Margai, the first prime minister of Sierra Leone. In 1972, a 50 cents coin was added, featuring Dr. Siaka Stevens, the first president.
Higher denominations were introduced later, including round cupro-nickel 1 leone coins in 1974 and seven-sided 2 leone coins in 1976 to commemorate the FAO (Food and Agriculture Organization). However, these higher-value coins did not circulate as widely as the cent denominations. In 1987, an octagonal nickel-bronze 1 leone coin featuring General Joseph Saidu Momoh was introduced, effectively replacing the 1 leone banknote.
Following the era of hyperinflation, a new series of nickel-plated steel coins was released in 1996 in denominations of 10, 50, and 100 leones. The 50 leones coin was octagonal, while the others were round. Finally, in 2004, ten-sided bimetallic 500 leones coins were introduced.
Banknotes and Design
The Bank of Sierra Leone issued the first banknotes in 1964 in denominations of 1, 2, and 5 leones. The original series (1964–1974) showcased national landmarks, such as the 300-year-old Cottonwood Tree and the Court building in Freetown. The reverses depicted local industry and life, including diamond mining, village markets, and the Freetown dockside.
Between 1974 and 1991, the design shifted to feature the head of state, including Sir Milton Margai, Siaka Stevens, and Joseph Saidu Momoh. This practice ended with the rise of the NPRC regime. As inflation grew, the bank introduced higher denominations: 50 cents (1979), 10 leones (1980), 20 leones (1982), 100 leones (1988), 500 leones (1991), 1,000 and 5,000 leones (1993), 2,000 leones (2000), and 10,000 leones (2004).
In June 2010, a new, more durable and secure series of smaller banknotes was issued. These notes featured prominent historical figures and national landmarks.
| Value | Dimensions | Main Color | Obverse Features | Reverse Features | Issue Date |
|---|---|---|---|---|---|
| 1,000 leones | 135 x 67 mm | Red | Bai Bureh; Coat of arms | Telecommunications satellite dish | 14 May 2010 |
| 2,000 leones | 140 x 69 mm | Brown | I.T.A. Wallace-Johnson; cargo ship; Coat of arms | Bank of Sierra Leone building | 14 May 2010 |
| 5,000 leones | 145 x 71 mm | Purple | Sengbe Pieh; Coat of arms | Bumbuna Dam | 14 May 2010 |
| 10,000 leones | 153 x 73 mm | Blue/Green | Dove over map of Sierra Leone; Flag | White silk-cotton tree; Coat of arms | 14 May 2010 |
Frequently Asked Questions
What replaced the first leone (SLL)?
The first leone was replaced by a new leone (SLE) introduced in July 2022, with a conversion rate of 1,000 SLL to 1 SLE.
When did the first leone cease to be legal tender?
The first leone ceased to be legal tender on 1 January 2024, though it remained redeemable at commercial banks until 1 April 2024.
Who appeared on the earliest SLL coins?
The earliest decimal coins introduced in 1964 bore the portrait of Sir Milton Margai, the first prime minister of Sierra Leone.
Why did the value of the leone drop so significantly?
The currency suffered from rapid devaluation starting in the 1980s, exacerbated by economic collapse and the Sierra Leone Civil War, which led to rampant inflation.
What were the highest denominations of the 2010 banknote series?
The highest denomination in the 2010 series was the 10,000 leones note, which featured a dove flying over the map of Sierra Leone.