History of the Egyptian currency

Prof. Dr Moustafa El-abdallah Al Kafry

2022 / 8 / 27

History of the Egyptian currency

The Egyptians used money in their daily dealings for the first
time, during the reign of Alexander the Great, and the currency at
that time bore the image of Alexander, then the first independent
Egyptian coins of gold, silver and bronze were struck in 306 BC,
and the minting of money continued during the reign of Cleopatra,
the Roman era, then the Byzantine era, and the coins carried the
image of the ruling king on one side and then the image of the
protective god on the other. 1
Economic reform of Muhammad Ali:
Muhammad Ali was interested in economic reform, and issued
a decision to consider the pierced riyal (Abu Toq), which is made of
silver as a unit of money, and its value is 20 piasters, after which he
approved the currency of 100 piasters, i.e., the Egyptian pound, pure
gold to be used in large transactions, and then determined the value
of foreign currencies (price Exchange) towards the Egyptian pound.
(On April 3, 1899, the National Bank of Egypt issued banknotes
for the first time and issued the paper pound and its value was equal
to 7.4 grams of gold, and this criterion was used between 1885 and

The -print-ing of the pound developed throughout the twentieth
century, where it was -print-ed abroad and in 1968 the Central Bank
of Egypt established a house for -print-ing cash and began to -print-
various denominations of banknotes in the denomination of pounds,
ten piasters, 25 piasters and others on the first of December of 1968
The bank also -print-ed some Arab currencies for the benefit of its
central banks and the forms of currency differed from the camel
pound to the Idrisi fairy and then celebrated civilization.
In 1930 he first began to use the watermark on the banknotes to
protect them from forgery and in 1944 the image of kings appeared
on the coins where a picture of the King of Egypt Farouk appeared
on the pound next to some archaeological images such as the
Mosque of Muhammad Ali, and on other coins such as the
denomination of 2 5 piasters, 5 0 piasters, five piasters and ten
piasters placed the image of the leaders and former kings of Egypt
such as King Tutankhamun and Queen Nefertiti).

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