What is EGP currency
The Egyptian pound (Egyptian Arabic: جنيه مصرى ge.neːh masˤ.ri; sign: £,[3] E£,[4] £E,[5] L.E.[6] ج.م; code: EGP) is the currency of Egypt. It is divided into 100 piastres, or ersh (قرش [ʔerʃ]; plural قروش [ʔo.ruːʃ]),[2] or 1,000 milliemes (مليم [mal.liːm]; French: millième).
A contemporary E£1 coin.
The Egyptian pound is often abbreviated to LE or L.E. (livre égyptienne in French), £/E£/£E is also used when the pound sign is available. The Arabic name genēh [ɡeˈneː(h)] is derived from the guinea unit of account in sterling, which was close in value to 100 piastres at the end of the 19th century.
EGP Coins
Between 1837 and 1900, copper 1 and 5 para, silver 10p. and 20p., 1pt, 5pt, 10pt and 20pt coins, gold 5pt, 10pt, 20pt and £1 coins were introduced, with gold 50pt coins following in 1839.
Copper 10p. coins were introduced in 1853, although the silver coin continued to be issued. Copper 10p coins were again introduced in 1862, followed by copper 4 para and 21⁄2 piastre coins in 1863. Gold 25 piastre coins were introduced in 1867.
In 1885, a new coinage was introduced consisting of bronze 1⁄4, 1⁄2, 1, 2 and 5 millieme, silver 1pt, 2pt, 5pt, 10pt and 20pt coins. The gold coinage practically ceased, with only small numbers of 5 and 10 piastre coins issued.
In 1916 and 1917, a new base metal coinage was introduced consisting of bronze 1⁄2 millieme and holed, cupro-nickel 1, 2, 5 and 10 millieme coins. Silver 2pt, 5pt, 10pt and 20pt coins continued to be issued, and a gold £1 coin was reintroduced. Between 1922 and 1923, the gold coinage was extended to include 20pt and 50pt and £1 and £5 coins. In 1924, bronze replaced cupro-nickel in the 1m. coin and the holes were removed from the other cupro-nickel coins. In 1938, bronze 5m. and 10m. coins were introduced, followed in 1944 by silver, hexagonal 2pt coins.
Between 1954 and 1956, a new coinage was introduced, consisting of aluminium-bronze 1m., 5m. and 10m. and silver 5pt, 10pt and 20pt coins, with the size of the silver coinage significantly reduced. An aluminium-bronze 2 millieme coin was introduced in 1962. In 1967 the silver coinage was abandoned and cupro-nickel 5pt and 10pt coins were introduced.
Aluminium replaced aluminium-bronze in the 1m., 5m. and 10m. coins in 1972, followed by brass in the 5m. and 10m. coins in 1973. Aluminium-bronze 2pt and cupro-nickel 20pt coins were introduced in 1980, followed by aluminium-bronze 1pt and 5pt coins in 1984. In 1992, brass 5pt and 10pt coins were introduced, followed by holed, cupro-nickel 25pt coins in 1993. The size of 5pt coins was reduced in 2004, 10pt and 25pt piastre coins – in 2008.
On June 1, 2006, 50pt and £1 coins dated 2005 were introduced, and its equivalent banknotes were temporarily phased out from circulation in 2010. The coins bear the face of Cleopatra VII and Tutankhamun’s mask, and the 1 pound coin is bimetallic. The size and composition of 50pt coins was reduced in 2007.
EGP Banknotes
In 1899, the National Bank of Egypt introduced notes in denominations of 50pt, £1, £5, £10, £50 and £100. Between 1916 and 1917, 25pt notes were added, together with government currency notes for 5pt and 10pt. Issued intermittently, the 5pt and 10pt are today produced by the Ministry of Finance.
In 1961, the Central Bank of Egypt took over from the National Bank and issued notes in denominations of 25pt and 50pt, £1, £5 and £10. £20 notes were introduced in 1976, followed by £100 in 1978, £50 in 1993 and £200 in 2007.[13]
All Egyptian banknotes are bilingual, with Arabic texts and Eastern Arabic numerals on the obverse, and English texts and Western Arabic numerals on the reverse. Obverse designs tend to feature an Islamic building with reverse designs featuring Ancient Egyptian motifs (buildings, statues and inscriptions). During December 2006, it was mentioned in articles in Al Ahram and Al Akhbar newspapers that there were plans to introduce £200 and £500 notes. As of 2019, there are £200 notes circulating but there are still no plans for printing £500 notes.[14] Starting from 2011 the 25- and 50-piastre, and £1, banknotes have been phased out and replaced by more extensive use of coins. As of June 2016 the National Bank of Egypt reintroduced the E£1 banknote into circulation[15] as well as the 25 and 50 piastre notes in response to a shortage of small change.
The governor of the Central Bank of Egypt announced that the Central Bank of Egypt will issue polymer notes by the beginning of 2021. This change comes as the CBE moves its headquarters to the new administrative capital.[16] On July 31, 2021, the President of Egypt reviewed the £10 and £20 notes, to be issued in November 2021.[17] In August 2021, the Central Bank was forced to confirm that rainbow holograms on the new banknotes were a secure watermarking feature to prevent counterfeiting, after online critics suggested it was a covert message of support for LGBT rights.