Timeline

• 06.06.1791
• Incorporation of the Sierra Leone Company by act of parliament:
  - During 1791 (undated): Company resolution to create the Sierra Leone Dollar in silver as unit of account of 60 Pence Sterling (the local rate of the Spanish Dollar, 15% higher than the standard rating of 52 Pence Sterling)
• ??.08.1792
• Sierra Leone Company's order for the production of a silver Dollar and a copper Penny coin at Soho mint, Birmingham:
  - Dollar of 430 English Troy grains silver 0.925 (25'773.78mg AG fine), 7% lighter than the British Crown and 5% heavier than the Spanish Dollar
  - Penny of 291.6 English Troy grains copper
  - The coins arrived at the colony in early 1793.
• ??.04.1793
• Sierra Leone Company's order for the production of silver subsidiary coins of 1 Dollar, 50, 20, 10 Cents (= 2½, 1 Shilling, 6 Pence) and a copper coin of 1 Cent (= ½ Penny) at Soho mint, Birmingham:
  - Dollar of 400 English Troy grains silver 0.820 (21'254.06mg AG fine), 13% lighter than the Spanish Dollar
  - Cent of 200 English Troy grains copper
  - The coins arrived at the colony in November 1793, where part of the coins were damaged or destroyed in a fire on the transport ship "York"
  - In a French raid on the Freetown settlement in September 1794, all available silver coins and most of the copper coins were stolen.
• 1796-1805
• Recoinage of the 1793 coins
  - 1796: 10, 1 Cents (dated 1796) in original weights and fineness
  - 1802: 10 Cents (dated 1796) of 40 English Troy grains silver 0.700
  - 1803: 10 Cents (dated 1796) of 36.4 English Troy grains silver 0.903
  - 1805: 10 Cents (dated 1805) of 40 English Troy grains silver 0.700.
• 01.01.1796
• Company's resolution on decimalization of the Sierra Leone Dollar / 100 Cents / 10 Mils (the 1793 coins already carried decimal denominations); effective immediately:
  - 17.03.1796: Company's resolution on the adoption of cowrie shells as small change substitute of 1 Mil and on the demonetization of the copper Penny coins by 30.04.1796; effective immediately
• 1791-1796
• Issuance of paper money by the Sierra Leone Company as coinage substitutes:
  - 1791-1792: First issue in denominations from 5 Dollars to 6 Pence (10 Cents) for general use, backed by bills of exchange on the Company's directors; no specimens are known to survive
  - 1794-1796: Second issue in denominations 1, ½ Dollar, 1 Shilling, 6 Pence (= 20, 10 Cents) for use in the Company stores; no specimens are known to survive.

Timeline

• ??.07.1808
• Start of currency exchange:
  - July 1808: Start of issuance of government paper money of 5, 1 Pounds Sterling (possibly smaller denominations, as well); no specimens are known to survive
  - 30.11.1808: Demonetisation of the Company's paper money denominated in Dollar currency (?)
  - 21.01.1809: Demonetisation of the Cent coin and exchange into British ½ Penny (no silver coins were in use anymore).
• 11.12.1813
• Order from the Macaulay & Babington trading company (through Zachary Macauley on behalf of the Sierra Leone Company, for which he no longer worked) for the production of copper token of 1 Penny Sterling (with an inscription commemmorating the abolition of slave trade by Great Britain 1807) at Soho mint, Birmingham; produced in November 1814 and unlikely to be meant for circulation in the colony.
• ??.??.1825
• Proclamation of the British Order in Council of 23.03.1825 which introduced British silver and copper coins as legal tender to the colonies where the Spanish Dollar is current; effective 01.07.1825. Rating:
  - Spanish Dollar (8 Spanish Real in silver) at 52 Pence Sterling
  - Spanish doubloon (8 Spanish Escudos in gold) at 69⅓ Shillings Sterling.
• 1830-1839
• Circulation of cut Spanish trade coins:
  - 30.03.1832: Governor's proclamation for counterstamping (stamp: WR with crown) of quartered Spanish Dollars and rating 13 Pence Sterling
  - 30.04.1832: Demonetization of unstamped cut Spanish Dollars; could not be implemented and was repealed on 06.12.1834
  - During 1835, the colonial government began issuing unstamped quarters of the Spanish Dollar
  - 07.01.1839: Governor's proclamation on the demonetization of (stamped and unstamped) quarters of the Spanish Dollar at 13 Pence Sterling (pieces below 103 English Troy grains were exchanges as bullion at 49 Pence Sterling per 412 English Troy grains); effective 29.01.1839.
• 10.06.1843
• Ordinance [Order in Council] on the rating of foreign trade coins; effective immediately:
  - Spanish Dollar (8 Spanish Real in silver) at 50 Pence Sterling
  - Spanish doubloon (8 Spanish Escudos in gold) at 64 Shillings Sterling.
• 30.06.1852
• Ordinance [Order in Council] on the rating of foreign trade coins; effective immediately:
  - 10 US Dollars (in gold) at 41 Shillings Sterling
  - 5 French Francs (in silver) at 46½ Pence Sterling (extended to Belgian, Italian, and Swiss coins of the same size by proclamation of 28.11.1874).
• ??.04.1880
• Ordinance [No. 2] on the demonetisation of the Spanish Dollar, allowing for an exchange period of 13 days (later extended) at a rate of 50 Pence Sterling; effective immediately
• 03.02.1898
• Ordinance [Order in Council], declares the British Coinage Acts, 1870 & 1891 in force; effective 28.03.1898
• 07.05.1913
• Ordinance [Sierra Leone and Gambia Coinage Order] on the adoption of the British West African currency; effective 26.06.1913

Timeline

• 27.03.1963
• Law [Bank of Sierra Leone Act, No. 6] on the establishment of a central bank and creation of a national currency; effective 04.08.1964
• 04.08.1964
• Start of currency exchange:
  - 04.08.1964: Start of issuance of the new banknotes and coins
  - 04.02.1966: End of exchange period, demonetization of the West African currency.

Valuation Regimes

• 1964-1971
• Fixed rate against British Pound
• 1978-1983
• Fixed rate against IMF Special Drawing Rights (SDR) unit
• 1983-1985
• Fixed rate against US Dollar
• 1985-1986
• Fixed rate against IMF Special Drawing Rights (SDR) unit
• 1986-1990
• Fixed rate against US Dollar (the period of 27.06.1986 - 31.08.1987 is unclear as there seems to be a floating period which was annulled at the end, potentially, parallel rates were in use)
• 1990-2021
• Variable rate

Timeline

• 11.08.2021
• Central bank public notice of a currency redenomination (without date)
• 11.11.2021
• Central bank regulation [Redenomination of the Leone (Characteristics), No. 14], amending Bank Act [No. 5 of 2019] on the currency redenomination; effective 01.07.2022 [per Government Notice No. 223 of 16.06.2022]
• 01.07.2022
• Start of currency exchange:
  - 01.07.2022: Start of issuance of the new banknotes and coins
  - 31.12.2023 (extended from 30.09.2022 and 31.03.2023): End of exchange period, demonetization of the former currency.

Valuation Regimes

• 2022-
• Variable rate