My days and thoughts....

Blog covering some selected happenings in my life.

Saturday, April 15, 2006

Egyptian pound is now a coin instead of banknotes

Finally it was officially today in Ahram newspaper that the Egyptian, the 1 LE bill and the 0.50 (50 piasters) bill will be replaced by coins effective 1st of June 2006. The equivalent papernotes will be taken out of the market eventually. The 1 LE coin is consists of a copper-nickel outer ring and a copper-aluminium inner core. It will be similar to the Canadian toonie and the british sterling 2 pound coin. It will bear the face of Tutankhamoun and the word 1 LE in Arabic on its back. Its radius will be 25 millimetres (1 inch") and weigh 8 grams.

In addition to the 1 LE coin, there will also be a 0.50 LE coin that will also replace the banknote. The coin will consist of a copper-aluminium alloy with the same radius but a 6.5 grams weight. Queen Cleopatra would feature on that coin.

I remember I read about the new coins last year, in addition to a 200 LE note but nothing has been mention of it.

I remember I had this conversation with a friend of mine commenting on the announcement of the new coins last year expressing his fears that the taxi drivers will refuse taking 3 LE in coins and will demand a higher fare then. I guess this will be a problem with people accepting coins that has a value given that there exists a coins with almost a higher value than the 20 LE bill like the 2 pounds coin in Britain. However, the Egyptian pound has suffered a lot of devaluation last years that people began to look down on it. If this is the case, then why not introduce a 5 LE coin?

I also have some plans for the new 1 LE coin. Since we are in Egypt and it is produced in Egypt by a governmental entity, the quality of the new coin is expected to be crappy. I wil try to dismantle the new coin by putting it in the deep freezer. I expect the outer rim to separate from the core. Till then.


Anonymous Alaa said...

the egyptian government being what it is I'll bet they'll revert the descision a few years later.

they did that with the 0.05LE and 0.10LE coins, there used to be paper versions, then they canceled the paper versions for years, then they decided to bring them back and print them on crappy papers that feel like some bor3y made them with his inkjet, and now chaos abides most people won't accept dealing with the paper ones but government agencies, the metro and other such places insist on giving you paper change.

April 15, 2006 12:02 PM  
Blogger Mr Mozz said...

I guess some nice sympatic intelligent Egyptian wizz of those who take decisions in our country will come out with the dcision to make a 1.25 pound coin for telephone cabins and a bread, as well as sugar cane juice shops.

Sorry I mean Fakhfakhina.

April 15, 2006 9:14 PM  

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