Guinean franc
Encyclopedia
The Guinean franc is the currency
of Guinea
.
. There were 1, 5, 10 and 25 francs coins (made of aluminium bronze
) with banknote
s (dated 1958) in 50, 100, 500, 1000, 5000 and 10,000 francs denominations. A second series of banknotes was issued in 1960, without the 10,000 francs. This second series had the same portrait but with a different colour scheme and reverse designs to the first. A new issue of coins in 1962 was made of cupronickel
.
In 1971, the franc was replaced by syli
at a rate of 1 syli = 10 francs.
A second series issued in 1998 dropped the 25 and 50 francs banknotes, since they had been replaced by coins. 2006, third issue were introduced in denomination of 500, 1000 and 5000 francs that are similar to previous issues. On 11 June 2007, a 10,000 franc was issued.
. On 21 July 2010, Yahoo!
Finance quoted the rate as 5,050 GNF to 1 U.S. dollar.
Note: The official exchange rate and the exchange rate the population uses are different due to the lack of foreign currency in the banks. At Gbessia Airport, this is the rate you should be getting, give or take 200 GNF.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Guinea
Guinea
Guinea , officially the Republic of Guinea , is a country in West Africa. Formerly known as French Guinea , it is today sometimes called Guinea-Conakry to distinguish it from its neighbour Guinea-Bissau. Guinea is divided into eight administrative regions and subdivided into thirty-three prefectures...
.
First Guinean franc
The first Guinean franc was introduced in 1959 to replace the CFA francCFA franc
The CFA franc is the name of two currencies used in Africa which are guaranteed by the French treasury. The two CFA franc currencies are the West African CFA franc and the Central African CFA franc...
. There were 1, 5, 10 and 25 francs coins (made of aluminium bronze
Aluminium bronze
Aluminium bronze is a type of bronze in which aluminium is the main alloying metal added to copper, in contrast to standard bronze or brass...
) with banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s (dated 1958) in 50, 100, 500, 1000, 5000 and 10,000 francs denominations. A second series of banknotes was issued in 1960, without the 10,000 francs. This second series had the same portrait but with a different colour scheme and reverse designs to the first. A new issue of coins in 1962 was made of cupronickel
Cupronickel
Cupronickel or copper-nickel or "cupernickel" is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...
.
In 1971, the franc was replaced by syli
Guinean syli
The syli was the currency of Guinea between 1971 and 1985. It was subdivided into 100 cauris. The word syli means "elephant", while cauri refers to the shells formerly used as currency. The syli replaced the Guinean franc at a rate of 1 syli = 10 francs.Coins of 50 cauris, 1, 2 and 5 sylis were...
at a rate of 1 syli = 10 francs.
Second Guinean franc
The Guinean franc was reintroduced as Guinea's currency in 1985, at par with the syli. The coins came in denominations of 1, 5 and 10 francs, with 25 francs (1987) and 50 francs (1994) added later. Banknotes were issued in denominations of 25, 50, 100, 500, 1000 and 5000 francs.A second series issued in 1998 dropped the 25 and 50 francs banknotes, since they had been replaced by coins. 2006, third issue were introduced in denomination of 500, 1000 and 5000 francs that are similar to previous issues. On 11 June 2007, a 10,000 franc was issued.
Exchange rates
From an average value of about 2500 Guinean francs to the pound sterling during the year 2000, the value of the currency has fallen to a current level (April 2006) of about 8000 to the GBP and about 4500 to the United States dollarUnited States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
. On 21 July 2010, Yahoo!
Yahoo!
Yahoo! Inc. is an American multinational internet corporation headquartered in Sunnyvale, California, United States. The company is perhaps best known for its web portal, search engine , Yahoo! Directory, Yahoo! Mail, Yahoo! News, Yahoo! Groups, Yahoo! Answers, advertising, online mapping ,...
Finance quoted the rate as 5,050 GNF to 1 U.S. dollar.
Note: The official exchange rate and the exchange rate the population uses are different due to the lack of foreign currency in the banks. At Gbessia Airport, this is the rate you should be getting, give or take 200 GNF.