Angola Central Bank (click here)

Angolan Beginnings

• Angola was discovered by the Portuguese in 1483 and was kept as an African colony until gaining its independence on November 11, 1975. Through this time, the nation underwent many changes of currency. Since discovery, Angola has employed both Spanish and Portuguese currency until founding their own after gaining independence.

1600s-1800s Angolan Banknotes

• In 1693, Portuguese coins were first introduced to the colony of Angola. Many of the colonies in Africa utilized these coins, which featured King Pedro II the “Lord of Ethiopia (Angola).” The coins were called Portuguese Reis (PTM) as the unit of currency. These coins lasted until 1762, before being denounced for the more valuable Macuta (AOC). At that time, one AOC was worth forty PTM. The Macuta enjoyed circulation amongst Angolans for almost one-hundred years until the Mil Reis took its place in 1861.

Early 1900s Angolan Paper Money

• The Mil Reis did not last quite as long as its predecessor, in 1911 a string of denomination changes began—ushering new forms of money in and out of Angola. The Escudo took the place of the Mil Reis, which soon became the Angolan Escudo only three years later. Counterfeiting became a key concern of the Portuguese colony’s officials. In 1921, the Angolar (AOA) replaced the Escudo completely wielding higher value—one Angolar was worth one quarter more than the lingering Escudo. The Angolar reigned for over thirty seven years, but in an attempt to consolidate and unify colonial currencies, the Portuguese government instituted a new Escudo (AOS) in 1958.

Angola Gains an Independent Currency

• As often as the notes changed, so did the hands of their controllers. Six different national banks traded responsibilities of issuing Angolan currency over a span of one-hundred-twelve years. Soon after Angola garnered its independence from Portugal, the Kwanza (AOK) was introduced. After its 1977 induction into the Angolan market, the Kwanza suffered woes of inflation and was finally replaced by the Novo Kwanza in 1990 on par with the original notes. The catch: in an effort for the Angolan government to secure a large portion of the money supply, citizens were limited to the amount of Kwanza that they could convert to the new form of Novo Kwanza. Angolan money morphed twice more and in 1999 the new Kwanza was introduced, worth 1,000,000 for every one of its predecessor. The change came after a decade of dreadful depreciation, where a note of five billion kwanza signaled a need for a money makeover.

Current State of Angola's Banknotes

• The new kwanza, which began circulation in early 2000, utilizes a denomination system similar to the United States, including one, five, ten, fifty and one hundred kwanza notes. While the denominations may be reminiscent to American money, sizes and color of the printed notes vary according to value. Kwanza bills showcase an array of vivid reds, purples, blues and even orange as seen in the vibrant fifty note. The portraits of Jose Eduardo dos Santos and Antonio Agostinho Neto are honored on the one kwanza Banknote.