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West African Currency Board pound: research record

Evidence coverage: 1912–1968. This is the span of collected observations, not the currency’s lifetime.

This record includes associated currencies and earlier interpretations. The article selects the evidence relevant to its own history.

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Currency continuity

West African Currency Board pound

T-FTM000640 · Research draft
One scoped currency identity. Changes to subdivisions, scale, standard, instruments or issuers do not by themselves create children. A distinct account unit can remain a successor.
Dated observations: 1912–1968; this does not establish the entire lifetime.

Parents / predecessors

Pound sterlingterritorial currency separation · 1912–1913
↗

Children / successors

Ghanaian poundnational issue succeeds regional currency · 14 July 1958
↗
Nigerian poundnational issue succeeds regional currency · 1 July 1959
↗
Sierra Leonean leonenational decimal currency replacement · 1964
↗
Gambian poundterritorial currency succession · 1964–1968
↗

Siblings

Bahamian dollarShared predecessor: Pound sterling
Bermudian dollarShared predecessor: Pound sterling
Tongan poundShared predecessor: Pound sterling
Cypriot poundShared predecessor: Pound sterling
Australian poundShared predecessor: Pound sterling
Fiji poundShared predecessor: Pound sterling
Jamaican poundShared predecessor: Pound sterling
Unit and issue records 1 records

Evidence within this identity, not separate currencies.

West African Currency Board poundFTM000640 · C398, C399, C400, C401, C402, C403, C405, C406, C412, C413, C416, C418, C419, C432, C433

Latest research

Modern account-unit review

Leone introduced4August1964 at10shillings; contemporary centralbank accounts use leones while WACB currency withdrawn. Original contemporary account history resolves succession; withdrawal endpoint not required.

Sources and qualifications →
Modern account-unit review

A separate WestAfricanpound succeeded preexisting Britishsterling circulation during1912–1913institution andissue transition; Britishsilver was actuallywithdrawn and repatriated atfacevalue. Originalscholarship explicitly identifies separatecurrency andregional succession; primaryanswer confirms withdrawal. Doesnotimply allindigenouscurrencies disappeared.

Sources and qualifications →
Modern account-unit review

WACB money was gradually replaced by Gambian pounds fromOctober1964 throughJune1968; the contemporary report separately identifies Gambian pound as nationalunit and reports actual exchanges and liabilities. Direct contemporary monetary and account history resolves regional succession; exact foundingday neednot be invented. Supersedes main bundle and earlier supplement held entry.

Sources and qualifications →
Monetary history 7 events

Includes dated issues, standards, subdivisions and institutional changes. Each event retains the source's date qualifications.

6 December 1912: institution, not first currency issueIssuer establishment

Krus and Schuler distinguish WACB establishment on 6 December 1912 from first currency issue on 26 June 1913.

C398
26 June 1913: WACB currency issue; original report not independently rereadFirst issue

Krus and Schuler distinguish WACB establishment on 6 December 1912 from first currency issue on 26 June 1913.

C398
11 July 1916; small balance reported in JuneLarge scale note issue

Large-scale WACB banknote issue began on 11 July 1916; the compilation also reports a small £9 balance at June-end.

C399
1 September 1966: Gambia, notes onlyTerritorial note tender end

Krus and Schuler report final Gambian WACB note tender ending 1 September 1966 and coin tender ending 1 June 1968.

C402
1 June 1968: Gambia, coinsTerritorial coin tender end

Krus and Schuler report final Gambian WACB note tender ending 1 September 1966 and coin tender ending 1 June 1968.

C402
31 October 1973: institution onlyIssuer liquidation completed

The WACB remained in liquidation until 31 October 1973, after its monetary role ended.

C403
1 July 1962: Nigeria onlyTerritorial tender end

WACB legal-tender status in Nigeria ended on 1 July 1962, later than national issue.

C413
Evidence & research notes 18 claims

Dated observations, not a proven complete lifespan.

Supported C398

Krus and Schuler distinguish WACB establishment on 6 December 1912 from first currency issue on 26 June 1913.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

p.244, chronology and legislation

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Supported C399

Large-scale WACB banknote issue began on 11 July 1916; the compilation also reports a small £9 balance at June-end.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

p.245, notes paragraph

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Supported C400

The WACB pound exchanged at sterling parity, with commissions; parity did not imply costless remittance.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

pp.244–245, exchange system

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Supported C401

The original WACB area comprised Gambia, Gold Coast, Nigeria and Sierra Leone.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

p.244, membership

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Supported C402

Krus and Schuler report final Gambian WACB note tender ending 1 September 1966 and coin tender ending 1 June 1968.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

p.244, citing 1967 and 1968 annual reports

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Supported C403

The WACB remained in liquidation until 31 October 1973, after its monetary role ended.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

p.244, citing 1973 annual report

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Inference C405

British silver already circulated locally before the WACB; the proposed sterling ancestry is scoped to that monetary replacement context.

Corrected interpretation: Revision 27 supplies a new evidence basis for R0138. Originalscholarship explicitly identifies separatecurrency andregional succession; primaryanswer confirms withdrawal. Doesnotimply allindigenouscurrencies disappeared. Replacement evidence: C1579.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

p.244, formation rationale; final clause is editorial inference

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Supported C406

Bank of Ghana first issued national pounds, shillings and pence on 14 July 1958, taking over from WACB.

Bank of Ghana, Statistics and Reports Office, Issue Department · Evolution of Currency in Ghana Citation S190 · Open source ↗

A New and Independent Monetary Authority

Source access and limitations

Undated page includes an editing placeholder and stale denomination inventory.

The 1979 threshold wording does not establish the complete legal exchange schedule.

Supported C412

Nigeria issued its national notes and coins on 1 July 1959 while withdrawing WACB issues.

Central Bank of Nigeria · Currency Gallery Citation S191 · Open source ↗

historical narrative, paragraph beginning On July 1st

Source access and limitations

Opening statement dates notes to 1912; archival research instead separates board formation, coins and large-scale note issue.

Later denomination summaries not adopted wholesale.

Supported C413

WACB legal-tender status in Nigeria ended on 1 July 1962, later than national issue.

Central Bank of Nigeria · Currency Gallery Citation S191 · Open source ↗

same paragraph

Source access and limitations

Opening statement dates notes to 1912; archival research instead separates board formation, coins and large-scale note issue.

Later denomination summaries not adopted wholesale.

Inference C416

The Bank of Sierra Leone equates 240 old pence with two leones; its separate divide-the-pound-by-1.2 wording is inconsistent.

Corrected interpretation: Revision 27 supplies a new evidence basis for R0143. Original contemporary account history resolves succession; withdrawal endpoint not required. Replacement evidence: C1576.

Bank of Sierra Leone · Redenomination — Introduction Citation S193 · Open source ↗

Redenomination introduction, explicit examples

Source access and limitations

The phrase dividing the pound by 1.2 conflicts with the explicit pence examples; only the explicit 240-pence-to-two-leones equivalence is used.

Supported C418

The UN reports Sierra Leone introduced the leone on 4 August 1964, equal to ten shillings and subdivided into 100 cents.

United Nations Economic Commission for Africa · Economic Bulletin for Africa, Vol.VI No.1, January 1966 (E/CN.14/396) Citation S194 · Open source ↗

printed p.100, opening paragraph

Source access and limitations

Provides issue date and unit relationship; does not establish complete withdrawal/redemption rules.

Supported C419

The first central-bank statement, dated 31 August 1964, still held WACB notes and coins among its assets.

United Nations Economic Commission for Africa · Economic Bulletin for Africa, Vol.VI No.1, January 1966 (E/CN.14/396) Citation S194 · Open source ↗

printed p.100, opening paragraph; not proof of general legal tender

Source access and limitations

Provides issue date and unit relationship; does not establish complete withdrawal/redemption rules.

Inference C432

The WACB chronology separates institutional formation, coin issue, note issue, territorial withdrawal and final liquidation.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

editorial synthesis of pp.244–245

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Inference C433

The CBN’s 1912 start for WACB notes conflicts with the archival compilation’s separation of establishment and 1916 large-scale note issue.

Central Bank of Nigeria · Currency Gallery Citation S191 · Open source ↗

opening paragraph compared with S189 pp.244–245

Source access and limitations

Opening statement dates notes to 1912; archival research instead separates board formation, coins and large-scale note issue.

Later denomination summaries not adopted wholesale.

Nicholas Krus and Kurt Schuler · Currency Board Financial Statements, Studies in Applied Economics No.22 (December 2014) Citation S189 · Open source ↗

pp.244–245

Source access and limitations

Underlying annual reports and ordinances not independently inspected.

Gambia coin date conflicts with the indexed central-bank account.

Institutional liquidation is not currency termination.

Supported C1576

Leone introduced4August1964 at10shillings; contemporary centralbank accounts use leones while WACB currency withdrawn.

United Nations Economic Commission for Africa · Economic Bulletin for Africa, Vol.VI No.1, January 1966 (E/CN.14/396) Citation S194 · Open source ↗

Claim-specific locators in evidence register

Source access and limitations

Provides issue date and unit relationship; does not establish complete withdrawal/redemption rules.

Supported C1579

A separate WestAfricanpound succeeded preexisting Britishsterling circulation during1912–1913institution andissue transition; Britishsilver was actuallywithdrawn and repatriated atfacevalue.

Leigh Gardner · The Collapse of the Gold Standard in Africa: Money and Colonialism in the Interwar Period, AfricanStudiesReview66(3), online20December 2022 Citation S795 · Open source ↗

Gardner,AColonialCurrencyRevolution; Hansardanswer12March1923

Source access and limitations

Not a complete origin, lifespan or current-status audit.

UK Parliament, UnderSecretaryOrmsby-Gore · West Africa(RepatriatedSilver),12March 1923 Citation S796 · Open source ↗

Gardner,AColonialCurrencyRevolution; Hansardanswer12March1923

Source access and limitations

Not a complete origin, lifespan or current-status audit.

Supported C1580

WACB money was gradually replaced by Gambian pounds fromOctober1964 throughJune1968; the contemporary report separately identifies Gambian pound as nationalunit and reports actual exchanges and liabilities.

World Bank · The Economy of The Gambia, ReportAW-12a,3December 1969 Citation S793 · Open source ↗

Printed25–26,paragraphs84–86; currencyunitpage

Source access and limitations

Not a complete origin, lifespan or current-status audit.

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