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60 Years of Ghana's Coinage: From Shillings to Cedis, New Cedis, and now Ghana Cedis

Category:  World Coins
Owner:  Harlan#2
Last Modified:  12/28/2019
Set Description
While living in Ghana during the mid-90's, I fell in love with the country and its people. As a professional economist with an interest in developing countries, Ghana's currency & coinage have fascinated me to this day. In this 32-coin set I take you through the entire history of coinage in Ghana, from the original post-independence monetary system inherited from the British to the 2007 currency reform that created the Ghana Cedi. I begin with the coins of the 1958 Proof Set, which showcase the pound/shilling/pence system used from 1958 to mid-1965, at which time Ghana moved to a decimal system based on the Cedi.

The word "cedi" translates in Akan, a major local language, as "cowrie" - a nod to the wide usage of cowrie shells as money, across West Africa, in the 19th century. The Cedi was made equivalent to 8 Shillings & 4 Pence in the old system, and so 2.4 Cedis = 1 Pound. 1 Cedi, in turn, was divided into 100 Pesewas. The word "Pesewa" comes from history as well: back when gold dust served as currency in the region, the smallest denomination (i.e., quantity) of gold dust used was known as a Pesewa. I illustrate Ghana's move to the Cedi, which later became known as the "First Cedi," with examples of all four of the coins - 5 Pesewas, 10P, 25P, and 50P - in the first (and only) issue of this series, in July of 1965.

In 1967, the original Cedi was transformed into the New (or Second) Cedi, which I highlight via the coins of the 1967 Proof Set and a complete set of business strike coins from 1984 to 1999. Our journey concludes with a complete set of today's business strike Ghana Cedi coins.

I bought the Proof Sets raw and complete, in their original boxes. I bought all the business strike coins raw as well. Amazingly, 23 of the coins are, today, either Top Pop or None Finer in the NGC Census, and five of the six 1967 Proofs would qualify as Top Pop/None Finer if included in today's PCGS Census. Along the way, in my comments on the first coin in each series, I take you into more of the story of Ghana's coinage over the decades.

Set Goals
As I built this set over the years, I never focused on - or even thought about - making it comprehensive. But once I got within striking distance of completion, I made that my goal. And as of today - Dec 13, 2019 - this set is now complete! My original focus on illustration and education has been fulfilled.

Slot Name
Origin/Country
Item Description
Full Grade
Owner Comments
Pics
View Coin 1958 Proof Set: Half Penny GHANA Bronze 1/2P 1958 KM1 NGC PF 64 RB This Half Penny is one of seven coins in the Bank of Ghana's first Proof Set, PS1, issued in 1958. The set had a mintage of 6,431. I bought one of these sets in 2007, raw and in its original box, for $36.00. I am extremely pleased at how all seven coins graded out: 5 of the 7 (but not this half penny) are currently "top pop" or "none finer" at NGC. The previous owner(s) took great care of this set! Here's some background on the design of the 1958 coinage:

In March of 1957 the Gold Coast, a British colony in West Africa, achieved independence (the first Black African country colonized by Europeans to do so), and renamed itself Ghana. Kwame Nkrumah led the liberation movement, and became the nation's first President & Prime Minister. In 1958 Ghana issued its first national currency & coinage, based on the pound/shilling/pence system used by its old colonial master. Nkrumah's portrait is on the obverse of all 1958 coins, along with the legend "Civitatis Ghaniensis Conditor" - which identifies Nkrumah as the Founder of the State of Ghana. A large star dominates the reverse of the 1958 coinage, symbolic of Ghana's status as "the first Black Star to rise over Africa." (A black star is featured at the center of the national flag, and the country's national soccer team is known as the Black Stars.)
View Coin 1958 Proof Set: Penny GHANA Bronze PENNY 1958 KM2 NGC PF 64 RB This coin, like the others dated 1958 in my set, is part of the Proof Set I bought raw and in its original box. The obverse features some nice toning, plus a striking die crack. The photo shows this crack nicely. And if it's not a die crack (I'm not a trained grader) please tell me! BTW, this coin is one of two currently graded by NGC at PF64 Red, and there's none finer.
View Coin 1958 Proof Set: 3 Pence GHANA Copper-Nickel 3P 1958 KM3 NGC PF 65 This coin, like the others dated 1958 in my set, is part of the Proof Set I bought raw and in its original box. The NGC census currently shows one other example of this 3 Pence coin at PF65, and none finer.
View Coin 1958 Proof Set: 6 Pence GHANA Copper-Nickel 6P 1958 KM4 NGC PF 67 This coin, like the others dated 1958 in my set, is part of the Proof Set I bought raw and in its original box. It's currently Top Pop in NGC's census.
View Coin 1958 Proof Set: 1 Shilling GHANA Copper-Nickel 1S 1958 KM5 NGC PF 66 This coin, like the others dated 1958 in my set, is part of the Proof Set I bought raw and in its original box. I remain amazed at how high this coin (and the others) graded out. Every time I look at these coins I marvel at how well they had been taken care of over the decades.
View Coin 1958 Proof Set: 2 Shillings GHANA Copper-Nickel 2S 1958 KM6 NGC PF 67 This coin, like the others dated 1958 in my set, is part of the Proof Set I bought raw and in its original box. Its grade of PF67 makes it, for now, Top Pop in the NGC census.
View Coin 1958 Proof Set: 10 Shillings GHANA Silver S10S 1958 INDEPENDENCE OF GHANA KM7 NGC PF 66 The silver 10 Shilling coin is the star of the Bank of Ghana's first Proof Set, which highlights Ghana's first national coinage. Around the edge of the coin is the phrase 6 MARCH 1957 - INDEPENDENCE OF GHANA. I think this coin may well have never been removed from the original box: while the obverse features some mottled toning, the reverse is pristine.

It's one of four graded by NGC at PF66, with none finer.
View Coin 1965: 5 Pesewas (5/100 of an original Cedi) GHANA Copper-Nickel 5P 1965 KM8 NGC MS 63 In the wake of Ghana's 1965 currency reform, in July of that year Ghana issued four Cedi-based coins for circulation: 5, 10, 25, and 50 Pesewas. The design elements on these coins were essentially unchanged from the 1958 series. The Engraver of the series was the British sculptor and medalist Cecil W. Thomas [OBE; Fellow of the Royal British Society of Sculptors]. As a medalist he was regularly commissioned by the Royal Mint. His initials C.T. can be found on the obverse of this coin, at the base of Nkrumah's bust.

Over the past few months I've been able to purchase, raw, all four of these original (aka "First") Cedi coins. They are now certified, and exhibited in this set. Each is currently (as of 12-13-19) Top Pop in the NGC Census. Full information: the population of NGC-certified First Cedi coins is small indeed!
View Coin 1965: 10 Pesewas (1/10 of an original Cedi) GHANA Copper-Nickel 10P 1965 KM9 NGC MS 65
View Coin 1965: 25 Pesewas (1/4 of an original Cedi) GHANA Copper-Nickel 25P 1965 KM10 NGC MS 66
View Coin 1965: 50 Pesewas (1/2 of an original Cedi) GHANA Copper-Nickel 50P 1965 KM11 NGC MS 64
View Coin 1967 Proof Set: Half Pesewa Ghana Bronze 1/2P 1967 GHANA KM12 NGC PF 65 RD Kwame Nkrumah was deposed in a military coup in 1966. The new military government replaced the July 1965 coinage with the "New Cedi" in February of 1967, at the rate of 1 New Cedi = 1.2 original Cedis. Nkrumah's portrait was removed. The New Cedi, a.k.a. the Second Cedi, known simply as the Cedi by the mid-70's, remained in circulation until the currency reform of July 2007.

In 1967 the Bank of Ghana issued its second official Proof Set, which showcased six examples of the New Cedi series. Only 100 sets were issued. In 2011 I was lucky enough to purchase a complete set, raw and in its original box, for $99.95. NGC graded out the coins between PF64 and PF66. No other examples of these proofs were in the NGC Census when I first posted this set, and when I checked the PCGS census 5 of the 6 coins in this set are either "top pop" or "none finer." The previous owner(s) took great care of this set!

On the obverse of this coin is a set of traditional Adowa Drums. The main design element on the reverse is a star - just as on the 1958 coins.

The Half Pesewa shown here is part of the raw set I purchased in 2011. The PCGS census currently shows one example at PF64 Red, and none higher.
View Coin 1967 Proof Set: Pesewa Ghana Bronze PESEWA 1967 GHANA KM13 NGC PF 65 RD This Pesewa is equal to 1/100 of a New Cedi. For background on Ghana's switch to the New Cedi in 1967, see my comments on the 1967 Half Pesewa.

The design elements on this coin are the same as those on the Half Pesewa: A set of Adowa Drums is on the obverse, while a star - just as on the 1958 coins - is on the reverse.

The NGC census indicates no other examples have been graded. The PCGS census currently shows one example at PF64 Red, and none higher.


View Coin 1967 Proof Set: 2.5 Pesewas Ghana Copper-Nickel 2.5P 1967 GHANA KM14 NGC PF 64 This coin is 2.5/100 of a New Cedi. For background on Ghana's switch to the New Cedi in 1967, see my comments on the 1967 Half Pesewa.

A cluster of cocoa pods is highlighted on the obverse, a nod to Ghana being a longtime major world producer of cocoa. The shield at the heart of the national Coat of Arms adorns the reverse.

The NGC census shows only one example graded higher, at PF66.
View Coin 1967 Proof Set: 5 Pesewas Copper-Nickel 5P 1967 GHANA KM15 NGC PF 66 5 Pesewas = 1/20 of a New Cedi. For background on Ghana's switch to the New Cedi in 1967, see my comments on the 1967 Half Pesewa.

The obverse features a cluster of cocoa pods, a nod to Ghana being a longtime major world producer of cocoa. The shield at the heart of the national Coat of Arms adorns the reverse.

There are no other examples of this coin in the NGC Census. The PCGS Census shows one example at PF66CAM,and none higher.
View Coin 1967 Proof Set: 10 Pesewas Ghana Copper-Nickel 10P 1967 GHANA KM16 NGC PF 66 This coin is equal to 1/10 of a New Cedi. For background on Ghana's switch to the New Cedi in 1967, see my comments on the 1967 Half Pesewa.

A cluster of cocoa pods is highlighted on the obverse, a nod to Ghana being a longtime major world producer of cocoa. The shield at the heart of the national Coat of Arms adorns the reverse.

There are no other examples of this coin in the NGC census. The PCGS census shows one example at PF64, and none higher.
View Coin 1967 Proof Set: 20 Pesewas Ghana Copper-Nickel 20P 1967 GHANA KM17 NGC PF 65 This coin is equal to 1/5 of a New Cedi. For background on Ghana's switch to the New Cedi in 1967, see my comments on the 1967 Half Pesewa.

The obverse features a cluster of cocoa pods, a nod to Ghana being a longtime major world producer of cocoa. The shield at the heart of the national Coat of Arms adorns the reverse.

There are no other examples of this coin in the NGC census. The PCGS census shows one example at PF64, and none higher.
View Coin 1984: 50 Pesewas (1/2 of a New Cedi) GHANA Brass 50P 1984 KM24 NGC MS 67 In 2007 I purchased a lot of 7 business-strike coins in the New Cedi (or Second Cedi) series, raw, for $10.00. They span the years 1984-1999, and each is a different denomination. The coin shown here is 1/2 of a New (or Second) Cedi. Minted only in 1984, it graded out the highest of the lot. And before final encapsulation it benefited from treatment by NCS. On the obverse is a cluster of cocoa pods (Ghana has long been a major world producer of cocoa). The shield at the heart of the national Coat of Arms adorns the reverse.

In the current NGC census, this coin shows as Top Pop.
View Coin 1984: 1 New Cedi GHANA Brass CEDI 1984 KM25 NGC MS 65 This piece, minted in only 1984, was in the lot of 7 New Cedi coins I purchased in 2007. Before final encapsulation, it benefited from treatment by NCS. On the obverse is a cowrie shell, or "cedi" in the Akan language. On the reverse is the shield at the heart of the national Coat of Arms.

A review of the NGC census shows that, currently, this coin is Top Pop.
View Coin 1991: 5 New Cedis GHANA Brass-plated steel 5C 1991 KM33 NGC MS 66 This 5 New Cedi coin was in the lot I purchased raw in 2007. This piece, minted in only 1991, features a set of traditional Adowa Drums on the obverse. On the reverse is the shield at the heart of the national Coat of Arms.

The current NGC census shows this coin as Top Pop.
View Coin 1991: 10 New Cedis GHANA Nickel-clad Steel 10C 1991 KM29 NGC MS 66 This is another of my most recent purchases. And it's currently the only one in the NGC Census. Top Pop, by default!

This denomination was issued only in 1991. Its design elements match those on the 1984 50 Pesewas coin: On the obverse is a cluster of cocoa pods; the shield at the heart of the national Coat of Arms adorns the reverse. But it's 7-sided, like the 1998 200 New Cedi example that follows later in this set.
View Coin 1991: 20 New Cedis GHANA Nickel-clad Steel 20C 1991 KM30 NGC MS 63 Minted only in 1991 & 1995, the obverse features a cowrie shell, or "cedi" in the Akan language, and the shield at the heart of the national Coat of Arms is on the reverse.

This coin, like several others in this set, is the only one currently in the NGC Census.
View Coin 1999: 50 New Cedis GHANA Nickel-plated steel 50C 1999 KM31a NGC MS 64 This 50 New Cedi coin was in the lot I purchased raw in 2007. It was minted in 1995, '97, and '99. On the obverse is a set of traditional Adowa Drums, and on the reverse is the shield at the heart of the national Coat of Arms.
View Coin 1999: 100 New Cedis GHANA Bi-Metallic 100C 1999 KM32 NGC MS 65 This piece was in the New Cedi lot I bought raw in 2007. And it's my favorite. While living in Ghana in the mid-90's, the 100 Cedi coin was the one I encountered, and used, most frequently.

The coin is bi-metallic: a copper-nickel ring surrounds the brass center. On the obverse is a cluster of cocoa pods (Ghana has long been a major world producer of cocoa). The shield at the heart of the national Coat of Arms is on the reverse. It was minted in 1991, 1997, and 1999. The NGC Census currently shows this example as Top Pop.
View Coin 1998: 200 New Cedis Nickel-plated steel 200C 1998 GHANA KM35 NGC AU 58 This coin was in the New Cedi lot I bought raw in 2007. Minted only in 1996 & 1998, it's 7-sided like the 1991 10 New Cedi coin. But the design elements match those on the 1991 20 New Cedi coin: the obverse features a cowrie shell (i.e., a "cedi"), and the shield at the heart of the national Coat of Arms is on the reverse.
View Coin 1998: 500 New Cedis GHANA Nickel-Brass 500C 1998 KM34 NGC MS 65 This coin was in the New Cedi lot I bought raw in 2007. It was minted in 1996 and 1998, and was the highest denomination coin in the New Cedi series. Traditional Adowa Drums are on the obverse, and the reverse features the shield at the heart of the national Coat of Arms. The NGC census currently shows this example as Top Pop.

View Coin 2007: 1 Pesewa (1/100 of a Ghana Cedi) GHANA Copper-plated steel PESEWA 2007 KM37 NGC MS 65 RB In 2007, in response to decades of inflation, Ghana implemented a major currency reform. The era of the so-called New Cedi or Second Cedi came to an end. The currency unit was redefined as the "Ghana Cedi," equivalent to 10,000 of the previous Cedis. In the spring of 2019 I bought a lot containing 5 examples of this new series, raw, for $10. All graded out at MS66 or 67. And each one is currently Top Pop in the NGC census. A great deal for $10, no?

Here is an example of the smallest denomination coin in the Ghana Cedi series: the new Pesewa. It is equal to 1/100 of the new Ghana Cedi and hence to 10,000 of the old Pesewas. In today's Ghana, this coin has become very hard to find in circulation.

I bought this coin separately from the lot I mention above, raw, for $1.00 (plus $4.14 in s/h). The Adomi Bridge, built in 1957 over the Volta River and still the nation's longest bridge, is on the obverse. The reverse features the complete national Coat of Arms. This example currently shows as Top Pop in the NGC Census.

View Coin 2016: 5 Pesewas GHANA Nickel-plated steel 5P 2016 KM38 NGC MS 67 Here's a 5 Pesewa coin, issued in the wake of the 2007 currency reform.

5 Pesewas, or 5/100 of a Ghana Cedi, are equivalent to 50,000 of the old Pesewas. The theme of Music is represented on the obverse, which shows a male Ghanaian blowing a traditional horn. The complete national Coat of Arms is on the reverse.

This example was in the raw Ghana Cedi lot I bought earlier in 2019 and, like the others in that lot, currently shows as Top Pop in the NGC Census.
View Coin 2016: 10 Pesewas GHANA Nickel-plated steel 10P 2016 KM39 NGC MS 67 This 10 Pesewa coin was issued in the wake of the 2007 currency reform.

10 Pesewas, or 1/10 of a Ghana Cedi, are equivalent to 100,000 of the old Pesewas. An open book and a pen, symbolizing Education, are on the obverse. The complete national Coat of Arms is on the reverse.

This example was in the raw Ghana Cedi lot I bought earlier in 2019 and, like the others in that lot, currently shows as Top Pop in the NGC Census.
View Coin 2007: 20 Pesewas GHANA Nickel-plated steel 20P 2007 KM40 NGC MS 66 Here's a 20 Pesewa coin, issued as part of the 2007 currency reform.

20 Pesewas equal 20/100 of the new Ghana Cedi, and hence 200,000 of the old Pesewas. Two cocoa pods, one showing the beans inside, adorn the obverse, representing Ghana's longtime position as a major world cocoa producer. The complete national Coat of Arms is on the reverse.

This example was in the raw Ghana Cedi lot I bought earlier in 2019 and, like the others in that lot, currently shows as Top Pop in the NGC Census.
View Coin 2007: 50 Pesewas GHANA Nickel-plated steel 50P 2007 KM41 NGC MS 67 Here's a 50 Pesewa coin, issued as part of the 2007 currency reform.

50 Pesewas, or 1/2 of a Ghana Cedi, are equivalent to 500,000 of the old Pesewas. On the obverse you'll find the depiction of a Market Woman. Ghana's outdoor markets are filled with such market women in their stalls, from whom I bought all sorts of "provisions" (i.e., food and supplies) when I lived in the country. The complete national Coat of Arms is on the reverse.

This example was in the raw Ghana Cedi lot I bought earlier in 2019 and, like the others in that lot, currently shows as Top Pop in the NGC Census.
View Coin 2007: 1 Ghana Cedi GHANA Bi-Metallic CEDI 2007 KM42 NGC MS 67 The coin shown here is the new Ghana Cedi. Like the 100 Cedi coin of the 1990's, it's bi-metallic: the center is brass-plated steel; the ring is nickel-plated steel. The Scales of Justice adorn the obverse. The complete national Coat of Arms is on the reverse.

This example was in the raw Ghana Cedi lot I bought earlier in 2019 and, like the others in that lot, currently shows as Top Pop in the NGC Census.

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