Economics

What is the Currency of Guinea?

The official currency of Guinea is the Guinean franc.

Introduction

The official currency used in Guinea is the Guinean franc. It is subdivided into 100 portions called centimes. The symbol used to represent it is (FG or GFr). Initially, Guinea used the CFA franc until 1959 when the Guinean franc was introduced. The coins were minted from bronze and were circulated in denominations of 1, 5, 10, and 25. The bank notes were issued in 1958 and were circulated in denominations of 50, 100, 5,000, and 10,000 franc currency.

Second Series

Although the next production of banknotes was released in 1963, the notes were dated March 1st, 1960. The series of banknotes was similar to the previous series except there was the exclusion of the 10,000 franc note. The series also lacked the imprint of Thomas Delarue and was modeled in different colors with more security features such as complex advanced embossing. The country used the franc until 1971 when it was substituted by the syli, with one syli being equivalent to 10 francs.

In 1985, the Guinean franc was recirculated as Guinean currency together with the syli. The coins were circulated in the denominations of 1, 5, and 10 francs and were minted from brass with an overcoat of steel. Later in 1994, the cupronickel 50 francs was included in the denomination. The banknotes were produced in denominations of 25, 50, 100, 500, 1,000, and 5,000. There is a big difference comparing Guinean notes of this series with those of the other countries. The date of issue is represented uniquely at the left-hand corner of each banknote

The 25 and 50 franc notes were excluded from circulation in 1998 after being substituted by coins. Another denomination was produced in 2006 and consisted of 500, 1,000, and 5,000 francs in resemblance to the previous notes. More security features were added to these notes and the size of the 500 franc was minimized. A 10,000 franc note was later produced and adopted on June 11th, 2007.

Commemorative Issues

Through the central bank, the government of Guinea produced a commemorative series of banknotes. This series was issued in 2010 and included 1,000, 5,000, and 10,000 notes. They were produced to celebrate the 50th anniversary of its independence. The banknotes featured a diamond modeled logo of the activity on the front side of each currency within the watermark box.

On July 9th, 2012, another 10,000 note resembling the previous one was issued by the central bank of Guinea. Its color was changed to red and the diamond modeled logo had been replaced by a patch letter RG (Republique de Guinee). A holographic patch and a security strip were also included at the rear side of the note. At the moment, the lowest denomination in use is the 500 franc note while the biggest is the 20,000 franc note which was introduced on May 11th, 2015.

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