Ancient Egyptians used a system of bartering and trade exchange rather than items with monetary value such as coins. As the Egyptian culture evolved and merged with others, the country introduced gold coins as money. In fact, gold coins were used until 1836 when Egypt decided to issue a currency unique to its country. Even then, the coins were still gold until the turn of the 20th century when the country introduced the current system of bank notes and coins.
Because Egypt is a developing country, its currency will not buy many U.S. dollars (USD) or Great British pounds. The USD and LE were approximately equal in value until around 1990, when one dollar bought about three LEs. The value of the LE dropped consistently between 1990 and 2010, at one point selling six pounds to one USD. Because of the low value of LE, many Western tourists enjoy cheap prices in Egypt.
Egypt introduced bank notes at the turn of the 20th century. Bank notes are available in piastres and pounds. There are notes for five, 10, 25 and 50 piastres. For pounds, there are notes for one, five, 10, 20, 50, 100 and 200 pounds. A particular tint of various colors is assigned to certain notes. For example, the 10-pound note has a light red tint while the five-pound note is tinted blue. Famous national and ancient monuments and leaders are featured on the bank notes. The 50-pound note features Abu Hurayba Mosque and Islamic designs on the front side and the Horus Temple at Edfu on the back side.
Egyptian coins are issued in five, 10, 20, 25 and 50 piastres and one pound. While the LE bank notes include both English and Arabic writing and amounts, language on the coins is strictly in Arabic. The one-pound coin is bi-metal with a copper ring surrounding a steel center. The one-pound note features King Tut's effigy as found on his casket. The lesser coins consist mostly of steel and feature Islamic and historical illustrations and the amount in Arabic numbers. Coins under 50 piastres are rarely used in normal transactions but remain legal tender.
The Egyptian pound is one of the most valuable currencies in Africa. The currency itself as well as the monuments and Islamic symbols printed on them are important to national and Arab identity in the globalizing world. Egypt has experienced hundreds of years of foreign occupation up until the mid-20th century when Egypt gained national independence from Western occupiers, so having its own currency is meaningful for Egyptians.
