Somaliland shilling

Overview

The Somaliland shilling was introduced on 18 October 1994 at a rate of one new Somaliland shilling to 100 Somali shillings. The Somali shilling ceased to be accepted as legal tender in Somaliland on 31 January 1995. Although the authorities in Somaliland have since attempted to ban usage of the Somali shilling, Somalia's official currency is still the preferred means of exchange for many peoples in the region.

Coins

Nominally, one Somaliland shilling is divided into 100 cents, but coins denominated in cents have never been issued, probably due to the low value of one shilling. The coin with the lowest value is the one shilling coin, first minted in 1994 at the Pobjoy Mint in England and therefore bearing the PM mintmark. In 2002, 2 and 5 shilling coins were issued, bearing depictions of explorer Sir Richard Burton and of a rooster, respectively. Other coins that have been issued at some point are the 10 shilling coin (depicting a monkey), the 20 shilling coin (depicting a dog), and a silver 1,000 shilling coin (also depicting Sir Richard Burton). The reverse side of the 1,000 shilling coin contains an interesting error: instead of depicting the coat of arms of Somaliland, it depicts the coat of arms of Somalia.

Somaliland coins are not currently being minted or circulated.

There are nominally 100 cents in one Somaliland shilling. The 1/- coin was struck at the Pobjoy Mint in England. The 1/- and 5/- coins are composed of aluminium. The 10/- coin is composed of brass, the 20/- coin is composed of stainless steel, and the 1,000/- coin is composed of .999 fine silver.

This was the first coin issued by the Somaliland government. The coin depicts a Somali pigeon (Columba oliviae). The obverse of the coin is inscribed 'REPUBLIC OF SOMALILAND 1994'. The PM (Pobjoy Mint) mint mark is located near the bird's tail feathers. The reverse of the coin is inscribed 'BAANKA SOMALILAND' and '.ONE SOMALILAND SHILLING.'. The symbol '1/-' is in the centre.

There were two coins of this denomination, both issued in 2002. The first coin has a portrait of Sir Richard Francis Burton, and the second coin depicts a rooster.

The specifications of the first coin are as follows:

The obverse of the coin is inscribed "RICHARD F. BURTON EXPLORATION OF SOMALILAND". The dates "1841 1904" are to the left of the portrait, and "2002" is to the right of the portrait. The reverse of the coin is inscribed "BAANKA SOMALILAND" and ".FIVE SOMALILAND SHILLINGS.". The symbol "5/-" is in the centre.

The specifications of the second coin are as follows:

The obverse of this coin is inscribed "REPUBLIC OF SOMALILAND 2002". The main obverse design depicts a rooster. The reverse of the second coin is the same as the first coin.

Is the third lowest denomination of the shilling. It has a monkey on the front.

The obverse of this coin depicts a Greyhound. It is inscribed 'REPUBLIC OF SOMALILAND 2002'. The reverse of this coin is inscribed 'BAANKA SOMALILAND' and '.TWENTY SOMALILAND SHILLINGS.' The symbol '20/-' is in the centre.

The obverse of this coin depicts a portrait of Sir Richard Burton as on the 5/- coin. However, the reverse depicts the coat of arms of Somalia, instead of the coat of arms of Somaliland. 1,000 shillings coin

Exchange rates

The central bank provides exchange services for various currencies at the official government rate, but most people prefer the better, although unofficial, rates provided by the hawala agents and moneychangers found on the streets of main cities.

In November 2000 the official exchange rate of the Somaliland Central Bank was 4,550 shillings for 1 US dollar. Unofficial exchange rates at the time fluctuated between 4,000 and 5,000 shillings per dollar.

In December 2008, the official rate had fallen to 7,500 shillings per US dollar. In December 2015, the generally recognized exchange rate was 6,000 shillings per US dollar.