Guinea Currency

Guinea currency is known as Guinean franc. The ISO code for Guinea currency is GNF. New Guinea was the place where the first Guinea currency banknotes were issued in the year 1914.

History of Guinea currency:

It was in the year 1959, when the first series of Guinea currency consisting of the Guinean franc was introduced. This currency was introduced to substitute CFA franc. The denominations in which the banknotes were available during that period include 50 francs, 100 francs, 500 francs, 1000 francs and 5000 francs.

The coins, which were made of an amalgamation of aluminum and bronze were of denominations 1franc, 5franc, 10 franc and 25 francs.


Issued in the year 1960, was a second series of paper money. This series of paper money did not have the denomination of 10,000 franc. Second series of coins were issued in the year 1962, which were made up of copper as well as nickel.
Syli replaced the franc in the year 1971. The Syli was pegged at 1syli was equal to 10 francs.

Guinea Money comprising the second Guinean franc:

In the year 1985, Guinea money consisting of Guinean franc was re launched. The second series of Guinea money was kept at par with the syli.

When the second series of Guinean franc was introduced, coins as well as banknotes of the following denominations were in circulation.

Coins:

In 1987:

1 franc, 5 francs, 10 francs, 25 francs.

In 1994:

Coin with the denomination 50 francs was introduced. So, in addition to the coins circulating in 1987, the 50 francs followed suit in 1994.

Paper Money:

Banknotes of the following denominations were in circulation. They were 25 francs, 50 francs, 100 francs, 1000 francs and 5000 francs.

25 francs and 50 francs banknotes got replaced by coins, once the second series of banknotes were issued in 1998. In the year 2006 the third series introduced the 500 francs, 1000 francs and 5000 francs denominated banknotes, which resembled the previous ones.