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Mozambican metical

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Mozambican metical
Metical moçambicano (Portuguese)
ISO 4217
CodeMZN (numeric: 943)
Subunit0.01
Unit
Pluralmeticais
SymbolMT, MTn‎
Denominations
Subunit
 1⁄100centavo
Banknotes20, 50, 100, 200, 500, 1000 meticais
Coins
 Freq. used1, 2, 5, 10 meticais
 Rarely used1, 5, 10, 20, 50 centavos (discontinued, still legal tender)
Demographics
User(s) Mozambique
Valuation
Inflation10.3% [1][clarification needed]
 Source2023 est.

The metical (/ˈmɛtɪˌkæl/;[2] plural: meticais) is the currency of Mozambique, abbreviated with the symbol MZN or MT. It is nominally divided into 100 centavos. The name metical comes from Arabic مثقال (mithqāl),[3] a unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century.[4]

History

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First metical

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The metical (MZM) replaced the escudo at par on 16 June 1980.[5][6] It was divided into 100 centavos. The metical underwent severe inflation. After the revaluation of the Romanian leu on 1 July 2005, the metical briefly became the least valued currency unit, at a value of about 24,500 meticais per USD, until the Zimbabwean dollar took the title in late August 2005.

Second metical

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On 1 July 2006, Mozambique redenominated the metical at a rate of 1000:1. The new ISO 4217 code is MZN. New coins and banknotes were introduced on 1 July 2006, and the transitional period during which both old and new meticais could be used lasted until 31 December 2006. During the conversion, the new currency was locally abbreviated as MTn, but has since largely returned to MT.

Old meticais were redeemed by the Bank of Mozambique for a period of six years, until 31 December 2012.

Coins

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First metical

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In 1980, coins were introduced in denominations of 50 centavos, 1, 2+1⁄2, 5, 10 and 20 meticais. The 50 centavos, 2+1⁄2 and 5 meticais were minted in aluminium, with the 1 metical in brass and the 10 and 20 meticais in cupro-nickel. In 1986, aluminium 1, 10, 20 and 50 meticais were introduced. A new coinage issued in 1994 was composed of 1, 5, 10, 20, 50, 100, 500 and 1000 meticais, with the lower four denominations in brass clad steel and the higher denominations in nickel clad steel. 5000 meticais coins were introduced in 1998, followed by 10,000 meticais in 2003.

Second metical

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From 1 July 2006, coins were issued in denominations of 1, 5, 10, 20, 50 centavos and 1, 2, 5, 10 meticais.

from June 2024 new coins will circulate withe new images and the removal of the 5 and 20 centavos coins [1]

Coins of the Mozambican metical (2006 "Banco de Moçambique" series)
Value Technical parameters Description Date of issue
Diameter Mass Composition Edge Obverse Reverse
1 centavo 15 mm 2 grams Copper-plated steel Reeded Rhinoceros Logo of the Banco de Moçambique 2006
5 centavos 19 mm 2.3 grams Copper-plated steel Reeded Leopard Logo of the Banco de Moçambique 2006
10 centavos 17 mm 3.06 grams Brass-plated steel Reeded Farm tractor Logo of the Banco de Moçambique 2006
20 centavos 19.5 mm 4.1 grams Brass-plated steel Reeded Cotton plant Logo of the Banco de Moçambique 2006
50 centavos 23 mm 5.74 grams Brass-plated steel Reeded Kingfisher bird Logo of the Banco de Moçambique 2006
1 metical 21 mm 5.3 grams Nickel-plated steel Plain (seven-sided sections) Female student (representing the allegory of education) Logo of the Banco de Moçambique 2006
2 meticais 24 mm 6 grams Nickel-plated steel Segmented reeding Fish Logo of the Banco de Moçambique 2006
5 meticais 27 mm 6.5 grams Nickel-plated steel Reeded Xylophone Logo of the Banco de Moçambique 2006
10 meticais 24.92 mm 7.51 grams Bi-metallic coin consisting of a Nickel-plated steel center plug with a brass outer ring Reeded Headquarters of the Banco de Moçambique Logo of the Banco de Moçambique 2006
Coins of the Mozambican metical (2024 series) [2]
value Diameter mass Composition Edge reverse obverse Date of issue
1 centavo 17 mm 2 g copper plated steel reeded Logo of the Banco de Moçambique 2024
10 centavos 20 mm 3 g brass plated steel reeded boat 2024
50 centavos 21 mm 3.6 g nickel plated steel reeded palm trees 2024
1 metical 21 mm 5.3 g nickel plated steel plain (seven- sided sections) education 2024
2 meticais 24 mm 6 g nickel plated steel segmented reeding shrimp 2024
5 meticais 27 mm 6.5 g nickel plated steel reeded xylophone 2024
10 meticais 25 mm 7.5 g Bi-metallic coin consisting of a Nickel-plated steel center plug with a brass outer ring reeded Headquarters of the Banco de Moçambique 2024

Banknotes

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First metical

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The First Metical had three issues of notes as follows: i. In 1980 (16 June 1980), notes were introduced in denominations of 50, 100, 500 and 1,000 meticais. ii The same notes and denominations were reissued in 1983 (16 June 1983) with the new state logo, 5,000 meticais notes were introduced in 1989 (3 February 1989). iii. In 1991 (16 June 1991) 500, 1,000, 5,000, and 10,000 notes were issued followed by 50,000 and 100,000 meticais in 1993 (16 June 1993), 20,000 meticais in 1999 (16 June 1999) and 200,000 and 500,000 meticais in 2003 (16 June 2003).

Second metical

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From 1 July 2006, new banknotes were issued in denominations of 20, 50, 100, 200, 500, and 1000 meticais.[7] On 1 October 2011, Banco de Moçambique has issued a new family of banknotes that are similar to the 2006 series, but with enhanced security features. The three smaller denominations are now printed on polymer while the higher denominations remain printed on paper. The higher denominated metical banknotes are printed by De La Rue.[8][9][10][11]

Banknotes of the Mozambican metical (16 June 2006 "Samora Machel" Issue)
Image Value Obverse Reverse Watermark
20 meticais Samora Moisés Machel Rhinoceros Samora Moisés Machel
50 meticais Samora Moisés Machel Kudus Samora Moisés Machel
100 meticais Samora Moisés Machel Giraffes Samora Moisés Machel
200 meticais Samora Moisés Machel Lions Samora Moisés Machel
500 meticais Samora Moisés Machel Buffaloes Samora Moisés Machel
[3] 1000 meticais Samora Moisés Machel Elephants Samora Moisés Machel
Banknotes of the Mozambican metical (16 June 2011 "Samora Machel" Issue)
Image Value Obverse Reverse Watermark
[4] 20 meticais Samora Moisés Machel Rhinoceros Samora Moisés Machel
[5] 50 meticais Samora Moisés Machel Kudus Samora Moisés Machel
[6] 100 meticais Samora Moisés Machel Giraffes Samora Moisés Machel
[7] 200 meticais Samora Moisés Machel Lions Samora Moisés Machel
[8] 500 meticais Samora Moisés Machel Buffaloes Samora Moisés Machel
[9] 1000 meticais Samora Moisés Machel Elephants Samora Moisés Machel

Mozambique will introduce a new series of metical notes and coins from June 16, 2024, which will progressively replace those that have been in circulation since 2006, the central bank governor announced on Friday [10]

Banknotes of the Mozambican metical (16 June 2024 "Samora Machel" Issue) [11]
image value obverse reverse
20 meticais Samora Moisés Machel stick figures; plant, tree, mountains; bird on branch
50 meticais Samora Moisés Machel stick figures; wildlife; antelope
100 meticais Samora Moisés Machel stick figures; baskets of vegetables and fruit
200 meticais Samora Moisés Machel stick figures; reclining lioness with cubs and standing lion
500 meticais Samora Moisés Machel stick figures; sail boats
1000 meticais Samora Moisés Machel stick figures; five elephants walking in field with trees behind
Current MZN exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPY
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPY
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPY

See also

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References

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  1. ^ "Inflation rates in Mozambique".
  2. ^ "metical". Dictionary.com Unabridged (Online). n.d. Retrieved 9 December 2019.
  3. ^ "Metical" in Dicionário da Língua Portuguesa com Acordo Ortográfico. Porto Editora, Porto, 2003-2015. Accessed 1 April 2015. (in Portuguese)
  4. ^ Johnson, Marion (1968), "The Nineteenth-Century Gold 'Mithqal' in West and North Africa", The Journal of African History, 9 (4), Cambridge University Press: 547–569, doi:10.1017/s0021853700009038, ISSN 0021-8537, JSTOR 180144, S2CID 161545754
  5. ^ Linzmayer, Owen (2012). "Mozambique". The Banknote Book. San Francisco, California: www.BanknoteNews.com.
  6. ^ Peter Symes. "The Banknotes of Mozambique; Independence Issues – 1975 to 1989". www.pjsymes.com.au. Retrieved 7 July 2014.
  7. ^ "Archived copy". Archived from the original on 14 March 2007. Retrieved 28 June 2006.{{cite web}}: CS1 maint: archived copy as title (link)
  8. ^ Mozambique new 20-, 50-, and 100-meticais notes confirmed Archived 17 September 2011 at the Wayback Machine BanknoteNews.com. Retrieved 10 March 2012.
  9. ^ Mozambique new 200-meticais note confirmed Archived 6 October 2012 at the Wayback Machine BanknoteNews.com. Retrieved 30 June 2012.
  10. ^ Mozambique new 500-meticais note confirmed Archived 6 October 2012 at the Wayback Machine BanknoteNews.com. Retrieved 30 June 2012.
  11. ^ Mozambique new 1,000-meticais note confirmed Archived 6 October 2012 at the Wayback Machine BanknoteNews.com. Retrieved 30 June 2012.
[edit]
First metical
Preceded by:
Mozambican escudo
Ratio: at par 		Currency of Mozambique
1980 – 30 June 2006 		Succeeded by:
Second metical
Reason: inflation
Ratio: 1 second metical = 1000 first meticais
Second metical
Preceded by:
First metical
Reason: inflation
Ratio: 1 second metical = 1000 old meticais 		Currency of Mozambique
1 July 2006 – 		Succeeded by:
Current
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