Cash in Egyptian Pound (EGP)

History of the Egyptian Pound

Until the late 19th century, Egypt's central currency unit was the Ottoman (Turkish) piastre (or simply piastre), also known as kurush, divided into 40 pairs. The piastre was the common currency of Egypt and Turkey under a bilateral treaty between the two countries until 1834 when Egypt became independent from the Ottoman Empire.

In the same year, 1834, Egypt adopted its monetary system and began issuing its currency based on the silver and gold bimetallic standard. Egypt's new currency was the Maria Theresa thaler, which was equal to 20 piastres in face value.

The Egyptian pound, which is still used today, was introduced only in 1885 when Egypt switched exclusively to the gold standard: one Egyptian pound was equated to the value of 7.4375 grams of pure gold and 97.5 piastres. The Egyptian pound replaced the piastre, and the exchange rate of Maria Theresa's thaler, which was still in use in the country, was adjusted to equate to 21 piastres.

Since 1978, the Egyptian pound has been gradually devalued. For example, in 2016, its exchange rate against the US dollar was set at 13 to 1, but immediately after the government refused to artificially regulate the value, the price of the EGP to the USD fell to 19 to 1 in a short period.

The Egyptian pound is also called the lira, livre, and guinea. However, there are also slang names such as jounai and junei.

Egyptian Pounds in cash (EGP)

EGP coins

There are 5, 10, 20, 25, 50, and 1 Egyptian pound coins in circulation within Egypt. The newest 5 and 10 piastre coins were issued in 2008. On the obverse of all coins, the name of the state and the denomination in Arabic or English are in various variations. Some coins, such as the 5, 10, and 25 piastres, also bear the year of minting according to the Islamic and Gregorian calendars.

EGP banknotes

Egypt issues multicolored banknotes in 5, 10, 25, 50 piastres and 1, 5, 10, and 20 pounds. As a rule, the front (obverse) and back of the paper banknotes (reverse) depict either Egyptian landmarks or famous persons:

• 5 piastres (purple color) — bust of Queen Nefertiti;
• 10 piastres (black color) — citizens with the flag of the United Arab Republic in their hands;
• 25 piastres (beige and green color) — the Great Sphinx with the statue "Egyptian Renaissance" and the coat of arms of the Federation of Arab Republics;
• 50 piastres (orange color) — Al-Ahzar Mosque and Pharaoh Ramses II with Ancient Egyptian art objects;
• 1 pound (brown) — Mosque and Mausoleum of Sultan Qait Bey and a pair of pharaohs with an exterior view of the facade of the Small Temple of Abu Simbel;
• 5 pounds (gray) — Ibn Tulun Mosque and Karnak Temple with a frieze appearing as a symbol of Egypt's most famous river, the Nile;
• 10 pounds (maroon) — Sultan Hassan Mosque and the Pyramids of Giza with fragments of the statue of Pharaoh Khafra;
• 20 pounds (green) — Mohammed Ali's mosque and Ramses II on a war chariot with a statue of the goddess Isis.

There are also new Egyptian pound banknotes issued between 1993 and 2024:

• 50 pounds (red-brown) — Abu Harib Mosque on the obverse and the Temple of Edfu with an ancient Egyptian miracle on the reverse;
• 100 pounds (green) — Sultan Hassan Mosque on the obverse and the Head of the Great Sphinx on the reverse of the banknote;
• 200 pounds (olive-colored) — the Kanibei Mosque and the Sitting Scribe.

Use of EGP cash in Egypt

Cash is one of the most popular forms of money in Egypt. According to analysts' data for 2023, only about 8% of Egyptians made digital payments. The number of users who made payments and transfers using mobile devices was even lower, at just 2.6%.

This implies that if users plan a trip to Egypt, carrying the necessary stock of EGP cash or other currencies, such as the US dollar, is better.