10 Cedis

Ghana's currency had been under sustained pressure throughout the 1970s — by the time this series entered circulation, inflation and a thriving parallel exchange market had badly eroded confidence in the cedi at official rates. The 10 Cedi note carried real purchasing power at issue but was quickly overtaken by conditions on the ground; the 1982 currency exchange decree, which demonetized the 50 Cedi note overnight, threw the entire system into confusion and pushed smaller denominations like this one into hoarding as a hedge against further intervention.

Thomas De La Rue's watermark security on this series is relatively modest — a reflection of cost negotiations with the Bank of Ghana rather than any technical limitation on the printer's part.