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10 Emalangeni
| Issuer | Central Bank of Swaziland |
|---|---|
| Year | 1990-1992 |
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| Composition | Log in to see details |
| Size | 148 × 67 mm |
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| Obverse description | Portrait of King Mswati III in traditional headgear at left, with a traditional shield and spear vignette to his left; the national arms at bottom centre, flanked by two facsimile signatures below the legal tender inscription, with a vignette of a government building in the background at right. Denomination numeral '10' appears at upper left and lower right corners, with a decorative guilloche underprint throughout in blue and grey tones. |
|---|---|
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| Protection description | Shield and spears watermark |
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| Comments |
Swaziland's Central Bank was established only in 1974, replacing the Monetary Authority that had managed the rand-pegged lilangeni since independence. By the time this series was issued, the lilangeni had been fully decoupled from the rand in all but a fixed parity arrangement under the Common Monetary Area — meaning the note circulated at par with South African currency while remaining legally distinct from it. That parity held, but it constrained Swazi monetary policy almost entirely.
Two signature combinations exist for P#20, reflecting a change in the Finance Minister's position during the issue window. The Dlamini/Oliver pairing precedes Dlamini/Nxumalo, making the later signature the more commonly encountered of the two.