10 Pula

F.G. Mogae signed this note as Minister of Finance before ascending to the presidency in 1998, making his signature here a brief biographical marker. Hermans served as Governor of the Bank of Botswana through a period of sustained, unusually well-managed monetary stability for sub-Saharan Africa — the pula's relative strength in the late 1990s was no accident, tied directly to disciplined diamond revenue sterilization through the Pula Fund.

De La Rue's output for Botswana in this period was technically clean. The security thread on P#17 runs as a windowed strip, a feature De La Rue was standardizing across its African client states through the mid-to-late 1990s.