100 Shillings Horse, steel

Uganda's shilling had collapsed so thoroughly by the 1980s that 100 shillings was effectively worthless — yet by 2004, after two decades of monetary reform under the Bank of Uganda, the denomination had regained enough purchasing power to justify a circulating coin. The steel composition adopted for this issue reflects the same cost-containment pressures that drove most African central banks away from cupro-nickel during the early 2000s.