100 Shillings Ox, nickel plated steel

Uganda's shilling had collapsed so thoroughly by the 1980s that 100 shillings was effectively worthless — a consequence of Milton Obote's second government presiding over inflation that peaked above 200% annually. The denomination was only rehabilitated after successive stabilization programs through the late 1980s and 1990s restored enough purchasing power for a 100-shilling coin to function in daily commerce again.

The nickel-plated steel composition adopted for this 2004 issue reflects cost-driven decisions common across East African mints during that period, as solid nickel was abandoned in favor of cheaper plated blanks.