Zambia's 1974 note series arrived during a period of acute economic pressure — copper prices, which underpinned virtually the entire national revenue base, had just collapsed on world markets after the 1973 oil shock drove down industrial demand. The government was already running deficits that would deepen substantially through the late 1970s, making this issue part of a currency that began depreciating almost immediately after printing.
De La Rue had been Zambia's printer since independence, and the P#20 continues that relationship without interruption. The watermark is the sole mechanical security feature — no security thread, no fluorescent inks.
Zambia's 1974 note series arrived during a period of acute economic pressure — copper prices, which underpinned virtually the entire national revenue base, had just collapsed on world markets after the 1973 oil shock drove down industrial demand. The government was already running deficits that would deepen substantially through the late 1970s, making this issue part of a currency that began depreciating almost immediately after printing.
De La Rue had been Zambia's printer since independence, and the P#20 continues that relationship without interruption. The watermark is the sole mechanical security feature — no security thread, no fluorescent inks.