Egypt is a country famed for its history, its politics and its sights. Ancient Egypt lives beside the modern country and both contribute to its economy. Petroleum exports and tourism are major components. The currency for trade is the Egyptian pound. The EGP trades at 1-pound equals 100 piastres or 1 pound equals 1,000 milliemes.
History
Ancient Egypt a system of currency in the 4th century B.B. Silver coins were minted in Aegean counties and gold coins arrived from Sardes and Western Turkey. The 5th century saw the circulation of Athens “owls.” Egyptian money selected to copy these coins, producing Egyptian “owls” in the 4th century in the mint at Memphis.
After Alexander the Great conquered the Persian Empire in 4th century B.C., Egypt produced “Alexander” coins at Memphis. These small bronze coins are the first to use a portrait of Alexander on coinage. After this, Alexander’s successors in Egypt, the Ptolemies, changed the weight, standards and designs of coins. These rulers also moved the mint from Memphis to Alexandria.
The Romans began to exert some influence of Egyptian currency under the Caesars. At first, Egyptian coinage remained strong. As the Empire took over, however, the official coin was Roman denarii. The Alexandrian mints cast only Roman coins with Latin inscriptions. The only difference between these coins and those produced in the mints of Rome in the mintmark.
The Alexandrian mint closed in the early 5th century but reopened under the byzantine Emperor Justin I (518-527). The coinage reflected the Byzantine style and monetary system. Early Islamic coins in 640, however, had imitation Alexandrian coins and both local Byzantine and imported Byzantine-style coins. Later Islamic currency removed the Christian elements of the money. Importing currency from Syria, these featured Arabic inscriptions and removed designs.
After the conquering of Egypt by the Fatimids, the coinage began to exhibit elegant written inscriptions creating decorative patters. The Fatimids also re-opened the mint at Alexandria and added several other mints. Later Saladin invaded, creating anew dynasty and issuing new coins. The military commanders of Saludin and his successors, the Mamluks, then took over producing some coins with personal badges and symbols. One new coin, the ashrafti was the same value and of ducats.
Over the next few centuries, gold ashrafis and other silver and copper coins came out of the Cairo mint. The designs altered to mimic Turkish coinage. The next big change did not happen until the 19th century when western coin machines arrived in Cairo. Large bronze coins and silver money appeared in conjunction with local productions of currency with French denominations to pay the workers on the Suez Canal.
The British tossed out the Ottoman rulers. The first paper banknotes appeared under their rule on April 3rd, 1899. In 1914, they declared Egypt a British Protectorate. In 1916, coins began to appear in name of the Egyptian governors. A decimal system made 1,000 milliemes equal to 100 piastres or 1 Egyptian pound. This is the system remaining in operation today. Milliemes were small coins with a central hole.
Except for the unusual coins produced during the 1920s, including hexagonal, octagonal and scallop-edged money, the currency retained its value and style under the aegis of both the Kingdom and the Republic of Egypt. Today, 100 piastres still equals 1 pound. The currency consists of both banknotes and coins. The size of the money reflects its value. The smaller the money, the less it is worth. Coins are (1), (2), 5, 20, 25 pilastres. Notes consist of 25 and 50 piastres as well as 1, 5, 10, (20), 50, 100 and 200 pounds.
Obtaining Egyptian Pounds
It is not difficult to exchange your currency for Egyptian money. You can go to a bank, the hotel or an authorized currency dealer. You will find lots in the country. It is illegal and risky to use unauthorized moneychangers. Another source is the ATMs or ABMs. You can usually locate ATMs in banks, supermarkets and other large commercial businesses.
Protecting Your Currency
Petty crimes such as pickpocketing exist, but violent crime is rare. Purse snatching is more common in tourist regions and on the metro.
Using Your Egyptian Pounds
The Egyptian dollar is the form of money preferred in Egypt, although American dollars are also popular. Use the local currency in marketplaces, at attractions and for shopping. Egyptian jewelry and cotton are popular items for gifts. You an also buy the various souvenirs such as miniature sphinxes and pyramids.
Travel Tips and Warnings
- Egypt is home to many fatal accidents on the road. Drive carefully.
- Certain rules apply to border crossing. Some stamps prohibit entrance to nearby Israeli countries. The border between the Gaza Strip and Egypt is closed.
- Landmines may be found along some coastal and desert areas. Barbed wire, not signage, may indicate their presence.
- Air pollution is a problem.
- Be aware this is a Muslim country. Dress modestly, know when holidays occur and avoid open displays of familiarity.
- Egypt is not friendly to women travelling alone.
- Do not attempt to consume alcohol in other than licensed places.
- Take time to visit the Suez Canal, but be aware you may not be able to take pictures. The same applies to military installations and certain “attractions.”
- Do not miss the usual sights. These include the Pyramids, the Sphinx and the city of Cairo.
- Visit the Valley of the Kings and the Valley of the Queens.
- Do not forget to go to Luxor, the Temples of Karnak, the Memphis museum, the Luxor Museum and the Graeco-Roman Museum at Alexandria.
- Go to the Nile Valley and the Temple of Hathor and to Mount Sinai.
- If you venture to the Red Sea, go snorkeling or enjoy the beaches.
Overview
Egypt
is a modern country and an ancient land. It is the face of the modern
Middle East and it is eternal Ancient Egypt. You can see both at the
same time if you visit Cairo.
For travel information, see www.touregypt.net. .
Currency Summary
Current currency: Egyptian pound
1-pound equals 100 piastres or 1 pound equals 1,000 milliemes
Coins: (1), (2), 5, 20, 25 piastres/qirch
Banknotes: 25 and 50 piastres; 1, 5, 10, (20), 50, 100 and 200 pounds