Best Bitcoin Exchange for Liberia

Liberia is a nation in West Africa that in the 17th century was a bustling trading region for British, Portuguese and Dutch merchants. European merchants traded goods with local merchants as means of payment. At the beginning of the 19th century, freed American and Caribbean slaves began to resettle in Liberia. The former slaves moved to Liberia because of the injustices suffered in America. The newly recruited Liberians declared Liberia an independent state in 1847 in July. It was the first African country to achieve independence. The Liberians founded Liberia’s first currency, the Liberian dollar, and pegged it to the US dollar.

First Liberian currency

The Liberian dollar was introduced after its independence in 1847 as the first currency of the country. At that time, it was valued equally for the US dollar. The Liberian dollar came in the form of copper coins worth one and two cents. Liberia’s first banknotes were issued by the Treasury in 1857 in denominations of 1, 2, 3, 5 and 10 Liberian dollars as well as 10 and 50 cent notes. Coins in denominations of 10, 25 and 50 cents were introduced in 1896.

British West African Pound

Liberia gave up its dollar currency in 1907 and took over the British West African pound. At that time, the West African pound was circulating in most West African countries, including Nigeria, Gambia and Sierra Leone. The British West African pound was pegged to the pound sterling. The currency came in the form of aluminum and nickel plated coins. In 1918 newly created banknotes were issued. The coins and banknotes were produced and issued by the West African Currency Board.

Second Liberian Dollar

In 1935, Liberia ceased using the British West African pound in favor of the US dollar. Two years later, the Liberian Treasury published new Liberian dollar coins, which were used simultaneously with the US dollar. The currency was used for many decades. After a violent coup d’état and a presidential assassination in 1980, Liberia experienced political upheaval and a civil war that lasted until 2003. Due to instability during this period, the country’s economy declined sharply. As a result, the Liberian dollar depreciated significantly against the US dollar. In 2000, the newly established Central Bank of Liberia issued new banknotes, each bearing the portrait of a former president. Between 2013 and 2015, Liberia suffered again after the dreaded Ebola virus spread throughout the country, killing more than 11,000 people. The outbreak has affected the country’s economy and currency.

Modern Liberian currency

As a result of a massive slump in the Liberian economy, which began in 1980, the Liberian dollar lost significant value. High corruption rates in the country also led to depreciation. Due to the continuous decline in value, very few traders accepted the money as a medium of exchange. People in Liberia prefer the US dollar to their national currency. The country does not have a suitable financial system to exchange foreign exchange. Traders exchange the Liberian dollar for the US dollar on the black market, leading to a further depreciation of the Liberian dollar.

Coins and Notes

It is issued in notes of 5, 10, 20, 50 and 100 Lib$. There are also smaller coins of the Liberian currency.

The coins in Liberia divide an LRD once again into 100 cents. One euro is about 95 Liberian dollars (as of March 2010). Thus 100 LRD are somewhat more than one Euro (1.06 Euro). These figures are only for guidance. If you have to convert larger amounts, it is best to use the daily exchange rate, as otherwise you may experience greater inaccuracies.

In addition to the Liberian dollar, the US dollar is also accepted as a means of payment in almost all parts of the country. In the beginning it is good to get a bit of local currency as change, because it is cheaper to make smaller purchases on the street. Otherwise you should try to get a US dollar, as you can’t do too much with the Liberian dollar outside the country.

However, if you come across stamps from Liberia (especially old stamps from Liberia), you can sell them on in a very rewarding way. On the Internet, old stamps from Liberia can earn up to 500 US dollars.

Credit cards in Liberia

At present, the entire financial system in Liberia is still very poorly developed. Since the civil war in Liberia, this sector has also had to be laboriously rebuilt. So far there are only a few ATMs in Monrovia, the capital of Liberia.

These have only limited usage times, often do not work and – probably the most serious of all – only allow cash withdrawals from local accounts. Since May 2009, however, there has been an ATM at the Cape Hotel at Mamba Point, which also accepts Visa cards. This is the only ATM in the country where you can get money with a foreign card.

Travellercheques are accepted by most banks, but you must be able to show the receipt.