The dollar has been the currency of Liberia since 1943. It was also the country's currency between 1847 and 1907. It is normally abbreviated with the dollar sign $, or alternatively L$ or LD$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
In 1847 and 1862, copper 1 and 2 cents coins were issued and were the only Liberian coins until 1896, when a full coinage consisting of 1, 2, 10, 25 and 50 cents coins were introduced. The last issues were made in 1906.
United States currency replaced the British West African pound in Liberia in 1935. Starting in 1937, Liberia issued its own coins which circulated alongside US currency. The flight of suitcase-loads of USD paper by Americo-Liberians following the April 12, 1980 coup d'état created a currency shortage. This was remedied by minting of the Liberian $5 coins. The 7-sided coins were the same size and weight as the one-dollar coin; this prevented corrupted members of the Elite society leaving with country with Liberia's money. In the late 1980s the coins were largely replaced with a newly designed $5 note modeled on the US greenback. The design was modified during the 1990-2004 civil war to ostracize notes looted from the Central Bank of Liberia. This effectively created two currency zones -- the new "Liberty" notes were legal tender in government-held areas, while the old notes were legal tender in non-government areas. Each was of course illegal in the other territory. Following Charles Taylor arrival in Monrovia, the capital, in 1995. The J.J. Robert's bank notes were legally accepted in most parts of Monrovia for purchases. Banking and some majors institutions did not accept the J.J. Robert's bank note as legal tender, during this period. Following the election of the Charles Taylor government in 1997 a new series of banknotes dated 1999 was introduced on March 29, 2000.
Coins
In 1937, coins were issued in denominations of ½, 1 and 2 cents. These were augmented in 1960 with coins for 1, 5, 10, 25 and 50 cents. A $1 coin was issued the following year. Five-dollar coins were issued in 1982 and 1985. According to the 2009 Standard Catalog of World Coins, numerous commemorative coins in denominations ranging from 1 to 2500 Dollars have been issued beginning in the 1970s through the present.
Banknotes
Five-dollar notes were introduced in 1989 which bore the portrait of J. J. Roberts. These were known as "J. J." notes. In 1991, similar notes were issued which replaced the portrait with Liberia's arms. These were known as "Liberty" notes. On 29 March 2000, the Central Bank of Liberia introduced a new “unified” currency, which was exchanged at par for “J. J.” notes and at a ratio of 1:2 for “Liberty” notes. The new banknotes each feature a portrait of a former president. These notes remain in current use, although they underwent a minor redesign in 2003, with new dates, signatures, and the CENTRAL BANK OF LIBERIA banner on the back. On 27 July 2016, the Central Bank of Liberia announced new banknotes will be introduced with enhanced security features. All of the denominations are the same as previous issues, with the $500 banknote being introduced as part of this series. On 6 October 2016, the Central Bank of Liberia introduced new banknotes, as announced. When the $500 note was introduced it was worth US$5.50. Its value has since dropped to US$2.50 as of 2019 and falling still.
