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The Ghana 5 Pounds 1958 banknote, cataloged as Pick #3s in specimen format, is a historically significant and visually captivating piece issued during the early days of Ghana’s independence. It is among the first series of banknotes authorized by the newly formed Bank of Ghana, established in 1957, the same year Ghana gained independence from British colonial rule. This note represents the highest denomination of that inaugural currency series and served as both a symbol of sovereign authority and a practical tool for conducting large-value transactions in the emerging West African economy. As a specimen, this note was printed for archival, reference, and presentation purposes and was never intended for general circulation. The PCGS grading of AU53 reflects a note with sharp detail and moderate signs of handling or storage, offering excellent eye appeal despite light wear.
The issuance of the 1958 5 Pounds note coincided with Ghana’s post-independence monetary transition, during which the country maintained the pre-existing British-influenced currency system of shillings and pounds before introducing the Ghanaian cedi in 1965. As the highest denomination in the 1958 series, the 5 Pounds note was used for large-scale commerce, banking reserves, and governmental transactions. Its issuance under the name “Bank of Ghana” marked a critical departure from colonial institutions such as the West African Currency Board, symbolizing the assertion of national control over monetary policy and financial infrastructure. This note was part of Ghana’s first steps toward full economic independence, and its elegant, intricate design reflects that pride and ambition.
The obverse of the note is dominated by an engraved portrait of Kwame Nkrumah, Ghana’s charismatic first Prime Minister and President, who played a pivotal role in the decolonization of Africa. Nkrumah is portrayed in a formal western suit, gazing confidently into the distance—an image carefully chosen to embody leadership, dignity, and forward vision. The portrait is placed to the left of center and rendered with fine detail, showcasing the expert craftsmanship of Thomas De La Rue, the British security printer responsible for this series. At the top center, the issuing authority “Bank of Ghana” appears in bold uppercase letters, while the denomination “Five Pounds” is printed prominently beneath it. Security elements include geometric guilloché designs and microtext, along with a diagonal red “SPECIMEN” overprint and serial numbers usually replaced by zeroes or left blank in specimen issues.
The color scheme of the obverse incorporates rich tones of brown, orange, and deep rose, forming a warm and regal appearance fitting for the note’s high face value. The background is adorned with elaborate guilloché patterns, ornate borders, and fine filigree—each line and curve intended not only for beauty but also for security. The paper quality in this AU53 example remains intact, with full original color and well-defined engraving lines, although light handling or faint corner wear is evident upon close inspection. Such imperfections are consistent with the note being a presentation or archival specimen and not subjected to circulation.
The reverse side of the 5 Pounds note features an intricate allegorical vignette of Ghana’s Volta River Project—one of the most ambitious post-independence infrastructure initiatives. Depicted here is the Akosombo Dam under construction, a project that would later provide hydroelectric power and symbolized national industrialization. The image celebrates technological progress and national self-reliance, framed by a lush river valley and engineering scaffolding. The design emphasizes Ghana’s development trajectory and aligns with Nkrumah’s pan-African vision of modernization and unity through industrial capacity. The background of the reverse includes stylized vegetation and geometric framing, with “Five Pounds” and “Bank of Ghana” again prominently displayed in English script.
The reverse color palette employs complementary hues of green, olive, and subdued blue-gray, offering a contrast to the obverse and helping distinguish the note’s sides at a glance. The overall artistry reflects Ghana’s dual emphasis on tradition and modernity—African pride combined with global standards of production and presentation. In this PCGS AU53 specimen, the reverse remains crisp and well-preserved, with the key visual elements unmarred by significant folds or stains. While signs of storage or light handling are present, they are minor and do not distract from the note’s bold presentation and overall integrity.
Specimen notes like this one are extremely limited in number. They were distributed to government offices, foreign banks, museum collections, and central bank archives for reference and training purposes. Marked clearly with overprints, specimen serial numbers, and sometimes perforations, these notes were kept out of circulation and were typically better preserved than issued notes. However, their rarity stems from their low print numbers and restricted distribution. Surviving examples of the 1958 5 Pounds specimen in any condition are considered highly collectible, and those graded above VF are especially desirable due to the note’s historical and artistic importance.
The historical significance of this banknote cannot be overstated. Ghana’s 1958 currency series represented not only a practical monetary reform but also a symbolic break from colonial governance. The notes underscored Ghana’s intention to assert national identity through its financial systems. The inclusion of Nkrumah, national development imagery, and the localized issuer “Bank of Ghana” in place of the British Crown was a bold political and cultural statement. For many Ghanaians, these notes were the first to reflect their country’s independence in visual and economic terms.
Collectors prize this note for its powerful design, the association with one of Africa’s most iconic post-colonial leaders, and its place in a pivotal moment in world history. As a specimen graded AU53, this example is well-positioned within the upper tier of known surviving pieces, offering a rich blend of preservation, detail, and historical value. Its appeal extends to collectors of African numismatics, Commonwealth monetary history, and banknote artistry. The note remains encapsulated in a secure PCGS holder, providing authenticity and long-term protection for archival or display purposes.
In conclusion, the Ghana 5 Pounds 1958 P#3s specimen banknote graded AU53 by PCGS is a remarkable piece of African numismatic and political heritage. Featuring the image of Kwame Nkrumah and the emblematic Volta River Project, it captures the optimism, ambition, and pride of a newly independent nation. Though lightly handled, its original beauty and clarity remain firmly intact, making it an exceptional acquisition for any collector interested in the formative currency of modern Ghana or the broader story of post-colonial Africa.