-
Inventory:
1 In Stock
- Product ID: 56997
Checkout
The Ghana 500 Cedis 1986 Specimen Note, listed as Pick #28as, represents a significant chapter in the evolution of Ghana’s paper currency. As part of the government’s ongoing response to economic instability and high inflation during the 1980s, the introduction of this high-denomination note was both a practical necessity and a symbolic reflection of broader efforts to stabilize and modernize the country’s financial system. Issued by the Bank of Ghana, the 500 Cedis note followed the 200 Cedis denomination and marked another step toward accommodating everyday transactions amid rising prices. This particular example, a specimen note preserved in Uncirculated (UNC) condition, was produced to demonstrate the final design, format, and security features of the circulating issue but never released into public use.
By the mid-1980s, Ghana was deep in the throes of economic restructuring under the Economic Recovery Program (ERP), which had been launched in 1983 with support from the International Monetary Fund and the World Bank. The Ghanaian cedi, having suffered significant devaluation, necessitated the issuance of progressively higher-denomination notes to keep pace with inflation. The 500 Cedis note, first issued in 1986, was a response to these economic challenges, intended to facilitate commerce and reduce the bulkiness of carrying large amounts of currency. While designed to meet immediate transactional needs, the note was also crafted to project confidence, national pride, and monetary stability.
The obverse of the 1986 500 Cedis note prominently features a dignified portrait of Dr. James Kwegyir Aggrey, a revered Ghanaian scholar, educator, and missionary who championed educational equity and Pan-African ideals. His portrait is rendered in fine intaglio detail, facing forward, conveying calm intelligence and strength. Aggrey’s repeated appearance on Ghanaian currency during this period reflects the government's desire to root its economic reforms in foundational cultural values, particularly education, leadership, and national unity. The portrait is framed by ornate geometric patterns and guilloche designs, serving both aesthetic and security purposes.
The background color of the note is a rich purple with blends of magenta and lavender, chosen to differentiate the denomination from lower-value notes and convey a sense of value and distinction. “BANK OF GHANA” is clearly inscribed at the top center of the note, while the denomination “FIVE HUNDRED CEDIS” appears boldly at the bottom. The date of issue—“2nd July 1986”—is located just below the portrait. The printed facsimile signatures of key Bank of Ghana officials are included, and in this specimen version, the serial numbers are replaced by “X0000000” to mark it as a non-circulating sample. A large red diagonal “SPECIMEN” overprint crosses the front of the note, serving as a clear visual cue for its intended use as a display or reference copy.
The reverse side of the note continues the strong educational theme, depicting the stately main building of Achimota School in Accra, a cornerstone of elite education in Ghana and a national symbol of intellectual development. Founded in 1927, Achimota was instrumental in training generations of leaders and educators, including Dr. Aggrey himself. The building is portrayed with architectural accuracy, showing its clock tower, arched windows, and tree-lined surroundings. The background features guilloche overlays and ornamental border work in purple and pink hues, consistent with the design elements of the obverse and offering further anti-counterfeiting protection.
The note was printed by Thomas De La Rue & Company Ltd., a London-based firm renowned for its security printing expertise. Their production techniques included high-quality paper stock with embedded watermarks, raised intaglio printing for tactile security, and microprint or latent image features to thwart forgeries. The watermark typically portrays Dr. Aggrey, whose facial image becomes visible when the note is held to light. The complexity of the engraved lines and tonal variations in color underscore the technological proficiency behind the note's creation and its role as a secure financial instrument.
In Uncirculated (UNC) condition, this specimen note is exceptionally well preserved. The paper remains crisp and unmarred, with no folds, creases, or stains. The original embossing from intaglio printing is fully intact, and the coloration retains its full vibrancy with no fading or toning. The corners are sharp and square, and the margins are even and complete. The red “SPECIMEN” overprint is bold and perfectly aligned, and the specimen serial numbers are crisp and free from wear. These physical attributes enhance the desirability of the note and elevate its status within a well-curated numismatic collection.
Specimen notes were generally produced in small quantities and distributed selectively to central banks, numismatic organizations, law enforcement agencies, and archival institutions. Because of their limited release and non-circulating purpose, they were typically stored under careful conditions, resulting in a high rate of survival in pristine form—though only a small number reach the collector market. Their unique markings, including “SPECIMEN” overprints and zero serial numbers, make them distinctly different from circulation issues, and their rarity boosts their collectibility.
The 1986 500 Cedis specimen note captures a specific historical moment in Ghana’s economic trajectory—when the nation was seeking to recover from prior instability and lay the foundation for future growth. The themes of education and leadership, represented by Dr. Aggrey and Achimota School, reaffirm the nation's values even amid monetary inflation and fiscal restructuring. The issuance of high-denomination notes during this period was not only a pragmatic response to market needs but also a visual declaration of institutional continuity and national perseverance.
Collectors of African banknotes, especially those specializing in specimen issues or Ghanaian currency, will find this note particularly compelling. It offers a convergence of rarity, artistic quality, and historical depth. For scholars, it also serves as a tangible record of Ghana’s economic policy during a crucial phase of recovery and reform. In the broader context of world currency, the note reflects how developing nations balanced the pressures of modernization, global finance, and domestic stability through design and symbolism.
In summary, the Ghana 500 Cedis 1986 P#28as Specimen Note in UNC condition is a rare, visually striking, and culturally resonant item. Combining high denomination with exceptional design, it reflects Ghana’s enduring commitment to education, leadership, and economic resilience during one of the most transformative decades in its post-colonial history. As a specimen, its scarcity and preservation further enhance its value, securing its place among the most significant Ghanaian numismatic issues of the late 20th century.