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The Ghana 5000 Cedis 1998 Specimen Note, designated as Pick #34cs in world paper money catalogs, represents one of the final high-denomination issues of the old Ghanaian cedi system before the 2007 redenomination. Printed by Thomas De La Rue & Company Ltd., this note in specimen format—complete with a red “SPECIMEN” overprint and zeroed serial numbers—was not issued for public use but instead served institutional and archival purposes. Issued during a time of continuing inflation, this banknote reflects Ghana’s need for efficient, high-value currency to meet the demands of commerce while simultaneously projecting a national image centered on education, productivity, and stability. Its pristine Uncirculated (UNC) condition makes it particularly valuable for collectors of African banknotes and specimen issues worldwide.
By the late 1990s, Ghana’s economy was still undergoing significant transformation. Although macroeconomic reforms had brought a degree of stabilization, inflation remained a challenge, necessitating increasingly higher denominations to maintain effective purchasing power. The 5000 Cedis banknote, originally introduced in 1994 and updated in successive years, continued to play an essential role in everyday transactions, especially for large purchases and business operations. The 1998 version of this note was among the last iterations before Ghana initiated its currency redenomination in 2007, signaling the end of the old cedi system that had been steadily devalued over time.
The obverse of the 1998 5000 Cedis note features the enduring portrait of Dr. James Kwegyir Aggrey, an iconic figure in Ghana’s educational and cultural history. Aggrey, a renowned missionary and co-founder of Achimota School, is shown facing forward, his expression both contemplative and resolute. The rendering is done in precise intaglio, giving the image a tactile quality that both enhances security and adds to the visual gravitas of the design. His inclusion symbolizes Ghana’s commitment to intellectual advancement and the role of education as a foundation for national progress. His consistent presence on high-value denominations throughout the 1990s further emphasizes this commitment.
The obverse color scheme incorporates rich olive green, chestnut, and golden hues, providing a dignified and easily recognizable appearance. Decorative guilloches and fine line patterns in the background add complexity and security, deterring counterfeiting while enhancing visual appeal. The top of the note reads “BANK OF GHANA,” while the denomination “FIVE THOUSAND CEDIS” is inscribed prominently near the lower margin. The date “2nd July 1998” appears beneath the portrait, alongside the facsimile signatures of the central bank’s officials. A red diagonal “SPECIMEN” overprint runs across the face of the note, and the serial number field is filled with placeholder characters such as “X0000000,” clearly identifying the note’s specimen status.
The reverse side of the 1998 note continues the theme of economic productivity, featuring an agricultural motif centered on Ghana’s cocoa industry. The image depicts workers actively engaged in cocoa harvesting and processing, illustrating the importance of this commodity to Ghana’s economy. Cocoa remains one of the country’s chief exports and a vital source of national revenue. The scene conveys not only the country’s agricultural richness but also the dignity of labor. The visual presentation is enhanced by textile-inspired patterns and complex security overlays, providing an effective fusion of traditional aesthetics and modern banknote design.
The note includes numerous advanced security features for its time, including a clear watermark of Dr. Aggrey visible when held against the light, a solid embedded security thread, microprinted patterns, latent images, and intaglio raised printing. These elements serve dual functions—reinforcing the authenticity of the note while also creating a sophisticated appearance. The intaglio process used for the portrait and inscriptions provides a subtle texture that allows for tactile authentication. The quality of the printing by De La Rue ensures longevity, precision, and resistance to forgery, qualities essential for a high-denomination banknote in a volatile inflationary environment.
Specimen notes like this were never released into general circulation. Instead, they were distributed in small quantities to central banks, law enforcement agencies, museums, and collectors for reference and verification purposes. Their rarity stems from their limited issuance, distinctive markings, and the fact that they were often destroyed after serving their institutional function. The Uncirculated (UNC) condition of this particular note means it retains its full original quality—crisp paper, bold color saturation, sharp edges, and deeply impressed print lines. No folds, bends, stains, or signs of wear are present. The “SPECIMEN” overprint remains perfectly clear and unobtrusive to the rest of the design.
The 1998 edition differs only subtly in appearance from its predecessors, yet it represents the tail end of Ghana’s legacy cedi currency system. The choice to maintain Dr. Aggrey’s portrait and the cocoa agriculture theme reflects the country’s continued emphasis on education and industry as the pillars of national growth. Despite its high denomination, the note was likely used for medium to large commercial transactions during its time, which makes the preserved specimen examples especially important for historical understanding and currency study.
Among numismatists, specimen notes like the 1998 5000 Cedis are highly desirable. They offer the opportunity to view a banknote in its purest, most untouched form—ideal for educational, archival, and aesthetic appreciation. Moreover, the 1998 note marks the end of a cycle: just under a decade later, Ghana would undergo redenomination, retiring notes like this in favor of a new cedi with more manageable denominations. In that context, the 5000 Cedis note serves as both a high watermark of the old currency and a symbol of the nation’s transition toward fiscal modernization and greater economic efficiency.
This note also serves as a visual record of Ghana’s late-20th-century economic priorities and design language. The visual themes—agriculture, education, national unity—remain relevant today and provide insight into how currency can be used not only for transactions but as a form of national storytelling. The consistent design elements between issues from 1994 to 1998 reflect a purposeful continuity in messaging, reinforcing a shared identity during a time of transformation. In that sense, the 1998 5000 Cedis note functions as both currency and cultural artifact.
In conclusion, the Ghana 5000 Cedis 1998 P#34cs Specimen Note in UNC condition is a well-preserved, rare, and visually powerful example of late 20th-century African currency. Its design, featuring the venerable Dr. Aggrey and Ghana’s cocoa industry, reflects national pride and practical economic concerns during a critical period. As one of the final issues before redenomination, it holds historical significance that extends beyond its face value. For collectors, educators, and historians alike, it offers a tangible connection to Ghana’s monetary evolution and enduring values of education, labor, and resilience.