Eswatini (Swaziland) Banknotes: History, Notable Notes & Collecting Guide
The lilangeni tells the story of a small southern African kingdom, from its first 1974 notes under the Monetary Authority of Swaziland to the recent switch from Swaziland to Eswatini names on the paper itself.
Last updated: July 2026
The lilangeni, plural emalangeni, is the official currency of Eswatini, the southern African kingdom known as Swaziland until 2018, and it is issued by the Central Bank of Eswatini. Pegged one to one to the South African rand through the Common Monetary Area, the lilangeni is a small and affordable collecting area rather than a high-value one, which is exactly what makes it approachable for new collectors. Its notes trace a compact but rich story, from the first 1974 issues under the Monetary Authority of Swaziland, through commemoratives for King Sobhuza II and King Mswati III, to the recent change from Swaziland to Eswatini names on the notes.
What is the history of the lilangeni and Eswatini's banknotes?
Eswatini's paper money began in 1974, when the kingdom introduced the lilangeni at par with the South African rand, and it has been issued by the country's central bank ever since.
Eswatini, a landlocked kingdom in southern Africa, gained independence from Britain on 6 September 1968 as the Kingdom of Swaziland. In its first years it used the South African rand. The lilangeni was introduced on 6 September 1974, the sixth anniversary of independence, when the Monetary Authority of Swaziland issued the first notes: 1 lilangeni and 2, 5, and 10 emalangeni, joined by a 20 emalangeni note in 1978. According to the Central Bank of Eswatini, the currency was set at par with the rand through the Common Monetary Area, and it remains pegged one to one to this day, so the rand still circulates freely alongside it.
The name comes from emaLangeni, a term for the ancestors of the Swazi people. In 1981 the Central Bank of Swaziland took over note production, and its first issues were commemoratives marking the Diamond Jubilee of King Sobhuza II, the long-reigning monarch who led the country to independence. Standard, non-commemorative notes followed from 1982, and the family grew over the next two decades: a 50 emalangeni note in 1990, a 100 emalangeni in 1996, and a 200 emalangeni in 1998 that marked the 30th anniversary of independence. The small 2 and 5 emalangeni notes were retired in favor of coins in 1995.
In 2008 the bank issued new 100 and 200 emalangeni notes to commemorate the 40th birthday of King Mswati III and 40 years of independence, and in 2010 it released a fresh series with enhanced security features. The biggest change since then has been in name rather than value. On 19 April 2018, King Mswati III renamed the country from the Kingdom of Swaziland to the Kingdom of Eswatini, and the central bank became the Central Bank of Eswatini. The currency kept its name. According to Coin World, notes bearing the Central Bank of Eswatini imprint began appearing in 2021, starting with a 50 emalangeni note, while older Swaziland notes remain legal tender and circulate side by side.
Which Eswatini (Swaziland) banknotes are most collectible?
The most sought-after notes are the commemorative issues and the historic first series: the 1981 Sobhuza II Diamond Jubilee notes, the 2008 Mswati III commemoratives, and the recent Eswatini-named notes that capture the country's 2018 rename.
Eswatini's notes divide into a handful of clear eras, and most collectors organize a set around them. The table below is a general guide to the periods, not a price list, since condition and rarity drive value within each one.
| Era / series | Period | What defines it | Why collectors want it |
|---|---|---|---|
| First lilangeni notes | 1974 to 1978 | Monetary Authority of Swaziland issues 1 lilangeni and 2, 5, 10, then 20 emalangeni | The founding issues that launched the currency |
| Sobhuza II Diamond Jubilee | 1981 | First notes from the Central Bank of Swaziland, marking King Sobhuza II's jubilee | Early commemoratives tied to the long-reigning king |
| Standard central bank series | 1982 to 1998 | Regular E2, E5, E10, E20, then E50 in 1990, E100 in 1996, E200 in 1998 | Builds the core Swaziland set, including the independence-anniversary E200 |
| Mswati III commemoratives | 2008 | E100 and E200 marking the king's 40th birthday and 40 years of independence | Popular modern commemoratives with a clear story |
| Enhanced-security series | From 2010 | New designs with upgraded security features across the range | The modern circulating look, widely available in uncirculated grade |
| Eswatini-named notes | From 2021 | First notes reading Central Bank of Eswatini rather than Swaziland | Captures the country's 2018 rename on paper |
Within any era, collectors pay close attention to condition, replacement notes, and clean serial numbers. An uncirculated note is far more desirable than a well-worn example of the same design, and because most Eswatini notes are inexpensive, holding out for high grade costs little.
How do you start collecting Eswatini banknotes?
Pick a focus, decide whether you want raw or certified notes, and buy from a source-first dealer that authenticates every note. Eswatini's small, low-cost market makes a complete starter set realistic on a modest budget.
A natural way in is to collect one example of each denomination, or to build a small themed set, such as the commemorative notes or the Swaziland to Eswatini name transition. If you are new to the hobby, our guide on how to collect world banknotes walks through choosing a focus and making a safe first purchase.
Condition is most of a note's value, so learn the grading ladder early. Higher-value notes are sometimes independently graded by PMG or PCGS on a 1 to 70 scale, and our banknote grading guide explains what those grades mean. If you run into unfamiliar terms such as commemorative, replacement note, or prefix, our banknote glossary defines them in plain language. Whatever you buy, store it in archival, acid-free holders and handle it by the edges.
Where can you buy Eswatini (Swaziland) banknotes?
Buy Eswatini notes from an established, source-first dealer that authenticates every note and includes a Certificate of Authenticity, rather than from anonymous lots of unknown origin.
Because this is a small market, choose where you buy as carefully as what you buy. Look for a dealer that sources notes directly from central banks, authorized distributors, and trusted consignors, and that stands behind each note in writing.
Watch for these warning signs. Prices far below every other seller, no stated provenance or sourcing, no returns accepted, and pressure to buy quickly. Genuine dealers are transparent about where a note came from and how it is authenticated.
Every note in Planet Banknote's Eswatini (Swaziland) banknotes collection is inspected through the Planet Banknote Verified process and ships with a free Certificate of Authenticity, so you can start or extend a set with confidence.
Related guides
- How to Collect World Banknotes: choosing a focus, raw versus graded notes, and a safe first purchase.
- Banknote Grading Guide: how the PMG and PCGS 1 to 70 scale works, and what UNC and EPQ mean.
- Banknote Glossary: plain-language definitions of the terms collectors use, from commemorative to replacement note.
Frequently asked questions
What currency does Eswatini (Swaziland) use?
Eswatini uses the lilangeni, plural emalangeni, with the ISO code SZL. One lilangeni is divided into 100 cents. The lilangeni was introduced in 1974 and is pegged one to one to the South African rand through the Common Monetary Area, so it circulates alongside the rand at par. It is issued by the Central Bank of Eswatini, formerly the Central Bank of Swaziland.
Did the currency change its name when Swaziland became Eswatini?
No. When King Mswati III renamed the country from the Kingdom of Swaziland to the Kingdom of Eswatini on 19 April 2018, the currency kept its name. It is still the lilangeni, plural emalangeni. What changed on the notes was the issuer name. Banknotes carrying the Central Bank of Eswatini name began appearing in 2021, while earlier notes reading Central Bank of Swaziland remain legal tender and circulate side by side.
Who issues Eswatini's banknotes?
Eswatini's banknotes are issued by the Central Bank of Eswatini, known in siSwati as Umntsholi Wemaswati. The bank was established in 1974 as the Monetary Authority of Swaziland, later became the Central Bank of Swaziland, and was renamed the Central Bank of Eswatini in 2018 after the country changed its name. Current circulating denominations are 10, 20, 50, 100, and 200 emalangeni.
Are Swaziland and Eswatini banknotes worth collecting?
Yes, as an affordable and coherent country to collect rather than a high-value one, which makes it approachable for beginners. Collectors value the commemorative issues, such as the 1981 notes marking the Diamond Jubilee of King Sobhuza II and the 2008 notes honoring the 40th birthday of King Mswati III and the 40th anniversary of independence, along with the historical shift from Swaziland to Eswatini names on the notes. As with any note, condition drives value, so uncirculated examples and clean serial numbers are the most desirable.
How do you start collecting Eswatini banknotes?
Start by choosing a focus, then buy from a source-first dealer that authenticates every note. A natural approach is to collect one example of each denomination, or to build a small set around a theme such as the commemorative notes or the Swaziland to Eswatini name transition. Decide whether you want raw notes or examples independently graded by PMG or PCGS, learn the grading scale, and store your notes in archival holders. Because the market is small and affordable, a satisfying starter set is realistic on a modest budget.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.