1 Crown (Cecil Rhodes) – Southern Rhodesia

In 1953, Southern Rhodesia was in a period of significant political and economic transition, having just entered the Federation of Rhodesia and Nyasaland in August of that year. This new political entity, also known as the Central African Federation, brought together Southern Rhodesia, Northern Rhodesia, and Nyasaland. Consequently, the currency situation was directly tied to this federal structure. The official currency was the Rhodesia and Nyasaland pound (R&N£), which was created to serve as a unified currency across the three territories, replacing the Southern Rhodesian pound at par.

The R&N£ was pegged at par with the British pound sterling, maintaining the direct link to the sterling area that Southern Rhodesia had long observed. This peg provided monetary stability and facilitated trade and investment, particularly with Britain, which was crucial for the Federation's export-driven economy based on tobacco, copper, and other commodities. The currency was issued by the Central Africa Currency Board, headquartered in Salisbury, Southern Rhodesia, which managed the note and coin supply backed by sterling reserves held in London.

Despite this formal federal arrangement, Southern Rhodesia, as the most industrialized and financially dominant territory, effectively functioned as the Federation's economic hub. The currency union was administratively centered in Salisbury, reinforcing Southern Rhodesia's de facto financial leadership. However, this system also sowed the seeds for future monetary tensions, as the economic interests of the three territories were not fully aligned, a disparity that would contribute to the Federation's dissolution a decade later.