1 Shilling – Southern Rhodesia

In 1939, Southern Rhodesia (modern-day Zimbabwe) operated within the sterling area, with its currency firmly pegged to the British pound sterling. The official currency was the Southern Rhodesian pound (SR£), which was at parity with the UK pound and backed by the colony's own reserves held in London. This arrangement provided monetary stability and facilitated trade with Britain, which was the dominant economic partner. The currency was issued by the Southern Rhodesia Currency Board, a conservative body that required full gold or sterling backing for all notes and coins in circulation, limiting local control over monetary policy.

The outbreak of the Second World War in September 1939 immediately impacted this system. Southern Rhodesia, as a loyal British colony, swiftly followed the United Kingdom in imposing strict exchange controls to prevent capital flight and to marshal all financial resources for the war effort. These controls regulated the flow of capital outside the sterling area and tied the colony's financial fate even more closely to Britain. The war also stimulated the local economy, particularly mining and agriculture, leading to increased government spending and the beginning of inflationary pressures that would challenge the rigid currency board system in the coming years.

Furthermore, the currency situation reflected the broader political landscape. While economically integrated with Britain, Southern Rhodesia had attained self-governing colony status in 1923, giving its settler government considerable internal autonomy. However, its monetary sovereignty remained constrained. Discussions about a central bank and a more flexible currency had begun in the 1930s but were shelved due to the war. Thus, in 1939, the currency was a symbol of both economic stability and colonial dependency, poised on the brink of changes that war finance and post-war development would soon necessitate.