20 Maloti

The long print run spanning 1994 to 2009 reflects a deliberate policy of stability — Lesotho's monetary authority kept the Maloti pegged at par with the South African Rand throughout this period under the Common Monetary Area agreement, which meant denominations like this one functioned almost interchangeably with their Rand equivalents across the border. De La Rue produced the series under contract, as they had for Lesotho since the Maloti's introduction in 1980.

Three signature combinations appear across Pick 16's production life, tracking changes in the Governor and Deputy Governor offices over fifteen years. The Ketso/Swaray pairing accounts for the bulk of issued notes.