50 Cedis

Ghana's 1979 currency reform was driven partly by the military government's attempt to combat rampant hoarding and black-market activity — the old notes were demonetized with minimal warning, leaving many citizens unable to convert savings held outside the banking system. The 50 Cedis represented a substantial denomination in that environment, where inflation was already eroding purchasing power sharply through the late 1970s.

Thomas De La Rue's production for Ghana during this period relied on relatively modest security — the watermark alone, with no security thread on this issue, reflects budget constraints rather than any lapse in De La Rue's own capabilities.