50 Kwacha

The P#33 series marked a significant redesign point for Malawian currency in the mid-1990s, as the country was navigating a turbulent post-single-party transition — Malawi had only held its first multiparty elections in 1994, ending three decades of Banda's authoritarian rule. New currency designs in this period carried implicit political weight, though the Reserve Bank kept changes deliberately incremental rather than wholesale.

Thomas De La Rue's involvement was consistent across Malawian note production through this era. The watermark remains the primary security feature — modest by later standards, but sufficient for the circulation volumes Malawi required in the mid-1990s.