Lesotho Loti

The Lesotho loti (plural: emaloti; sign: L; code: LSL) is the currency of Lesotho. It is subdivided into 100 lisente (singular: sente). The loti was introduced in 1966, replacing the South African rand at par. Lesotho decimalised in 1971, with 10 lisente to the loti. The South African rand is legal tender, and circulated alongside the loti. The loti was initially pegged to the rand, but Lesotho devalued its currency by 30% in 1974. The loti was floated in 1983 and has been pegged to the rand since 1998. The name loti is a Sesotho word meaning "plenty", chosen to avoid the association with the rand's history of devaluation. The lisente has no subdivisions. Coins were introduced in 1966 in denominations of 1, 2, 5, 10 and 25 lisente. The 1 and 2 lisente were struck in bronze and withdrawn after a few years, whilst a smaller 5 lisente coin was introduced in 1976. Cupro-nickel 10 and 25 lisente coins were introduced in 1980. Cupro-nickel 50 lisente coins were introduced in 2002, followed by copper-plated steel 5 and 10 lisente in 2005 and copper-plated steel 20 and 50 lisente in 2009. A bi-metallic M10 coin was introduced in 2014, followed by a new cupro-nickel M5 coin in 2016. Banknotes were introduced in 1966 in denominations of 1, 2, 5, 10 and 20 maloti. A 50 maloti note was introduced in 1974, followed by 100 and 500 maloti notes in 1985 and 1000 maloti in 1993. The 5, 10 and 20 maloti notes were replaced by coins in 1980, whilst the 1000 maloti note was replaced by a coin in 2000.