Starting October 9 this year, the commemorative sh1000 coin that was launched at the Bank of Uganda (BoU) on Friday will become legal tender, the BoU governor has said.
With a crested crane wading in water on one side to depict Uganda's rich heritage and a court of arms on the flipside to depict the nation's unique identity, the Jubilee coin is a spectacle to behold.
The granite-grey and golden sh1, 000 coin has officially been launched and it will become legal upon its circulation on October 9 - the exact date Uganda got her independence from Great Britain 50 years back.
"We thought of a way to commemorate Uganda's independence Jubilee and there was no better way than to print this magnificent coin that all citizens of this country and the rest of the world can relate to," said deputy central bank Governor, Loius Kasekende.
He made the remarks at the BoU headquarters at the launch of the Jubilee coin Friday evening.
Henry Kajura, the second deputy Prime Minister and former Governor (BoU) said the Jubilee coin is "wonderful", an "excellent momento".
"I will place this coin in the most vital place of my living room so that everyone that visits me can see it," he said.
Governor Mutebile said that the new coin will circulate alongside the sh1, 000 note and will effectively be legal tender.
"A non-circulation, momento version of the coin will be made, so that citizens and foreign nationals can purchase and keep the jubilee coin as a collector's item [souvenir]," Mutebile said.
Kajura recounted the days when he served as Governor, urging for the return to a single East African currency and the East African Currency Board that existed before 1966 when Bank of Uganda was established.
"I still hope that someday all five East African countries will have a single currency. I don't know when, but I'm sure it will come," he said.
He then urged the central bank to prepare for the oil economy, adding that the way in which oil cash will be handled will determine the fate of Uganda.
The first Jubilee coin was offered to His Excellency President Yoweri Museveni, with subsequent coins going to Kajura, former finance minister Ezra Suruma, former Central Bank governors Leo Kibirango and Alengot and finance minister Maria Kiwanuka.
The British envoy, all five East African envoys, the Dean of the Diplomatic Corp in Uganda also received Jubilee coins.
The commemorative coin was minted by a South African mint company and so they received one coin in appreciation for the excellent work done.