An Introduction to the Banknotes of South West Africa
Pierre H. Nortje (September 2025)
Introduction
Although Portuguese ships anchored at current-day Walvis Bay in Namibia as far back as the 1400s, the Portuguese did not formally stake a claim to it. Colonialism only occurred when Great Britain annexed the territory around Walvis Bay in the late 1870s, together with the Penguin Islands that were thenceforth administered by the Cape Colony. In 1884, South West Africa became a German colony known as Deutsch-Südwestafrika, with Windhoek, the capital, founded in 1890.
This postcard of German South West Africa, dated 1898, shows scenes of the capital of greater Windhoek, a square in the city, and Major Leutwein, Governor from 1894 to 1904.
Source: wwitoday.com
During the First World War, the German colonial era came to an end. The Treaty of Versailles of 1919 proclaimed that the territory was to be administered by South Africa. In 1990, it gained independence and was renamed Namibia, with Windhoek remaining the national capital.
Issues by the Imperial German Government
In 1914 so so-called Kassenscheine (cash receipts) to the value of 5, 10, 20, 50 and 100 Mark were issued. These only circulated for a very short while as the colony was occupied the next year during the First World War.
Source: Numista
Early Private Issues (Paper Tokens)
According to a discussion on the cointalk forum …
“In 1915, when German South West Africa was occupied by the troops of South Africa, many small dealers issued their own emergency money. The problem was that there was no guarantee deposited. In 1916, the Swakopmunder Buchandlung (bookstore in Swakopmund) issued emergency notes by order of the Kaufmannschaft Windhuk (mercantile community in Windhoek)."
Source: kolonialgeld.de/html/swakopmunder
"This community was a federation of about 4 dozen dealers and a dozen hotels all over German South West Africa. In 1918 (January 28), all emergency notes without a guarantee deposit were banned by the secretary of the British occupation government. After this, the Swakopmunder Buchandlung issued a new series with a guarantee deposit at the Suedwestafrikanische Bodenkreditgesellschaft (South West African land credit association). These notes were in circulation till the end of 1918. After January 1, 1919, only the notes of the South African Union were officially in circulation”.
The Private Bank Issues
Three private banks, namely Barclays Bank, Standard Bank and Volkskas, issued banknotes to the value of 10 Shillings, One Pound and Five Pounds. The former two banks started issuing their denominations in 1931, with the last issued in the late 1950s. Volkskas issued theirs between 1949 and 1959. These banknotes bore the signatures of the chief accountant and manager of the respective banks at the time of their issuance, not a governor, as would be seen in a sovereign state's central bank. These are all picturesque issues showing nature, wildlife and farming scenes and are highly regarded by many collectors of banknotes of Africa. They are also relatively scarce with high catalogue values.
Barclays Bank
This bank issued its notes from 1931 to 1958 and is known as the “sheep” issues with the denominations indicated in three languages being Afrikaans, English and German, e.g. Een Pond, One Pound and Eine Pfund. The earlier notes worded BARCLAYS BANK (Dominion, Colonial & Overseas) and later issues Barclays Bank D.C.O. All the issues were printed by Waterlow and Sons Limited (London).
The following pictures were sourced from banknote.ws.com.
Ten Shillings
One Pound
Five Pounds
Standard Bank
This bank issued its notes from 1931 to 1959 and is known as the “waterfall” issues, with the denominations indicated in two languages being Afrikaans and English. All the notes were printed by Waterlow and Sons Limited (London).
Ten Shillings
One Pound
Five Pounds
Volkskas Bank
This bank issued its notes from 1949 to 1959, and they differ from the two other banks as all three denominations depict different scenes. The denominations are indicated in three languages, being Afrikaans, English and German, e.g. Tien Sjiellings, Ten Shillings and Zehn Schillinge. All the notes were printed by Waterlow and Sons Limited (London).
Ten Shillings showing a landscape with scattered buildings.
One Pound showing the capital, Windhoek.
Five Pounds showing a waterfall on the obverse and gemsbok (South African oryx) on the reverse.
The last of these South West African private banknotes were issued in 1959. In 1961, South Africa became a republic with a decimalised monetary system replacing the South African pound as legal tender, at the rate of 2 rand = 1 pound or 10 shillings to the rand.
As South West Africa was administered by South Africa, the South African rand continued circulating there. Although Namibia became an independent republic in 1990, the Namibian dollar currency was only introduced in 1993. The South African rand is still legal tender in Namibia, as the Namibian dollar is linked to the South African rand and can be exchanged on a one-to-one basis locally.