Lesotho Banknotes: History, Notable Notes & Collecting Guide
Lesotho is the Kingdom in the Sky, a mountain nation encircled entirely by South Africa, and its banknotes tell that story: kings in ceremonial dress, the mokorotlo hat, and one of the highest single-drop waterfalls in Southern Africa. A small, focused collecting area with real royal history behind it.
Loti / maloti (LSL) Moshoeshoe II era, 1966 to 1996 Common Monetary Area The Kingdom in the Sky
Last updated: August 2026
Lesotho's currency is the loti, plural maloti, and it has circulated only since January 1980, which makes Lesotho one of the youngest note-issuing countries a world collector can add. The name comes from the Sesotho word for mountain, a fitting choice for a kingdom whose lowest point sits higher above sea level than that of any other country on Earth. This hub covers the loti's short but eventful history, the king whose portrait defines its classic notes, and the one Lesotho note currently in the Planet Banknote vault.
What is the history of the Lesotho loti?
Lesotho gained independence from Britain in 1966, but for its first years as a kingdom it used the South African rand. The first circulating maloti banknotes arrived in January 1980, dated 1979, in denominations of 2, 5, and 10 maloti, issued under the name Lesotho Monetary Authority. From 1981 the issuer's name on new notes changed to the Central Bank of Lesotho, which has issued every series since, adding 20 and 50 maloti notes in 1981 and 100 and 200 maloti denominations in 1994.
The loti was born pegged one to one to the South African rand, and that peg still holds today through the Common Monetary Area, the currency union linking Lesotho, South Africa, Namibia, and Eswatini. The rand remains legal tender inside Lesotho alongside the loti, so the maloti notes are a statement of national identity as much as an economic instrument: Lesotho chose to put its own kings, mountains, and horsemen on its money even while sharing South Africa's monetary anchor.
Who was King Moshoeshoe II?
Moshoeshoe II was king of Lesotho from independence on October 4, 1966 until 1990, and again from January 25, 1995 until his death on January 15, 1996. Named for Moshoeshoe I, the nineteenth-century founder of the Basotho nation, he spent his reign in a long tug-of-war with his own governments: he was briefly forced into exile in 1970, deposed outright by the military government in 1990, and finally restored to the throne in 1995 with the backing of regional leaders including Nelson Mandela, as recorded by Britannica. Less than a year after his restoration he died when his car went off a mountain road, and his son Letsie III returned to the throne he had held in his father's absence.
For collectors, Moshoeshoe II is the face of classic Lesotho paper money. His portrait and his watermark anchor the 1980s and early 1990s issues, and the 2010 series that followed placed him alongside his son and his famous ancestor: Letsie III in the center, Moshoeshoe II on the left, and Moshoeshoe I on the right, three generations of Basotho kingship on a single note.
What makes the 1989 5 Maloti note special?
The 1989 5 maloti, cataloged as Pick 10a, is a compact showcase of what Lesotho's classic series did well. The face carries a portrait of King Moshoeshoe II in civilian dress beside the national coat of arms, with the king's image repeated in the watermark. The back shows Maletsunyane Falls, the roughly 192-meter single-drop waterfall near Semonkong that ranks among the highest of its kind in Southern Africa. The note was printed by De La Rue in London and signed by Finance Minister Evaristus Retselisitsoe Sekhonyana and Governor Anthony Mothae Maruping, per the Numista catalog entry.
Planet Banknote's example is graded PMG 67 EPQ, Superb Gem Uncirculated with Exceptional Paper Quality, near the top of the 1 to 70 scale. A note from a one-king, one-decade window, in a holder that settles grade and authenticity questions before they start, is exactly the kind of piece a country-collector wants: see the 1989 5 Maloti PMG 67 EPQ.
Which Lesotho banknote series should collectors know?
| Series | Years | What collectors look for |
|---|---|---|
| Lesotho Monetary Authority | 1979 to 1981 | The first maloti notes, 2 to 10 maloti, and the only issues bearing the pre-central-bank name. The short window makes them the key early type notes. |
| Central Bank of Lesotho, Moshoeshoe II era | 1981 to 1990s | The classic portrait notes, including the 1989 5 maloti with Maletsunyane Falls, plus the 100 and 200 maloti denominations added in 1994. |
| 2010 series | launched March 2011 | Three kings on one face: Letsie III, Moshoeshoe II, and Moshoeshoe I, with the mokorotlo hat worked in as a design device. |
| 2021 series | 2021 to present | The current notes: reduced size, upgraded security including tactile features, same three-kings identity. |
How do you start collecting Lesotho banknotes?
Lesotho rewards the completionist. With circulating paper money only since 1980, a handful of series, and denominations that top out at 200 maloti, a representative Lesotho collection is genuinely finishable, which is rare in world notes. Most collectors fold Lesotho into a Southern Africa theme alongside South African rand notes, letting the Common Monetary Area tell one story across two currencies.
Condition rules apply here as everywhere: learn the UNC-to-G letter ladder and the 1 to 70 numerical scale in our banknote grading guide, and weigh holders against raw notes with graded vs raw banknotes. If Lesotho is your first world note, the broader roadmap in how to collect world banknotes covers choosing a theme, setting a budget, and buying safely.
Where can you buy Lesotho banknotes?
Lesotho notes surface far less often than their South African neighbors, so when a high-grade example appears, it tends to move. Planet Banknote currently stocks one: the 1989 5 Maloti Pick 10a in PMG 67 EPQ.
Every note Planet Banknote sells passes our Planet Banknote Verified inspection and ships with a free Certificate of Authenticity, so you have documented recourse tied to a named, reachable business. Questions about ordering, shipping, or returns are answered on our FAQ page.
Frequently asked questions
What currency does Lesotho use?
Lesotho uses the loti, plural maloti, issued by the Central Bank of Lesotho since the early 1980s. It is pegged one to one to the South African rand through the Common Monetary Area, and the rand circulates as legal tender inside Lesotho alongside it. The name loti comes from the Sesotho word for mountain.
Who was King Moshoeshoe II?
Moshoeshoe II was king of Lesotho from independence in 1966 until 1990, when the military deposed him, and again from January 1995 until his death in a January 1996 car accident on a mountain road. He was restored to the throne with support from regional leaders including Nelson Mandela. His portrait and watermark define Lesotho's classic 1980s and early 1990s banknotes, and he appears again on the current three-kings design beside Letsie III and Moshoeshoe I.
What is on the 1989 Lesotho 5 maloti note?
The front shows King Moshoeshoe II in civilian dress with the national coat of arms and a watermark of the king. The back shows Maletsunyane Falls near Semonkong, a single-drop waterfall of roughly 192 meters that is among the highest of its kind in Southern Africa. The note, cataloged as Pick 10a, was printed by De La Rue in London.
Are Lesotho banknotes a good collecting area?
Yes, especially for collectors who like finishable sets. Lesotho has issued circulating paper money only since 1980, across a handful of series with denominations up to 200 maloti, so a representative collection is achievable in a way few countries allow. The royal portraits and mountain imagery also pair naturally with a Southern Africa or Commonwealth theme.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.