During the colonial period, the currency in use was the Mozambican escudo, which was linked to the Portuguese escudo. After gaining independence from Portugal in 1975, Mozambique introduced the Mozambican metical (MZM) in 1980, replacing the escudo at par. However, due to high inflation, the value of the metical depreciated significantly over the years.
In 2006, Mozambique revalued its currency, introducing the second metical at a rate of 1 new metical (MZN) = 1,000 old meticais (MZM). The new metical coins are in denominations of 1 centavo, 5 centavos, 10 centavos, 20 centavos, 50 centavos, 1 metical, 2 meticais, 5 meticais and 10 meticais.
Smaller denominations such as the centavos (1, 5, 10, 20, 50 centavos) are rarely used in daily transactions due to their low value and limited purchasing power. As of now, the coins most commonly in circulation in Mozambique are 1 metical, 2 meticais, 5 meticais and 10 meticais.
The 1, 2, and 5 meticais coins are made from nickel-plated steel, while the 10 meticais coin is bi-metallic, consisting of a nickel-plated steel center plug and a brass outer ring. The designs typically incorporate national symbols, notable figures, and landmarks, showcasing the country's identity and values. The reverse side features the logo of the Bank of Mozambique.