Milton Margai was the first Prime Minister of Sierra Leone, holding the position from 1951 to 1964. It was under his leadership that Sierra Leone gained independence from the United Kingdom in 1961. Margai played an important role in the development of the Sierra Leonean economy, and coinage began during his reign. In 1954, the first Sierra Leonean coins were minted. These coins are worth 1, 2, 6, 12 pence and 1 shilling. The coins were made from an alloy of bronze, nickel and silver. In 1964, after Margai's death, a new series of coins was minted. These coins were produced in denominations of 1, 2, 5, 10, 25 and 50 cents. The coins were made from an alloy of copper, nickel and silver. In 1964, the first Sierra Leonean banknotes were issued. These notes were produced in denominations of £1, £2, £5 and £10. The banknotes were issued by the Bank of Sierra Leone. A number of commemorative coins were also minted during Margai's reign. These commemorative coins were made to commemorate the country's independence, Margai's death and other important events. Margai played an important role in establishing the Sierra Leonean mint. Under his leadership, Sierra Leone became an independent nation and introduced its own currency. Margai's legacy lives on today in Sierra Leone's currency, the leone.