Liberian currency. The Republic of Liberia is a country in West Africa which was colonized by freed American slaves starting in 1820. They founded the republic in 1847 and named the largest and capital city Monrovia after James Monroe. The government is modeled after that of the U.S. English is the official language although over 30 indigenous languages are spoken. Independence from the U.S.: July 26, 1847. Current constitution: January 6, 1986. Monetary system: 1 Dollar = 100 Cents.