Fijian dollar
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| Fijian dollar | |||
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| ISO 4217 Code | FJD | ||
|---|---|---|---|
| User(s) |  Fiji |
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| Inflation | 7.4% | ||
| Source | Reserve Bank of Fiji, January 2008 est. | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | FJ$ | ||
| Coins | |||
| Freq. used | 1, 5, 10, 20, 50 cents, $1 | ||
| Rarely used | 2 cents | ||
| Banknotes | $2, $5, $10, $20, $50, $100 | ||
| Central bank | Reserve Bank of Fiji | ||
| Website | www.reservebank.gov.fj | ||
The dollar (currency code FJD) has been the currency of Fiji since 1969 and was also the currency between 1867 and 1873. It is normally abbreviated with the dollar sign $, or alternatively FJ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
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[edit] History
[edit] First dollar, 1867-1873
Fiji issued paper money denominated in dollars and cents between 1867 and 1873. The dollar was equal in value to the silver US dollar. The dollar was replaced by the British pound, following Fiji becoming a British colony.
[edit] Second dollar, 1969-
The dollar was reintroduced in 1969, replacing the Fijian pound at a rate of 1 pound = 2 dollars. The coins and banknotes continue to feature Queen Elizabeth II, despite Fiji having been a republic since 1987.
On 16 August 2005, Finance Minister Ratu Jone Kubuabola announced that the Cabinet had approved the introduction of a 100 dollar banknote and the withdrawal of the 2 cent coin, as its minting cost exceeded its face value. Kubuabola said that the 100 dollar banknote would measure 156 × 67 mm, with the other banknotes receding at 5 mm towards the lowest banknote denomination. The portrait of Queen Elizabeth II would remain on all banknotes, he added, obviously in answer to calls from some politicians to remove the Queen's portrait from the currency after 18 years as an republic. Fiji is, however, a member of the Commonwealth, and Queen Elizabeth is recognized as Paramount Chief of the Great Council of Chiefs of Fiji. Her portrait was updated to more mature one, which was released in 2007, becoming the fourth portrait of the Queen to appear on Fijian currency.
The Reserve Bank of Fiji Governor Savenaca Narube announced on 11 February 2006 that polymer plastic coated notes would be introduced, featuring images of local people, culture, trade and industry. The new notes, which would be ready for distribution in early 2007, would vary in size, Narube said.
The Fijian dollar's exchange value towards the US dollar tends to be USD 1 = FJD 1.6 to FJD 1.7.
[edit] Coins
In 1969, coins were introduced in denominations of 1, 2, 5, 10 and 20, with a 50 cent coin issued in 1975. The coins had the same sizes and compositions as the corresponding Australian coins, with the 50 cents matching the cupro-nickel dodecagonal type introduced in Australia in 1969. In 1990, new compositions were introduced, with copper-plated steel used for the 1 and 2 cents, and nickel-plated steel for the 5, 10, 20 and 50 cents. A brass 1 dollar coin was introduced in 1995. The 2 cents is currently being withdrawn.
[edit] Banknotes
[edit] First dollar
In 1867, the government treasury issued 1 dollar notes. These were followed by notes for 1, 5, 10, 25 and 50 dollars issued between 1871 and 1873. Also between 1871 and 1873, King Cakobau issued notes in denominations of 12½, 25, 50 and 100 cents and 5 dollars. Levuka (on Ovalau island) issued 1 and 5 dollars notes during the 1870s.
[edit] Second dollar
In 1969, the government introduced notes in denominations of 50 cents, 1, 2, 5, 10 and 20 dollars. The Central Monetary Authority took over the issuance of paper money in 1974, issuing the same denominations, although the 50 cents was withdrawn by 1980. In 1987, the Reserve Bank of Fiji began issuing notes. The 1 dollar note was replaced by a coin in 1995, the same year that a 50 dollars note was introduced, followed by 100 dollars in 2007. Denominations of banknote currently in circulation are:
- $2
- $5
- $10
- $20
- $50
- $100 [1]
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[edit] See also
[edit] References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
[edit] External links
- Don's World Coin Gallery - Fiji
- Ron Wise's World Paper Money - Fiji Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Fiji Mirror site
- The Global History of Currencies - Fiji
- Global Financial Data currency histories table (
Microsoft Excel format) - Banks are collecting Fiji coins
- New Banknotes
- Leaflet with images of the new banknotes to be issued.
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