Fijian dollar

Infobox Currency
image_1 = Fijifivedollar.jpg
image_title_1 = A current $5 note
image_width_1 = 181
iso_code = FJD
using_countries = FJI
inflation_rate = 7.4%
inflation_source_date = " [http://www.reservebank.gov.fj/ Reserve Bank of Fiji] ", January 2008 est.
subunit_ratio_1 = 1/100
subunit_name_1 = cent
symbol = FJ$
frequently_used_coins = 1, 5, 10, 20, 50 cents, $1
rarely_used_coins = 2 cents
coin_article = Coins of the Fijian dollar
used_banknotes = $2, $5, $10, $20, $50, $100
issuing_authority = Reserve Bank of Fiji
issuing_authority_website = www.reservebank.gov.fj

The dollar (currency sign: $; 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.

History

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.

econd dollar, 1969-

The dollar was reintroduced in 1969, replacing the Fijian pound at a rate of 1 pound = 2 dollars, or 10 shillings = FJ$1. 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.

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 1 and 2 cent coins are currently being phased out.

Banknotes

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.

econd 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 [cite web | author=Nachthund | date=2007-05-02 | url=http://www.nachthund.biz/CatalogUpdate/Fiji/FijiIndex.html | title = Update - Fiji. | accessdate=2007-05-03]

ee also

* Economy of Fiji

References

*numis cite SCWC|date=1991
*numis cite SCWPM|date=1994

External links

Standard numismatics external links
world_coin_gallery_1_url = Fiji
world_coin_gallery_1_name = Fiji
banknote_world_1_url = fiji
banknote_world_1_name = Fiji
dollarization_1_url = fj
dollarization_1_name = Fiji
gfd_1_url = Fiji
gfd_1_name = Fiji
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y
* [http://www.reservebank.gov.fj/press/2006/PR%2008-Banks%20Are%20Collecting%20Coins-28Apr06.pdf Banks are collecting Fiji coins]
* [http://www.reservebank.gov.fj/press/2006/PR%2001-Printing%20of%20Fiji's%20New%20Currency%20Notes-10Feb06.pdf New Banknotes]
* [http://www.reservebank.gov.fj/docs/English_Leaflet.pdf Leaflet with images of the new banknotes to be issued.]