Fijian dollar

Last updated

Fijian dollar
Dola ni Viti (Fijian)
फिजियन डॉलर (Fiji Hindi)
New5fijidollar.png
A current FJ$5 note
ISO 4217
CodeFJD (numeric:242)
Subunit 0.01
Unit
Symbol FJ$ or FJD
Denominations
Subunit
1100 cent
Symbol
cent c
Banknotes
Freq. used$5, $10, $20, $50, $100
Rarely used88c , 100c, $7, $2000
Coins 5c, 10c, 20c, 50c, $1, $2
Demographics
User(s)Flag of Fiji.svg  Fiji
Issuance
Central bank Reserve Bank of Fiji
Website www.rbf.gov.fj
Valuation
Inflation 2.5%
Source Reserve Bank of Fiji , Sep 2023 est.

The Fijian dollar (currency sign: FJ$, $ ; 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.

Contents

History

Decimalisation origins

Fiji followed the pattern of South Africa, Australia, and New Zealand in that when it adopted the decimal system, it decided to use the half pound unit as opposed to the pound unit of account. The choice of the name dollar was motivated by the fact that the reduced value of the new unit corresponded more closely to the value of the US dollar than it did to the pound sterling.

Second dollar (1969–present)

The dollar was reintroduced on 15 January 1969, replacing the Fijian pound at a rate of 1 pound = 2 dollars, or 10 shillings = FJ$1. Despite Fiji having been a republic since 1987, coins and banknotes continued to feature Queen Elizabeth II until 2013, when her portrait was replaced with pictures of plants and animals. [1]

Coinage

In 1969, coins were introduced in denominations of 1c, 2c, 5c, 10c & 20c, with a 50c coin issued in 1975. The coins had the same sizes and compositions as the corresponding Australian coins, with the 50 cents matching the cupronickel dodecagonal type introduced in Australia in 1969. In 1990, new compositions were introduced, with copper-plated zinc used for the 1¢ and 2¢ coins, and nickel-plated steel for the 5c, 10c, 20c & 50c. An aluminium-bronze $1 coin was introduced in 1995, replacing the $1 note. 2009 saw the introduction of a new smaller coinage from 5 to 50 cents.[ citation needed ] These were struck by the Royal Canadian Mint and are made with the three-ply electroplate method. The 1 and 2 cents were also discontinued and withdrawn the same year. A thinner brass plated steel $1 coin was later introduced in 2010, gradually phasing out the older type.

In 2013 Fiji released a whole family of new coins, with fauna themes, and without the Queen's portrait.[ citation needed ] This new series saw the introduction of a $2 coin, replacing the corresponding note just as the $1 coin had done before. This coin faced controversy due to being too easily mistaken as a $1, as it was only slightly larger of the same colour. It was replaced by a larger and thicker Spanish flower shaped $2 coin in 2014. [2] The metallic content of both the $1 and $2 was also changed in 2014 for better durability and resistance to wear after widespread complaints of the coins corroding and "turning black".

ValueComposition2012 series
ObverseReverse
5cthree ply nickel-clad steelNuqa-roro (Foxface Rabbitfish)Lali (drum)
10cBeka-Mirimiri (Fiji Flying Fox)I ulã tavatava (throwing club)
20cKakã (Kadavu Shining Parrot)Tabua (whale's tooth)
50cVarivoce (Humphead Wrasse)Camakau (traditional outrigger canoe)
$1three ply nickel-clad brassVokai (Banded Iguana)Saqãmoli (drinking vessel)
$2Ga ni Vatu (Peregrine Falcon)Tanoa (kava bowl)

Banknotes

First dollar

Series 1872 Treasury Note for 10 dollars payable at Levuka FIJ-16b-Levuka (Treasury Note)-10 Dollars (1872).jpg
Series 1872 Treasury Note for 10 dollars payable at Levuka

In 1867, the government treasury issued 1 dollar notes. These were followed by notes for $1, $5, $10, $25 and $50 issued between 1871 and 1873. Also between 1871 and 1873, King Seru Epenisa Cakobau issued notes in denominations of 12+12¢, 25¢, 50¢, 100¢ and $5. Levuka (on Ovalau island) issued $1 and $5 notes during the 1870s.

Second dollar

Commemorative two-dollar banknote for 2000 Fijitwodollars2000.jpg
Commemorative two-dollar banknote for 2000

On 15 January 1969, the government introduced notes in denominations of 50 cents, $1, $2, $10, and $20; the $5 note was not issued until 1970. [3] The Central Monetary Authority took over the issuance of paper money in 1974, issuing the same denominations, although the 50c note was replaced by a coin on 3 March 1975. In 1986, the Reserve Bank of Fiji began issuing notes. The $1 note was replaced by a coin in 1995. The $50 note was introduced in 1996, followed by a $100 note on 10 April 2007. Banknote denominations in circulation as of 2017 are: $5, $10, $20, $50 and $100. [4]

2007 Series

2007 Series [5]
ImageValueDimensionsMain colourDescriptionDate of issueDate of first issueWatermark
ObverseReverse
[6] $2131 × 67 mmGreenMohar (sovereign locket); domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Children, National Stadium in Suva, Korobas mountains200710 April 2007Fijian head and electrotype 2
[7] $5136 × 67 mmBrownKatoni Masima; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Mount Valili, Fiji Crested Iguana, Balaka palm, Masiratu flower 200710 April 2007Fijian head and electrotype 5
[8] $10141 × 67 mmPurplei Buburau ni Bete; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Joske's Thumb; Grand Pacific Hotel 200710 April 2007Fijian head and electrotype 10
20 FJD obverse 2007.jpg 20 FJD reverse 2007.jpg $20146 × 67 mmBlueFoa; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Fish processing; cutting lumber; mining; train; Mount Uluinabukelevu2007 [9] 10 April 2007Fijian head and electrotype 20
50 FJD obverse 2007.jpg 50 FJD reverse 2007.jpg $50151 × 67 mmRedWasekaseka; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Ceremonial presentation of Tabua and Yaqona 2007 [10] 10 April 2007Fijian head and electrotype 50
[11] $100156 × 67 mmYellowBuli Kula; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms.Map of Fiji; Tourism200710 April 2007Fijian head and electrotype 100

2012 Series

2012 Series [12]
ImageValueDimensionsMain colourDescriptionDate of issueDate of first issueWatermark
ObverseReverse

[13]
$5136 × 67 mmGreenKatoni Masima; domodomo (canoe masthead) as registration device; Parrot; Fijian coat of arms Mount Valili, Fiji Crested Iguana, Balaka palm, Masiratu flower 20122 January 2013Fijian head and electrotype 5

[14]
$10141 × 67 mmPurplei Buburau ni Bete; domodomo (canoe masthead) as registration device; Beli fish; Fijian coat of arms Joske's Thumb; Grand Pacific Hotel 20122 January 2013Fijian head and electrotype 10

[15]
$20146 × 67 mmBlueFoa; domodomo (canoe masthead) as registration device; Macgillvray storm bird; Fijian coat of arms Fish processing; cutting lumber; mining; train; Mount Uluinabukelevu20122 January 2013Fijian head and electrotype 20

[16]
$50151 × 67 mmRedWasekaseka; domodomo (canoe masthead) as registration device; Tagimoucia flower; Fijian coat of arms Ceremonial presentation of Tabua and Yaqona 20122 January 2013Fijian head and electrotype 50

[17]
$100156 × 67 mmYellowBuli Kula; domodomo (canoe masthead) as registration device; Nanai (Fiji cicada); Fijian coat of arms.Map of Fiji; Tourism20122 January 2013Fijian head and electrotype 100

Commemorative banknotes

Current status and value

On 16 August 2005, Finance Minister Ratu Jone Kubuabola announced that the Cabinet had approved the introduction of a $100 banknote and the withdrawal of the 1 and 2 cent coin, as the minting cost exceeded its face value. Kubuabola said that the $100 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 a 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 a more mature one, which was released in 2007, becoming the fourth portrait of the Queen to appear on Fijian currency.

In 2009, the demonetization of the 1 and 2 cent coins was made official and a new coin set of 5, 10, 20, and 50 cent coins with reduced size were introduced. The old coins based on the Australian size standard were withdrawn from circulation. The reformed coins were introduced to save on production costs. The new 50 cent piece is also round with reeded edges rather than twelve-sided. On 2 March 2011, it was announced that Fiji would drop Queen Elizabeth II from its coins and notes, instead opting for local flora and fauna. [22] The removal was seen as retaliation for Fiji's suspension from its full membership of the Commonwealth. [22] The new set, which was unveiled on 12 December 2012, was issued on 2 January 2013. The new series of Fijian coins include a bi-metallic (brass-plated steel) $2 coin intended to replace the note, and a thinner, reduced weight $1 coin. The new series of Fijian dollar banknotes feature Fijian flora and fauna to replace the portrait of Queen Elizabeth II. One change in the redesign of the Fijian dollar banknotes was the $5 note. Originally printed on paper, it is now issued as a polymer banknote. [23]

Polymer plastic-coated notes were introduced in 2007, featuring images of local people, culture, trade and industry. Their sizes vary among denominations

A new series of notes, the "Flora and Fauna" design series, was introduced in 2013, featuring endemic flora and fauna. The image of Queen Elizabeth II no longer features in the new banknote series. The $2 note, now coined, ceased to be legal tender on 31 March 2013 and the $5 note is now printed in green, a change from its previous tawny and brown colour scheme. The new $5 note, the first banknote from the "Flora and Fauna" design series, entered into circulation on 2 April 2013. [24] [25] [26]

Current FJD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD SGD NZD EUR
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD SGD NZD EUR
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD SGD NZD EUR
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD SGD NZD EUR

See also

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References

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  2. "New Fiji $2 coins in circulation next Monday | Fiji One". Archived from the original on 6 January 2015. Retrieved 1 December 2016.
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  14. – "111" Fiji 10 Dollars Archived 7 July 2016 at the Wayback Machine from http://banknote.ws/
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  17. "114" – Fiji 50 Dollars Archived 7 July 2016 at the Wayback Machine from http://banknote.ws/
  18. Aualiitia, Tahlea (24 July 2021). "Why fans of Fiji's rugby sevens team are clutching this rare banknote during the Olympics". ABC News.
  19. "Commemorative Currency Launch To Mark Fiji 50". Fijisun.com.fj. Retrieved 24 October 2020.
  20. "Special Fiji 50 coins and banknotes unveiled". Fijivillage.com. Retrieved 24 October 2020.
  21. "Fiji launches commemorative banknotes; issued into circulation tomorrow". Fijitimes.com. Retrieved 24 October 2020.
  22. 1 2 "Fiji to dump British queen from currency – Offbeat – Emirates24|7". Emirates247.com.
  23. Fiji new 2012 flora and fauna series confirmed Archived 17 August 2013 at the Wayback Machine , BanknoteNews.com. 30 January 2013. Retrieved on 2013-02-04.
  24. "Ministry of Foreign Affairs, Malaysia - FIji's NEW FLORA AND FAUNA DESIGN BANKNOTES AND COINS - Home". www.kln.gov.my. Archived from the original on 21 February 2014. Retrieved 20 July 2022.
  25. Barrowclough, Anne. "Fiji currency replaces monarchy with animal kingdom". The Times .
  26. "Fiji Issues First Polymer Banknote". Securamonde.com. 3 April 2013.