Kiribati dollar

Last updated

Kiribati dollar
Kiribati Coins.JPG
Coins of the Kiribati dollar.
ISO 4217
Codenone
(KID unofficially)
Unit
Symbol $
Denominations
Subunit
1100 cent
Symbol
cent ¢
BanknotesAustralian notes circulate
Coins5¢, 10¢, 20¢, 50¢, $1, $2
Demographics
User(s)Flag of Kiribati.svg  Kiribati (alongside Australian dollar)
Issuance
Issuing authority Government of Kiribati
Mint Not produced since 1992
Valuation
Inflation 0.5%
Source The World Factbook , 2005 est.
Pegged with Australian dollar at par

    The Kiribati dollar is one of the two official currencies of Kiribati. The Kiribati coins are pegged at 1:1 ratio to the Australian dollar, the other official currency of Kiribati. Kiribati coins were issued in 1979 and circulate alongside banknotes and coins of the Australian dollar. In present day, Kiribati coins are rare in comparison to Australian coins with the last minor emission made in 1992, and these old coins are now generally collectors items. The complete emissions of coins were made in 1979 and in 1989 for the tenth anniversary of independence.

    Contents

    History

    Before independence, Australian coins were used in Kiribati (then part of the Gilbert and Ellice Islands) from 1966 until 1979. Previous to Australia's introduction of the dollar, the Australian pound, since World War I, was chiefly used throughout the islands, though Gilbert and Ellice Islands banknotes issued in the 1940s were also in use and were redeemable for Pound Sterling at face value.

    During Japanese occupation of the islands during World War II, the Oceanian pound, an all banknote currency created by the Japanese Government to be a universal currency for the Pacific, was in use. The Australian pound was restored, always in use in the atolls not occupied by Japan, as the official currency after the war ended.

    A call to issue coinage for an independent Kiribati in 1979 was made to legitimise its new political status, and although Australian banknotes would be used, the decision to issue domestic coins was widely favoured and accepted. A two dollar coin was introduced in 1989 to replace the note and celebrate the nation's tenth anniversary.

    Coins

    Kiribati's first coins were introduced in 1979 following independence and were directly pegged to the Australian dollar. The coins were initially issued in denominations of 1, 2, 5, 10, 20 and 50-cents, and 1 dollar.

    Except for the 50 cents and 1 dollar pieces, all of these coins are the same size, weight, and composition as the corresponding Australian coins, with the 1 and 2 cents pieces composed of bronze and the 5, 10, 20, 50 cents pieces, and $1 being composed of cupro-nickel. As usual for other Pacific island states, only the lower denominations (1-20 cents) share any commonality, with the largest denominations being unique to their respective countries. The 50-cents piece is round with reeded edges, unlike the dodecagonal (twelve sided) Australian equivalent. The Kiribati 1 dollar is the same twelve sided shape as Australia's 50 cents coin, but it is smaller and weighs 4.3 grams less than both the Australian and Kiribati half dollars.

    In 1989, nickel-brass 2 dollar coins were introduced coinciding with Kiribati's tenth anniversary of independence, and followed Australia's issuance of its 2 dollar coin and withdrawal of the 2 dollar note in 1988. The Kiribati $2 piece is round and much larger than Australia's comparatively tiny $2 piece, with the same circumference of the 20-cents coin and a thickness similar to the British 1 Pound coin.

    Most Kiribati coins are dated 1979, marking an event to coincide with independence, but with some exception. In 1992, Kiribati began producing 1 and 2 cents pieces in copper-plated steel and 5 cents pieces in nickel-plated steel re-struck off of 1979 planchets. These coins are distinct in their lustre and obvious attraction to a magnet and were produced to compensate for Australia's discontinuation of the two lowest denominations. However, a small mintage of the 1992 issue 1 cent was struck in bronze. 10-, 20-, 50-cents, and $1 coins have yet to appear as later issues and do not appear to be restrike coins. So most of the denominations remain as a single date issue. Although Kiribati retained 1 and 2 cents coins well after Australia demoted theirs, redundancy and devaluation has slowly removed these coins from general circulation.

    Kiribati no longer issues local coinage and hasn't now for quite some time, so most examples are either uncirculated from the bank or heavily used. Australian coinage has also become more frequent than local coinage in more populated regions for these reasons as the government feels it more practical and cost effective to use Australian coins rather than mint additional Kiribati coins.

    $1 and $2 coins, heavily used Kiribati dollars $1 and $2.jpg
    $1 and $2 coins, heavily used

    The primary side of all Kiribati coins depicts the national crest, while the obverse depict flora, fauna, and items of cultural importance to the islands. The coins were designed by sculptor and engraver Michael Hibbit.

    Reverse depictions are as follows:

    ValueDiameterComposition1979–1989
    ObverseReverse
    1 cent17.5 mm Bronze Coat of arms Frigatebirds
    2 cents21.6 mmCoat of arms Babai plant
    5 cents19.3 mm Cupronickel Coat of arms Gecko [lower-alpha 1]
    10 cents23.6 mmCoat of arms Breadfruit
    20 cents28.45 mmCoat of arms Dolphins
    50 cents31.65 mmCoat of arms Pandanus tree
    1 dollar30 mmCoat of arms Outrigger canoe
    2 dollars29 mm Nickel-Brass Coat of arms Maneaba/"Tenth Anniversary of Independence"

    Banknotes

    Australian pound Sterling banknotes were introduced to the region in 1914 shortly before the Gilbert Islands gained status from a protectorate to a crown colony of Great Britain in 1916. These continued to be the main source of exchange until the decimalisation of 1966.

    In 1942, local banknotes were issued under the authority of the Gilbert and Ellice Islands Government and were locally produced with a primitive and austere design. These notes were valued on parity with sterling and issued in denominations of 1, 2, 5, and 10 shillings and 1 pound. After the wartime emergency had passed these notes were discontinued and gradually phased out. Due to their scarcity, these notes are highly collectable.

    In 1966, the new Australian dollar became the new official currency of the Gilbert and Ellice Islands, replacing the pound notes. Only 1, 2, and 10 dollars were used at first, but 5, 20, 50, and 100 dollars were later sent for use. This continued to be the official currency after the break-up of the joint Gilbert and Ellice colonies and following independence of the Gilberts and annexed territories as Kiribati. The 1 dollar notes circulated alongside a local coin.

    The 1 and 2 dollar notes were later withdrawn in favour of Kiribati - and Australian - issued coins.

    See also

    Notes

    1. Often described by mistake as a Tokay gecko.

    Related Research Articles

    The Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has existed since 1965, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since 7 July 1976, at the exchange rate of US$1 = EC$2.70.

    <span class="mw-page-title-main">Australian dollar</span> Currency of Australia

    The Australian dollar is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. As of 2022, it is the sixth most-traded currency in the foreign exchange market and also the seventh most-held reserve currency in global reserves.

    The Hong Kong dollar is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.

    <span class="mw-page-title-main">Belize dollar</span> Official currency of Belize

    The Belize dollar is the official currency in Belize. It is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other dollar-denominated currencies.

    <span class="mw-page-title-main">Sri Lankan rupee</span> Currency of Sri Lanka

    The Sri Lankan Rupee is the currency of Sri Lanka. It is subdivided into 100 cents (සත), but cents are rarely seen in circulation due to its low value. It is issued by the Central Bank of Sri Lanka. The abbreviation Re (singular) and Rs (plural) is generally used, the World Bank suggests SL Rs as a fully disambiguating abbreviation for distinction from other currencies named "rupee".

    The British West Indies dollar (BWI$) was the currency of British Guiana and the Eastern Caribbean territories of the British West Indies from 1949 to 1965, when it was largely replaced by the East Caribbean dollar, and was one of the currencies used in Jamaica from 1954 to 1964. The monetary policy of the currency was overseen by the British Caribbean Currency Board (BCCB). It was the official currency used by the West Indies Federation The British West Indies dollar was never used in British Honduras, the Cayman Islands, the Turks and Caicos Islands, the Bahamas, or Bermuda.

    <span class="mw-page-title-main">Australian pound</span> Former currency of Australia

    The pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. Like other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.

    The Bermudian dollar is the official currency of the British Overseas Territory of Bermuda. It is subdivided into 100 cents. The Bermudian dollar is not normally traded outside Bermuda, and is pegged to the United States dollar at a one-to-one ratio. Both currencies circulate in Bermuda on an equal basis.

    <span class="mw-page-title-main">Fijian dollar</span> Currency of Fiji

    The Fijian dollar 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.

    The Jamaican dollar has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents, although cent denominations are no longer in use as of 2018. Goods and services may still be priced in cents, but cash transactions are now rounded to the nearest dollar.

    <span class="mw-page-title-main">Trinidad and Tobago dollar</span> Currency of Trinidad and Tobago

    The Trinidad and Tobago dollar is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. Cents are abbreviated with the cent sign ¢, or TT¢ to distinguish from other currencies that use cents. Its predecessor currencies are the Trinidadian dollar and the Tobagonian dollar.

    <span class="mw-page-title-main">Guyanese dollar</span> Currency used in Guyana

    The Guyanese dollar has been the unit of account in Guyana since 29 January 1839. Originally it was intended as a transitional unit to facilitate the changeover from the Dutch guilder system of currency to the British pound sterling system. The Spanish dollar was already prevalent throughout the West Indies in general, and from 1839, the Spanish dollar unit operated in British Guiana in conjunction with British sterling coins at a standard conversion rate of one dollar for every four shillings and twopence. In 1951 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. When sterling began to depreciate in the early 1970s, a switch to a US dollar peg became increasingly attractive as an anti-inflationary measure and the Eastern Caribbean Currency Authority made the switch in October 1975. The Guyanese dollar is normally abbreviated with the dollar sign $, or alternatively G$ to distinguish it from other dollar-denominated currencies.

    <span class="mw-page-title-main">Barbadian dollar</span> Currency of Barbados

    The dollar has been the currency of Barbados since 1935. Globally its currency has the ISO 4217 code BBD, however, unofficially in Barbados the International vehicle registration code BDS is also commonly used, a currency code that is otherwise reserved for Bangladesh outside Barbados. As such the present Barbados dollar has the official ISO 4217 code of BB which matches the [dot] .bb Cc-TLD domain names classification for Barbados under ISO 3166, plus D for dollar in the foreign exchange market. The Barbadian dollar is considered as a currency which can be divided into 100 cents, though the 1 cent coin is in the process of being phased out. In terms of population, Barbados is the third smallest country in the world after Tonga and the Seychelles to have an independent currency and monetary policy.

    The Saint Helenapound is the currency of the Atlantic islands of Saint Helena and Ascension, which are constituent parts of the British Overseas Territory of Saint Helena, Ascension and Tristan da Cunha. It is fixed at parity with sterling, and so both currencies are commonly accepted and circulated within Saint Helena. It is subdivided into 100 pence.

    The Solomon Islands dollar is the currency of Solomon Islands since 1977. Its symbol is $, with SI$ used to differentiate it from other currencies also using the dollar sign. It is subdivided into 100 cents.

    The tālā is the currency of Samoa. It is divided into 100 sene. The terms tālā and sene are the equivalents of the English words dollar and cent in the Samoan language. Its symbol is $, or WS$ to distinguish it from other currencies named dollar.

    <span class="mw-page-title-main">Dutch guilder</span> Currency of the Netherlands from the 17th century until 2002

    The guilder or florin was the currency of the Netherlands from 1434 until 2002, when it was replaced by the euro.

    The Tuvaluan dollar is one of the currencies of Tuvalu, whose unofficial international currency code is TVD. Tuvalu has never had banknotes of its own, and has been issuing coins since 1976. However, the Tuvaluan dollar is used as a unit of account, and is pegged to the Australian dollar at parity. From 1966 to 1976, Tuvalu officially used the Australian dollar. In 1976, Tuvalu began issuing its own coins, which continue to circulate alongside Australian coins. Tuvalu continues to use Australian banknotes. Tuvaluan coins are not legal tender in Australia. Similar to the Faroese króna's relationship to the Danish krone and the Panamanian balboa's relationship to the United States dollar, the Tuvaluan dollar is not an independent currency, but a variation of the Australian dollar.

    <span class="mw-page-title-main">Jamaican pound</span> Official currency of Jamaica (1840–1969)

    The pound was the official currency of Jamaica between 1840 and 1969. It circulated as a mixture of sterling coinage and locally issued coins and banknotes and was always equal to the pound sterling. The Jamaican pound was also used in the Cayman and Turks and Caicos Islands.

    <span class="mw-page-title-main">Cook Islands dollar</span> Currency of the Cook Islands

    The Cook Islands dollar was the former currency of the Cook Islands, which now uses the New Zealand dollar, although some physical cash issued for the Cook Islands dollar remains in use. The dollar was subdivided into 100 cents, with some older 50-cent coins carrying the denomination as "50 tene".

    References