Saint Helena pound

Last updated
Saint Helena pound
ISO 4217
CodeSHP (numeric:654)
Subunit 0.01
Unit
Plural 
Symbol £
Denominations
Subunit
1100 penny
Plural
penny pence
Banknotes£5, £10, £20
Coins 1, 2, 5, 10, 20, 50 pence, £1, £2
Demographics
User(s)Flag of the United Kingdom.svg  St Helena, Ascension and Tristan da Cunha (only in Saint Helena and Ascension Island), alongside pound sterling
Issuance
GovernmentGovernment of Saint Helena
Website www.sainthelena.gov.sh
Valuation
Inflation 3.2%
Source The World Factbook , 1997 est.
Pegged with sterling at par

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.

Contents

Tristan da Cunha, the third part of the territory, officially adopted sterling. However, commemorative coins are occasionally minted for the island. [1]

History

Initially, sterling coin circulated on Saint Helena, in units of a pound divided into 20 shillings , each of 12 pence.

That was supplemented by occasional local issues of paper currencies. One coin, a copper halfpenny, was struck in 1821, specifically for use in the islands, and intermingled with sterling coinage. The notes were denominated in pounds and shillings, and valued at par with sterling.

Prior to February 1961, the South African pound, which was then equal in value to sterling, was also accepted on the island, but that ceased with the introduction of the new decimal South African rand, with one rand being worth only 10 shillings sterling.

Until 1976, St. Helena used sterling currency, but in February of that year, the St. Helena Government established the Currency Board and began issuing new decimal banknotes at par with sterling for use on the island. [2] Coins intended for circulation on St. Helena and Ascension were introduced in 1984. The use of those coins and notes was extended to Ascension Island, and later also to Tristan da Cunha. Whereas circulating coins are struck with "Saint Helena • Ascension", the banknotes only say "Government of St. Helena".

For a more general history of currency in the South Atlantic region, see British currency in the South Atlantic and the Antarctic.

Coins

East India Company copper halfpenny minted for St. Helena in 1821 Saint Helena halfpenny, 1821.jpg
East India Company copper halfpenny minted for St. Helena in 1821

The copper halfpennies introduced in 1821 were issued for Saint Helena by the East India Company, and were used for a majority of the time the company was involved in the area. During that period, the island was used as a penal location for high-ranking political prisoners, including Napoleon Bonaparte. Circulating coinage for St. Helena was not issued again for another 163 years, in 1984.

Prior to 1984, both Saint Helena and Ascension Island had issued non-circulating commemorative coins, but officially used standard circulation coins. The St. Helena-issued banknotes circulated alongside British coins and banknotes.

In 1984, circulating coins were first introduced in the names of St. Helena and Ascension, in denominations of 1, 2, 5, 10, and 50 pence and £1. The coin series was designed by engraver and coin designer Michael Hibbit. All of the coins are the same size and composition as the corresponding British coins and have the same value. Each coin depicts flora and fauna unique to the islands. The coins and notes of St. Helena and Ascension are also in use on the Island of Tristan Da Cunha, along with British coins and notes. Tristan da Cunha is not included on the series by name because the island chain was originally not politically incorporated into the St. Helena and Ascension Colony at the time of the currency's official release. Later issues have yet to include Tristan da Cunha's name as an incorporated territory. Tristan da Cunha still considers sterling to be its official currency.

Non-circulating commemoratives and unofficial coins are issued separately under the name of Tristan da Cunha and the uninhabited Gough Island, but are not recognised legal tender.

Queen Elizabeth's effigy was redesigned on most of the denominations in 1991, followed by the rest in 1998. Seven-sided 20-pence coins were also first introduced in 1998 and, in that same year, older 5- and 10-pence coins were replaced by downsized issues featuring new animal designs. However, the 50-pence coin was not downsized until 2003. Until that time, the original, larger-sized 50-pence coin continued to circulate. In 2002, nickel-brass £1 coins were introduced to replace the note, and bimetallic £2 coins were introduced to the islands the following year. The edge inscriptions of the £2 coins are (in capitals) "500th Anniversary" for the 2002 coin, and "Loyal and Faithful" for the 2003 coin.

All circulating coins have on a portrait of the head of Queen Elizabeth II on the obverse side, with the inscription: "Queen Elizabeth II", "St. Helena • Ascension" and the year. However, many of the commemorative coins over the years have only been inscribed "St. Helena" or "Ascension Island".

Some of the coin reverse designs have changed since 1984. The 5-pence pieces issued prior to 1998 showed the Saint Helena plover (the wirebird, which is the national bird of St Helena), whilst the 10-pence coins issued prior to 1998 showed orchids. The following table shows the current designs:

Depiction of St Helena and Ascension coinage (reverse side)
£0.01£0.02£0.05
St helena1p.JPG St helena2p.JPG St helena5p.JPG
Tuna Donkey with firewood Jonathan
£0.10£0.20£0.50
St helena10p.JPG St helena20p.JPG St helena50p.JPG
Dolphin Ebony Green sea turtle
£1.00£2.00
St helenaPS1.JPG St helenaPS2.JPG
Sooty tern Coat of arms of Saint Helena  

Banknotes

Especially in comparison to other British colonies, St. Helena has a long history of issuing its own currencies, which have come and gone over various economic periods.

From 1716, the Governor and Council of the Island of St Helena issued notes for 2/6 and 5/- and £1 and £2, which were issued up until the late 18th century.

The next issue of notes occurred sometime after 1917. It was produced by the St Helena Currency Board in denominations of 5/-, 20/- and 40/-.

In 1976, the currency board of the Government of Saint Helena began issuing £1 and £5 notes, followed by 50p and £10 notes in 1979. [3]

The 50p and £1 notes were withdrawn and replaced by coins in 1984, and £20 notes were first introduced in 1986. A redesign of the £5 note was introduced in 1988.

In 2004, a new series of £10 and £20 notes was introduced, produced by De La Rue Banknote and Engraving Company, featuring a redesign and newer security features. With the introduction of the new series, the £1 note was discontinued and withdrawn from circulation.

Bank account money

The only bank on Saint Helena and Ascension is the Bank of Saint Helena. All accounts in this bank use pounds as currency, which can be considered Saint Helena pounds because SHP banknotes are given on withdrawal. All international transfers have to be done in sterling, euros, South African rand, or United States dollars. [4] Credit card usage by visitors on the island will have sterling as currency. This means that SHP does not exist as transfer currency outside the islands.

Exchange rates

The Bank of St Helena publishes the exchange rates for its currency exchange. The exchange rate for the Saint Helena pound against sterling is 1:1, although exchange or transfer fees can be incurred.

Indicative rates for other currencies can be obtained as follows:

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

See also

Related Research Articles

<span class="mw-page-title-main">Coins of the pound sterling</span> British current and historic coinage

The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.

<span class="mw-page-title-main">Pound sterling</span> Official currency of the United Kingdom and other territories

Sterling is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. In British English, its most common nickname is "quid."

<span class="mw-page-title-main">Banknotes of the pound sterling</span> Promissory notes denominated in pounds sterling

Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling.

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.

The pound is the currency of Guernsey. Since 1921, Guernsey has been in currency union with the United Kingdom and the Guernsey pound is not a separate currency but is a local issue of sterling banknotes and coins, in a similar way to the banknotes issued in Scotland, England and Northern Ireland. It can be exchanged at par with other sterling coinage and notes.

The pound is the currency of Gibraltar. It is pegged to – and exchangeable with – sterling at par value. Coins and banknotes of the Gibraltar pound are issued by the Government of Gibraltar.

<span class="mw-page-title-main">Tanzanian shilling</span> Currency of Tanzania

The shilling is the currency of Tanzania. It is subdivided into 100 cents . The Tanzanian shilling replaced the East African shilling on 14 June 1966 at par.

<span class="mw-page-title-main">Jamaican dollar</span> Currency of Jamaica

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 dollar has the ISO 4217 code BBD. The Barbadian dollar is divided into 100 cents.

<span class="mw-page-title-main">Jersey pound</span> Currency of Jersey

The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland. It can be exchanged at par with other sterling coinage and notes.

The pound is the currency of the Isle of Man, at parity with sterling. The Manx pound is divided into 100 pence. Notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government.

The pound is the currency of the Falkland Islands, a British Overseas Territory in the South Atlantic Ocean. The symbol is the pound sign, £. The ISO 4217 currency code is FKP.

The pound was the currency of the Bahamas until 1966. It was equivalent to the pound sterling and was divided into 20 shillings, each of 12 pence. Standard sterling coinage circulated. Apart from a Bahamas penny coin struck in 1806, there were no special coin issues such as were found in Jamaica.

The pound was the currency of Western Samoa between 1914 and 1967. It was subdivided into 20 shillings, each of 12 pence.

The history of currency in the British colony of St. Kitts closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.

The history of currency in the British colony of Saint Lucia closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.

<span class="mw-page-title-main">Saint Helena, Ascension and Tristan da Cunha</span> British Overseas territory in the South Atlantic Ocean

Saint Helena, Ascension and Tristan da Cunha is a British Overseas Territory located in the South Atlantic and consisting of the island of Saint Helena, Ascension Island, and the archipelago of Tristan da Cunha. Its name was Saint Helena and Dependencies until 1 September 2009, when a new constitution came into force giving the three islands equal status as three territories, with a grouping under the Crown.

The United Kingdom possesses a number of islands in the South Atlantic Ocean and claims a section of the Antarctic continent. These territories are St. Helena with Ascension Island and Tristan da Cunha, the Falkland Islands, South Georgia and the South Sandwich Islands, and the UK's claimed Antarctic territory, called the British Antarctic Territory. The official currency in these territories is either Pound sterling or a local currency that evolved from sterling and is at a fixed one-to-one parity with sterling.

References

Notes

  1. Tristan da Cunha Coins
  2. Official Records of the 34th Session of the General Assembly: Supplement, Issue 23, 1979, page 59
  3. Linzmayer, Owen (2012). "Saint Helena". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  4. International Payments

Sources