Fijian dollar

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Fijian dollar
181px
A current $5 note
ISO 4217 code FJD
Central bank Reserve Bank of Fiji
 Website www.reservebank.gov.fj
User(s)  Fiji
Inflation 7.4%
 Source Reserve Bank of Fiji, January 2008 est.
Subunit
 1/100 cent
Symbol FJ$
Coins 5¢, 10¢, 20¢, 50¢, $1, $2
Banknotes $5, $10, $20, $50, $100

The Fijian 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.

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 they were replaced with pictures of plants and animals.[1]

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.

Coinage

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Main article: Coins of the Fijian dollar

In 1969, coins were introduced in denominations of 1¢, 2¢, 5¢, 10¢ & 20¢, with a 50¢ 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 5¢, 10¢, 20¢ & 50¢. An aluminium-bronze $1 coin was introduced in 1995. 2009 saw the introduction of a new smaller coinage from 5 to 50 cents.[2] In 2013 Fiji released a whole family of new coins, with fauna themes, and without the Queen's bust.[3]

Banknotes

First dollar

File: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 12½¢, 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

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.[4] The Central Monetary Authority took over the issuance of paper money in 1974, issuing the same denominations, although the 50¢ 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.

Denominations of banknote in circulation as of 2015 are:

  • $5
  • $10
  • $20
  • $50
  • $100[5]

2007 Series

2007 Series[6]
Image Value Dimensions Main colour Description Date of issue Date of first issue Watermark
Obverse Reverse
[7] $2 131 x 67mm Green Mohar (sovereign locket); domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Children, National Stadium in Suva, Korobas mountains 2007 10 April 2007 Fijian head and electrotype 2
[8] $5 136 x 67mm Brown Katoni Masima; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Mount Valili, Fiji Crested Iguana, Balaka palm, Masiratu flower 2007 10 April 2007 Fijian head and electrotype 5
[9] $10 141 x 67mm Purple i Buburau ni Bete; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Joske's Thumb; Grand Pacific Hotel 2007 10 April 2007 Fijian head and electrotype 10
20 FJD obverse 2007.jpg
20 FJD reverse 2007.jpg[10]		 $20 146 x 67mm Blue Foa; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Fish processing; cutting lumber; mining; train; Mount Uluinabukelevu 2007 10 April 2007 Fijian head and electrotype 20
50 FJD obverse 2007.jpg
50 FJD reverse 2007.jpg[11]		 $50 151 x 67mm Red Wasekaseka; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms Ceremonial presentation of Tabua and Yaqona 2007 10 April 2007 Fijian head and electrotype 50
[12] $100 156 x 67mm Yellow Buli Kula; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms. Map of Fiji; Tourism 2007 10 April 2007 Fijian head and electrotype 100

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 the 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 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 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 was 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.[13] The removal was seen as retaliation for Fiji's expulsion from the Commonwealth.[13] The new set, which was unveiled on 12 December 2012 and were 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.[14]

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.

A new series of notes, the "Flora and Fauna" design series is being introduced starting in 2013 which will feature the country's endemic flora and fauna. The image of Queen Elizabeth II will no longer feature 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.[15][16][17] The Fijian dollar's exchange value towards the US dollar tends to be around USD 1 = (FJD 1.7 ... FJD 1.9). Note: rates vary daily.

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

See also

References

  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ http://worldcoinnews.blogspot.com/2009/02/fiji-2009-smaller-coins_7147.html World coin news
  3. ↑ http://worldcoinnews.blogspot.com/2012/12/fiji-2012-new-coin-types.html World coin news
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ http://banknotenews.com/files/9aecdb7ee1d8e2cc405ee65c896fb8ce-43.php
  7. ↑ "109" – Fiji 2 Dollars from http://banknote.ws/
  8. ↑ "110" – Fiji 5 Dollars from http://banknote.ws/
  9. ↑ – "111" Fiji 10 Dollars from http://banknote.ws/
  10. ↑ "112" – Fiji 20 Dollars from http://banknote.ws/
  11. ↑ "113" – Fiji 50 Dollars from http://banknote.ws/
  12. ↑ "114" – Fiji 50 Dollars from http://banknote.ws/
  13. ↑ 13.0 13.1 Off with her head! Fiji orders removal of Queen's profile from its currency after row with Britain Daily Mail, 3 March 2011
  14. ↑ Fiji new 2012 flora and fauna series confirmed BanknoteNews.com. 30 January 2013. Retrieved on 2013-02-04.
  15. ↑ http://www.kln.gov.my/web/fji_suva/home/-/asset_publisher/8pPT/blog/fiji%E2%80%99s-new-flora-and-fauna-design-banknotes-and-coins?redirect=%2Fweb%2Ffji_suva%2Fhome
  16. ↑ http://www.thetimes.co.uk/tto/news/world/australia-newzealand/article3628682.ece
  17. ↑ http://www.securamonde.com/2013/04/03/fiji-issues-first-polymer-banknote/
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External links

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