Fijian dollar

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Fijian dollar
New5fijidollar.png
A current $5 note
ISO 4217 codeFJD
Central bankReserve Bank of Fiji
 Websitewww.reservebank.gov.fj
User(s) Fiji
Inflation7.4%
 SourceReserve Bank of Fiji, January 2008 est.
Subunit
 1/100cent
SymbolFJ$
Coins5¢, 10¢, 20¢, 50¢, $1, $2
Banknotes$2, $5, $10, $20, $50, $100
 
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Fijian dollar
New5fijidollar.png
A current $5 note
ISO 4217 codeFJD
Central bankReserve Bank of Fiji
 Websitewww.reservebank.gov.fj
User(s) Fiji
Inflation7.4%
 SourceReserve Bank of Fiji, January 2008 est.
Subunit
 1/100cent
SymbolFJ$
Coins5¢, 10¢, 20¢, 50¢, $1, $2
Banknotes$2, $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)[edit]

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[edit]

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[edit]

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[edit]

First dollar[edit]

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 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[edit]

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 currently in circulation are:

2007 Series [1]
ImageValueDimensionsMain ColorDescriptionDate of issueDate of first issueWatermark
ObverseReverse
[2]$2131 x 67mmGreenMohar (sovereign locket); domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of armsChildren, National Stadium in Suva, Korobas mountains2007April 10, 2007Fijian head and electrotype 2
[3]$5136 x 67mmBrownKatoni Masima; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of armsMount Valili, Fiji Crested Iguana, Balaka palm, Masiratu flower2007April 10, 2007Fijian head and electrotype 5
[4]$10141 x 67mmPurplei Buburau ni Bete; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of armsJoske's Thumb; Grand Pacific Hotel2007April 10, 2007Fijian head and electrotype 10
[5]$20146 x 67mmBlueFoa; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of armsFish processing; cutting lumber; mining; train; Mount Uluinabukelevu2007April 10, 2007Fijian head and electrotype 20
[6]$50151 x 67mmRedWasekaseka; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of armsCeremonial presentation of Tabua and Yaqona2007April 10, 2007Fijian head and electrotype 50
[7]$100156 x 67mmYellowBuli Kula; domodomo (canoe masthead) as registration device; Queen Elizabeth II; Fijian coat of arms.Map of Fiji; Tourism2007April 10, 2007Fijian head and electrotype 100

Current status & value[edit]

Example of a Fijian $20 note featuring Queen Elizabeth, still in circulation but no longer being produced.

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.[6] The new set, which was unveiled on December 12, 2012 and were issued on January 2, 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.[7]

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 March 31, 2013 and the $5 note is now printed in green, a change from its previous tawny and brown color scheme. The new $5 note, the first banknote from the “Flora and Fauna” design series, entered into circulation on 2 April 2013.[8][9][10] The Fijian dollar's exchange value towards the US dollar tends to be 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.com:AUD CAD CHF EUR GBP HKD JPY USD SGD NZD
From OANDA.com:AUD CAD CHF EUR GBP HKD JPY USD SGD NZD
From fxtop.com:AUD CAD CHF EUR GBP HKD JPY USD SGD NZD

See also[edit]

References[edit]

External links[edit]