Fijian dollar
Encyclopedia
The 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 cent
s.
at a rate of 1 pound = 2 dollars, or 10 shillings = FJ$1. The coins and banknotes continue to feature Queen Elizabeth II
, despite Fiji having been a republic
since 1987.
, 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.
(on Ovalau
island) issued $1 and $5 notes during the 1870s.
In 1969, the government introduced notes in denominations of 50 cents, $1, $2, $5, $10 and $20. The Central Monetary Authority took over the issuance of paper money in 1974, issuing the same denominations, although the 50¢ note was withdrawn by 1980. In 1987, the Reserve Bank of Fiji
began issuing notes. The $1 note was replaced by a coin in 1995, the same year that a $50 note was introduced, followed by a $100 note in 2007. Denominations of banknote currently in circulation are:
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 The old coins based on the Australian size standard were withdrawn from circulation.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 is dropping Queen Elizabeth from its coins and notes, instead opting for local flora
and fauna
. The new set, scheduled to be issued mid 2012 is to include a bi-metallic $2 coin intended to replace the note, and a thinner, reduced weight $1 coin.
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.
In light of the political climate, a new series of notes slated for 2012 will no longer feature Queen Elizabeth, opting instead for local themes. The $2 note will also be discontinued and withdrawn and the $5 note is expected to be printed in green rather than the current tawny and brown coloration.
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.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Fiji
Fiji
Fiji , officially the Republic of Fiji , is an island nation in Melanesia in the South Pacific Ocean about northeast of New Zealand's North Island...
since 1969 and was also the currency between 1867 and 1873. It is normally abbreviated with the dollar sign
Dollar sign
The dollar or peso sign is a symbol primarily used to indicate the various peso and dollar units of currency around the world.- Origin :...
$, or alternatively FJ$ to distinguish it from other dollar
Dollar
The dollar is the name of the official currency of many countries, including Australia, Belize, Canada, Ecuador, El Salvador, Hong Kong, New Zealand, Singapore, Taiwan, and the United States.-Etymology:...
-denominated currencies. It is divided into 100 cent
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
s.
Second dollar (1969 - Present)
The dollar was reintroduced in 1969, replacing the Fijian poundFijian pound
The pound was the currency of Fiji between 1873 and 1969. It was subdivided into 20 shillings, each of 12 pence.-History:From its earliest days as a British colony, British sterling coinage circulated in Fiji, supplemented by locally produced paper money...
at a rate of 1 pound = 2 dollars, or 10 shillings = FJ$1. The coins and banknotes continue to feature Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
, despite Fiji having been a republic
Republic
A republic is a form of government in which the people, or some significant portion of them, have supreme control over the government and where offices of state are elected or chosen by elected people. In modern times, a common simplified definition of a republic is a government where the head of...
since 1987.
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
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 coinsCoins of the Australian dollar
Coins of the Australian dollar were introduced on 14 February 1966, although they did not at that time include a one-dollar coin. The dollar was equivalent in value to 10 shillings in the former currency .- Regular coinage :...
, 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.
First dollar
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. LevukaLevuka
Levuka is a town on the eastern coast of the Fijian island of Ovalau, in Lomaiviti Province, in the Eastern Division of Fiji. It was formerly the Capital of Fiji. At the census in 2007, the last to date, Levuka town had a population of 1,131 , about half of Ovalau's 8,360 inhabitants...
(on Ovalau
Ovalau
Ovalau is the sixth largest island in Fiji's Lomaiviti Archipelago. Situated at 17.70° South and 178.8° East, , the island is about 13 kilometers long and 10 kilometers wide...
island) issued $1 and $5 notes during the 1870s.
Second dollar
Reserve Bank of Fiji
The Reserve Bank of Fiji is the central bank of the Pacific island country of Fiji. The responsibilities of the RBF include issue of currency, control of money supply, currency exchange, monetary stability, promotion of sound finances, and fostering economic development.- Reserve Bank's Statutory...
began issuing notes. The $1 note was replaced by a coin in 1995, the same year that a $50 note was introduced, followed by a $100 note in 2007. Denominations of banknote currently in circulation are:
- $2
- $5
- $10
- $20
- $50
- $100
Current status & value
On 16 August 2005, Finance Minister Ratu Jone KubuabolaJone Kubuabola
Ratu Jone Yavala Kubuabola was Fiji's Minister for Finance, a position he held starting in 2000. He also represented the South West Urban Fijian Communal constituencies in the House of Representatives, to which he was elected as a candidate of the Soqosoqo Duavata ni Lewenivanua in...
announced that the Cabinet
Cabinet (Fiji)
Fiji has the Westminster system - executive authority is vested nominally in a President, but exercised in practice by a Cabinet of Ministers, presided over by the Prime Minister. The Prime Minister is formally appointed, but not chosen, by the President: the President must appoint as Prime...
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
Millimetre
The millimetre is a unit of length in the metric system, equal to one thousandth of a metre, which is the SI base unit of length....
, 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
Republic
A republic is a form of government in which the people, or some significant portion of them, have supreme control over the government and where offices of state are elected or chosen by elected people. In modern times, a common simplified definition of a republic is a government where the head of...
. Fiji is, however, a member of the Commonwealth
Commonwealth of Nations
The Commonwealth of Nations, normally referred to as the Commonwealth and formerly known as the British Commonwealth, is an intergovernmental organisation of fifty-four independent member states...
, and Queen Elizabeth is recognized as Paramount Chief of the Great Council of Chiefs
Great Council of Chiefs (Fiji)
The Great Council of Chiefs is a now dormant 1997 constitutional body in the Republic of the Fiji Islands. In April 2007 the council was suspended, due to an unworkable relationship with Frank Bainimarama, leader of an "interim government" which came to power through a military coup in December 2006...
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 is dropping Queen Elizabeth from its coins and notes, instead opting for local flora
Flora
Flora is the plant life occurring in a particular region or time, generally the naturally occurring or indigenous—native plant life. The corresponding term for animals is fauna.-Etymology:...
and fauna
Fauna
Fauna or faunæ is all of the animal life of any particular region or time. The corresponding term for plants is flora.Zoologists and paleontologists use fauna to refer to a typical collection of animals found in a specific time or place, e.g. the "Sonoran Desert fauna" or the "Burgess shale fauna"...
. The new set, scheduled to be issued mid 2012 is to include a bi-metallic $2 coin intended to replace the note, and a thinner, reduced weight $1 coin.
The Reserve Bank of Fiji
Reserve Bank of Fiji
The Reserve Bank of Fiji is the central bank of the Pacific island country of Fiji. The responsibilities of the RBF include issue of currency, control of money supply, currency exchange, monetary stability, promotion of sound finances, and fostering economic development.- Reserve Bank's Statutory...
Governor Savenaca Narube announced on 11 February 2006 that polymer
Polymer
A polymer is a large molecule composed of repeating structural units. These subunits are typically connected by covalent chemical bonds...
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.
In light of the political climate, a new series of notes slated for 2012 will no longer feature Queen Elizabeth, opting instead for local themes. The $2 note will also be discontinued and withdrawn and the $5 note is expected to be printed in green rather than the current tawny and brown coloration.
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.