Lao kip

Lao kip

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The kip "Currency Lao Kip") is the currency
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 Laos
Laos
Laos Lao: ສາທາລະນະລັດ ປະຊາທິປະໄຕ ປະຊາຊົນລາວ Sathalanalat Paxathipatai Paxaxon Lao, officially the Lao People's Democratic Republic, is a landlocked country in Southeast Asia, bordered by Burma and China to the northwest, Vietnam to the east, Cambodia to the south and Thailand to the west...

 since 1952. One kip is divided into 100 att . The official name is: ເງີນກີບລາວ, lit. Other languages say: ; code
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

: LAK; sign
Currency sign
A currency sign is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money. They typically employ the first letter or character of the currency, sometimes with minor changes such as ligatures or overlaid vertical or horizontal bars...

: or , encoded .

Free Lao Kip


In 1945-1946, the Free Kip government in Vientiane
Vientiane
-Geography:Vientiane is situated on a bend of the Mekong river, which forms the border with Thailand at this point.-Climate:Vientiane features a tropical wet and dry climate with a distinct monsoon season and a dry season. Vientiane’s dry season spans from November through March. April marks the...

 issued a series of paper money in denominations of 10, 20 and 50 att and 10 kip before the French authorities took control of the region.

Example can be viewed at http://paboukham.zzl.org/issara.html

Royal kip


The kip was reintroduced in 1952, replacing the French Indochinese piastre
French Indochinese piastre
The piastre de commerce was the currency of French Indochina between 1885 and 1952. It was subdivided into 100 cent, each of 5 sapeque.-History:...

 at par. The kip (also called a piastre in French
French language
French is a Romance language spoken as a first language in France, the Romandy region in Switzerland, Wallonia and Brussels in Belgium, Monaco, the regions of Quebec and Acadia in Canada, and by various communities elsewhere. Second-language speakers of French are distributed throughout many parts...

) was sub-divided into 100 att (Lao
Lao language
Lao or Laotian is a tonal language of the Tai–Kadai language family. It is the official language of Laos, and also spoken in the northeast of Thailand, where it is usually referred to as the Isan language. Being the primary language of the Lao people, Lao is also an important second language for...

: ອັດ) or cents
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....

(French: Centime
Centime
Centime is French for "cent", and is used in English as the name of the fraction currency in several Francophone countries ....

s).

Coins


Coins were issued in denominations of 10, 20 and 50 att or cents with French and Lao inscriptions. All were struck in aluminium
Aluminium
Aluminium or aluminum is a silvery white member of the boron group of chemical elements. It has the symbol Al, and its atomic number is 13. It is not soluble in water under normal circumstances....

 and had a hole in the centre, like the Chinese cash coin
Cash (Chinese coin)
A cash was a type of coin of China and East Asia from the 2nd century BC until the AD 20th century. The photograph to the right shows replicas of various ancient to 19th century cast coins in various metals found in China and Japan.-Terminology:...

s. The only year of issue was 1952.

Banknotes



In 1953, the Laos branch of the Institut d'Emission des Etats du Cambodge, du Laos et du Vietnam issued notes dual degnominated in piastre
French Indochinese piastre
The piastre de commerce was the currency of French Indochina between 1885 and 1952. It was subdivided into 100 cent, each of 5 sapeque.-History:...

 and kip. At the same time, the two other branches had similar arrangement with the riel
Cambodian riel
For earlier Cambodian currencies, see Cambodian tical and Cambodian franc.The riel is the currency of Cambodia. There have been two distinct riel, the first issued between 1953 and May 1975. Between 1975 and 1980, the country had no monetary system. A second currency, also named "riel", has been...

 in Cambodia
Cambodia
Cambodia , officially known as the Kingdom of Cambodia, is a country located in the southern portion of the Indochina Peninsula in Southeast Asia...

 and the đồng in South Vietnam
South Vietnam
South Vietnam was a state which governed southern Vietnam until 1975. It received international recognition in 1950 as the "State of Vietnam" and later as the "Republic of Vietnam" . Its capital was Saigon...

. There were notes for 1, 5, 100 and 100 kip/piastres.

In 1957, the government issued notes denominated solely in kip. The notes were for 1, 5, 10, 20, 50, 100 and 500 kip. In 1963, 200 and 1000 kip notes were added, followed by 5000 kip notes in 1975. All banknotes were printed in France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...

.

Pathet Lao kip


The Pathet Lao
Pathet Lao
The Pathet Lao was a communist political movement and organization in Laos, formed in the mid-20th century. The group was ultimately successful in assuming political power after the Laotian Civil War. The Pathet Lao were always closely associated with Vietnamese communists...

 kip was introduced some time before 1976 in the areas which were under the control of the Pathet Lao. Banknote denominations of 1, 10, 20, 50, 100, 200 and 500 kip were issued. The notes were printed in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...

.

In 1976, the Pathet Lao kip replaced the Royal kip throughout Laos following the Pathet Lao's take over of the country. The exchange rate between the two kip was 1 Pathet Lao kip = 20 royal kip.

Lao PDR kip


In 1979, a currency reform took place, replacing 100 old (Pathet Lao) kip by one new kip.

Coins


Coins were issued dated 1980 in denominations of 10, 20 and 50 att, followed by commemorative 1, 5, 10, 20 and 50 kip in 1985 for the 10 years of the Lao People's Democratic Republic. However, due to chronic inflation
Chronic inflation
Chronic inflation occurs when a country experiences high inflation for a prolonged period of time due to undue expansion or increase of the money supply...

 there are no coins currently in circulation in Laos.

Banknotes


In 1979, banknotes were introduced in denominations of 1, 5, 10, 20, 50 and 100 kip. 500 kip notes were added in 1988, followed by 1000 kip in 1992, 2000 and 5000 kip in 1997, 10,000 and 20,000 kip in 2002 and 50,000 kip on January 17, 2006 (although dated 2004). On November 15, 2010 a 100,000 kip banknote was issued to commemorate the 450th anniversary of the founding of the capital, Vientiane
Vientiane
-Geography:Vientiane is situated on a bend of the Mekong river, which forms the border with Thailand at this point.-Climate:Vientiane features a tropical wet and dry climate with a distinct monsoon season and a dry season. Vientiane’s dry season spans from November through March. April marks the...

and the 35th anniversary of the establishment of the Lao People's Democratic Republic.