Solomon Islands dollar
Encyclopedia
The dollar is the currency
of the Solomon Islands
since 1977. It is normally abbreviated with the dollar sign
"$" or, alternatively "SI$" to distinguish it from other dollar
-denominated currencies. It is subdivided into 100 cent
s.
When Solomon Islands fell under the control of Imperial Japan, the Oceanian pound
became the official currency until after the war ended and the Pound was restored.
In 1966, the Australian dollar replaced the pound, and was circulated in the Solomon Islands until 1976, shortly before independence.
The Solomon Islands dollar was introduced in 1977, replacing the Australian dollar
at par, following independence. Until 1979, the two dollars remained equal. After a period of five months pegged at SI$1.05 = A$1, the currency floated. Economic stagnation ensued, so over the next 28 years, and especially during the civil war of 2000-2003, inflation has taken its toll, with the Solomon Islands dollar now equal to 15 Australian cents.
As of 2008, due to the low valuation in the currency, many Islanders have taken to hoarding coins and giving them to children as souvenirs, sparking a coin shortage. Some more traditional monetary forms, such as dolphin teeth, have in a few areas taken the place of coins.
in the sense that it is descended directly from the Spanish
pieces of eight
, as is the case with the US dollar, the Canadian dollar
, and the East Caribbean Dollar
. The Solomon Islands dollar is an off-shoot of the Australian dollar
which is in turn essentially a half pound sterling
. Australia
followed the pattern of South Africa
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
. Other examples of dollars that are not true dollars for this same reason are the Cayman Islands dollar
, the Australian dollar
, the Jamaican dollar
, the New Zealand dollar
, the Fiji dollar, the Namibian dollar
, the Rhodesian dollar
, and the Zimbabwe dollar.
Examples of dollars that are directly related to the original Spanish dollar
unit are the US dollar, the Canadian dollar
, the Newfoundland dollar
, the East Caribbean dollar
, the Belize dollar
, the Guyanese dollar
, the Bermuda dollar
, the Bahamian dollar
, the Trinidad and Tobago dollar
, the Barbados dollar
, the Hong Kong dollar
, the Straits dollar
, the Malayan dollar
, the Singapore dollar
, and the Brunei dollar
.
, with the 1 dollar an equilaterally curved heptagonal (seven sided) coin minted in cupro-nickel. Uniquely enough, This seven sided dollar coin happens to predate the later Australian one by seven years. The reverse of each of the six original coins depicts the image of an item or symbol important to native culture.
In 1985, bronze-plated steel replaced bronze in the 1 and 2 cents, with nickel-clad steel replacing cupro-nickel in the 5, 10, and 20 cents in 1990. 1988 saw the introduction of 50 cent coins, which were dodecagonal (twelve sided) and minted in cupro-nickel. The 1988 50 cent was also the country's first circulation commemorative piece celebrating the tenth anniversary of independence. Later issues simply depict the national crest. Unlike the lower denominations, the 50 cent and 1 dollar continue to be minted in cupro-nickel rather than clad-steel.
With a high national inflation rate, the 1 and 2 cent coins are becoming much less widely used, with prices often being rounded off to the nearest 5 cents instead due to a low valuation and shortage of these coins. Unlike many of its neighboring south pacific countries, Solomon Islands remains one of the few in that region that has yet to discontinue the 1 and 2 cent coins and withdraw them from circulation.
All the coins of the Solomon Islands bear the portrait of the country's head of state, Queen Elizabeth II, Queen of the Solomon Islands.
All of the notes depict scenes of traditional daily life and things that are culturally important in the islands, with each note pertaining to a particular theme.
All banknotes are issued by the Central Bank of Solomon Islands
.
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 the Solomon Islands
Solomon Islands
Solomon Islands is a sovereign state in Oceania, east of Papua New Guinea, consisting of nearly one thousand islands. It covers a land mass of . The capital, Honiara, is located on the island of Guadalcanal...
since 1977. 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 "SI$" 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 subdivided 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.
History
Prior to the Solomon Islands Dollar, Solomon Islands relied on foreign currencies, namely the Australian units of pound sterling. however, the Solomon Islands had also issued its own corresponding banknotes, sometimes called the Solomon Islands Pound.When Solomon Islands fell under the control of Imperial Japan, the Oceanian pound
Oceanian pound
The pound was a currency issued by the Japanese occupiers of former British and Australian territories and colonies between 1942 and 1945. These included Kiribati, Nauru, New Guinea, the Solomon Islands and Tuvalu....
became the official currency until after the war ended and the Pound was restored.
In 1966, the Australian dollar replaced the pound, and was circulated in the Solomon Islands until 1976, shortly before independence.
The Solomon Islands dollar was introduced in 1977, replacing the Australian dollar
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
at par, following independence. Until 1979, the two dollars remained equal. After a period of five months pegged at SI$1.05 = A$1, the currency floated. Economic stagnation ensued, so over the next 28 years, and especially during the civil war of 2000-2003, inflation has taken its toll, with the Solomon Islands dollar now equal to 15 Australian cents.
As of 2008, due to the low valuation in the currency, many Islanders have taken to hoarding coins and giving them to children as souvenirs, sparking a coin shortage. Some more traditional monetary forms, such as dolphin teeth, have in a few areas taken the place of coins.
Half Pounds
The Solomon Islands dollar is not a true dollarDollar
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:...
in the sense that it is descended directly from the Spanish
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
pieces of eight
Pieces of Eight
Pieces of Eight is the eighth studio album and second concept album by Styx, released September 1, 1978.The album was the band's follow-up to their Triple Platinum selling The Grand Illusion album....
, as is the case with the US dollar, the Canadian dollar
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
, and the East Caribbean Dollar
East Caribbean dollar
The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
. The Solomon Islands dollar is an off-shoot of the Australian dollar
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
which is in turn essentially a half pound sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
. Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
followed the pattern of South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
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
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:...
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
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
. Other examples of dollars that are not true dollars for this same reason are the Cayman Islands dollar
Cayman Islands dollar
The Cayman Islands Dollar is the currency of the Cayman Islands. It is abbreviated with the dollar sign $, or alternatively CI$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents...
, the Australian dollar
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
, the Jamaican dollar
Jamaican dollar
The dollar has been the currency of Jamaica since 1969. It is often abbreviated "J$", the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.-History:...
, the New Zealand dollar
New Zealand dollar
The New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents....
, the Fiji dollar, the Namibian dollar
Namibian dollar
The dollar has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies...
, the Rhodesian dollar
Rhodesian dollar
The dollar was the currency of Rhodesia between 1970 and 1980. It was subdivided into 100 cents.-History:The dollar was introduced on February 17, 1970, less than a month before the declaration of a republic on March 2, 1970. It replaced the pound at a rate of 2 dollars to 1 pound...
, and the Zimbabwe dollar.
Examples of dollars that are directly related to the original Spanish dollar
Spanish dollar
The Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
unit are the US dollar, the Canadian dollar
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
, the Newfoundland dollar
Newfoundland dollar
The dollar was the currency of the colony and Dominion of Newfoundland from 1865 until 1949, when Newfoundland became a province of Canada. It was subdivided into 100 cents.-History:...
, the East Caribbean dollar
East Caribbean dollar
The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
, the Belize dollar
Belize dollar
The Belize dollar is the official currency in Belize, formerly known as British Honduras; is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
, the Guyanese dollar
Guyanese dollar
The Guyanese dollar has been the unit of account in Guyana since 29 January 1839. Originally it was intended as a transitionary unit to facilitate the changeover from the Dutch guilder system of currency to the British pound sterling system...
, the Bermuda dollar
Bermuda dollar
The dollar is the currency of Bermuda. It is normally abbreviated with the dollar sign $ or, alternatively, BD$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents...
, the Bahamian dollar
Bahamian dollar
The dollar has been the currency of The Bahamas since 1966. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents....
, the Trinidad and Tobago dollar
Trinidad and Tobago dollar
The 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...
, the Barbados dollar
Barbados dollar
The dollar has been the currency of Barbados since 1935. The present dollar has the ISO 4217 code BBD and is normally abbreviated with the dollar sign "$" or, alternatively, "Bds$" to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
, the Hong Kong dollar
Hong Kong dollar
The Hong Kong dollar is the currency of the jurisdiction. It is the eighth most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies...
, the Straits dollar
Straits dollar
The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
, the Malayan dollar
Malayan dollar
The dollar was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings four pence sterling .-Board of Commissioners of Currency, Malaya formed:The Malayan dollar was issued...
, the Singapore dollar
Singapore dollar
The Singapore dollar or Dollar is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies...
, and the Brunei dollar
Brunei dollar
The ringgit Brunei or the Brunei dollar , has been the currency of the Sultanate of Brunei since 1967...
.
Coins
In 1977, coins were introduced in denominations of 1, 2, 5, 10 and 20 cents and 1 dollar. The cent coins were all the same sizes, weights, 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 1 dollar an equilaterally curved heptagonal (seven sided) coin minted in cupro-nickel. Uniquely enough, This seven sided dollar coin happens to predate the later Australian one by seven years. The reverse of each of the six original coins depicts the image of an item or symbol important to native culture.
In 1985, bronze-plated steel replaced bronze in the 1 and 2 cents, with nickel-clad steel replacing cupro-nickel in the 5, 10, and 20 cents in 1990. 1988 saw the introduction of 50 cent coins, which were dodecagonal (twelve sided) and minted in cupro-nickel. The 1988 50 cent was also the country's first circulation commemorative piece celebrating the tenth anniversary of independence. Later issues simply depict the national crest. Unlike the lower denominations, the 50 cent and 1 dollar continue to be minted in cupro-nickel rather than clad-steel.
With a high national inflation rate, the 1 and 2 cent coins are becoming much less widely used, with prices often being rounded off to the nearest 5 cents instead due to a low valuation and shortage of these coins. Unlike many of its neighboring south pacific countries, Solomon Islands remains one of the few in that region that has yet to discontinue the 1 and 2 cent coins and withdraw them from circulation.
All the coins of the Solomon Islands bear the portrait of the country's head of state, Queen Elizabeth II, Queen of the Solomon Islands.
Banknotes
In 1977, banknotes were introduced in denominations of 2, 5 and 10 dollars, with 20 dollar notes added in 1981. The first issues of banknotes depicted Queen Elizabeth II. However, all new series afterwards had her image replaced with that of the national crest. 50 dollar notes were first introduced in 1986, followed by 100 dollar notes in 2006. A polymer two dollar banknote was issued in 2001 to replace the cotton fibre issue, but the banknote was reverted back to cotton in the 2006 series. The 2006 series also saw several new security features, including brighter background colors, a micro printed holofoil on the 50 and 100 dollar notes, a tapered serial number, and a weaved security thread.All of the notes depict scenes of traditional daily life and things that are culturally important in the islands, with each note pertaining to a particular theme.
All banknotes are issued by the Central Bank of Solomon Islands
Central Bank of Solomon Islands
The Central Bank of Solomon Islands is the central bank of the Solomon Islands. The Bank was established in February 1983 under the Central Bank of Solomon Islands Act 1976.Its official functions, under the Act, are:...
.