Tuvaluan dollar
Encyclopedia
The dollar is the currency of Tuvalu
. From 1966 to 1976, Tuvalu officially used the Australian dollar
. In 1976, Tuvalu began issuing its own coins for circulation, although these circulate alongside Australian coins and Tuvalu continues to use Australian banknotes. Similar to the Faroese króna
's relationship to the Danish krone
, the Tuvaluan dollar is not an independent currency but has been assigned an ISO 4217
currency code, although it is treated as equivalent to the Australian dollar.
Other currencies used in Tuvalu have been the Pound Sterling
, prior to the introduction of the Australian dollar
, as well as the US dollar, during the World War II American occupation of the islands. Gilbert and Ellice Islands
banknotes have also been used on in Tuvalu, These notes were cashier's cheques backed in Pounds rather than an official, independent currency.
The Yen backed Oceania pound was used in parts of the Gilberts (now Kiribati), but Japanese influence never actually reached the Ellice Chain (now Tuvalu).
Each of the coins depicts a sea animal that is native to the area, with the only exception to that being the 1 cent, which depicts an empty spider conch shell washed up on the shore.
The 1976 series also included the introduction of Tuvalu's first silver and gold proof bullion coins. A silver 5 dollar piece and a gold 50 dollar piece. They are considered an official release and legal tender within Tuvalu.
Although Australia withdrew their 1 and 2 cent coins from circulation in 1991 there was still demand for the two lower denominations in Tuvalu so these continued to be retained well after Australia discontinued use. However, as prices and shipping costs have progressively risen the 1 and 2 cent coins have since been withdrawn from circulation.
Australia introduced a 2 dollar coin to replace the note in 1988, but Tuvaluan 2 dollar coins have never been introduced. Instead the Australian piece circulates in place. In recent years, Tuvaluans have also taken a preference to Australia's smaller, round, brass dollar over their own large, clumsy nonogonal ones, and are thus seen a little less often.
In 1994, the Queen's
profile was changed in tandem with many other Commonwealth
states to the more recent Raphael Maklouf design. Older coins dated 1976-1985 feature the Arnold Machin design. After the 1994 issue, Tuvaluan coins ceased to be produced and Australian coins sent in their stead. However, Tuvalu coins remain as legal tender and continue to circulate alongside Australian ones.
Tuvalu also issues a fair number of non-circulating bullion type coins and colorized commemoratives, which earns the country a small portion of its limited income.
Queen Elizabeth II is depicted on all coins issued by Tuvalu; though there were calls from some politicians to abolish Tuvalu's monarchy
and remove the sovereign's image from all future coins, a majority vote decided otherwise.
The reverse of each coin depicts as follows:
1 CENT: Spider Conch shell
2 CENTS: Stingray
5 CENTS: Tiger Shark
10 CENTS: Red Eyed Crab
20 CENTS: Flying Fish
50 CENTS: Octopus
1 DOLLAR: Sea Turtle
From 1914 to 1966 Australian pound notes were used within the then Ellice islands with only minor interruption during the World War II occupations.
In 1942, Treasury notes were issued by the colonial government of the Gilbert and Ellice Islands
with equvalent value to the Australian Pound. These notes were locally printed and very simple in design. These circulated widely within both the Gilbert (Kiribati) and Ellice chains. These were only issued for one series and discontinued afterwards due to impracticality. Due to the scarcity and high collector's value of these notes counterfeits exist.
The official currency of Tuvalu is the Australian Dollar, so Australian banknotes have always been in use. However, after independence was achieved, the $1 note was withdrawn to encourage use of the dollar coin.
Tuvalu
Tuvalu , formerly known as the Ellice Islands, is a Polynesian island nation located in the Pacific Ocean, midway between Hawaii and Australia. Its nearest neighbours are Kiribati, Nauru, Samoa and Fiji. It comprises four reef islands and five true atolls...
. From 1966 to 1976, Tuvalu officially used 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...
. In 1976, Tuvalu began issuing its own coins for circulation, although these circulate alongside Australian coins and Tuvalu continues to use Australian banknotes. Similar to the Faroese króna
Faroese króna
The króna is the currency of the Faroe Islands. It is issued by the Danish National Bank. It is not an independent currency but a version of the Danish krone. Consequently, it does not have an ISO 4217 currency code. The ISO 4217 code for the Danish krone is DKK...
's relationship to the Danish krone
Danish krone
The krone is the official currency of the Kingdom of Denmark consisting of Denmark, the Faroe Islands and Greenland. It is subdivided into 100 øre...
, the Tuvaluan dollar is not an independent currency but has been assigned an ISO 4217
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...
currency code, although it is treated as equivalent to the Australian dollar.
Other currencies used in Tuvalu have been 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...
, prior to the introduction 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...
, as well as the US dollar, during the World War II American occupation of the islands. Gilbert and Ellice Islands
Gilbert and Ellice Islands
The Gilbert and Ellice Islands were a British protectorate from 1892 and colony from 1916 until 1 January 1976, when the islands were divided into two different colonies which became independent nations shortly after...
banknotes have also been used on in Tuvalu, These notes were cashier's cheques backed in Pounds rather than an official, independent currency.
The Yen backed Oceania pound was used in parts of the Gilberts (now Kiribati), but Japanese influence never actually reached the Ellice Chain (now Tuvalu).
Coins
In 1976, corresponding with its slated independence, Tuvalu's first coins were introduced in denominations of 1, 2, 5, 10, 20, 50 cents and 1 dollar. The set, designed by John Donald features an aquatic theme. The bronze 1 and 2 cents and the cupro-nickel 5, 10 and 20 cents were the same size, weight, and composition as the corresponding Australian coins they were set to constitute. However, the cupro-nickel 50 cent piece was distinct from the dodecagonal (twelve sided) Australian 50 cent coin in that it was round with plain edges. The nonogonal (nine sided) cupro-nickel 1 dollar piece was unique not only by its odd shape, but it also predated the Australian 1 dollar coin by eight years. It was also issued long before the trend toward larger denomination coins became much more widespread in many countries. The nine sides on the dollar are meant to represent each of the nine islands and atolls composing the Tuvalu chain.Each of the coins depicts a sea animal that is native to the area, with the only exception to that being the 1 cent, which depicts an empty spider conch shell washed up on the shore.
The 1976 series also included the introduction of Tuvalu's first silver and gold proof bullion coins. A silver 5 dollar piece and a gold 50 dollar piece. They are considered an official release and legal tender within Tuvalu.
Although Australia withdrew their 1 and 2 cent coins from circulation in 1991 there was still demand for the two lower denominations in Tuvalu so these continued to be retained well after Australia discontinued use. However, as prices and shipping costs have progressively risen the 1 and 2 cent coins have since been withdrawn from circulation.
Australia introduced a 2 dollar coin to replace the note in 1988, but Tuvaluan 2 dollar coins have never been introduced. Instead the Australian piece circulates in place. In recent years, Tuvaluans have also taken a preference to Australia's smaller, round, brass dollar over their own large, clumsy nonogonal ones, and are thus seen a little less often.
In 1994, the Queen's
Monarchy of Tuvalu
The monarchy of Tuvalu is a system of government in which a hereditary monarch is the sovereign of Tuvalu. The present monarch of Tuvalu is Queen Elizabeth II. Tuvalu shares the sovereign with 15 other Commonwealth realms...
profile was changed in tandem with many other 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...
states to the more recent Raphael Maklouf design. Older coins dated 1976-1985 feature the Arnold Machin design. After the 1994 issue, Tuvaluan coins ceased to be produced and Australian coins sent in their stead. However, Tuvalu coins remain as legal tender and continue to circulate alongside Australian ones.
Tuvalu also issues a fair number of non-circulating bullion type coins and colorized commemoratives, which earns the country a small portion of its limited income.
Queen Elizabeth II is depicted on all coins issued by Tuvalu; though there were calls from some politicians to abolish Tuvalu's monarchy
Monarchy of Tuvalu
The monarchy of Tuvalu is a system of government in which a hereditary monarch is the sovereign of Tuvalu. The present monarch of Tuvalu is Queen Elizabeth II. Tuvalu shares the sovereign with 15 other Commonwealth realms...
and remove the sovereign's image from all future coins, a majority vote decided otherwise.
The reverse of each coin depicts as follows:
1 CENT: Spider Conch shell
2 CENTS: Stingray
5 CENTS: Tiger Shark
10 CENTS: Red Eyed Crab
20 CENTS: Flying Fish
50 CENTS: Octopus
1 DOLLAR: Sea Turtle
Banknotes
Tuvalu has always relyed on foreign currencies, as limitations on size and resources for economic activities make the purpose and potential for a local currency almost non-existant.From 1914 to 1966 Australian pound notes were used within the then Ellice islands with only minor interruption during the World War II occupations.
In 1942, Treasury notes were issued by the colonial government of the Gilbert and Ellice Islands
Gilbert and Ellice Islands
The Gilbert and Ellice Islands were a British protectorate from 1892 and colony from 1916 until 1 January 1976, when the islands were divided into two different colonies which became independent nations shortly after...
with equvalent value to the Australian Pound. These notes were locally printed and very simple in design. These circulated widely within both the Gilbert (Kiribati) and Ellice chains. These were only issued for one series and discontinued afterwards due to impracticality. Due to the scarcity and high collector's value of these notes counterfeits exist.
The official currency of Tuvalu is the Australian Dollar, so Australian banknotes have always been in use. However, after independence was achieved, the $1 note was withdrawn to encourage use of the dollar coin.