Kiribati dollar

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The Kiribati dollar is linked to the Australian dollar, with a fixed exchange rate of 1:1.

Here are the key points about this currency:

  1. Origins and pegging:
    • The Kiribati dollar came into existence in 1979, following Kiribati’s independence. Before that, Australian coins were in use on the islands (which were then part of the Gilbert and Ellice Islands) from 1966 until 1979.
    • The decision to issue domestic coins was widely accepted, and Kiribati’s coins were directly pegged to the Australian dollar.
  2. Coinage:
    • Kiribati coins were introduced in denominations of 1, 2, 5, 10, 20, and 50 cents, along with a 1-dollar coin.
    • Except for the 50 cents and 1-dollar pieces, all other coins have the same size, weight, and composition as the corresponding Australian coins
    • The 1- and 2-cent pieces are composed of bronze, while the 5, 10, 20, 50 cents, and 1-dollar coins are made of cupro-nickel.
  3. Circulation and collectibility:
    • Kiribati coins circulate alongside banknotes and coins of the Australian dollar.
    • However, Kiribati coins are now scarce compared to Australian coins. The last minor emission occurred in 1992.
    • The complete emissions of coins were made in 1979 and in 1989 to celebrate the nation’s tenth anniversary of independence.
  4. Historical Context:
    • During World War II, when the islands were under Japanese occupation, an all-banknote currency called the Oceanian pound was in use.
    • After the war, the Australian pound was restored as the official currency for the atolls not occupied by Japan.
    • The call to issue coinage for an independent Kiribati in 1979 aimed to legitimize its new political status.