Fijian pound
Encyclopedia
The pound was the currency of Fiji
between 1873 and 1969. It was subdivided into 20 shilling
s, each of 12 pence
.
of the 1930s, the Australian and New Zealand banks devalued their currencies in order to bolster exports to the UK. These banks also controlled the exchange rate for Fiji, and in 1933 the Fiji pound was devalued to £1.11 Fijian = £1 Sterling in order to bring it into line with the devalued New Zealand pound, even though the New Zealand pound
would very shortly devalue further to bring it into line with the devalued Australian pound
. In 1934, as a result of the break in parity with sterling
, Fiji began to issue its own coins. When the pound sterling
was devalued on 20 November 1967, Fiji immediately followed suit. However, over the next week, Fiji considered the adverse effects that this devaluation would have on imports to Fiji while keeping an eye on how Australia and New Zealand were going to respond to the situation. On 28 November 1967, Fiji decided to partially revalue its pound, hence resulting in a sterling exchange rate of £104.10.0 Fijian = £100 Sterling.http://www3.interscience.wiley.com/cgi-bin/fulltext/119705084/PDFSTART This had the effect of bringing the Fijian pound closer to its original relationship to the Australian and New Zealand units as existed prior to the upheavals which took place in the exchange rates at the time of the great depression
in the 1930s. In 1969, the Fijian pound was replaced by the Fijian dollar
at a rate of 1 Fijian pound = 2 Fijian dollars such that the new Fijian dollar was approximately equal to the new dollars in Australia and New Zealand.
For a more general view of history in the wider region, see The Pound Sterling in Australia, New Zealand, and Oceania.
The larger denomination Fiji coins were the same size as the corresponding British coins, whereas the ½ and 1 penny cupro-nickel coins were smaller and had holes in them. In 1942 and 1943, coins were produced for Fiji at the San Francisco mint, resulting in brass
½ and 1 penny coins and 90% silver 6 pence, shilling and florin coins. In 1947, a nickel-brass dodecagonal 3 pence coin of identical size and shape to the corresponding sterling coin was finally introduced. Cupro-nickel replaced silver between 1953 and 1957.
on the island of Ovalau
. These were followed in 1873 by notes of the Fiji Banking and Commercial Company in denominations of 5 and 10 shillings and 1 and 5 pounds. The Bank of New Zealand
introduced notes in 1876 in denominations of 1, 5, 10 and 20 pounds, followed by 10 shillings notes in 1918. The Bank of New South Wales issued 1 pound notes in 1901.
In 1917, as a wartime emergency measure, the government introduced 1 pound notes, followed by 5 and 10 shillings in 1920, 10 pounds in 1925, 5 pounds in 1926 and 20 pounds in 1934. Emergency issues were also made during World War II
for 1 penny, 1 and 2 shillings.
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...
between 1873 and 1969. It was subdivided into 20 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s, each of 12 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
.
History
From its earliest days as a British colony, British sterling coinage circulated in Fiji, supplemented by locally produced paper money. During the great depressionGreat Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
of the 1930s, the Australian and New Zealand banks devalued their currencies in order to bolster exports to the UK. These banks also controlled the exchange rate for Fiji, and in 1933 the Fiji pound was devalued to £1.11 Fijian = £1 Sterling in order to bring it into line with the devalued New Zealand pound, even though the New Zealand pound
New Zealand pound
The pound was the currency of New Zealand between 1840 and 1967. Like the British pound, it was subdivided into 20 shillings each of 12 pence. As a result of the great depression of the early 1930s, the New Zealand agricultural export market to the UK was badly affected...
would very shortly devalue further to bring it into line with the devalued Australian pound
Australian pound
The pound was the currency of Australia from 1910 until 13 February 1966, when it was replaced by the Australian dollar. It was subdivided into 20 shillings, each of 12 pence.- Earlier Australian currencies :...
. In 1934, as a result of the break in parity with 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...
, Fiji began to issue its own coins. When 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...
was devalued on 20 November 1967, Fiji immediately followed suit. However, over the next week, Fiji considered the adverse effects that this devaluation would have on imports to Fiji while keeping an eye on how Australia and New Zealand were going to respond to the situation. On 28 November 1967, Fiji decided to partially revalue its pound, hence resulting in a sterling exchange rate of £104.10.0 Fijian = £100 Sterling.http://www3.interscience.wiley.com/cgi-bin/fulltext/119705084/PDFSTART This had the effect of bringing the Fijian pound closer to its original relationship to the Australian and New Zealand units as existed prior to the upheavals which took place in the exchange rates at the time of the great depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
in the 1930s. In 1969, the Fijian pound was replaced by the Fijian dollar
Fijian dollar
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...
at a rate of 1 Fijian pound = 2 Fijian dollars such that the new Fijian dollar was approximately equal to the new dollars in Australia and New Zealand.
For a more general view of history in the wider region, see The Pound Sterling in Australia, New Zealand, and Oceania.
Coins
In 1934, coins were introduced in denominations of ½, 1 and 6 pence, 1 shilling and 1 florin (2 shillings). A notable absence from this list is the 3 pence denomination which existed in all other territories which used sterling coinage. The absence of a 3 pence coin was a matter of considerable controversy.The larger denomination Fiji coins were the same size as the corresponding British coins, whereas the ½ and 1 penny cupro-nickel coins were smaller and had holes in them. In 1942 and 1943, coins were produced for Fiji at the San Francisco mint, resulting in brass
Brass
Brass is an alloy of copper and zinc; the proportions of zinc and copper can be varied to create a range of brasses with varying properties.In comparison, bronze is principally an alloy of copper and tin...
½ and 1 penny coins and 90% silver 6 pence, shilling and florin coins. In 1947, a nickel-brass dodecagonal 3 pence coin of identical size and shape to the corresponding sterling coin was finally introduced. Cupro-nickel replaced silver between 1953 and 1957.
Banknotes
In 1871, 1 pound notes were issued at 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 the island of 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...
. These were followed in 1873 by notes of the Fiji Banking and Commercial Company in denominations of 5 and 10 shillings and 1 and 5 pounds. The Bank of New Zealand
Bank of New Zealand
Bank of New Zealand is one of New Zealand’s largest banks and has been operating continuously in the country since the first office was opened in Auckland in October 1861 followed shortly after by the first branch in Dunedin in December 1861...
introduced notes in 1876 in denominations of 1, 5, 10 and 20 pounds, followed by 10 shillings notes in 1918. The Bank of New South Wales issued 1 pound notes in 1901.
In 1917, as a wartime emergency measure, the government introduced 1 pound notes, followed by 5 and 10 shillings in 1920, 10 pounds in 1925, 5 pounds in 1926 and 20 pounds in 1934. Emergency issues were also made during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
for 1 penny, 1 and 2 shillings.