Seychelles rupee
Encyclopedia
The rupee is the currency of the Seychelles
. It is subdivided into 100 cents. In the local Seychellois Creole
(Seselwa) language, it is called the roupi. The international currency code is SCR. The abbreviations SR and SRe are sometimes used.
, which had circulated in the Seychelles since 1877. The Mauritian rupee had replaced sterling
, which had circulated since 1810. Only in 1939 were coins introduced specifically for use in the Seychelles.
Until 2008, the value of the Seychelles rupee was tied to a currency basket
comprising 59 percent euros, 31 percent U.K. pounds and 10 percent U.S. dollars. The currency was freely floated on November 2, 2008, promptly sinking 43% to 19.97 per euro on the first day of trading.
In 1951, cupro-nickel replaced silver in the 25 cents. Further changes were made in 1953 and 1954, when a twelve-sided, nickel-brass 10 cents was introduced, followed by cupro-nickel ½ and 1 rupee. In 1972, aluminium 1 and 5 cents were introduced (following the last issue of 2 cents in 1968) along with cupro-nickel 5 rupees.
In 1982, a new coinage was introduced, consisting of brass 1, 5 and 10 cents and cupro-nickel 25 cents, 1 and 5 rupees. The 1 cent coin was last minted in 1997.
In 1979, the Seychelles Monetary Authority took over the issuance of paper money, issuing notes for 10, 25, 50 and 100 rupees. These denominations were also issued by the Central Bank of Seychelles
when it took over responsibility in 1983. In 2005, 500 rupees notes were introduced.
Seychelles
Seychelles , officially the Republic of Seychelles , is an island country spanning an archipelago of 115 islands in the Indian Ocean, some east of mainland Africa, northeast of the island of Madagascar....
. It is subdivided into 100 cents. In the local Seychellois Creole
Seychellois Creole
Seychellois Creole, also known as Kreol or Seselwa, is the French-based creole language of the Seychelles. It shares official language status with English and French ....
(Seselwa) language, it is called the roupi. The international currency code is SCR. The abbreviations SR and SRe are sometimes used.
History
The Seychelles rupee was introduced in 1914. Initially in banknote form only, the Seychellois rupee circulated alongside and was equal to the Mauritian rupeeMauritian rupee
The rupee is the currency of Mauritius.It is theoretically divided into 100 cents; however, as at October 2011, only 5 and 20 cent coins, are currently in circulation, the latest mintage of these two coins was in 2010. A Half Rupee coin is also in circulation.-History:The rupee was established by...
, which had circulated in the Seychelles since 1877. The Mauritian rupee had replaced 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...
, which had circulated since 1810. Only in 1939 were coins introduced specifically for use in the Seychelles.
Until 2008, the value of the Seychelles rupee was tied to a currency basket
Currency basket
A currency basket is a portfolio of selected currencies with different weightings. A currency basket is commonly used to minimize the risk of currency fluctuations. An example of a currency basket is the European Currency Unit that was used by the European Community member states as the unit of...
comprising 59 percent euros, 31 percent U.K. pounds and 10 percent U.S. dollars. The currency was freely floated on November 2, 2008, promptly sinking 43% to 19.97 per euro on the first day of trading.
Coins
In 1939, coins in denominations of 10 and 25 cents, ½ and 1 rupee were introduced. The 10 cents was a new denomination minted in cupro-nickel, whilst the other three denominations were the same sizes as the Mauritian coins but were minted in a lower fineness of silver (.500). In 1948, bronze 1, 2 and 5 cents coins were introduced. The coins were the same size as the Mauritian coins and very similar in design.In 1951, cupro-nickel replaced silver in the 25 cents. Further changes were made in 1953 and 1954, when a twelve-sided, nickel-brass 10 cents was introduced, followed by cupro-nickel ½ and 1 rupee. In 1972, aluminium 1 and 5 cents were introduced (following the last issue of 2 cents in 1968) along with cupro-nickel 5 rupees.
In 1982, a new coinage was introduced, consisting of brass 1, 5 and 10 cents and cupro-nickel 25 cents, 1 and 5 rupees. The 1 cent coin was last minted in 1997.
Banknotes
In 1914, the government produced emergency issues of notes for 50 cents, 1, 5 and 10 rupees. Regular type notes began to be issued in 1918, with notes for 50 cents and 1 rupee, followed by 5, 10 and 50 rupees in 1928. The 50 cents and 1 rupee notes were issued until 1951. 20 and 100 rupees notes were introduced in 1968, whilst the 5 rupee notes were replaced by coins in 1972.In 1979, the Seychelles Monetary Authority took over the issuance of paper money, issuing notes for 10, 25, 50 and 100 rupees. These denominations were also issued by the Central Bank of Seychelles
Central Bank of Seychelles
The Central Bank of Seychelles is the central bank of the Indian Ocean island nation of Seychelles. The offices of the bank are located in Victoria, the nation's capital, with the Governor of the bank being Mr. Pierre Laporte and Ms...
when it took over responsibility in 1983. In 2005, 500 rupees notes were introduced.