Solomon Islands pound
Encyclopedia
The pound was the currency of the British Solomon Islands Protectorate between 1899 and 1966. It was divided into 20 shilling
s, each of 12 pence
. Initially, the British pound circulated, supplemented by local banknotes from 1916. In 1920, Australian coins and banknotes where introduced, although local paper money continued to be produced until 1932. When the Australian pound
broke its parity to the pound sterling
in 1930 during the great depression
, this caused uncertainty in the British territories of the Western Pacific regarding whether their pound unit was a pound sterling
or an Australian pound
. This uncertainty prevailed into the mid-1930's and was only resolved when the matter was clarified by King's regulations. The final result was that all the British territories apart from Fiji
adopted the Australian unit. As such, the British Solomon Islands Protectorate followed the course of Australia.
(The end result was that Fiji
had a distinct pound of its own that differed in value from the pound sterling
as well as from the Australian and New Zealand units. New Zealand was nearly at par with Australia, and all New Zealand controlled territories, notably Western Samoa, adopted the New Zealand unit which was later returned to parity with sterling
in 1948. Papua New Guinea
, the British Solomon Islands Protectorate, the Gilbert and Ellice Islands
, the New Hebrides
(as regards their sterling accounts), Tonga
and Nauru
all followed the Australian unit.)
Between 1942 and 1944, the Solomon Islands were occupied by Japan
and the Oceania pound circulated. The Australian pound returned after the war and was replaced by the Australian dollar
in 1966. This was, in turn, replaced by the Solomon Islands dollar
in 1977. For a more general view of history in the wider region, see The Pound Sterling in Australia, New Zealand, and Oceania.
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:...
. Initially, the British pound circulated, supplemented by local banknotes from 1916. In 1920, Australian coins and banknotes where introduced, although local paper money continued to be produced until 1932. When the 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 :...
broke its parity 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...
in 1930 during 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...
, this caused uncertainty in the British territories of the Western Pacific regarding whether their pound unit was a 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...
or an 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 :...
. This uncertainty prevailed into the mid-1930's and was only resolved when the matter was clarified by King's regulations. The final result was that all the British territories apart from Fiji
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...
adopted the Australian unit. As such, the British Solomon Islands Protectorate followed the course of Australia.
(The end result was that Fiji
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...
had a distinct pound of its own that differed in value from 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...
as well as from the Australian and New Zealand units. New Zealand was nearly at par with Australia, and all New Zealand controlled territories, notably Western Samoa, adopted the New Zealand unit which was later returned to 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...
in 1948. Papua New Guinea
Papua New Guinea
Papua New Guinea , officially the Independent State of Papua New Guinea, is a country in Oceania, occupying the eastern half of the island of New Guinea and numerous offshore islands...
, the British Solomon Islands Protectorate, 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...
, the New Hebrides
New Hebrides
New Hebrides was the colonial name for an island group in the South Pacific that now forms the nation of Vanuatu. The New Hebrides were colonized by both the British and French in the 18th century shortly after Captain James Cook visited the islands...
(as regards their sterling accounts), Tonga
Tonga
Tonga, officially the Kingdom of Tonga , is a state and an archipelago in the South Pacific Ocean, comprising 176 islands scattered over of ocean in the South Pacific...
and Nauru
Nauru
Nauru , officially the Republic of Nauru and formerly known as Pleasant Island, is an island country in Micronesia in the South Pacific. Its nearest neighbour is Banaba Island in Kiribati, to the east. Nauru is the world's smallest republic, covering just...
all followed the Australian unit.)
Between 1942 and 1944, the Solomon Islands were occupied by Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
and the Oceania pound circulated. The Australian pound returned after the war and was replaced by 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 1966. This was, in turn, replaced by the Solomon Islands dollar
Solomon Islands dollar
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...
in 1977. For a more general view of history in the wider region, see The Pound Sterling in Australia, New Zealand, and Oceania.
Banknotes
In 1916, banknotes were introduced in denominations of 5 and 10 shillings, 1 and 5 pounds. The 5 pounds was only issued in 1916, with the 5 and 10 shillings issued until 1926 and the 1 pound until 1932. this was a First World War emergency measure. Similar measures took place in many of the British colonies. The principle behind it was that the authorities were supplying paper money in place of the gold sovereigns and half sovereigns. The authorities were trying to discourage the circulation of gold sovereigns during the war.See also
- Economy of the Solomon IslandsEconomy of the Solomon IslandsA per capita GDP of $340 ranks Solomon Islands as a lesser developed nation. Over 75% of its labour force is engaged in subsistence farming and fishing. Until 1998, when world prices for tropical timber fell steeply, timber was Solomon Islands main export product, and, in recent years, Solomon...
- Banknotes of the British Solomon Islands ProtectorateBanknotes of the British Solomon Islands ProtectorateBanknotes were issued by the Government of the British Solomon Islands Protectorate between 1916 and 1932. The banknotes are extremely rare.The currency that is expressed is the Solomon Islands pound.-Catalogue:...