Vanuatu vatu
Encyclopedia
The vatu is the currency of Vanuatu
.
The vatu has no subdivisions.
at par. The vatu's introduction also saw the end of the official circulation of the Australian dollar
in Vanuatu.
took over paper money issuance and introduced notes for 500 and 1000 vatu. 200-vatu notes were introduced in 1995, and 10,000 on 28 July 2010.
was pegged to the Australian dollar
at a rate of 100 francs = 1 dollar. Although no relationship currently exists, it simplifies thinking in the larger numbers which a low-value unit causes. For example, the Government's budget of 6,000,000,000VT is in fact only about US$50,000,000.
The concept of this notional dollar is supported by the size of the 100 vatu coin: at 23 mm, it is comparable to the Australian dollar (25 mm) and the New Zealand dollar
(23 mm) but the thickness is equivalent to the current British pound coin
. Traders will often accept a real dollar (regardless of its country) as an equivalent to local currency.
Vanuatu
Vanuatu , officially the Republic of Vanuatu , is an island nation located in the South Pacific Ocean. The archipelago, which is of volcanic origin, is some east of northern Australia, northeast of New Caledonia, west of Fiji, and southeast of the Solomon Islands, near New Guinea.Vanuatu was...
.
The vatu has no subdivisions.
History
The vatu was introduced in 1982, after independence, to replace the New Hebrides francNew Hebrides franc
The franc was the currency of the Anglo-French Condominium of the Pacific island group of the New Hebrides . It circulated alongside British and later Australian currency. The New Hebrides franc was nominally divided into 100 centimes, although the smallest denomination was the 1 franc...
at par. The vatu's introduction also saw the end of the official circulation 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...
in Vanuatu.
Coins
In 1983, 1-, 2-, 5-, 10-, 20- and 50-vatu coins were introduced, followed by the 100-vatu coin in 1988.| Denomination | Composition | Diameter |
|---|---|---|
| 1 vatu | Nickel-brass | 16 mm |
| 2 vatu | 19 mm | |
| 5 vatu | 23 mm | |
| 10 vatu | Cupro-nickel | 24 mm |
| 20 vatu | 28 mm | |
| 50 vatu | 33 mm | |
| 100 vatu | Nickel-brass | 23 mm |
Banknotes
In 1982, notes were introduced by the Central bank of Vanuatu in denominations of 100, 500 and 1000 vatu. 5000 vatu notes followed in 1989. In 1993, the Reserve Bank of VanuatuReserve Bank of Vanuatu
-External links:*...
took over paper money issuance and introduced notes for 500 and 1000 vatu. 200-vatu notes were introduced in 1995, and 10,000 on 28 July 2010.
Dollar
Local residents sometimes refer to a notional dollar, equal to 100 vatu, without specifying which country's currency they have in mind. This stems from the period 1966–1973, when the New Hebrides francNew Hebrides franc
The franc was the currency of the Anglo-French Condominium of the Pacific island group of the New Hebrides . It circulated alongside British and later Australian currency. The New Hebrides franc was nominally divided into 100 centimes, although the smallest denomination was the 1 franc...
was pegged to 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...
at a rate of 100 francs = 1 dollar. Although no relationship currently exists, it simplifies thinking in the larger numbers which a low-value unit causes. For example, the Government's budget of 6,000,000,000VT is in fact only about US$50,000,000.
The concept of this notional dollar is supported by the size of the 100 vatu coin: at 23 mm, it is comparable to the Australian dollar (25 mm) and the New Zealand dollar
New Zealand one dollar coin
The New Zealand one dollar coin is a coin of the New Zealand dollar. The current circulating coin was introduced on 11 February 1991 to replace the existing $1 note, although there had previously been occasional issues of commemorative "silver dollars", but they are rarely seen in circulation.The...
(23 mm) but the thickness is equivalent to the current British pound coin
One pound (British coin)
The circulating British one pound coin is minted from a nickel-brass alloy of approximately 70% copper, 24.5% zinc, and 5.5% nickel. The coin weighs 9.50 grams and has a diameter of 22.50 millimetres...
. Traders will often accept a real dollar (regardless of its country) as an equivalent to local currency.