| Solomon Islands dollar | |||
|---|---|---|---|
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| ISO 4217 Code | SBD | ||
| User(s) |  Solomon Islands |
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| Inflation | 6.6% | ||
| Source | The World Factbook, 2005 est. | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | SI$ | ||
| Coins | |||
| Freq. used | 5, 10, 20, 50 cents, $1 | ||
| Rarely used | 1, 2 cents | ||
| Banknotes | $2, $5, $10, $20, $50, $100 | ||
| Central bank | Central Bank of Solomon Islands | ||
| Website | www.cbsi.com.sb | ||
The dollar (ISO 4217 code: SBD) is the currency of the Solomon Islands since 1977. It is normally abbreviated with the dollar sign "$" or, alternatively "SI$" to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents.
Contents |
History
The Solomon Islands dollar was introduced in 1977, replacing the Australian dollar at par, following independence. Until 1979, the two dollars remained equal. After a period of five months pegged at SI$1.05 = AU$1, the currency floated. Over the next 28 years, and especially during the civil war of 2000-2003, inflation has taken its toll, with the Solomon Islands dollar now equal to 15 Australian cents.
As of 2008, due to the low valuation in the currency, many Islanders have taken to hoarding coins and giving them to children as souvenirs, sparking a coin shortage. Some more traditional monitary forms, such as dolphin teeth, have in a few areas taken the place of coins.
Half Pounds
The Solomon Islands dollar is not a true dollar in the sense that it is descended directly from the Spanish pieces of eight, as is the case with the US dollar, the Canadian dollar, and the East Caribbean Dollar. The Solomon Islands dollar is an off-shoot of the Australian dollar which is in turn essentially a half pound sterling. Australia followed the pattern of South Africa in that when it adopted the decimal system, it decided to use the half pound unit as opposed to the pound unit of account. The choice of the name dollar was motivated by the fact that the reduced value of the new unit corresponded more closely to the value of the US dollar than it did to the pound sterling. Other examples of dollars that are not true dollars for this same reason are, the Cayman Islands dollar, the Australian dollar, the Jamaican dollar, the New Zealand dollar, the Fiji dollar, the Namibian dollar, the Rhodesian dollar, and the Zimbabwe dollar.
Examples of dollars that are directly related to the original Spanish dollar unit are the US dollar, the Canadian dollar, the Newfoundland dollar, the East Caribbean dollar, the Belize dollar, the Guyanese dollar, the Bermuda dollar, the Bahamian dollar, the Trinidad and Tobago dollar, the Barbados dollar, the Hong Kong dollar, the Straits dollar, the Malayan dollar, the Singapore dollar, and the Brunei dollar.
Coins
In 1977, coins were introduced in denominations of 1, 2, 5, 10 and 20 cents and 1 dollar. The cent coins were all the same sizes and compositions as the corresponding Australian coins, with the 1 dollar an equilaterally curved heptagonal coin minted in cupro-nickel. In 1985, bronze-plated steel replaced bronze in the 1 and 2 cents, with nickel-clad steel replacing cupro-nickel in the 10 and 20 cents in 1990. 1990 also saw the introduction of 50 cents coins, which were dodecagonal and minted in cupro-nickel.
All the coins of the Solomon Islands bear the portrait of the country's head of state, Queen Elizabeth II.
Banknotes
In 1977, banknotes were introduced in denominations of 2, 5 and 10 dollars, with 20 dollar notes added in 1981. 50 dollar notes were introduced in 1986, followed by 100 dollar notes in 2006.[1]. A polymer two dollar banknote was issued in 2001 to replace the cotton fibre issue, but the banknote was reverted back to cotton in the 2006 series.
| Current SBD exchange rates | |
|---|---|
| From Currate.com Tools: | AUD CAD CHF EUR GBP HKD JPY USD CNY SGD |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD CNY SGD |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD CNY SGD |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD CNY SGD |
See also
References
- ^ Nachthund (2006-09-23). "Update - Solomon Is.". http://www.nachthund.biz/CatalogUpdate/Solomon/SolomonIndex.html. Retrieved 2006-10-02.
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
External links
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