The renminbi is the official currency of the People's Republic of China. The yuan is the basic unit of the renminbi, but is used to refer to the Chinese currency especially in international contexts where "Chinese yuan" is used to refer to the renminbi; the distinction between the terms renminbi and yuan is similar to that between sterling and pound, which refer to the British currency and its primary unit. One yuan is subdivided into 10 jiao, a jiao in turn is subdivided into 10 fen; the renminbi is issued by the People's Bank of the monetary authority of China. Until 2005, the value of the renminbi was pegged to the US dollar; as China pursued its transition from central planning to a market economy, increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity. More however, appreciation actions by the Chinese government, as well as quantitative easing measures taken by the American Federal Reserve and other major central banks, have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012.
Since 2006, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will increase the flexibility of the exchange rate; as a result of the rapid internationalization of the renminbi, it became the world's 8th most traded currency in 2013, 5th by 2015. On 1 October 2016, the RMB became the first emerging market currency to be included in the IMF's special drawing rights basket, the basket of currencies used by the IMF; the ISO code for renminbi is CNY, or CNH when traded in off-shore markets such as Hong Kong. The currency is abbreviated RMB, or indicated by the yuan sign ¥; the latter may be written CN¥ to distinguish it from other currencies with the same symbol. In Chinese texts the currency may be indicated with the Chinese character for the yuan, 圆; the renminbi is legal tender in mainland China, but not in Hong Macau. However, Renminbi is accepted in Hong Kong and Macau, are exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB and withdraw RMB banknotes from ATM terminals.
In 1889, the yuan was equated at par with the Mexican peso, a silver coin deriving from the Spanish dollar which circulated in southeast Asia since the 17th century due to Spanish presence in the Philippines and Guam. It was subdivided into 1000 cash, 100 cents or fen, 10 jiao, it replaced. The sycees were denominated in tael; the yuan was valued at 0.72 tael. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with the Imperial Bank of China and the "Hu Pu Bank", established by the Imperial government. During the Imperial period, banknotes were issued in denominations of 1, 2 and 5 jiao, 1, 2, 5, 10, 50 and 100 yuan, although notes below 1 yuan were uncommon; the earliest issues were silver coins produced at the Guangdong mint, known in the West at the time as Canton, transliterated as Kwangtung, in denominations of 5 cents, 1, 2 and 5 jiao and 1 yuan. Other regional mints were opened in the 1890s producing similar silver coins along with copper coins in denominations of 1, 2, 5, 10 and 20 cash.
Other regional mints were opened in the 1890s. The central government began issuing its own coins in the yuan currency system in 1903. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with banks established by the Imperial government; the central government began issuing its own coins in the yuan currency system in 1903. These were brass 1 cash, copper 2, 5, 10 and 20 cash, silver 1, 2 and 5 jiao and 1 yuan. After the revolution, although the designs changed, the sizes and metals used in the coinage remained unchanged until the 1930s. From 1936, the central government issued 1⁄2 yuan coins. Aluminium 1 and 5 fen pieces were issued in 1940. A variety of currencies circulated in China during the Republic of China era, most of which were denominated in the unit yuán; each was distinguished by a currency name, such as the fabi, the "gold yuan", the "silver yuan". The renminbi was introduced by the People's Bank of China in December 1948, about a year before the establishment of the People's Republic of China.
It was issued only in paper money form at first, replaced the various currencies circulating in the areas controlled by the Communists. One of the first tasks of the new government was to end the hyperinflation that had plagued China in the final years of the Kuomintang era; that achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan. As the Communist Party of China took control of larger territories in the latter part of the Chinese Civil War, its People's Bank of China began in 1948 to issue a unified currency for use in Communist-controlle
Trinidad and Tobago dollar
The dollar is the currency of Trinidad and Tobago. It is abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies, it is subdivided into 100 cents. Its predecessor currencies are the Tobagan dollar; the history of currency in the former British colony of Trinidad and Tobago follows that of the British Eastern Caribbean territories in general. The first currency used was the Spanish dollar known as "pieces of eight", which began circulating in the 16th century. Proposals for establishing banks in the West Indies, targeted at landowners, were made in 1661 by the British government, in 1690 by Sir Thomas Dalby. Despite this, Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight continued to form a major portion of the circulating currency right into the latter half of the nineteenth century; the abolition of slavery in the West Indies was the catalyst which led to the establishing of the first bank.
The Colonial Bank was established on 1 June 1836, opened its first branch in Trinidad in 1837 under the management of Anthony Cumming. Its initial mandate was to use Spanish and Mexican dollars as its official currency, it was required to make all payments in those currencies, but incoming payments could be made in any currency, the bank found that it was short of dollars; the bank therefore lobbied the government. This resulted in an imperial order-in-council in 1838, in which Trinidad and Tobago formally adopted the sterling currency, although the Spanish and Colombian currencies were declared legal tender. A second bank, the West India Bank, was granted a Royal Charter in 1840, opened its first branch in 1843; the loss of its monopoly had a profound effect on the Colonial Bank, at a disadvantage due to not being permitted to pay interest on deposits, as the West India Bank did. The two banks pursued opposite strategies, with the Colonial Bank maintaining a conservative stance, including removing currency from circulation, while the West India Bank pursued aggressive expansion.
The Sugar Duties Act of 1846, which equalised the duties on sugar imported into the United Kingdom from the British colonies with that of non-British territories, created a financial crisis in Trinidad and Tobago as the price of sugar fell rapidly. The West India Bank, which had taken on too much risk, went bust during the crisis and the Colonial Bank was put under strain; the international silver crisis of 1873 signalled the end of the silver dollar era in the West Indies and silver dollars were demonetized in Tobago in 1879 and in Trinidad at around the same period. This left a state of affairs, in which the British coinage circulated, being reckoned in the private sector using dollar accounts at an automatic conversion rate of 1 dollar = 4 shillings 2 pence. Local banks issued their own dollars, denominated in dollars. Government offices kept their accounts in British pounds and pence until the year 1935 when Trinidad and Tobago went decimal; the Currency Interpretaion Ordinance of 1934 replaced the system of pounds and pence with the dollar, retaining the fixed exchange rate of 1 dollar for every 4 shillings 2 pence.
Trinidad and Tobago entered a currency union with other Caribbean nations after World War II. The currency of the union was replaced by the modern Trinidad and Tobago dollar in 1964, two years after the nation's independence in 1962; the Trinidad and Tobago dollar was launched, had become the sole currency by 1967. From 1949, with the introduction of the British West Indies dollar, the currency of Trinidad and Tobago became tied up with that of the British Eastern Caribbean territories in general; the British sterling coinage was replaced by a new decimal coinage in 1955, with the new cent being equal to one half of the old penny. In 1951, notes of the British Caribbean Territories, Eastern Group, were introduced, replacing Trinidad and Tobago's own notes. In 1955, coins were introduced. In 1964, Trinidad and Tobago introduced its own dollar. Between 1964 and 1968 the Trinidad and Tobago dollar was utilized in Grenada as legal tender until that country rejoined the common currency arrangements of the East Caribbean dollar.
The Trinidad and Tobago dollar and the Eastern Caribbean dollar were the last two currencies in the world to retain the old rating of one pound equals four dollars and eighty cents, as per the gold sovereign to the Pieces of eight. Both of these currencies ended this relationship within a few weeks of each other in 1976. After VAT was introduced in 1989, the dollar was switched from a fixed rate to a managed float regime on Easter Weekend, 1993. For a wider outline of the history of currency in the region, see Currencies of the British West Indies. In 1966, coins were introduced in denominations of 1¢, 5¢, 10¢, 25¢ & 50¢. A large sized $1 coin was first released for circulation in 1969 and again in 1979 before being replaced with a smaller sized version in 1995 more minted; the 5 ¢ is struck with the other denominations in cupro-nickel. The obverses all feature Trinidad and Tobago's coat of arms, with the reverse designs featuring the denomination until 1976, when they were replaced by either a national bird or flower in addition to the denomination after the declaration of a republic.
The 50 ¢ & $1 coins can be purchased from banks if requested. There are coins minted in $5, $10, $100 and $200 denominations as well; these coins are not in circulation, can only be
The dollar has been the currency of Liberia since 1943. It was the country's currency between 1847 and 1907, it is abbreviated with the dollar sign $, or alternatively L$ or LD$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents; the first Liberian dollar was issued in 1847. It was pegged to the US dollar at par and circulated alongside the US dollar until 1907, when Liberia adopted the British West African pound, pegged to sterling. In 1847, copper 1 and 2 cents coins were issued and were the only Liberian coins until 1896, when a full coinage consisting of 1, 2, 10, 25 and 50 cents coins were introduced; the last issues were made in 1906. The Treasury Department issued notes between 1857 and 1880 in denominations of 10 and 50 cents, 1, 2, 3, 5 and 10 dollars. United States currency replaced the British West African pound in Liberia in 1935. Starting in 1937, Liberia issued its own coins; the flight of suitcase-loads of USD paper by Americo-Liberian following the April 12, 1980 coup d'état created a currency shortage.
This was remedied by minting of the Liberian $5 coins. The 7-sided coins were the weight as the one-dollar coin. In the late 1980s the coins were replaced with a newly designed $5 note modeled on the US greenback; the design was modified during the 1990-2004 civil war to ostracize notes looted from the Central Bank of Liberia. This created two currency zones -- the new "Liberty" notes were legal tender in government-held areas, while the old notes were legal tender in non-government areas; each was of course illegal in the other territory. Following Charles Taylor arrival in monrovia,the capital, in 1995; the j.j. Robert's bank notes were accepted in most parts of Monrovia for purchases. Banking and some majors institutions did not accept the j.j. Robert's bank note as legal tender, during this period. Following the election of the Charles Taylor government in 1997 a new series of banknotes dated 1999 was introduced on March 29, 2000. In 1937, coins were issued in denominations of 1 and 2 cents; these were augmented in 1960 with coins for 5, 10, 25 and 50 cents.
A $1 coin was issued the following year. Five-dollar coins were issued in 1982 and 1985. According to the 2009 Standard Catalog of World Coins, numerous commemorative coins in denominations ranging from 1 to 2500 Dollars have been issued beginning in the 1970s through the present. Five-dollar notes were introduced in 1989; these were known as "J. J." notes. In 1991, similar notes were issued; these were known as "Liberty" notes. On 29 March 2000, the Central Bank of Liberia introduced a new “unified” currency, exchanged at par for “J. J.” notes and at a ratio of 1:2 for “Liberty” notes. The new banknotes each feature a portrait of a former president; these notes remain in current use, although they underwent a minor redesign in 2003, with new dates and the CENTRAL BANK OF LIBERIA banner on the back. On 27 July 2016, the Central Bank of Liberia announced new banknotes will be introduced with enhanced security features. All of the denominations are the same as previous issues, with the $500 banknote being introduced as part of this series.
On 6 October 2016, the Central Bank of Liberia introduced new banknotes, as announced. When the $500 note was introduced it was worth US$5.50. Its value has since dropped to US$3.35 as of 30 June 2018. Central Bank of Liberia Economy of Liberia Media related to Money of Liberia at Wikimedia Commons Liberian banknotes
Dollar is the name of more than 20 currencies, including those of Australia, Hong Kong, Liberia, New Zealand, Singapore and the United States. The U. S. dollar is the official currency of the Caribbean Netherlands, East Timor, Ecuador, El Salvador, the Federated States of Micronesia, the Marshall Islands and Zimbabwe. One dollar is divided into 100 cents. On 15 January 1520, the Kingdom of Bohemia began minting coins from silver mined locally in Joachimsthal and marked on reverse with the Bohemian lion; the coins were called joachimsthaler, which became shortened in common usage to taler. The German name "Joachimsthal" means "Joachim's valley" or "Joachim's dale"; this name found its way into other languages: Czech and Slovenian tolar, Hungarian tallér, Danish and Norwegian daler, Swedish daler, Icelandic dalur, Dutch daalder or daler, Ethiopian ታላሪ, Italian tallero, Greek τάλληρον, τάλιρο, tàlleron, tàliro, Polish talar, Persian dare, as well as – via Dutch – into English as dollar. A Dutch coin depicting a lion was called the leeuwendaler or leeuwendaalder, literally'lion daler'.
The Dutch Republic produced these coins to accommodate its booming international trade. The leeuwendaler circulated throughout the Middle East and was imitated in several German and Italian cities; this coin was popular in the Dutch East Indies and in the Dutch New Netherland Colony. It was in circulation throughout the Thirteen Colonies during the 17th and early 18th centuries and was popularly known as "lion dollar"; the currencies of Romania and Bulgaria are, to this day,'lion'. The modern American-English pronunciation of dollar is still remarkably close to the 17th century Dutch pronunciation of daler; some well-worn examples circulating in the Colonies were known as "dog dollars". Spanish pesos – having the same weight and shape – came to be known as Spanish dollars. By the mid-18th century, the lion dollar had been replaced by Spanish dollar, the famous "pieces of eight", which were distributed in the Spanish colonies in the New World and in the Philippines; the sign is first attested in business correspondence in the 1770s as a scribal abbreviation "ps", referring to the Spanish American peso, that is, the "Spanish dollar" as it was known in British North America.
These late 18th- and early 19th-century manuscripts show that the s came to be written over the p developing a close equivalent to the "$" mark, this new symbol was retained to refer to the American dollar as well, once this currency was adopted in 1785 by the United States. By the time of the American Revolution, Spanish dollars gained significance because they backed paper money authorized by the individual colonies and the Continental Congress. Common in the Thirteen Colonies, Spanish dollars were legal tender in one colony, Virginia. On April 2, 1792, U. S. Secretary of the Treasury Alexander Hamilton reported to Congress the precise amount of silver found in Spanish dollar coins in common use in the states; as a result, the United States dollar was defined as a unit of pure silver weighing 371 4/16th grains, or 416 grains of standard silver. It was specified that the "money of account" of the United States should be expressed in those same "dollars" or parts thereof. Additionally, all lesser-denomination coins were defined as percentages of the dollar coin, such that a half-dollar was to contain half as much silver as a dollar, quarter-dollars would contain one-fourth as much, so on.
In an act passed in January 1837, the dollar's alloy was set at 15%. Subsequent coins would contain the same amount of pure silver as but were reduced in overall weight. On February 21, 1853, the quantity of silver in the lesser coins was reduced, with the effect that their denominations no longer represented their silver content relative to dollar coins. Various acts have subsequently been passed affecting the amount and type of metal in U. S. coins, so that today there is no legal definition of the term "dollar" to be found in U. S. statute. The closest thing to a definition is found in United States Code Title 31, Section 5116, paragraph b, subsection 2: "The Secretary shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce." However, the dollar's constitutional meaning has remained unchanged through the years. Silver was removed from U. S. coinage by 1965 and the dollar became a free-floating fiat currency without a commodity backing defined in terms of real gold or silver.
The US Mint continues to make silver $1-denomination coins, but these are not intended for general circulation. The quantity of silver chosen in 1792 to correspond to one dollar, namely, 371.25 grains of pure silver, is close to the geometric mean of one troy pound and one pennyweight. In what follows, "dollar" will be used as a unit of mass. A troy pound being 5760 grains and a pennyweight being 240 times smaller, or 24 grains, the geometric mean is, to the nearest hundredth, 371.81 grains. This means that the ratio of a pound to a dollar equals the ratio of a dollar to a pennyweight; these ratios are very close to the ratio of a gram to a grain: 15.43. In the United States, the ratio of the value of gold to the value of silver in the period from 1792 to 1873 averaged to about 15.5, being 15 from 1792 to 1834 and around 16 from 1834 to 1873. This is nearly the value of the gold to silver ratio determined by Isaac Newton in 17
Early American currency
Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies that became the United States, foreign coins like the Spanish dollar were circulated. Colonial governments sometimes issued paper money to facilitate economic activities; the British Parliament passed Currency Acts in 1751, 1764, 1773 that regulated colonial paper money. During the American Revolution, the colonies became independent states. Freed from British monetary regulations, they issued paper money to pay for military expenses; the Continental Congress issued paper money during the Revolution, known as Continental currency, to fund the war effort. Both state and Continental currency depreciated becoming worthless by the end of the war; this depreciation was caused by the government printing large amounts of currency in order to meet the demands of war. There were three general types of money in the colonies of British America: specie, paper money and commodity money.
Commodity money was used. Commodities such as tobacco, beaver skins, wampum served as money at various times and places. Cash in the colonies was denominated in pounds and pence; the value varied from colony to colony. All colonial pounds were of less value than the British pound sterling; the coins in circulation in the colonies were most of Spanish and Portuguese origin. The prevalence of the Spanish dollar in the colonies led to the money of the United States being denominated in dollars rather than pounds. One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. In 1690, the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World." This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts; the paper bills issued by the colonies were known as "bills of credit."
Bills of credit were fiat money: they could not be exchanged for a fixed amount of gold or silver coins upon demand. Bills of credit were issued by colonial governments to pay debts; the governments would retire the currency by accepting the bills for payment of taxes. When colonial governments issued too many bills of credit or failed to tax them out of circulation, inflation resulted; this happened in New England and the southern colonies, unlike the Middle Colonies, were at war. Pennsylvania, was responsible in not issuing too much currency and it remains a prime example in history as a successful government-managed monetary system. Pennsylvania's paper currency, secured by land, was said to have maintained its value against gold from 1723 until the Revolution broke out in 1775; this depreciation of colonial currency was harmful to creditors in Great Britain when colonists paid their debts with money that had lost value. The British Parliament passed several Currency Acts to regulate the paper money issued by the colonies.
The Act of 1751 restricted the issue of paper money in New England. It allowed the existing bills to be used as legal tender for public debts, but disallowed their use for private debts. In 1776, British economist Adam Smith criticized colonial bills of credit in his most famous work, The Wealth of Nations. Another Currency Act, in 1764, extended the restrictions to the colonies south of New England. Unlike the earlier act, this act did not prohibit the colonies in question from issuing paper money but it forbade them to designate their currency as legal tender for public or private debts; that prohibition created tension between the colonies and the mother country and has sometimes been seen as a contributing factor in the coming of the American Revolution. After much lobbying, Parliament amended the act in 1773, permitting the colonies to issue paper currency as legal tender for public debts. Shortly thereafter, some colonies once again began issuing paper money; when the American Revolutionary War began in 1775, all of the rebel colonies, soon to be independent states, issued paper money to pay for military expenses.
The Thirteen Colony set of colonial currency below is from the National Numismatic Collection at the Smithsonian Institution. Examples were selected based on the notability of the signers, followed by issue condition; the initial selection criteria for notability was drawn from a list of currency signers who were known to have signed the United States Declaration of Independence, Articles of Confederation, the United States Constitution, or attended the Stamp Act Congress. After the American Revolutionary War began in 1775, the Continental Congress began issuing paper money known as Continental currency, or Continentals. Continental currency was denominated in dollars from $1⁄6 to $80, including many odd denominations in between. During the Revolution, Congress issued $241,552,780 in Continental currency. Continental currency depreciated badly during the war, giving rise to the famous phrase "not worth a continental". A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit.
"Some think that the rebel bills depreciated because people lost confidence in them or because they were not backed by tangible assets," writes financial historian Robert E. Wright. "Not so. There were too many of them." Congress and the states lacked the will or the means to retire the bills from c
The Bermudian dollar is the official currency of the British Overseas Territory of Bermuda. It is subdivided into 100 cents; the Bermudian dollar is not traded outside Bermuda, is pegged to the United States dollar at a one-to-one ratio. Both currencies circulate in Bermuda on an equal basis. For nearly four hundred years Spanish dollars, known as "pieces of eight" were in widespread use on the world's trading routes, including the Caribbean region. However, following the revolutionary wars in Latin America, the source of these silver trade coins, dried up; the United Kingdom had adopted a successful gold standard in 1821, so the year 1825 was an opportune time to introduce the British sterling coinage into all the British colonies. An imperial Order in Council was passed in that year for the purposes of facilitating this aim by making sterling coinage legal tender in the colonies at the specified rate of 1 Spanish dollar to 4 shillings, 4 pence sterling; as the sterling silver coins were attached to a gold standard, this exchange rate did not realistically represent the value of the silver in the Spanish dollars as compared to the value of the gold in the British gold sovereign.
Because of this, the conversion had the opposite effect in many colonies, drove sterling coinage out of circulation, rather than encouraged its use. Remedial legislation had to be introduced in 1838 so as to change over to the more realistic rating of $1 = 4s 2d. However, in Jamaica, British Honduras, in the Bahamas the official rating was set aside in favour of what was known as the'Maccaroni' tradition in which a British shilling, referred to as a'Maccaroni', was treated as one quarter of a dollar; the common link between these four territories was the Bank of Nova Scotia which brought in the'Maccaroni' tradition, resulting in the successful introduction of both sterling coinage and sterling accounts. It wasn't however until 1 January 1842 that the authorities in Bermuda formally decided to make sterling the official currency of the colony to circulate concurrently with Doubloons at the rate of $1 = 4s 2d. Contrary to expectations, unlike in the Bahamas where US dollars circulated concurrently with sterling, the Bermudas did not allow themselves to be drawn into the U. S. currency area.
The Spanish dollars fell away in the 1850s but returned again in the 1870s following the international silver crisis of 1873. In 1874, the Bermuda merchants agreed unanimously to decline to accept the heavy imports of US currency except at a heavy discount, it was exported again, and in 1876, legislation was passed to demonetise the silver dollars for fear of them returning. In 1882, the local'legal tender act' demonetised the gold doubloon, which had in effect been the real standard in Bermuda, this left pounds and pence as the sole legal tender; the pound sterling remained the official currency of Bermuda until 1970, though the Government of Bermuda did issue its own pound banknotes. With US and Canadian coins appearing in circulation in Bermuda and the possibility of the devaluation of the pound sterling, Bermuda was compelled to adopt its own decimal currency. On 6 February 1970, Bermuda introduced a new decimal currency in the form of a dollar; the nascent Bermudian dollars circulated in conjunction with the new British decimal coinage a year before it was introduced in the United Kingdom.
By adopting decimalisation early, Bermuda was able place orders for the coinage from the Royal Mint before other Commonwealth countries seeking to decimalise could. The link between the Bermudian dollar and the pound sterling was not broken until 31 July 1972, which allowed Bermuda to align to a one-to-one exchange rate with that of the United States; the decision for Bermuda to peg its dollar to the US dollar added convenience for the multitude of American tourists and businesses with whom Bermuda relied on. Since 1972, Bermuda law has required that local businesses charge prices in Bermudian dollars which, if paid in US dollars, must be accepted at a rate of 1:1. Only banks are allowed to exchange Bermudian dollars into US dollars or other currencies, subject to a 1% Foreign Currency Purchase Tax. Prior to decimalisation and conversion to the dollar, the Government of Bermuda did not issue its own coins, other than the commemorative Bermuda crowns, since the 19th Century at the latest. In 1970, the Bermuda Monetary Authority introduced coinage with denominations of 1, 5, 10, 25, 50 cents.
From its inception, the 1-cent coin was struck out of bronze until 1988, when it was replaced with copper-plated steel. The composition of the 1-cent coin was changed to copper-plated zinc in 1991. All other denominations, at the time, were minted from cupronickel. Nickel-brass 1-dollar and 5-dollar coins were issued in 1983. New 1-dollar coins that were thinner and one-third lighter than the 1983 issue were produced in 1988; the 50-cent denomination was phased out, with the coins being called in on 1 May 1990. All denominations of Bermuda coinage depict the monarch of the United Kingdom on the obverse Queen Elizabeth II. From 1970 through 1985, the royal effigy by Arnold Machin was used, followed by an effigy by Raphael Maklouf from 1986 through 1998; the current obverse, introduced in 1999, is the royal effigy sculpted by Ian Rank-Broadley. Bermuda has released commemorative coins to celebrate certain events, historical milestones and fauna; these coins bear a face value, but are seen more as collector's items or stores of v
The Namibia dollar has been the currency of Namibia since 1993. It is abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies, it is divided into 100 cents. The dollar replaced the South African rand, the country's currency while it was under South African rule as South-West Africa from 1920 until 1990, at par; the rand is still legal tender, as the Namibian dollar is linked to the South African rand and can be exchanged on a one-to-one basis locally. Namibia was part of the Common Monetary Area from independence in 1990 until the introduction of the dollar in 1993; the Bank of Namibia issued the first banknotes on 15 September 1993 and, in December, issued the first national coins. Coins in circulation 5 c 10 c 50 c $1 $5 $10Years of mintage are 1993, 1996, 1998, 2000, 2002, 2008, 2009, 2010, 2012, 2015; the cent coins are made of the dollar coins of brass. Banknotes in circulation $10 $20 $50 $100 $200Historically, Hendrik Witbooi, once chief of the Namaqua people and instrumental in leading the revolts against German rule at the turn of the 20th century, has been depicted on all Namibian banknotes.
However, on 21 March 2012, the Bank of Namibia introduced a new series of banknotes to be issued in May 2012. The new family of banknotes will have the same denomination structure as the current series. All denominations have improved anti-counterfeiting features, the portrait of Hendrik Witbooi are retained for all but the 10- and 20-dollar notes, which feature a new portrait of Sam Nujoma, the founding president and father of the Namibian nation; the Bank of Namibia has discovered that the diamond-shaped optically variable ink patch on the N$10 and N$20 notes was cracking after multiple folding and handling. The Bank of Namibia has issued in limited quantity, the N$10 and N$20 notes on paper with improved quality and shifted the placement of the diamond-shaped optically variable ink feature. During the planning phase of the introduction of a new national currency replacing the South African rand, the newly founded Bank of Namibia minted a proof series of coins denominated in dollars as well as in marks, for the consideration of the Namibian Ministry of Finance.
The decision fell in favour of the name ‘dollar’ for the new currency. The proof series consisted of four different coins: 1 mark, 1 dollar, 10 marks and 10 dollars; the obverse of the mark pieces shows a sitting lion where the dollar pieces depict a San with bow and arrow. All obverse sides bear the indication of denomination as well as the remark ‘PROBE’/‘ESSAI’; the reverse of the 1-mark/1-dollar pieces shows Namibia’s former coat of arms surrounded by the inscription ‘NAMIBIA’, the year and two ears of corn. The ten-mark/ten-dollar pieces bear the inscription ‘INDEPENDENCE’/‘UNABHÄNGIGKEIT’ instead of the ears. There was a series of Namibian pattern coins denominated in South African Rand dated 1990; this short-lived tender was cited in the 2005 edition of Krause's'Unusual World Coins'. Heiko Otto. "The banknotes of Namibia". Retrieved 2017-05-19