The legal tender for Solomon Islands is known as the Solomon Islands Dollar. The ISO currency code is SBD and is called SI $. $ 1 consists of 100 subunits called cents. It is issued by the country’s central bank.
Before World War II, the country sometimes used its own pound, although the Australian pound was used more frequently. During the Japanese invasion, the country’s official currency was the ocean pound. After the war, the pound was reintroduced and used until 1966, when Australia replaced it with the dollar. When the country gained independence in 1977, it began spending its own dollar replacing the Australian dollar.
Both dollars were of equal value until 1979. Due to the economic stalemate and civil war that broke out in the country between 2000 and 2003, 1 SBD was equivalent to 15 Australian cents in 2007.
Why is the currency considered a pound?
Unlike the US and Canadian dollars, the island dollar comes from the Australian dollar, which is worth half a British pound sterling. However, the country decided to name its currency the dollar because its value was closer to the value of the US dollar than the British pound.
Coins on the islands are minted by the Royal Australian Mint. The country had two series of coins. The first series was published in 1977. There were $ 1 and 1 cent coins worth 20, 10, 5, 2 and 1 cent. They were similar to Australian coins of similar denominations and contained significant symbols of the island. The 50-cent coin was introduced in 1988. Later, 2 and 1 cent coins were withdrawn due to inflation.
The second series was issued in 2012, and the coins were smaller than the previous series in order to reduce minting costs. The value of the new coins is 50, 20 and 10 cents, and they also have $ 1 and $ 2 coins. On them is a portrait of Queen Elizabeth II as head of state.
The series presented in 1977 contained 10, 5 and 2 values. In 1980, $ 20 wallets were introduced. The $ 50 notes were issued in 1986 and $ 100 in 2006. Since 2006, there have been several security signs on the banknotes. For example, the $ 100 and $ 50 bills have micro-printed holographic foils, conical serial numbers, woven security threads, and lighter colors in the background. They are printed by De La Rue and issued by the Central Bank of the island.