Kiribati dollar
| Kiribati dollar | |
|---|---|
| ISO 4217 | |
| Code | KID |
| Denominations | |
| Subunit | |
| 1/100 | cent |
| Symbol | $ |
| cent | ¢ |
| Banknotes | Australian notes circulate |
| Coins | 5¢, 10¢, 20¢, 50¢, $1, $2 |
| Demographics | |
| User(s) |
 Kiribati (alongside Australian dollar) |
| Issuance | |
| Central bank | Reserve Bank of Australia |
| Website | www |
| Mint | Royal Australian Mint |
| Website | www |
| Valuation | |
| Inflation | 0.5% |
| Source | The World Factbook, 2005 est. |
| Pegged with | Australian dollar at par |
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The dollar is the currency of Kiribati. It is pegged at 1:1 ratio to the Australian dollar. Coins were issued in 1979 and circulate alongside banknotes and coins of the Australian dollar.
Before independence, Australian coins were used in Kiribati (then called the Gilbert Islands) from 1966 until 1979. Previous to Australia's introduction of the dollar, the Australian pound was chiefly used throughout the islands, though Gilbert and Ellice Islands banknotes issued in the 1940s were also in use and were redeemable for Pound Sterling at face value.
During Japanese occupation of the islands during World War II, the Oceanian pound, an all banknote currency created by the Japanese Government to be a universal currency for the pacific, was in use. The Australian pound was restored as the official national currency after the war ended.
A call to issue coinage for an independent Kiribati in 1979 was made to legitimize its new political status, and although Australian banknotes would be used, the decision to issue domestic coins was widely favored and accepted. A two dollar coin was later introduced to replace the note and celebrate the nation's tenth anniversary.
Kiribati's first coins were introduced in 1979 following independence and were directly pegged to the Australian dollar. The coins were issued in denominations of 1, 2, 5, 10, 20 and 50 cents, and 1 dollar.
Except for the 50 cents and 1 dollar pieces, all of these coins are the same size, weight, and composition as the corresponding Australian coins, with the 1 and 2 cent pieces composed of bronze and the 5, 10, 20, 50, and $1 being composed of cupro-nickel. As usual for other pacific island states, only the lower denominations (1-20 cent) share any commonality, with the largest denominations being unique to their respective countries. The 50 cent piece is round with reeded edges, unlike the dodecagonal (twelve sided) Australian equivalent. The Kiribati 1 dollar is the same twelve sided shape as the Australian 50 cent coin, but it is smaller and weighs about 4½ grams less than both the Australian and Kiribati half dollars.
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Wikipedia