Tuvaluan dollar
| Tuvaluan dollar | |
|---|---|
| ISO 4217 | |
| Code | TVD |
| Denominations | |
| Symbol | $ ($T, TV$) |
| cent | ¢ |
| Banknotes | Australian notes circulate |
| Coins | ¢5, ¢10, ¢20, ¢50 , $1 |
| Demographics | |
| User(s) |
 Tuvalu (alongside Australian dollar) |
| Issuance | |
| Central bank | Reserve Bank of Australia |
| Website | www |
| Mint | Royal Australian Mint |
| Website | www |
| Valuation | |
| Inflation | 3.30% |
| Pegged with | Australian dollar at par |
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The dollar is the currency of Tuvalu. From 1966 to 1976, Tuvalu officially used the Australian dollar. In 1976, Tuvalu began issuing its own coins for circulation, although these circulate alongside Australian coins and Tuvalu continues to use Australian banknotes. Similar to the Faroese króna's relationship to the Danish krone, the Tuvaluan dollar is not an independent currency, but a variation of the Australian Dollar. The official international currency code is TVD.
There is no central monetary institution or central bank in Tuvalu. The National Bank of Tuvalu performs some monetary functions for the government of Tuvalu including the holding of government accounts and foreign assets.
Other currencies used in Tuvalu have been the Pound Sterling, prior to the introduction of the Australian dollar, as well as the US dollar, during the World War II American occupation of the islands. Gilbert and Ellice Islands banknotes have also been used on in Tuvalu, These notes were cashier's cheques backed in Pounds rather than an official, independent currency. The Yen backed Oceania pound was used in parts of the Gilberts (now Kiribati), but Japanese influence never actually reached the Ellice Chain (now Tuvalu).
In 1976, corresponding with its slated independence, Tuvalu's first coins were introduced in denominations of 1, 2, 5, 10, 20, 50 cents and 1 dollar. The set, designed by John Donald features an aquatic theme. The bronze 1 and 2 cents and the cupro-nickel 5, 10 and 20 cents were the same size, weight, and composition as the corresponding Australian coins they were set to constitute. However, the cupro-nickel 50 cent piece was distinct from the dodecagonal (twelve sided) Australian 50 cent coin in that it was round with plain edges. The nonogonal (nine sided) cupro-nickel 1 dollar piece was unique not only by its odd shape, but it also predated the Australian 1 dollar coin by eight years. It was also issued long before the trend toward larger denomination coins became much more widespread in many countries. The nine sides on the dollar are meant to represent each of the nine islands and atolls composing the Tuvalu chain. Each of the coins depicts a sea animal that is native to the area, with the only exception to that being the 1 cent, which depicts an empty spider conch shell washed up on the shore.
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Wikipedia