Solomon Islands Dollar (SBD)

What Is the Solomon Islands Dollar (SBD)?

The Solomon Islands dollar (SBD) is the official currency of the Solomon Islands. It is issued by the country's central bank and recognized as SBD in foreign exchange markets.

Figuring out the Solomon Islands Dollar (SBD)

The SBD utilizes the symbol SI$ to set it separated from different currencies that likewise utilize the dollar sign. The subunit of the SBD is the penny, of which it contains 100.

Banknotes are issued in the most regularly utilized denominations of $5, $10, $20, $50, and $100, and the rarer denomination of $40. Coins, in the mean time, have been issued in denominations of 1, 2, 5, 10, 20, and 50 pennies and one dollar.

History of the Solomon Islands Dollar (SBD)

At the point when the SBD was acquainted with the Solomon Islands in 1977, it supplanted the Australian dollar as the official currency of the nation. Previous currencies incorporated the Australian pound sterling, which was supplanted by the Australian dollar in 1966; the Oceanian pound, a Japanese intrusion currency utilized during the Japanese control of the islands during WWII; and the Solomon Islands pound.

From 1977 to 1979, the SBD and the Australian dollar partook in a coordinated exchange rate. In 1979, the SBD was pegged at SI$ 1.05 to AUD $1, however later it was floated.

Over the course of the next couple of many years, economic stagnation and inflation drove the value of the SBD down. By 2008, SBD coins had become minimal more than interests among local people, a significant number of whom stored them to part with or trade to voyagers as gifts. As of Sept. 3, 2021, one SBD is worth just 17 Australian pennies.

In certain parts of the Solomon Islands, dolphin teeth and other traditional forms of exchange are utilized in lieu of the SBD.

Coin Series

The original coin series of the SBD, presented in 1977, included penny coins that related in size, material, and weight to their Australian counterparts. The six original coins, printed in denominations of 1, 2, 5, 10, and 20 pennies and one dollar, bore portrayals of symbols, things, or figures important to Solomon Islands culture. For instance, the ten-penny coin was printed with a picture of Ngoreru, a Temoto sea god.

In later series, the creation was changed to bronze-plated or nickel-clad steel, with the 50-penny piece being presented in 1988 and the one and two-penny coins being phased out due to inflation. At present, all coins bear the similarity of Queen Elizabeth II.

Banknotes

Banknotes were first issued in quite a while of two, five, and 10 dollars, with 20-dollar notes showing up in 1980. Originally bearing the similarity of Queen Elizabeth II, banknotes currently bear a portrayal of the national crest, as well as scenes of daily life and social significance. A portion of these scenes remember cruising for a longboat (on the five-dollar bill), winding (on the ten-dollar bill), fighters (on the 20-dollar bill), and coconut harvesting (on the 100-dollar bill).

Fifty-dollar notes were presented in 1986, and 100-dollar notes in 2006. Beginning in 2007, the banknotes started to incorporate security highlights, for example, a security string woven through the note and tightened serial numbers.

Features

• SBD has been the currency of the Solomon Islands beginning around 1977.
• SBD is the shortening for the Solomon Islands dollar.
• SBD banknotes are issued in denominations of five, 10, 20, 40, 50, and 100 dollars.