Background to Australian currency initially the £, since 1966 the Australian dollar After initial hiccups with Australia's "rum" currency, from 1826 silver coins were issued regularly to the colony's military troops and administrators by the London mint. Gold coins on the other hand were minted in Sydney (from 1855), in Melbourne (from 1872) and in Perth (from 1899). Regular minting of gold coins ceased in 1931. Since then they have been collectors items only. In 1912 the Commonwealth Bank was opened in Melbourne, fully owned by the Commonwealth Government. In 1916 the Melbourne mint began silver coin production, followed in the 1930s by the Perth mint. The silver content of these coins was reduced to 50% in 1946, then abandoned altogether in 1966 with the advent of decimal currency. In 1960, the Reserve Bank of Australia was opened in Canberra, replacing the government activities of the Commonwealth Bank, which was then fully privatised in 1996. In 2024, quantities of Australian Notes issued by the RBA are $100 notes-$48 billion $50-$47 billion $20-$3.7 billion $10-$1.4 billion and $5-$1 billion. Backed by 80 tonnes of gold, IMF reserves, and about $50 billion in seven foreign currencies:- USD 55%, EUR 20%, then JPY, GBP, CAD, CNY and KRW 5% each. Click here for USD to AUD History over past 60 years. Jan 2020 = 1.44 AU dollar to the US dollar Jan 2024 = 1.50 AU dollar to the US dollar
USD to Bangladeshi Taka Jan 2024 = 110 Taka to the dollar
After East Timor separated from Indonesia in 2000, the country adopted the US Dollar with centavo coins in 2003 minted in Lisbon Portugal.
USD to South Korea Won Jan 2024 = 1,300 Won to the dollar
USD to North Korea Won Jan 2024 = 900 Won to the dollar South Korea 1910 1 won = 1 Japanese yen and 2 won to the dollar 1945 1 won still 1 yen and 15 won to the dollar 1947 50 won to dollar 1948 450 won to dollar 1950 2500 won to dollar 1951 6000 won to dollar 1953 6000 won to dollar revalued as 60 hwan to dollar 1962 1250 hwan to dollar revalued as 125 won to dollar 1964 214 won to dollar 1970 310 won to dollar 1974 404 won to dollar 1980 605 won to dollar 1984 800 won to dollar Sep97 900 won to dollar 1998 1300 won to dollar 2019 1200 won to dollar 2024 1300 won to dollar North Korea The won issued in 1945 was revalued in 1959 at one new won to 100 old won and 2 new won to the dollar 2000 2 won to the dollar (official rate) 2006 170 won to dollar The won was revalued in November 2009 (first time in 50 years) with North Koreans given seven days to exchange a maximum of W100,000 (worth approximately US$40 on the black market) in W1,000 notes for W10 notes, but (apparently) after protests by some of the populace, the limit was raised to W150,000 in cash and W300,000 in bank savings. 2018 900 won to the dollar
USD to Myanmar Kyat Jan 2024 = 2100 Kyat to the dollar In Jan 1960 = 4.76 to the dollar, fixed by the Government. In May 2012, the kyat was floated and fell to 850 to the dollar.
USD to NZ dollarJan 2024 = 1.62 NZ dollar to the US dollar NZ Banknote History Between 1840 and 1934, private trading banks issued notes. Like Australia, the NZ £ was at par with the British £. The first bank notes issued in New Zealand were in March 1840 by the Union Bank of Australia at Britannia, now Wellington. Then in September 1840 the New Zealand Banking Company followed at Kororareka, now Russell. The discovery of gold in 1861 encouraged competing banks into New Zealand leading to a variety of note issue. By 1924, public demand for convenience in usage led to the six issuing banks that were remaining, agreeing to a "Uniform" standard size and colour for each denomination. Historically, the Australian banks controlled the New Zealand exchanges with London. In December 1931, the Australian government set a rate of £1 Australian = 16 shillings sterling, and by 1933, the New Zealand pound had also fallen to a value of only 16 shillings sterling. When the Reserve Bank of New Zealand was established on 1 August 1934 by the Reserve Bank of New Zealand Act 1933, it became the sole issuer of notes. This government agency introduced notes for 10s, 1 pound, 5 pounds and 50 pounds. In 1940, 10 pound notes were added. Similar to what happened in Australia and the US, under the 1933 Reserve Bank Act all privately held gold was now confiscated and paid for using these RBNZ banknotes, somewhat like deposit slips. In 1948, the RBNZ pound was restored to parity with pound sterling, causing the Australian £ to be worth only 16 NZ shillings. On 10 July 1967, New Zealand decimalised its currency, replacing the pound with the dollar at a rate of $2 = 1 pound (or $1 = 10s). In November 1967 the pound sterling devalued against the US dollar, and New Zealand used this as an opportunity to re-align its dollar to parity with the Australian dollar. Currently 1 New Zealand Dollar equals 0.94 Australian Dollar. New Zealand latest banknotes are printed in Canada. Previous series were by Note Printing Australia NZ Coins New Zealand's $1 and $2 coins are minted by the Royal Mint in the United Kingdom. The 10 cent, 20 cent and 50 cent coins are minted by the Royal Canadian Mint. Other mints the Bank has used over time include: the Royal Australian Mint, Norwegian Mint and the South African Mint Company. Initially from 1840, British coins and after 1916 Australian minted coins circulated in New Zealand. The devaluation of the New Zealand pound relative to sterling in the 1930s led to the issue of distinct New Zealand coins in 1933, in denominations of 3d, 6d, 1s, 2s (the florin), and 2s 6d (the half-crown), minted in 50% silver until 1946 and in cupro-nickel from 1947. In 1940, bronze ½d and 1d coins were introduced. All these denominations were the same size and weight as their equivalents in the Australian and UK coinage. In all cases, the currency's value to collectors is now far higher than its face value, due to its rarity. A prime example is a first issue Union Bank 1 pound from the 1840s returned to New Zealand in 1934, for redemption at face value, by its owner in the United States. Today a similar note would be valued in excess of 10,000 pounds sterling. 50 pound notes of the Reserve Bank are also extremely rare and fetch a high price from collectors. The note signed by Chief Cashier T. P. Hannah in uncirculated condition could fetch as high as NZ$25,000 according to the premier value listing for New Zealand notes and coins (some other lesser valued notes signed by Hannah exist).
USD to Pakistan Rupee Jan 2024 = 280 Rupee to the dollar
USD to PNG kina Jan 2024 = 3.7 PNG Kina to the dollar New Guinea Mark Background In 1884 the German New Guinea Company issued coins. Bronze Pfennig 1,2,10 Silver Mark ½,1,2,5 Gold Mark 10,20 Papua and New Guinea Territories In 1910 the Bank of NSW opened the first banking branch in Port Moresby issuing Australian currency. Followed by the Commonwealth Bank in 1916. In 1914, during World War I, German New Guinea was quickly occupied by Australia. That year, the Australian authorities issued Treasury notes denominated in marks (at 20 marks to the pound). In 1915, the Mark was replaced by the New Guinea pound, equal to the Australian pound. Australian currency also circulated. Between 1929-1945, Territory of New Guinea issued holed coins (halfpennies, threepences, sixpences, shillings). After 1945, Papua New Guinea became a single Territory, with Australian currency. In 1957 NAB set up Bank South Pacific in Port Moresby. In 1973 Central Bank of Papua New Guinea was created. First notes issued on 19 May 1975 were called Kina, equivalent to AU dollars and circulated along with the Australian dollar until 31 Dec 1975. The next day, the dollar ceased to be legal tender. Kina (Keena) Notes are printed by Note Printing Australia in Melbourne. Toea (Toe-a) Coins minted in Canada.
USD to Philippines Peso In Jan 1960 = 2 to the dollar In Jan 1962 = 4 to the dollar In Jan 1983 = 10 to the dollar In Jan 1988 = 20 to the dollar In Jan 1999 = 40 to the dollar Jan 2024 = 56 Philippine pesos to the dollar. During the years of Spanish occupation, all trade was in Spanish Pesos or Dollars of 27grams silver 90% fine, or Gold "Onzas" (ounces) of identical weight that were valued at 16 Silver Pesos. After the United States took control of the Philippines in the US Spanish War of 1898, the gold and silver content of the coins was halved, starting in 1904, enabling their goods to be traded much more cheaply.
USD to Malay Ringgit Jan 2024 = 4.68 Malay Ringgit to the dollar
USD to Singapore dollar Jan 2024 = 1.33 Singapore dollar to the US dollar Singapore and Straits Settlements Currency History 1826 Under the East India Company rule in Calcutta in Bengal, the Indian Rupee (11½grams fine silver) was made the sole official currency in Singapore for internal trade purposes. External trade however was in Spanish Dollars (27grams silver 90% fine) using coins issued from Spain and particularly Mexico. 1845 Copper cents (100 to the Spanish dollar) first issued from Calcutta. 1867 The Spanish dollar became Singapore's official currency when it became a Crown colony under London, who directly took over its administration. 1871 Silver coins were first issued in the name of the Straits Settlements for 5, 10 and 20 cents, followed by copper 1/4, 1/2, and 1 cent the next year and silver 50 cents in 1886. 1899 The Straits Dollar replaced the Spanish Dollar, under a new Board of Commissioners of Currency in London, and private banks were prevented from issuing their own notes. Silver dollars were first minted in 1903 and its value was pegged at two shillings and four pence sterling in 1906. At the time the US Dollar was worth four shillings and tuppence, or 1.78 of these Straits Dollars. 1939 Malayan Dollar (Ringgit) announced under a Board of Commissioners of Currency in Malaya, at par with the Straits Dollar. Banknotes were printed in London, but only the $10 banknote went into circulation in 1941. After Japan's invasion in 1942, to supply the authorities with money whenever they required it, the Japanese simply printed more and more of their own notes, called "banana notes". After 1945 and the surrender of Japan, the currency became entirely worthless, and to this day the Japanese government has refused to exchange these currencies. Some locals managed to escape poverty because they had hidden Straits dollars and Malayan dollars, the currencies in use before the Japanese invaded. Those with hidden stashes of the old dollars were able to use them the moment the British resumed control of Singapore and surrounding colonies, when the old dollars became valid again. This lasted until 1953. 1949 Note, during the war the US dollar rose in value to five shillings sterling, and when in 1949 the UK devalued its currency (by 30%) the US dollar was valued at seven shillings and a penny, or 3.06 Malayan/Singapore dollars. In 1953 a new Board of Commissioners of Currency for British Malaya and British Borneo was appointed for the dollar (Ringgit) which lasted until 1967. The Board consisted of five members - the Financial Secretary of Singapore who was also the Chairman of the Board, the Minister of Finance for the Federation of Malaya, the Governor of Sarawak in North Borneo, the Governor of North Borneo (Sabah), the British Resident of Brunei, plus two further appointed by agreement of the participating governments. On 12 June 1967, the currency union came to an end and Malaysia, Singapore and Brunei each began issuing their own currencies. These were interchangeable at par until 8 May 1973 when the Malaysian government chose to terminate the Agreement. Brunei and Singapore continue with the Agreement until the present day. Following the US suspending the convertibility of the dollar to gold on August 15 1971, the Singapore dollar rose in value to 2.8 to the US dollar in 1972, and to 2.2 to the US dollar in 1979. Currently it is valued at 1.33 to the US dollar. Malaya officially adopted the term "ringgit" in 1975. Currently it is valued at 4.68 ringgit to the US dollar.
USD to Thailand Baht Jan 2024 = 35 Baht to the dollar. Some further history Before 1880, in fact for hundreds of years, it was 15 grams of sterling silver (13½ grams fine) which meant a fixed price of 2s 6d, or 1.4 Indian rupees. Then the silver price fell. During the 1880s, it was valued at 2 shillings. By 1902, it had fallen to 11 pennies. In 1908, it rose to 1s 6d (or 13 to the pound). In 1919, it rose to 1s 8d, then in 1923 to 1s 10d. During WW2 it was pegged to the Japanese yen. In 1956, after some upheaval, it was revalued about 20 to the US dollar. In 1984 it fell to 25 to the dollar. In 1998 it fell to 40 to the dollar. Since 2010 it has been valued at about 30 to the dollar.
USD to Vietnam Dong May 1978 1.00 dong Jan 1983 1.00 dong Apr 1984 1.14 dong On September 14 1985 the new dong was issued, worth 10 of the old, as Vietnam prepared itself for a more market-oriented economy Jan 1986 20 new dong or 200 old dong Jan 1987 73 new dong Jan 1988 640 new dong Jan 1989 4,500 new dong Jan 1990 6,400 Jan 1991 10,000 Jan 1992 11,500 Jan 1994 11,000 Jan 1997 12,000 Jan 1998 13,000 Jan 1999 14,000 Jan 2002 15,000 Jan 2007 16,000 Jan 2009 17,000 Jan 2010 18,000 Jan 2011 20,000 Jan 2013 21,000 Jan 2016 22,000 Jan 2018 23,000 Jan 2024 24,400Some further history, coming forward from the Vietnam Civil War after WW2 to May 1978
Before WW2, France ruled North and South Vietnam as one country, French Indochina. Its official currency, the silver piastre, was equivalent to the Hong Kong Trade Dollar, which before 1900 was equal to the Spanish Mexican Peso and the US Dollar. After WW2, its paper currency the piastre, was valued at 12 piastres to the US dollar. North Vietnam Dong In 1946, the Viet Minh government - who later became the government of North Vietnam - introduced the "1946" dong at equal value with the French Indochinese piastre. In 1951, the "1951" dong was issued, equal to 100 of the "1946" dong. In 1958, the "1958" dong was issued, equal to 1000 of the "1951" dong. In South Vietnam, the French Indochinese piastre continued to circulate at 12 piastres to the US dollar. In 1949 it was revalued at 35 piastres to the US dollar. South Vietnam Dong In 1953, the new South Vietnam dong was issued, equal value with the piastre, at 35 to the US dollar. This official rate was maintained by South Vietnam until it was replaced by the southern Liberation dong in September 1975. During the years 1953 to 1975, it was propped up (somewhat) by Government controls and US aid. The black market rate showed it had a much lower perceived value. The following figures are from https://art-hanoi.com/library/rates/ South Vietnam's unofficial black market rate was closer to 55 dong to the US dollar in 1955, gradually rising to 780 dong to the US dollar in January 1975, then due to lack of market demand, rapidly rising to 2500 dong to the US dollar in August 1975. When the city of Saigon fell on September 22 1975, South Vietnam's currency became the "1975" southern Liberation dong, worth 500 of the old South Vietnam dong, officially valued at 1½ to the US dollar, but at 6½ to the US dollar on the black market. Vietnam was reunified on May 3 1978, and the southern Liberation dong followed suit by being merged at an 80% rate into the "1958" northern dong. So, one "1978" combination dong was equal to one "1958" northern dong and 0.8 of a "1975" southern Liberation dong in a Soviet style command economy of fixed prices, at level pegging with the US dollar.
** End of List