By law the Central Bank of Solomon Islands (CBSI) shall issue, regulate and manage the currency of Solomon Islands. Which means only the Central Bank has the power to issue currency.
Solomon Islands Monetary Authority (SIMA) as it was known back than before the name was changed to CBSI, was first to launched the country’s currency consisting of $10, $5, $2 banknotes and $1.00, 20c, 10c, 5c, 2c, 1c coins. See timeline below.
(1977- 1987): We introduced our first notes and coins in 1977. A new $20 note was issued in 1980.
(1987 – 1997): A new $50 note and 50 cents coin were introduced into circulation. The theme for the new $50 note was ‘flora and fauna.’ The theme for the new $50 note was ‘flora and fauna.’ To celebrate the first 10 years of active circulation, the Central Bank removed the effigy of the Queen and replaced it with the government’s coat of arms on all its banknotes.
(1997 – 2007): A new $100 banknote (with hologram) was introduced. The banknote was launched to celebrate achievements in the coconut industry, which sustained the 80% rural dwellers who relied on copra as a source of income to pay for school fees and other necessities. Copra continues to bring in foreign exchange to the country’s reserves. This period was indeed a time of reckoning.
(2007 – 2017): The bank commenced reforms to the security and design specifications on our notes beginning with the $50 note in 2013, followed by the $100 in 2015 and the $20 and $10 notes in 2017. We are working on a new $5 note, which will be on polymer substrate to be issued in the first quarter of 2019. Again, we intend to improve the durability of our notes by reintroducing polymer substrate in our circulating notes. Within the last 10 years Central Bank also introduce lighter and smaller coins.
(2017-2018): The bank issued a commemorative $40 note and $2 colored coin to commemorate and celebrate the country’s 40th anniversary since independence.
Our banknotes have captured in their designs specifications of some of the important characteristics of our young nation.
Banks Role in Currency Managment
Subject to the law, under the CBSI ACT 2012, s18 – s25 The Central Bank is the only institution that can issue banknotes and coins. Currency issued by the Central Bank shall be legal tender in Solomon Islands. By this law, the bank has the mandate and role over the,
- Issuance of currency
- Exchange of currency
- Verification and confirmation of unfit currency
- Redemption of currency
- Currency reserve inventory and issue plan
- And counterfeit currency
Welcome to our currency collectible section. Listed below are the collectibles that are currently available.