Royal Australian Mint completes currency reform for Vanuatu

New coins are lighter, smaller, cheaper to produce
By , Coin World
Published : 08/31/15
Text Size

A second high-profile shakeup in South Pacific currency, as abetted this summer by the Royal Australian Mint, occurred in Vanuatu.

A new series of five circulating coins, smaller and lighter than the previous series, debuted in late July, the Royal Australian Mint announced Aug. 18. The coins range from the 5-vatu piece to a scallop-edged 100-vatu denomination. Coins of the previous series are round.

Vanuatu’s heavier, larger coins, which were in use for more than 30 years, were costing more to produce than their face value, according to the Reserve Bank of Vanuatu. The currency reform followed a public opinion survey in 2008, the bank said.

The obverse of all the Vatu coins maintains the national coat of arms, while each new reverse sports a new design.

The reverse of the 5-vatu coin shows a traditional outrigger canoe, symbolizing the role of the canoe in inter-island trading.

The reverse of the 10-vatu coin depicting the coconut crab highlights the need for conservation of this endangered wildlife that is also a delicacy.

Traditional governance is the theme of the reverse of the 20-vatu coin, which shows a gathering of traditional community leaders, or “jifs.” 

The reverse of the 50-vatu coin shows kava leaves and coconut, two of Vanuatu’s exports.

The reverse of the highest denomination coin, the 100 vatu, shows the nation’s Parliament House, symbolizing modern governance and the rule of law.

Residents may exchange old coins for the new ones at the nearest commercial bank. The old coins are still legal tender and will be used alongside the new vatu coins. The old vatu coins will be withdrawn from public circulation by commercial banks.

More from CoinWorld.com:

$75 bingo hall purchase yields 1893 Barber dime obverse die cap with full brockage of obverse on reverse

United States Mint sells nearly half of 2015 American $1 Coin and Currency sets on first day

Silver American Eagles remain on allocation as U.S. Mint scrambles to alleviate planchet shortage

Have a look at the Enhanced Uncirculated 2015-W Native American dollar: Something Social

Why the modern world coin third-party-graded market is growing

Keep up with all of CoinWorld.com's news and insights by  signing up for our free eNewsletters, liking us on Facebook, and  following us on Twitter . We're also on  Instagram !

You are signed in as:null

Please sign in or join to share your thoughts on this story

No comments yet