Cook Islands dollar
Encyclopedia
The dollar is the currency of the Cook Islands
. The dollar is subdivided into 100 cent
s, although some 50 cent coins carry the denomination as "50 tene".
was used on the Cook Islands, when it was replaced by the New Zealand dollar
. In 1972, coins were issued specifically for the Cook Islands, with banknotes appearing in 1987. The Cook Islands dollar is pegged at par
to the New Zealand dollar.
In 1983, production of the 1 and 2-cent coins was ceased and the two coins were later demonetized.
In 1987, a smaller, lighter scallop-edged $1 coin with a similar size and shape to the Hong Kong
$2 piece. This coin was issued to replace its bulky predecessor. Along with the new dollar, a triangular $2 coin and a dodecagon
al (twelve-sided) $5 piece in equal size and shape to the Australian 50-cent coin were introduced, with the new $1 and $2 composed of cupro-nickel and the $5 coin in aluminium bronze.
2003 saw the reintroduction of a 1-cent coin, this time composed of aluminium rather than bronze and slightly smaller and thicker than the 10-cent piece. These were issued with five different reverses, each commemorating a few of the nation's historical themes.
A large, stainless steel 5 cent coin was issued in 2000 centered around FAO
and depicting the Tangaroa image present on the dollar piece.
Cook Islands has a long reputation for frequent monetary oddities. It was one of the last countries to hold on to large crown-sized coins while elsewhere, coins of such size are seldom ever minted in large enough quantities intended for circulation. In 1987, with the release of its new $2 piece, Cook Islands officially became the first modern country to issue a circulating three-sided coin, as well as one of only a handful of countries at the time with a widely circulating $5 piece. 1988 brought the redesign of the 50-cent piece, quite unique in becoming the first coin in the country to bear a denomination name. Although widely recognized as "cents" this coin depicts "tene", the native language equivalent to the English word cent. It also abandoned its 1 and 2-cent pieces almost 10 years before both New Zealand
and Australia
, only to bring the 1 cent back 20 years later. It also replaced $1 and $2 notes for coins two years before New Zealand did, even though the Cook Islands dollar is pegged to the NZD at par. Amidst minting $2 and $5 coins, it also issued an oddball $3 note in between the dollar coins as part of the same series.
With the reduction in size of the New Zealand 10, 20 and 50-cent coins in 2006, the Cook Island equivalents to these have for the mean time, yet to appear. However, $1, $2, and $5 pieces are still in use. Although a 2010 commemorative
Cook Islands coin set in denominations 1, 2, 5, 10, 20, 50, cent and a bimetallic $1 have been minted with a similar size to some of the newer New Zealand ones, these coins appear to be collectors issues intended to raise money for the Cook Islands government rather than a true legal tender circulating coin set and it seems very unlikely that these will actually be found anywhere on the islands.
The obverse of all coins of the Cook Islands depict Queen Elizabeth II; she is Head of State and Queen of Cook Islands and New Zealand.
The reverse of standard issue coins are as depicts:
1 CENT: (1972–83) Taro Leaf (2003 collector's series) Captain James Cook, Orangutan, Collie Dog, Pointer Dog, Chicken.
2 CENTS: Two pineapples
5 CENTS: Hibiscus Blossom
10 CENTS: Orange on Branch
20 CENTS: Fairy Tern Bird
50 CENTS: (1972–87, also 1992 -uncommon-) Bonito Fish (1988–94)
1 DOLLAR: Tangaroa, Male Fertility God (1972-83 round) (1987-2010 scalloped)
2 DOLLARS: Water Vessel on Wooden Table
5 DOLLARS: Conch seashell
A large number of commemorative non circulating collectors coins are also issued by the Cook Islands featuring an almost endless array of themes as the government has a contract in which a coin design can be commissioned and minted with the name "Cook Islands" and dollar units for a fee, making coinage a resource for extra revenue. Due to a exchange schemes regarding large stocks of non circulating commemorative coins mintages are regulated and not recognized or accepted as legal tender within the Cook Islands.
The $3 notes are the most rarely used denomination, in part due to coinciding $2 & $5 coin denominations in between. These notes were issued up until 1995 when lack of popular demand for them led to their discontinuation. Cook Islanders are showing a preference for New Zealand's banknotes, although the Cook Islands notes remain as legal tender and circulate next to New Zealand notes.
Cook Islands
The Cook Islands is a self-governing parliamentary democracy in the South Pacific Ocean in free association with New Zealand...
. The dollar is subdivided into 100 cent
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
s, although some 50 cent coins carry the denomination as "50 tene".
History
Until 1967, the New Zealand poundNew Zealand pound
The pound was the currency of New Zealand between 1840 and 1967. Like the British pound, it was subdivided into 20 shillings each of 12 pence. As a result of the great depression of the early 1930s, the New Zealand agricultural export market to the UK was badly affected...
was used on the Cook Islands, when it was replaced by the New Zealand dollar
New Zealand dollar
The New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents....
. In 1972, coins were issued specifically for the Cook Islands, with banknotes appearing in 1987. The Cook Islands dollar is pegged at par
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
to the New Zealand dollar.
Coins
In 1972, bronze 1 and 2 cents, and cupro-nickel 5, 10, 20 and 50 cents, and 1-dollar coins were introduced. All were the same size, weight, and composition as the corresponding New Zealand coins, however, the unique crown-sized dollar coin circulated much more readily than its New Zealand equal. Each coin depicted plants, animals, and items unique to the Cook Islands.In 1983, production of the 1 and 2-cent coins was ceased and the two coins were later demonetized.
In 1987, a smaller, lighter scallop-edged $1 coin with a similar size and shape to the Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
$2 piece. This coin was issued to replace its bulky predecessor. Along with the new dollar, a triangular $2 coin and a dodecagon
Dodecagon
In geometry, a dodecagon is any polygon with twelve sides and twelve angles.- Regular dodecagon :It usually refers to a regular dodecagon, having all sides of equal length and all angles equal to 150°...
al (twelve-sided) $5 piece in equal size and shape to the Australian 50-cent coin were introduced, with the new $1 and $2 composed of cupro-nickel and the $5 coin in aluminium bronze.
2003 saw the reintroduction of a 1-cent coin, this time composed of aluminium rather than bronze and slightly smaller and thicker than the 10-cent piece. These were issued with five different reverses, each commemorating a few of the nation's historical themes.
A large, stainless steel 5 cent coin was issued in 2000 centered around FAO
Fão
Fão is a town in Esposende Municipality in Portugal....
and depicting the Tangaroa image present on the dollar piece.
Cook Islands has a long reputation for frequent monetary oddities. It was one of the last countries to hold on to large crown-sized coins while elsewhere, coins of such size are seldom ever minted in large enough quantities intended for circulation. In 1987, with the release of its new $2 piece, Cook Islands officially became the first modern country to issue a circulating three-sided coin, as well as one of only a handful of countries at the time with a widely circulating $5 piece. 1988 brought the redesign of the 50-cent piece, quite unique in becoming the first coin in the country to bear a denomination name. Although widely recognized as "cents" this coin depicts "tene", the native language equivalent to the English word cent. It also abandoned its 1 and 2-cent pieces almost 10 years before both New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
and Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, only to bring the 1 cent back 20 years later. It also replaced $1 and $2 notes for coins two years before New Zealand did, even though the Cook Islands dollar is pegged to the NZD at par. Amidst minting $2 and $5 coins, it also issued an oddball $3 note in between the dollar coins as part of the same series.
With the reduction in size of the New Zealand 10, 20 and 50-cent coins in 2006, the Cook Island equivalents to these have for the mean time, yet to appear. However, $1, $2, and $5 pieces are still in use. Although a 2010 commemorative
Commemorative
Commemorative may refer to:*Commemorative coin*United States Commemorative Coin*Commemorative issue - a special edition of a book, magazine, or other item released around, or in memory of, a special event or occurrence.*Commemorative stamp...
Cook Islands coin set in denominations 1, 2, 5, 10, 20, 50, cent and a bimetallic $1 have been minted with a similar size to some of the newer New Zealand ones, these coins appear to be collectors issues intended to raise money for the Cook Islands government rather than a true legal tender circulating coin set and it seems very unlikely that these will actually be found anywhere on the islands.
The obverse of all coins of the Cook Islands depict Queen Elizabeth II; she is Head of State and Queen of Cook Islands and New Zealand.
The reverse of standard issue coins are as depicts:
1 CENT: (1972–83) Taro Leaf (2003 collector's series) Captain James Cook, Orangutan, Collie Dog, Pointer Dog, Chicken.
2 CENTS: Two pineapples
5 CENTS: Hibiscus Blossom
10 CENTS: Orange on Branch
20 CENTS: Fairy Tern Bird
50 CENTS: (1972–87, also 1992 -uncommon-) Bonito Fish (1988–94)
1 DOLLAR: Tangaroa, Male Fertility God (1972-83 round) (1987-2010 scalloped)
2 DOLLARS: Water Vessel on Wooden Table
5 DOLLARS: Conch seashell
A large number of commemorative non circulating collectors coins are also issued by the Cook Islands featuring an almost endless array of themes as the government has a contract in which a coin design can be commissioned and minted with the name "Cook Islands" and dollar units for a fee, making coinage a resource for extra revenue. Due to a exchange schemes regarding large stocks of non circulating commemorative coins mintages are regulated and not recognized or accepted as legal tender within the Cook Islands.
Banknotes
In 1987, 3, 10, and 20 dollar notes were introduced by the government, followed by 50 dollar notes as part of a new series of notes in 1992. The notes all bear images of items, events, and panorama relevant to native Polynesian culture. There doesn't appear to be any mandated color or size standard for the notes as they vary between series and differ from NZ color and size standards.The $3 notes are the most rarely used denomination, in part due to coinciding $2 & $5 coin denominations in between. These notes were issued up until 1995 when lack of popular demand for them led to their discontinuation. Cook Islanders are showing a preference for New Zealand's banknotes, although the Cook Islands notes remain as legal tender and circulate next to New Zealand notes.
| 1992 Series | ||
|---|---|---|
| Value | Obverse | Reverse |
| $3 | _f.jpg) |
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| $10 | _f.jpg) |
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| $20 | _f.jpg) |
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| $50 | http://aes.iupui.edu/rwise/banknotes/cook_islands/CookIslandsP10a-50Dollars-(1992)-donatedsrb_f.jpg | http://aes.iupui.edu/rwise/banknotes/cook_islands/CookIslandsP10a-50Dollars-(1992)-donatedsrb_b.jpg |
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See also
- Economy of the Cook IslandsEconomy of the Cook IslandsThe economy of the Cook Islands, as in many other South Pacific island nations, is hindered by the isolation of the country from foreign markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure....
- New Zealand DollarNew Zealand dollarThe New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands , Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents....
- Pitcairn Islands DollarPitcairn Islands DollarPitcairn Islands is a non-sovereign British Overseas Territory and the New Zealand dollar is used as exchange. Pitcairn Islands began issuing its first commemorative coins in 1988. Though the Pitcairn Islands dollar is not a true currency in the sense of the word, and isn't used as a circulation...
- Niue dollarNiue dollarNiue, a dependency of New Zealand, uses the New Zealand dollar rather than its own specific currency. However, it does issue coins for the collectors market to earn some extra funding....