Vanuatu vatu facts for kids
Quick facts for kids Vanuatu vatu |
|
|---|---|
| ISO 4217 Code | VUV |
| User(s) |  Vanuatu |
| Inflation | 3.9% |
| Source | The World Factbook, 2007 est. |
| Symbol | VT |
| Plural | vatu |
| Coins | |
| Freq. used | VT 5, VT 10, VT 20, VT 50, VT 100 |
| Rarely used | VT 1, VT 2 (discontinued; still legal tender) |
| Banknotes | |
| Freq. used | VT 200, VT 500, VT 1,000, VT 2,000, VT 5,000, VT 10,000 |
The vatu (abbreviation: VT; ISO code: VUV) is the official money used in Vanuatu. Unlike many other currencies, the vatu does not have any smaller parts, like cents or pennies.
Contents
What Does 'Vatu' Mean?
The word vatu is used in all three official languages of Vanuatu: English, French, and Bislama. It comes from a word meaning "stone" in some local languages, like the Raga language. This word has a very old history, going back to ancient languages spoken in the Pacific and Asia.
A Quick Look at Vatu's History
The vatu was first used in 1981. This was just one year after Vanuatu became an independent country. It took the place of the old money, which was called the New Hebrides franc. One vatu was worth one franc.
The vatu was created as a single unit, meaning it didn't have smaller parts like cents. The 1 vatu coin was the smallest amount. When the vatu was introduced, the Australian dollar also stopped being official money in Vanuatu.
Vatu Coins
Vanuatu's first coin after becoming independent was a 50 vatu coin in 1981. It was made to celebrate one year of independence.
In 1983, more coins were released for everyday use. These included 1, 2, and 5 vatu coins made of a bronze-like metal. There were also 10, 20, and 50 vatu coins made of a copper-nickel mix. These new coins replaced the old money and the Australian currency.
What Do the Coins Look Like?
All coins from Vanuatu show the Vanuatuan coat of arms. This design features a local warrior in front of a curved pig's tusk. A pig's tusk is a traditional item of value in Vanuatu. The other side of the coins shows other important traditional items.
Because Vanuatu used to be a French colony, its coins are similar in size and color to some old French coins. For example, the 1, 2, and 5 vatu coins are like the old French 5, 10, and 20 centimes. The 10, 20, and 50 vatu coins are similar to coins used in New Caledonia and French Polynesia.
In 1988, a 100 vatu coin was introduced. This coin replaced the 100 vatu paper money. It is similar in size and thickness to the British 1 pound coin.
Changes to Coins Over Time
In 2011, the Reserve Bank of Vanuatu stopped making 1 and 2 vatu coins. People weren't using them much anymore because of inflation, which means money buys less over time. These coins are still legal to use, but stores now usually round prices to the nearest 5 vatu when you pay with cash.
In 2015, new coins were made by the Royal Australian Mint. The older coins are still good to use alongside the new ones. The new coins come in 5, 10, 20, 50, and 100 vatu.
| Denomination | Composition | Diameter | Design on reverse |
|---|---|---|---|
| VT 1 | Nickel-brass | 16 mm | Shell |
| VT 2 | 19 mm | ||
| VT 5 | 23 mm | ||
| VT 10 | Cupro-nickel | 24 mm | Coconut crab |
| VT 20 | 28 mm | ||
| VT 50 | 33 mm | Yams | |
| VT 100 | Nickel-brass | 23 mm | Coconuts |
| Denomination | Composition | Diameter | Design on reverse |
|---|---|---|---|
| VT 5 | Copper-plated steel | 19 mm | Traditional outrigger canoe |
| VT 10 | Nickel-plated steel | 21 mm | Coconut crab |
| VT 20 | Nickel-plated steel | 24.2 mm | Traditional chiefs |
| VT 50 | Nickel-plated steel | 27 mm | Kava and coconut |
| VT 100 | Aluminum-zinc-bronze | 23.25 mm | Parliament building |
Vatu Banknotes
Paper money was introduced on March 22, 1982. The first banknotes were for 100, 500, and 1,000 vatu. These notes officially replaced the old franc banknotes. In 1988, the 100 vatu note was taken out of use and replaced by the 100 vatu coin. In 1989, 5,000 vatu notes were introduced.
In 1993, the Reserve Bank of Vanuatu started printing new designs for the 500 and 1,000 vatu notes. In 1995, 200 vatu notes were introduced to make it easier to give change.
New 5,000 vatu notes made of polymer (a type of plastic) were issued in 2011. Polymer 10,000 vatu notes were also released in 2010 as a special commemorative issue. As of 2013, these special 10,000 vatu notes are no longer in regular circulation.
On June 9, 2014, the Reserve Bank of Vanuatu released a whole new series of polymer banknotes. This new series included a new 2,000 vatu note and regular 10,000 vatu notes.
The "Notional Dollar" in Vanuatu
Sometimes, people in Vanuatu might talk about a "dollar" that is equal to 100 vatu. They don't mean a real dollar from another country. This idea comes from a time between 1966 and 1973. Back then, the old New Hebrides franc was linked to the Australian dollar, where 100 francs equaled 1 dollar.
Even though there's no official link now, it helps people think about larger amounts of money. For example, if the government's budget is 6,000,000,000 vatu, it's easier to think of it as about 50,000,000 US dollars. The size of the old 100 vatu coin also made this "dollar" idea popular. It was similar in size to the Australian and New Zealand 1 dollar coins.
"Pounds" and "Shillings" in Vanuatu
In some local languages in Vanuatu, counting very large numbers can be tricky. So, people sometimes call 10 vatu "one shilling" and 200 vatu "one pound." For example, in the Apma language, "50 vatu" might be called selen kalim, which means "five shillings." This is a bit like how the vatu used to compare to the British pound in the past.
Other Ways People Pay in Vanuatu
Many communities in Vanuatu still use traditional items for important events. These include things like paying fines or bride-prices. They might use pigs, curved boars' tusks, or long dyed mats. Sometimes, vatu money is used instead of these traditional items, but the National Council of Chiefs doesn't really encourage this.
There's even a special bank called the Tangbunia Bank on Pentecost Island. This bank lets people have accounts and make transfers using a unit called livatu. One livatu is worth the value of a fully curved boar's tusk.
See Also
- Economy of Vanuatu
