By Richard Giedoryc
The Maldives announced on Jan. 26 that a new series of bank notes is being introduced there, accompanied by a new 5-rufiyaa coin.
The new coin is replacing a bank note of the same denomination. The note was the lowest denomination in use. The coin will be more durable in circulation. The new 5-rufiyaa coin is equal to about 33 U.S. cents.
The current rufiyaa or Rf was introduced in 1947, being equal to 100 laari. Laari denominated coins were introduced in 1960 in denominations of 1, 2, 5, 10, 25 and 50. All of these coins were struck at the British Royal Mint.
A steel clad copper-nickel 1-rufiyaa coin produced in West Germany was introduced by the newly formed Maldives Monetary Authority in 1983. A new series of coins was issued the following year in denominations of 1-, 2-, 5-, 10-, 25-, and 50-laari, with a 2-rufiyaa coin being issued in 1995 to replace the bank note of that same denomination.
Coins were issued in 1970 dated AH 1389 on which English language appears for the first time. These coins were issued in the name of the republic rather than in the name of the sultanate.
The AH 1402 or 1982 dated 1-rufiyaa coins were the first to be issued once the Maldives returned to the Commonwealth.
The new coin and bank notes now being released are the third Maldivian currency series. It replaces a series used for the past 33 years. The new notes now have state-of-the-art security features. Each showcases something from Maldives.
The new bank notes are being printed by De La Rue and Company in England in denominations of 10, 20, 50, 100, 500, and 1,000 rufiyaa, all in different colors. De La Rue has been printing bank notes for the Maldives since 1947.
This article was originally printed in World Coin News.
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