Saint Helena pound

Saint Helena pound
ISO 4217 code	SHP
Government	Government of Saint Helena
Website	www.sainthelena.gov.sh
User(s)	Saint Helena, Ascension and Tristan da Cunha (UK) (only in Saint Helena and Ascension), alongside Pound sterling
Inflation	3.2%
Source	The World Factbook, 1997 est.
Pegged with	pound sterling at par
Subunit
1/100	penny
Symbol	£
Plural
penny	pence
Coins	1, 2, 5, 10, 20, 50 pence, £1, £2
Banknotes	£5, £10, £20

The Saint Helena pound (also called simply "pound") is the currency of the Atlantic islands of Saint Helena and Ascension, which are constituents of the British overseas territory of Saint Helena, Ascension and Tristan da Cunha. It is fixed at parity with the pound sterling and is subdivided into 100 pence.

Tristan da Cunha, the third part of the territory, uses Pound sterling rather than the St Helena pound. However there are occasionally commemorative coins minted for the island.

History

Initially, the British Pound Sterling circulated on Saint Helena, with the pound subdivided into 20 shillings, and each shilling into 12 pence.

This was supplemented by occasional local issues of paper currencies. One coin, a copper halfpenny, was also struck specifically for use in the islands in 1821, which intermingled British coinage. The notes were denominated in Pounds and Shillings and valued to the British Pound at par.

Prior to February 1961, the South African pound, which was then equal in value to sterling, was also accepted on the island, but this stopped with the introduction of the new decimal South African Rand, such that one rand was worth only ten shillings sterling.

In 1976, the St. Helena government began issuing new, decimal denominated banknotes for use on the island, with the introduction of circulation coins intended for use on St. Helena as well as Ascension beginning in 1984. The use of these coins and notes was extended from St. Helena and Ascension island later on to Tristan da Cunha as well.

For a more general history of currency in the South Atlantic region, see The Sterling Currency in the South Atlantic and the Antarctic.

Coins

The first coins were first introduced in 1821, in which copper Half Pennies were issued for Saint Helena by the East India Trading Company and these were used for a majority of the Company's influence in the area. During this period the island was also used as a penal colony for high ranking politcal prisoners, including Napoleon Bonaparte. Circulating coinage for the colony would not be issued again for another 163 years, in 1984.

Main article: Coins of the Saint Helena pound

Prior to 1984, both Saint Helena and Ascension Island had issued non circulating commemorative coins but officially used British circulation coins. These circulated alongside Saint Helena banknotes as well as British Banknotes.

In 1984, circulation coins were first introduced in the names of St. Helena and Ascension in denominations of 1, 2, 5, 10 and 50 pence and 1 pound. The coin series was designed by engraiver and coin designer Michael Hibbit. All of the coins are the same size and composition as the corresponding British coins and valued with the British Pound at par. Each coin depicts flora and fauna unique to the island chain. Both the coins and notes of St. Helena and Ascension are also in use on the Island of Tristan Da Cunha, although it is not included on the series by name as the Tristan da Cunha chain was originally not politically incorporated into the St. Helena and Ascension Colony at the time of the currency's official release. Later issues have also yet to include Tristan da Cunha's name as an incorporated territory.

Queen Elizabeth's effigy was first redesigned on the 1 and 2 pence pieces in 1991, followed by the rest of the series in 1998. Seven sided 20 pence coins were also first introduced in 1998, and older 5 and 10 pence were replaced by downsized issues featuring new animal designs that same year. However, the 50 pence was not actually downsized untill 2004. Untill that time the original, larger sized 50 Pence continued to circulate well after England and other island colonies of similar status using the Pound had phased them out. Bimetallic 2 pounds coins were first introduced to the islands in 2003.

Banknotes

St. Helena has had a very long history of it's own currencies which have come and gone over extended up and down economic periods, especially in comparison to other British colonies.

From 1716, the Governor and Council of the Island of St Helena issued notes for 2½ and 5 shillings, 1 and 2 pounds. These were issued up until the late 18th century.

The next issue of notes occurred sometime after 1917. It was produced by the St Helena Currency Board in denominations of 5, 20 and 40 shillings.

In 1976, 1 and 5 pound notes were introduced by the government, followed in 1979 by 50 pence and 10 pound notes.

The 50 pence and 1 pound notes were withdrawn and replaced by coinciding coins in 1984, with 20 pound notes first being introduced in 1986.

A redesign of the 5 pound note was introduced in 1988.

In 2004, a new series of 5, 10, and 20 pound notes was introduced featuring a redesign and newer security features, produced by De La Rue Banknote and Engraving Company. At the issuance of this new series the 2 Pound note was discontinued and withdrawn from circulation.

Notes for visitors

Saint Helena & Ascension does not have an independent central bank of its own, and the only banking services on the islands are provided by a lone commercial bank, the Bank of St Helena. St. Helena & Ascension banknotes and coins are issued by the St Helena Government according to economic demand, not by the Bank of St. Helena itself.

Saint Helena coins and banknotes are accepted on Saint Helena, Ascension Island, and Tristan da Cunha only. Note that they cannot normally be exchanged in UK banks but can be deposited and exchanged in said locations before deprature.

The local currency can be obtained while sailing to the islands on the RMS Saint Helena, or from the Bank of St Helena on arrival. Along with the bank on St. Helena island, there are smaller, local branches of the bank on the two populated outer territories. UK pound sterling currency is also accepted on the islands. Some outlets may accept other major currencies such as Euros or US Dollars. Notes and coins from other British territories, including the Falkland Islands, or the Isle of Man, are not normally accepted in local businesses.

Most Credit cards and debit cards are not widely accepted or serviced on St. Helena, and such ATM servies are nonexistant on Ascension and Tristan da Cunha. So it is advisable to bring traveller's cheques, which can be exchanged at the Bank of St Helena, or cash. The Bank of St. Helena can make cash advances on some major credit cards and debit cards.

Exchange rates

The latest exchange rates are published by the Bank of St Helena. Indicative rates for other currencies can be obtained as follows:

Current SHP exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD
From OzForex:	AUD CAD CHF EUR GBP HKD JPY USD
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com:	AUD CAD CHF EUR GBP HKD JPY USD

See also

• Bank of St Helena
• Coins of the Saint Helena pound
• Economy of Saint Helena

References

• Krause, Chester L., and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501. 
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9. 

External links

• Numismondo St Helena banknotes (historic and current)