Indonesian rupiah: Difference between revisions

Indonesian rupiah
rupiah Indonesia Template:Id icon
	File:Indonesian Rupiah.jpg Rupiah banknotes, only the Rp 1000 and Rp 5000 notes are current
ISO 4217
Code	IDR (numeric: 360)
Subunit	0.01
Unit
Symbol	Rp‎
Denominations
Subunit
1/100	sen
Banknotes
Freq. used	Rp 1000, Rp 5000, Rp 10 000, Rp 20 000 Rp 50 000, Rp 100 000
Coins
Freq. used	Rp 100, 200, 500
Rarely used	Rp 25, 50, 1000
Demographics
User(s)	Indonesia
Issuance
Central bank	Bank Indonesia
Website	www.bi.go.id
Valuation
Inflation	10.38 %
Source	Bank Indonesia, May 2008

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The rupiah (Rp) is the official currency of Indonesia. Issued and controlled by the Bank of Indonesia, the ISO 4217 currency code for the Indonesian rupiah is IDR. The symbol used on all banknotes and coins are Rp. The name derives from the Indian monetary unit rupee. Informally, Indonesians also use the word "perak" ('silver' in Indonesian) in referring to rupiah. The rupiah is subdivided into 100 sen, although inflation has rendered all coins and banknotes denominated in sen obsolete.

The Riau islands and the Indonesian half of New Guinea (Irian Barat) had their own variants of the rupiah, but these were subsumed into the national rupiah in 1964 and 1971 respectively (see Riau rupiah and West New Guinea rupiah).

Current legal tender

The current rupiah consists of coins from 25 rupiah up to 1,000 rupiah, and from banknotes of 1,000 rupiah up to 100,000 rupiah. With US$1 generally worth 9-10,000 rupiah, the largest Indonesian banknote is therefore worth around US$10.

As the smallest current note is worth approximately US$0.10, even small transactions such as bus fares are typically conducted with notes, and the 1,000 rupiah note is far more common than the 1,000 rupiah coin. The government has however announced a change to this, with a new 2000 rupiah note to be issued in Q2 2008, and the 1000 rupiah note withdrawn, to be replaced with a coin.[1] The measure is intended to cut the cost of issuing money. Hence denominations up to 1000 (~$0.10) would be handled in coin, and from 2000 (~$0.20) and up in notes.

Pre-1997 notes are no longer legal tender, due to the lack of security features and association with the Suharto regime, but can be exchanged in Bank Indonesia offices until 2010.[2] Due to the low value of the notes below 1000 rupiah, although they are no longer being circulated, some remain in use in increasingly poor condition, as low denomination 'uang pasar', outside the banking system for use in informal transactions.

The 10,000 rupiah notes and above all exist in two legal tender designs. However, the 2004 and 2005 series are gradually replacing the 1998 and 1999 series.

Coins

From 1991, a new coinage was introduced consisting of 25, 50, 100, 500 and 1000 rupiah coins. 200 rupiah pieces were introduced in 2003.

There are presently two series of coins in circulation: aluminium bronze and bi-metallic coins from 1991-1998 and light-weight aluminium coins from 1999 onwards. Due to the low value and general shortage of small denomination coins (below 100 rupiah), it is common to receive sweets in lieu of the last few rupiah of change in supermarkets and stores^{[citation needed]}.

Indonesian rupiah coins [3]
Value	Series	Diameter	Thickness	Weight	Material	Obverse	Reverse	Availability
Rp 1	1970	22 mm	1.4 mm	1.42 g	Aluminium	Sikatan Bird	Nominal "1"	None (Worth ~$0.0001)
Rp 25	1991	18 mm	1.98 mm	1.22 g		Garuda Pancasila	Nutmeg Fruit and nominal "25"	Low
Rp 50	1999	20 mm	2 mm	1.36 g			Nominal "50" and Kepodang Bird	High
Rp 100	1999	23 mm	2 mm	1.79 g			Nominal "100" and Palm Cockatoo Bird
Rp 200	2003	25 mm	2.3 mm	2.38 g			Nominal "200" and Bali Starling Bird
Rp 500	1991	24 mm	1.8 mm	5.29 g	Aluminium Bronze		Nominal "500" and Jasmine Flower	Low
	1997	24 mm	1.83 mm	5.34 g	Aluminium Bronze			Medium
	2003	27 mm	2.5 mm	3.1 g	Aluminium			High
Rp 1,000	1993	26 mm	2 mm	8.6 g	Bi-metal, Nickel and Aluminium Bronze		Palm Tree and nominal "1000"	Low

Banknotes

There are two legal tender series of Indonesian banknotes, the 1998-2001 series, which consists of the full range of denominations: 1000, 5000, 10000, 50000 and 100000 rupiah, and the 2004, 2005 updates of the higher denominations (10000 and above), with better anti-forgery devices.

Rupiah notes '1998', '1999', '2000', '2001' series
Image		Value	Dimensions	Main Colour	Description						Date of				Remarks
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	Signatures	Printer	Serial	issue	note series	first of denomination	replacement	Remarks
		1000 rupiah	141 × 65 mm	Blue and green	Captain Pattimura	Mutiara and Tidore Islands, with fisherman	Tjut Njak Meutia	Anwar Nasution (Deputy Governor Senior), Aulia Pohan (Deputy Governor)	Perum Peruri	3 letters, 6 numbers	29th November 2000	'2000'	20th February 1967	Still being issued	Carries imprint date 2000-2008
		5000 rupiah	143 × 65 mm	Brown and green	Tuanku Imam Bonjol	Songket weaver, Tanah Datar	Tjut Njak Meutia	Syahril Sabirin (Governor), Miranda S. Goeltom (Deputy Governor)			6th November 2001	'2001'	2nd April 1970	Still being issued	Carries imprint date 2001-2008
		10000 rupiah	148 × 72 mm	Brown	Tjut Njak Dhien	Segara Anak Lake	Wage Rudolf Soepratman; security thread	J. Soedradjad Djiwandono (Governor), Mukhlis Rasyid (Director)			18th February 1998	'1998'	2nd April 1970		Carries imprint date 1998-2004
		20000 rupiah	152 × 72 mm	Green	Ki Hadjar Dewantara	Children in classroom	Ki Hadjar Dewantara; security thread	J. Soedradjad Djiwandono (Governor) Mukhlis Rasyid (Director)			23rd January 1998	'1998'	10th February 1992		Carries imprint date 1998-2003
		50000 rupiah	152 × 72 mm	Green and violet	WF Soepratman	Indonesian flag being raised	Omar Said Tjokroaminoto; security thread	Syahril Sabirin (Governor), Dono Iskandar Djojo (Deputy Governor)			1st June 1999	'1999'	1st March 1993		Carries imprint dates 1999-2004
		100000 rupiah	151 × 65 mm	Red, yellow, green and blue	Sukarno and Hatta, proclamation of independence	Indonesian Parliament building, Jakrta	Garuda Pancasila and the logo of Bank Indonesia ; security thread	Syahril Sabirin (Governor), Iwan R. Prawiranata (Deputy Governor)	Note Printing Australia; Note Printing Works Bank of Thailand		1st November 1999	'1999'	First of denomination		No imprint date; phosphorus number for security
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Rupiah notes '2004', '2005' series, Printed Perum Peruri
Image		Value	Dimensions	Main Colour	Description					Date of		Remarks
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	Signatures	Serial	note series	issue	Remarks
		10000 rupiah	145 × 65 mm	Purple	Sultan Mahmud Badaruddin II	The traditional Limas House of Palembang, South Sumatra	Sultan Mahmud Badaruddin II	Burhanuddin Abdullah (Governor) Bun Bunan E.J. Hutapea (Deputy Governor)	3 letters, 6 numbers	'2005'	18th October 2005	Imprint 2005-2008
		20000 rupiah	147 × 65 mm	Green	Otto Iskandar Di Nata	Tea plantation, West Java	Otto Iskandar Di Nata	Burhanuddin Abdullah (Governor), Maulana Ibrahim (Deputy Governor)		'2004'	29th December 2004	Imprint 2004-2008
		50000 rupiah	149 × 65 mm	Blue	I Gusti Ngurah Rai	Beratan Lake in Bali	I Gusti Ngurah Rai	Burhanuddin Abdullah (Governor), Maman H. Soemantri (Deputy Governor)		'2005'	18th October 2005	Imprint 2005-2008
		100000 rupiah	151 × 65 mm	Red	As 1999		WR Supratman	Burhanuddin Abdullah (Governor), Aulia Pohan (Deputy Governor)		'2004'	29th December 2004	Imprint 2004-2008
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Security features

The materials of the banknotes basically are long fibres from any kind of wood, or a mix of different types of wood. However, the preferable material is the Abaca fibre, which is naturally plentiful in Indonesia and is believe to increase the durability of the banknotes. The banknotes are made with the process of heating, to create a unique type of pulp.

The minimum security features for naked eyes are watermarks, electrotypes and security threads with color fibres. In addition to this, extra features may be included, such as holograms, Irisafe, iridescent stripes, clear windows, metameric windows and gold patches.
- Watermark and Electrotype are made by controlling the gap of density of the fibres which create certain images for the banknotes. This is done to raise the quality of the notes from the aesthetic view.
- Security threads are put in the middle of the note's materials so horizontal and vertical lines are shown from top to bottom. The threads also can be made with many variations such as the materials, size, color and design.

History of the Indonesian Rupiah

1600-1942 - Dutch Colonial Money

From the early 17th Century, the Dutch East India Company issued coinage (marked 'VOC', the Dutch East Indiea Company) in its territory of what was to become the Netherlands Indies. The firm went bust in 1800, and control over the territory reverted to The Netherlands. The first coins were struck in the name of what was then the Dutch government, the Batavian Republic, in 1802, with low-value copper duit coins, as well as silver and gold gulden coins. The gulden replaced various local currencies throughout the Indies, with the Sumatran dollar disappearing in 1824, and the Javan Rupee, which had been minted by the Dutch, in 1816. Some other kingdoms and Sultanates had their own coins until they fell under Dutch control, such as the Aceh keping (Aceh was finally conquered in 1903).

The currency would be considered very stable by modern Indonesian standards, with the financial instrument for day-to-day transactions being low-value coins. The first banknotes were issued in 1815 by the government. The central circulating bank was founded in 1828, 'De Javasche Bank' (The Javanese Bank), and began issuing banknotes in that year. The notes were generally issued in denominations of 5 gulden and above, with smaller transactions easily handled in coin.

Although the role of the government (to issue coin) and the circulating bank (to issue bank notes of 5 gulden and up) was well established, in 1919 the government began issuing 1 and 2½ gulden notes, to address the issue of metal hoarding, largely caused by World War 1. ½ gulden notes were added in 1920.

Upon the outbreak of World War II, gulden coins were once again hoarded, and the government issued 1 and 2½ gulden notes in 1941 to address the shortage (partly caused by supply problems from the coins, which were minted in the United States).

1942 - 1949 Japanese Invasion, and Indonesian independence - the dawn of hyperinflation in Indonesia

The Japanese Invasion

In 1942, the Japanese invaded the Netherlands Indies, taking control of the whole country, and Netherlands New Guinea, by March 1942. On their invading ships, they brought their own issue of the local money, the gulden. They liquidated the banks, including 'De Javasche Bank', and voided debt obligations.[4] The notes issued by 'De Japansche Regeering' (the Japanese government) would be legal tender from March 1942 (although the existing notes remained valid), with notes printed from 1 cent to 10 gulden, by the new (as of April 1942) circulating bank Nanpo Kaihatsu Ginko.

The Japanese money was supposed to have the same value as the old Dutch money, with the old money to be recalled from use, but the invaders soon printed excessive quantities of money, and it was quickly apparent that hyperinflation was in progress, and hence people hoarded the Dutch money. By the end of the War, the Japanese had caused a massive increase in the paper money supply, which was 230 million gulden pre-war, to several billion post-war. This, plus the actions of the post-war Dutch administration, caused massive inflation and damage to the stability and economy of the country.

As their occupation continued, by 1944 the Japanese had determined that their long-term strategic interests were best furthered by encouraging Indonesian nationalism, and so it issued a second series of notes printed in Indonesian language, the Netherlands Indies roepiah.

Existing stocks of notes continued remained in use by the new Indonesian government until they had printed their own money in 1946, while the notes actually continued to be printed until early 1946 in parts of Eastern Indonesia (where the Nationalists did not have control), as a temporary measure until the Dutch had re-established their pre-war administration across the scattered islands.

Dutch/Allied re-occupation

The Dutch government, which was in exile in London, had been making preparations for the end of the war, whereupon it hoped to regain control over its colony. In order to do so, in recognition of the fundamentally altered financial conditions under which they would be issued, it was anticipated that a governmental issue would be needed, in view of the weakened position of the private De Javasche Bank, which had previously been issuing banknotes.

The notes were ordered in December 1942, printed in the USA by the Security Bank Note Printing Company. The notes were dated 'March 1943' and labelled as 'Nederlandsch-Indische Gouvernementsgulden' printed in Dutch, along with the additional Indonesian text indicating the denomination of the notes and the word 'roepiah'. Denominations were 50 sen to 500 gulden.

At the end of the war, the Allies 'Netherlands Indies Civil Administration' (army), began to retake control of the old East Indies. It began issuing the 1943-dated money (the 'NICA gulden'), starting from 1944 in New Guinea, and subsequently in Maluku and Borneo, both of which were recaptured before the Japanese surrender in August 14th 1945. In areas under NICA control, pre-war Dutch notes were demonetized. Despite the fact that NICA had control over the outer parts of Indonesia, its authority to dictate the value of money was limited by the economic weakness of the administration and of The Netherlands itself. As a compromise NICA re-monetized the pre-war notes of 10 gulden and below, higher-valued notes not re-issued to reduce the inflationary effect of having the pre-war currency as well as new NICA money in circulated.

With the Japanese surrender, the administration was given official control of the institutions of the country by the Allies, and DJB, which had survived the war better than expected, was reincorporated on 10th October 1945.

Although the military action of the Allies in Eastern Indonesia and Kalimantan (Borneo) had introduced the NICA gulden into circulation in those areas, the transition back to Dutch control was not going to occur smoothly in the main islands of Java and Sumatra, and Allied military action gained control only over a few coastal enclaves, where Japanese money (large quantities of which were in storage by the Japanese).

The 'uang merah' ('red money' (the 10 rupiah note was red, and there may also be a reference to blood, as the money was unpopular with the Indonesian revolutionaries)) faced nationalist opposition to the principle of money issued by the Dutch, exarcebated by the fact that in spite of stated intentions to adopt a less colonial stance post-war, the notes had been printed in Dutch with a large picture of the Dutch Queen Wilhelmina.

When the first NICA money appeared in Java, Sukarno issued an immediate decree, of October 2 1945, to declare that the NICA notes were illegal.

With the lack of the kind of control needed to issue money effectively, the Dutch determined that it would be inadvisable to issue NICA money in the towns of Java and Sumatra, and prohibited their import.

With Japanese still acting as local government in Java and Sumatra, it was necessary for NICA to preserve the value of the Japanese money as much as possible, since it was the only means for them to pay the bills incurred in maintaining order. In many cases, the Japanese were instructed to simply print more money, and the Japanese currency in circulation continued to increase rapidly: the Japanese-originated inflation continued with increased pace. By February 1946, 2 billion Japanese money out of 2.5 billion captured in the state printers, had been spent, a vast sum against the entire pre-war circulation of less than 500 million gulden.

Due to the dwindling supplies of money, destruction of the printing plates at the main printers for re-issue, and disquiet amongst European forces at payment in Japanese money, which was losing value constantly, it was finally decided to issue the NICA gulden in Java on 6 March 1946. Pre-war notes of 5 gulden and below only were to retain validity, and the Japanese money was to be exchanged at a rate of 33 to 1.

This action enraged the Indonesians, who imposed a 5-year prison sentence on its use. One army regiment even went as far as to execute people carrying the money, hoisting their bodies in public with the money pinned onto them.

Due to the difficulties associated with using the money, the supply of food and basic goods from the Republican interior was poor, and the NICA money by June 1946 had fallen to a black market value of just 10 of the Japanese money (which was still the preferred money throughout Java), despite Dutch attempts to enforce the rate.

First notes of the Republic of Indonesia

Although the Republican government was firmly opposed to NICA money, seeing its exclusion as an important tool in the fight with the Dutch, the issue of its own money was slightly more considered.

After their October 2nd proclamation on NICA money, it declared the next day, that Japanese money as well as pre-NICA Dutch money would be legal tender in the Republic, at par. This parity reflected the fact that the Dutch money was no longer backed by gold reserves, the gold having been evacuated in the early part of the war.

The Indonesians had been advised by the British that an issue of Indonesian money would be financial and political suicide, but they had already decided to the contrary. The capture of their printing works and all the money in it by the Allies occurred in January 1946, but the printing plates survived, and with the action of the Dutch in introducing the NICA gulden in Java in March 1946, seen as an offensive act by the Indonesians, there was no impediment to their reprinting and issue. In addition, as with the Dutch, the Indonesians had obtained quantities of Japanese money from the vaults of the banks in the cities they controlled (approximately 600 million Japanese roepiah), and as with the Dutch, the supply was running out.

With only the small Malang printers, formerly of G. Kolff and Company, to print the money, printing of the money took several months, to July 1946.

The Republican government declared that the new central bank of Indonesia would be Bank Negara Indonesia, established on 5th July 1946, occupying the offices of De Javasche Bank in Yogyakarta.

Consequently, the Indonesian rupiah was eventually issued by proclamation of October 3 1946. In the year or so prior, the Japanese money had been a vital conduit of Republican goods to the Dutch enclaves, but the decree bought this to an end: all Japanese money was to be deposited with Republic banks by October 30 1946. Providing the depositors could account for how the money was obtained, they would be entitled to new new 'Oeang Republik Indonesia' (ORI) at the rate of 50 to 1. This policy had been derived from the Dutch geldzuivering of Dutch Minister of Finance Pieter Lieftinck (later Executive Director of the World Bank and IMF), who had trained Sumitro Djojohadikusumo (who had returned to Indonesia along with many other educated Indonesians after the War) in economics at university in The Netherlands. As in The Netherlands, each citizen was to be issued with 1rp to kickstart the circulation of new money. Undeposited money after October was declared worthless. In addition, the new money was said to be worth 0.5 grams of gold, similar to the pre-war Dutch currency, although this was not backed by metal reserves, merely a statement of purchasing power.

Due to a fear that the money would not be returned, there was panic buying of goods in the days following the decree, and prices of food (in Japanese money) soared by up to 30 times, with the blackmarket exchange rate to the NICA gulden rising to 120 to 1.

With the end of Japanese money (in Java only: in Sumatra and nearby Banten, West Java, further from the central government control, the Republic still regarded it as legal tender) as a conduit between the Republican interior and Dutch enclaves, the Dutch were forced to act, ending the exchange of Japanese money on October 30 1946, to avoid a flood of unexchanged Japanese money being brought for exchange with NICA gulden.

Thus as of November 1946, there were only two issues of money in use in Indonesia, the 1943-dated NICA gulden, and the 1945-dated ORI. There was never an official exchange rate between the two currencies, but with popular support for the currency strong, the ORI money was initially worth 5 NICA gulden. The currency, however, depreciated fast, falling to 2 gulden within 1 week, as the market determined the fair rate for the money, and by the end of 1946 to par. By March 1947, it was worth half a gulden, and by July 0.3 gulden. This inflation was caused by the Republican government, which was printing money to meet its obligations in the face of limited income of its own. By January 1947, 310 million rupiah had been printed, half the entire pre-war gulden circulation.

Due to the limited printing capacity of the government, it focused printing on 100 rupiah notes. Limited supply of smaller notes meant that the 100 rupiah notes were worth less than a combination of smaller notes. Rampant forgery only served to exarcebate the inflation of the Indonesian money.

Despite laws put in place to stop hoarding of goods, confidence in the currency could not be maintained. In Jakarta, the Indonesian money was worth even less than elsewhere, as a consequence of the demand for NICA-denominated imported goods. Republican attempts to maintain the value of Indonesian money (which was largely backed by the supply of rice from inner Java) could only slow, rather than stop, its decline.

Dutch money of 1947-1949

New money was issued by the Dutch from July 1947, in the form of fully Dutch/Indonesian bilingual gulden/roepiah notes from 'De Javasche Bank'. These notes were dated 1946, and consisted of 5 (violet), 10 (violet), 25 (red) gulden notes.

The supply of these soon exhausted, and the administration remonetized all of the pre-War DJB and government money as well, circulating unissued paper still stored in the vaults. This caused a 50% increase in the amount of money in circulation from 1947 to 1949. The administration also issued bronze and silver coins in the original pre-war denominations, minted from 1943 to 1945 in the USA, but due to inflation, the coins were worth more as scrap, and many were melted into household goods and silver artefacts. As a result, it issued treasury notes instead, from December 1 1947, in 10 and 25 sen denominations. These notes were successful as they were in Indonesian (with Dutch and Indonesian on the reverse) and stated to have been issued by 'Indonesia' (being NICA), and continued to be utilised by the Indonesian government even after independence, until 1951, when Indonesia acquired its first coins.

Local banknotes of Republic of Indonesia, 1947-1949

As the Republican government never had effective control of Indonesia beyond Java, from 1947 it instructed its regional outposts in Sumatra to issue money to replace the Japanese money from 1947. With the Dutch military action of July 1947 routing the Indonesians in much of Java as well, a smaller number of issues were made in cities of Java.

The notes were marked with the place of issue and were in different designs from the national money.

Banknote series of the Republic of Indonesia, 1945-1949

Republic of Indonesia banknotes - series 1, '1945'

The first 'Indonesian rupiah' bank notes bore the date of the proclamation on new Indonesian money, 17th October 1945, under the authority of the "Republik Indonesia", and were apparently intended for issue on February 1st 1946, but due to the capture of most of the notes, only a tiny number escaped at this time.

The circulation began in earnest in Java from October 10th 1946. The notes were in denominations of 1, 5, and 10 sen notes, plus ½, 1, 5, 10, and 100 rupiah notes.

1945 Republik Indonesia series
Image		Value	Dimensions	Main Colour	Description				Date of			Remarks
Obverse	Reverse				Obverse	Reverse	Watermark	Serial	printing	issue	withdrawal
File:Indonesia 1945 1s Obv.jpg		1 sen	97 × 45 mm	Green	Keris	Legal text with wings	None	None	1946	October 10 1946	May 1 1950	Violet underprint
												Green underprint
		5 sen	100 × 49 mm	Violet	Various leaves	Legal text with wings						Buffalo underprint (strong)
				Dark blue								Buffalo underprint (faint)
		10 sen	105 × 51 mm	Black	Keris and machete underprint	Legal text						Narrow borders
				Brown
												Wide borders
		1/2 rupiah	119 × 58 mm	Green	Horned motif	Legal text		Six numbers two letters [01234]nnnnn [LMNPRST][PRTUVWX]				Pink underprint
												Orange underprint
		1 rupiah	138 × 65 mm	Blue	Sukarno, volcano	Volcano, legal text		Some without serial, some with six-digit, two-letter serial (1st letter is check code), some with simple two letter code
		5 rupiah	148 × 71 mm	Green	Rice stalk, Sukarno	Rikce stalks, legal text		Six numbers, two letters, first letter is check code; two different serial printing styles
		10 rupiah	160 × 77 mm	Blue	Sukarno, volcano	Legal text		Six numbers, two letters, or Six numbers, three letters. First letter is check code. Several serial printing styles
		100 rupiah	174 × 86 mm	Blue/green	Sukarno, keris, horns	Legal text, horned '100'		Five numbers, two letters, first letter is check code.
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Republic of Indonesia banknotes, Series 2, '1 January 1947'

The second series of money now emanated from 'Djokjakarta', the Republic's base following the 'Police Action' of July 21 1947, which had confined the Republicans to Yogyakarta and Central Java. The notes were dated January 1 1947, in denominations of 5, 10, 25, and 100 rupiah.

Republic of Indonesia banknotes, Series 3, '26 July 1947'

The next new issue was dated 26th July 1947, and consisted of ½, 2½, 25, 50, 100, and 250 rupiah notes.

Republic of Indonesia banknotes, Series 4, '23 August 1948'

New notes were issued by the national government in 1948, in the bizarre denominations of 40, 75, 100, and 400 rupiah, plus an unissued 600 rupiah note.

On 19 December 1948, the Dutch seized Yogyakarta, reverting the head office of the Republic's central bank, Bank Negara Indonesia, back to De Javasche Bank, with DJB offices also reopened in Solo and Kediri.[5]

It was planned in 1949 to revalue the national rupiah notes of the republic (which were at this time circulating in Java). To do this, "Rupiah Baru" ('new rupiah') notes were printed. This revaluation did not take place in Java, but some were issued in Aceh instead. The denominations printed were 10 sen (blue or red), ½ (green or red), 1 (purple or green), 10 (black or brown), 25, and 100 rupiah.

1950-1952 Indonesian independence recognised. Central bank: De Javasche Bank

In November 1949, the Dutch-Indonesian Round Table Conference held in The Hague, brokered peace and recognition independence for the Indonesian state. As part of the accord, it was provided that The Netherlands was to retain economic influence over the republic until Indonesia had paid the debt run up by NICA in fighting the war with Indonesia. It was agreed that private Dutch-owned De Javasche Bank was to remain as the central bank of Indonesia, despite resentment among Indonesian nationalists.[6].

The Sjafruddin cut

The new "Republik Indonesia Serikat" (with Queen Juliana as head of state) decided to address the amount of money circulating (due to the treaty the government was required to accept the NICA gulden as legal tender as well), which had reached 3.9 billion rupiah. A bewildering variety of money was in circulation, including local and national rupiah, Japanese, pre-war, and NICA Dutch monies.

Due to the large amount of currency, the minister of finance, Sjafruddin Prawiranegara, sought to reduce the money supply by one half.[7] This reform was decreed from 19th March 1950. People were to cut all of their notes of 5 gulden and up in half, with the left half to be replaced with new banknotes, and the right half for a government bond with a 3% coupon. In addition, half of all bank deposits over 400 rupiah were also to be forcibly used to buy the government bonds.

As part of the exchange, local and Republik Indonesia money was also demonetized, with all old Republik Indonesia notes no longer valid after May 1 1950. 125 Rp of the first "Republik Indonesia" rupiah (issued in Java) was exchanged for 1 Rp of new DJB notes. Higher exchange rates were in place for local currencies, some of which had been heavily devalued by the over-printing of money by the army. The recently devalued Rupiah Baru of Aceh were exchangeable at 1.75 to 1.

Dutch 'Indonesia' notes of 1947, also printed by Indonesia until it had minted sufficient coinage
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Serial	note	withdrawal
		10 sen	100 × 60 mm	Green	Floral border	Legal text in Indonesian and English	None	1st December 1947	1st January 1957
		25 sen		Brown	Central floral design

Indonesia De Javasche Bank notes

Due to the agreement to keep DJB as the central bank, the notes that were issued for the devaluation bore its image. It was decided that the existing De Javasche Bank money dated 1946 would simply be revised in colour, with the 5 gulden note changing to brown, 10 gulden to green, and 25 gulden to green. In addition, 50 gulden, 100 gulden, 500 gulden, and 1000 gulden notes were added, still dated 1946.

Because the existing low-denomination notes (which remained as legal tender) bore the imprint of the Netherlands Indies Civil Administration DJB notes of 1/2 rupiah, 1 rupiah, and 2 1/2 rupiah were added, dated 1948. The notes in wording were similar to the 1946 notes, but the Indonesian text ('roepiah') placed above Dutch ('gulden').

The notes were all printed by Johan Enschede en Zonen, the Dutch printer which had prepared the earlier 1946 notes.

1950 De Javasche Bank notes
Image		Series	Value	Dimensions	Main Colour	Description			date of
Obverse	Reverse	Series	Value	Dimensions	Main Colour	Obverse	Reverse	Serial	issue	withdrawal	replacement note
		"1946"	5rp	150 × 75 mm	Green and red	Coconut trees at sea shore	Legal text in Dutch, Indonesian, Tamil, and Chinese; Letters DJB	six numbers and either two or three letters	19th March 1950	13th December 1965	2nd June 1950
			10rp		Green	Mangosteen					2nd June 1950
			25rp		Green	Coconut trees at sea shore					18th June 1954
			50rp		Black	Sailboat					13th August 1954
			100rp		Brown	Paddy field					18th December 1953
			500rp		Red			six numbers and two letters		24th August 1959	18th December 1953
			1000rp		Grey			six numbers and two letters		5th March 1959	2nd November 1954
		"1948"	1/2 rp	124 × 64 mm	Pink	Moon Orchid	Legal text in Dutch and Indonesian; letters DJB	Letter 'A' (two sizes), or 'AA', written fractionally over two numbers, followed by six numbers		1st December 1957	Last of denomination
			1 rp		Blue	Coconut trees		Letter 'B' (three sizes), or 'BB', written fractionally over either one or two numbers, followed by six numbers			3rd October 1951
			2 1/2 rp		Red	Jasmine		Letter 'C' (two sizes) over 1 or 2 numbers, followed by six numbers			3rd October 1951
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Republik Indonesia Serikat money

The "Republik Indonesia Serikat" passed legislation on June 2nd 1950 to allow it to issue new treasury notes, which were dated 1 January 1950 in 5 and 10 rupiah denominations. This was not long-lasting, as the RIS dissolved on 17 August 1950 (5 years after the original declaration of independence).

The notes were printed by Thomas De La Rue of England and had the date '1 January 1950' printed on the note.

1950 'Republik Indonesia Serikat' Notes
Image		Value	Dimensions	Main Colour	Description
Obverse	Reverse				Obverse	Reverse	Serial	issue	withdrawal
		5rp	136 × 64 mm	Red	Soekarno	Rice field	"D" over number between 1 and 10, followed by six numbers	2nd June 1950
		10rp		Purple			"E" over number between 1 and 19, followed by six numbers
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Nationalisation of De Javasche Bank - transformation to Bank Indonesia

Due to the desire to remove the influence of the DJB, which was dominated by Dutch, and was felt to be unwanted foreign influence on the country, and the inflamed tensions caused by the refusal of the Dutch to transfer the territory of Dutch New Guinea to the Republic, the government moved to nationalize the Dutch bank. This action, announced on 30 April 1951, involved the repeal of the old Java Bank Law of 1922, preventing non-Dutch citizens from owning shares in the bank, and negotiations with the Amsterdam Stock Exchange. The purchase was agreed at 120% of the value of the bank (which was valued at 9 million Dutch gulden), with Dutch opinion holding that the bank was properly an Indonesian asset, and hence nationalisation was a valid action. The nationalisation was completed on 15 December 1951, with DJB becoming a government institution of Indonesia.

In addition to this act of nationalisation, on 3 October 1951, the republic passed an Emergency Act on valid currency, in order to repeal the Indische Muntwet Act of 1912, which still governed valid currency in Indonesia. The consequence of the new Act was that old Dutch coins would be void for payment,[8] and new coins would be issued with values of 1, 5, 10, 25, and 50 sen under the remit of the Indonesian government. All other banknotes were declared only temporarily valid, to be withdrawn from circulation in due course (under the law the government only had issuing power over notes and coins worth less than 5 rupiah). Notes with permanent validity would be government notes of 1 and 2½ rupiah denominations. Thus, 'Republik Indonesia' notes dated 1951 were issued in 1 and 2 1/2 rupiah denominations.

Government Notes: Republik Indonesia, first series (landscapes), 1951, printed by Security Banknote Printing Company (USA)
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse				Obverse	Reverse	Serial	Signature	Watermark	Note	issue	withdrawal	replacement note
		1 rupiah	127 × 66 mm	Blue	Beach with palms, rice terrace	Mountain	2 letters, 1 above the other, 6 numbers	Sjafruddin Prawiranegara	None	'1951'
		2 1/2 rupiah		Red	Beach with cliff, palms	Garuda Pancasila
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Sen coinage: 1951-1961

The coinage of this period was issued under the authority of the Indonesian government, not the central bank.

The 1 and 5 sen coins had centre holes, similar to the old copper coins of the Dutch, while the other coins were solid. All were aluminium except the 50 sen, which was copper-nickel. All but the 50 sen featured Arabic on one side and Indonesian on the other.

Due to inflation, 1 sen coins were found to be worthless, and only 100,000 were minted, all dated 1952. The 1 sen coin shows rice stalks around the hole, and the words "INDONESIA 1952" "1 Sen" on the obverse and the Arabic text for 'Indonesia' on the reverse written in a circle around the central hole.

The 5 sen coins survived a little longer with coins issued dated 1951 and 1954. The design was the same as the 1-sen coins but on a larger coin.

The 10-sen coin was first minted dated 1951, followed by a 1954 date change. 50 million coins were minted dated 1954. The design for this coin shows the words "INDONESIA" "1951" or "1954" around the outside of the obverse with a central "10 SEN" in a scalloped design. The reverse shows the Garuda Pancasila with Arabic text for 'Indonesia' atop.

A revised coin dated 1957 replaced the Arabic with the word "INDONESIA" and again 50 million coins were minted.

The 25-sen coin was dated 1952, with 250 million coins in total issued. The design was the same as the 10-sen coin but larger, with "25 SEN" replacing "10 SEN" The coin was updated with the Arabic script replaced by Roman script, but no other design changes. 25 million of these revised coins were minted dated 1955, and 100 million dated 1957.

The 50-sen coin had the most designs as it survived the high inflation the longest, with the initial design showing "INDONESIA" 1952 "50 SEN" on the obverse, in the same manner as the 10- and 25-sen coins, and "DIPA NEGARA" with a picture of Diponegoro and Arabic text on the reverse. 100 million 1952 coins were minted.

Variations exist dated 1954 (1.29 million minted) and 1955 (15 million). The 1957 mintage excised the Arabic text as well as varying the picture of Diponegoro. 26 million were minted. For 1958 the coin was debased, with aluminimum replacing copper-nickel. The redesigned coin saw Garuda Pancasila replacing Diponegoro, with a simpler obverse design stating "REPUBLIK INDONESIA 1958" with the central "50 SEN" no longer scalloped. 34 million were minted dated 1958, 100 million dated 1959, and 150 million dated 1961 - the last sen coinage to be issued in Indonesia.

A variation of the 1952 50 sen coin was issued in gold with a official value of 25 rupiah (although no value on the coin). The coin varied from the 50-sen by featuring the logo "BEKERDJA-MENABUNG-MEMBANGUN" and the Garuda emblem instead of the year and denomination.

1953-1958: Bank Indonesia born

In order that it could discontinue the issue of the resented 'De Javasche Bank' money, the government completed the Indonesianisation of DJB, with the bank becoming Bank Indonesia on 1 July 1953 via the Principal Act on Bank Indonesia 1953. The bank had responsibility for the issue of banknotes of 5 rupiah and above (as had DJB). A side-effect of this was that the Emergency Act of 1951 was renewed as the Currency Act of 1953, and the 1951 1 and 2½ rupiah government notes were reissued with the signature of the new Minister of Finance dated 1953.

Government Notes: Republik Indonesia, second series (landscapes), 1953, printed by Security Banknote Printing Company (USA)
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse				Obverse	Reverse	Serial	Signature	Watermark	Note	issue	withdrawal	replacement note
		1 rupiah	As 1951					Soemitro Djojohadikoesoemo	None (As 1951)	'1953'
		2 1/2 rupiah
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

1953-1954: First notes of Bank Indonesia

Notes featuring the name of the new bank ('Bank Indonesia'), had been prepared dated 1952, in denominations of 5, 10, 25, 50, 100, 500, and 1000 rupiah, signed by Indra Kasoema as Director, and Sjafruddin Prawiranegara as Governor. The notes began circulating from July 1953 to November 1954 depending on denomination.

1952 Bank Indonesia notes ('culture series')
Image		Value	Dimensions	Main Colour	Description				date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Serial	Printer's mark	issue	withdrawal	replacement note
		5rp	136 × 75 mm	Blue	Ibu Kartini	Floral design, serpents	5' followed by 1, 2, or 3 letters, then 5 numbers	Thomas De La Rue	2nd July 1953	16th January 1961	1st September 1959
		10rp	136 × 75 mm	Brown	Statue of Ken Dedes	Floral design, beasts	2 (Joh. Enschede) or 3 (Joh. Enschede/Perkeba) letters, then six numbers	Joh. Enschede en Zonen/Pertjetakan Kebajoran	2nd July 1953		5th September 1959
		25rp	143 × 83 mm	Blue	Kalpataru	Batik ship		Joh. Enschede en Zonen/Pertjetakan Kebajoran	18th June 1954		5th September 1959
		50rp		Green	Trees/bird	Batik	2 or 3 letters then six numbers	Joh. Enschede en Zonen	13th August 1954		1st August 1959
		100rp		Brown	Lion statue, Diponegoro	2 stylised birds kissing			18th December 1953	15th December 1960	24th June 1958
		500rp	152 × 91 mm	Red/green	Hindu relief	Batik			18th December 1953	21st September 1959	6th January 1959
		1000rp	152 × 91 mm	Green/red	Hindu relief	Wood design	two or three letters, starting W/WW, then six numbers		2nd November 1954	7th August 1958	2nd September 1958
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Despite the new notes, which meant that paper bearing the name of DJB was no longer printed, the DJB notes dated '1946', and in fact circulating since 1950, remained legal tender right up to the 'new rupiah' of 1965 (which invalidated ALL previous money at that point), although some old DJB notes were repealed, as follows:

2 March 1956: 1000 gulden '1946' note dating from 1950 withdrawn, effective 5th March 1959, due to rampant counterfeiting.
22 November 1957: 1 and 2 1/2 rp '1948' DJB notes withdrawn, effective 1 December 1957, because these denominations of notes were the issuing privilege of the Dutch government at the time, and hence the money was deemed never to have been legal.

The few Netherlands Indies government notes (all low denomination) still legal tender were repealed as follows:

1 January 1954: all 'Nederlandsch Indie' government money withdrawn: 1/2, 1, and 2 1/2 gulden notes, all dating from early World War 2, 1940
1 January 1957: 10 sen and 25 sen 'Indonesia' '1947' notes withdrawn (these were also issued by the Republic of Indonesia)

1954 brought a redesign of the Indonesian government 1 and 2½ rupiah notes, which were re-dated with the new Minister of Finance's signature in 1956.

Government Notes: Republik Indonesia, third series (ethnic people), 1954, printed by Pertjetakan Kebajoran
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse				Obverse	Reverse	Serial	Signature	Watermark	Note	issue	withdrawal	replacement note
		1 rupiah	130 × 60 mm	Blue	Javanese girl	Garuda Pancasila	3 letters, 6 numbers	Ong Eng Die	None	'1954'
		2 1/2 rupiah		Red and green	Rotinese man
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Government Notes: Republik Indonesia, fourth series (ethnic people), 1956, printed by Pertjetakan Kebajoran
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse				Obverse	Reverse	Serial	Signature	Watermark	Note	issue	withdrawal	replacement note
		1 rupiah	130 × 60 mm	As 1954				Jusuf Wibisono	None	'1956'
		2 1/2 rupiah
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

1958-1959 Animals series - Second Series of Banknotes of Bank Indonesia

In 1957, governor of Bank Indonesia Syafruddin Prawiranegara commissioned a new series of notes from English printer, Thomas De La Rue & Co. However, Syafruddin's involvement with PRRI meant that he was replaced in January 1958 as governor by Loekman Hakim. Specimens were produced in denominations of 5, 10, 25, 50, 100, 500, 1000, and 5000 rupiah, and the first of these to be brought into circulation were the 100 and 1000 rupiah notes, in 1958, due to the counterfeiting of these denominations of the 1952 series (the counterfeit notes can be distinguished by the wavy line watermark being printed onto the paper rather than a true watermark).

In addition to the 8 notes designed, Loekman commissioned a new note, of 2500 rupiah. Apart from the 100 and 1000 rupiah notes, the remaining high denomination note, the 500 rupiah, was released on 6 January 1959.

Animal Series (not dated, first printed 1957, except for the 2500 rupiah), all printed Thomas De La Rue
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Signature	Watermark	Serial	issue	withdrawal	replacement note
		5rp	125 × 65 mm	Green and blue	Gibbon	Prambanan	Sjafruddin Prawiranegara (Governor) TRB. Sabaroedin (Director)	Diponegoro	'5' followed by 1, 2, or 3 letters, then 5 numbers	1st September 1959	10th June 1962	19th January 1960
		10rp	125 × 65 mm	Brown and green	Deer	Kora Kora			'10' followed by 3 letters, then 5 numbers	5th September 1959	3rd January 1961	2nd January 1960
		25rp	143 × 72 mm	Brown and red	Javan Rhinoceros	Tapanuli traditional house			'25' followed by 3 letters, then 5 numbers	5th September 1959	3rd January 1961	2nd January 1960
		50rp	150 × 76 mm	Red	Crocodile	Grand Mosque, Medan			'50' then 1 or 2, letters then 5 numbers	1st August 1959	21st May 1965	19th January 1960
		100rp	158 × 81 mm	Green and red	Squirrel	Istana Bogor			'100' then 1, 2, or 3 letters then 4 numbers	24th June 1958	21st May 1965	8th September 1959
		500rp	165 × 85 mm	Red/green	Sumatran Tiger	Rice terrace			'500' then 1 or 2 letters then 4 numbers	6th January 1959	21st September 1959	Denomination withdrawn - reintroduced 1 May 1960
		1000rp	173 × 89 mm	Blue and brown	Elephant	Fisherman			'1000' then 1 or 2 letters, then 4 numbers	2nd September 1958	21st September 1959	Denomination withdrawn - reintroduced 10 May 1960
		2500rp	181 × 92 mm	Green and blue	Komodo dragon	Fishing village, Martipura River	Loekman Hakim (Governor), TRB Sabaroedin (Director)		'2500' then 1 letter or 2 letters, then 4 numbers; or '2500' then 2 letters over 'I' plus 5 numbers	1st September 1962	13th December 1965	Last of denomination
		5000rp	190 × 97 mm	Red	Bull		Sjafruddin Prawiranegara (Governor) TRB. Sabaroedin (Director)		5000A0000	UNISSUED SPECIMEN ONLY
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

1959-1965: currency devaluation and spiralling inflation

The economy was ravaged by inflation, and prices had tripled from 1953 to 1959, and Soekarno wanted to devalue the currency. Disagreement over this policy led to the end of Loekman Hakim as Governor Bank Indonesia on 31st July 1959: He was replaced by Soetikno Slamet.

With the unwilling ex-governor replaced, the official exchange rate was devalued on August 1st 1959 by 75% from 11.4 to 45 to the US$ (the unofficial rate, was around half of that, and it had been 3.8 to the dollar in 1949). In addition, the 500 Rp and 1000 Rp notes were devalued 90% on 24th August 1959 to 50 and 100 Rp. The actual notes affected were the '1946' 500 gulden, and the '1952' culture and the 'animal' notes of 500 and 1000rp notes.

The remaining Thomas De La Rue 'animals' notes were issued following the devaluation, with the exception of the 2500 and 5000 rupiah, which was unnecessary thanks to the devaluation. The 2500 rupiah note was eventually issued three years later due to continued high inflation, while the 5000 rupiah was never issued. The 10 and 25 rupiah notes were only circulated for 3 days, although they remained legal tender, and are today extremely rare.

Thus, as of September 1959, the largest note in Indonesia was of 100 rupiah.

1959: First Indonesian-designed notes, the 'handicrafts' series

8th September 1959 brought the first purely Indonesian-designed notes, issued by state printers Pertjetakan Kebajoran, of 5 and 100 rupiah notes.

1960: Thomas De La Rue flowers and birds banknotes

Yet another series of notes, the 'flowers' series was issued by Bank Indonesia in 1960 (showing flowers on the obverse and birds on the reverse), and dated January 1 1959, but issued in 1960. These notes were printed by Thomas De La Rue & Co. Ltd., England.

Flowers and birds series, dated '1 January 1959', issued 1960, printed by Thomas De La Rue
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Signature	Watermark	Serial	issue	withdrawal
		5rp	125 × 65 mm	Blue and yellow	Tuberose	4 White-rumped Shama	Loekman Hakim (Governor), TRB Sabaroedin (Director)	Garuda Pancasila	'5' followed by 1, 2, or 3 letters, then 5 numbers	19th January 1960	31st December 1966
		10rp	133 × 68 mm	Red and green	Hoya flowers	4 cockatoos			'10' followed by 1, 2 or 3 letters, then 5 numbers	2nd January 1960
		25rp	143 × 72 mm	Green and blue	Nelumbo nucifera	2 Herons			'25' followed by 1, 2, or 3 letters, then 5 numbers	2nd January 1960
		50rp	150 × 76 mm	Orange and purple	Stylised Nelumbo nucifera	2 Ospreys			'50' then 1, 2 or 3 letters then 5 numbers	19th January 1960
		100rp	158 × 81 mm	Purple	Rafflesia arnoldii	5 Rhinoceros Hornbills			'100' then 1, 2, or 3 letters then 5 numbers	19th January 1960
		500rp	165 × 85 mm	Blue and red	Bougainvillea	Junglefowl			'500' then 1, 2, or 3 letters then 4 numbers, or '500', 1 letter, 5 numbers	10th May 1960
		1000rp	173 × 89 mm	Black and blue	Jasmine flower	Red Bird of Paradise			'1000' then 1, 2, or 3 letters, then 4 numbers, or '1000' then 2 letters over 'I', then 5 numbers	1st May 1960
		2500rp		Orange and red					2500AA0000	UNISSUED SPECIMEN
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

1960-1961: Government banknotes

A new design for the 1 and 2½ rupiah government notes was issued in 1960 showing agricultural workers, also re-dated with the new Minister of Finance's signature 1961.

Government Notes: Republik Indonesia, fifth series (agriculture theme), 1960, printed by Pertjetakan Kebajoran
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse				Obverse	Reverse	Serial	Signature	Watermark	Note	issue	withdrawal	replacement note
		1 rupiah	120 × 60 mm	Green and yellow	Rice farmers	Vegetables	3 letters, 6 numbers	Ir. Djuanda K.	None	'1960'
		2 1/2 rupiah		Blue	Corn farmers	Corn and paddy
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Government Notes: Republik Indonesia, sixth series (agriculture theme), 1961, printed by Pertjetakan Kebajoran
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse				Obverse	Reverse	Serial	Signature	Watermark	Note	issue	withdrawal	replacement note
		1 rupiah	As 1960					R.M. Notohamiprodjo	None	'1961'
		2 1/2 rupiah
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

1961-1964: Complete handicrafts series

The Indonesian-printed handicrafts series replaced the TDLR notes in 1961 and 1962, with all denominations 5 to 1000 rupiah in issue.

Native crafts/houses banknotes, printed by Pertjetakan Kebajoran, issued 1959, 1961, 1962, 1963, 1964 - first series
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Signature	Watermark	Serial	Note	issue	withdrawal
		5rp	135 × 65 mm	Green and red	Javanese woman doing batik	Central Java traditional house	Loekman Hakim (Governor), TRB Sabaroedin (Director)	Banteng head	3 letters, 6 numbers	'1958'	8th September 1959	13th June 1966
		10rp	135 × 65 mm	Brown and blue	Balinese statue carver	Balinese house					11th December 1961
		25rp	150 × 75 mm	Green and blue	Batak weaver	Batak house					26th April 1962
		50rp		Orange and purple	Timor spinner	Timor house					26th April 1962
		100rp		Purple	Rubber tapper	Kalimantan traditional house					8th September 1959
		500rp	160 × 85 mm	Red and brown	Man opening coconut	Minahasa house			3 letters, 5 numbers		16th January 1961
		1000rp	160 × 85 mm	Violet and green	Minangkabau silversmith	Minangkabau house					2nd May 1961
		5000rp	170 × 95 mm	Brown and green	Woman with paddy	Rice fields in mountain					18th October 1963	13th January 1966
		10000rp	170 × 95 mm	Red and brown	2 fishermen with fish trap	Barito river Kalimantan	Jusuf Muda Dalam (Governor), Hertatijanto (Director)			'1964'	18th August 1964	13th January 1966
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Due to inflation, the TDLR 2500 rupiah note of 'animals' design was finally issued in September 1962, becoming then the top denomation. A further response to inflation came with the issue of a 1958-dated 5000 rupiah (brown) note in October 1963. By August 1964, it was necessary to add a 10,000 rupiah note (in red), and dated '1964', completing the manual workers series.

1965: Updates to the crafts notes

In 1965, amid soaring inflation, all of the notes, with the exception of the bottom 5 rupiah and the 500 rupiah note of the handicrafts series were revised and re-issued, some more than once.

Native crafts/houses banknotes, printed by Pertjetakan Kebajoran, issued 1965 - second series
Image		Value	Dimensions	Main Colour	Description					date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Signature	Watermark	Serial	Note	issue	withdrawal
		10rp	As first series	As first series	As first series		Soemarno, Hertatijanto	As first series	As first series	'1963'
		25rp					Jusuf Muda Dalam, Hertaijanto	None - overprinted Gardua Pancasila		'1964'	21st May 1965	13th June 1966
		50rp						None - overprinted Gardua Pancasila			27th April 1965
		100rp						As first series			10th March 1965
		100rp		Blue				None - overprinted Gardua Pancasila			19th November 1965
		1000rp		Red			As first series	As first series		'1958' (As first series)	21st May 1965	13th March 1966
		5000rp		Purple				As first series plus overprinted Garuda Pancasila		'1958' (As first series)	19th November 1965	13th January 1966
		10000rp		Green				As first series		'1964' (As first series)	29th March 1965
		10000rp		Green				As first series plus overprinted Garuda Pancasila		'1964' (As first series)	19th November 1965
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

1965 onwards - 'new rupiah': the 1000 to 1 revaluation of the rupiah

In response to rampant inflation, which was 27% in 1961, but jumped to 174% in 1962, by 1965 was 600%, during Indonesian political turmoil of 1965, the 'new rupiah' was introduced on 13 December, 1965, at a rate of 1000 of the old unit.^[1] The price index at the end of 1965 had been calculated at 363 times higher than in 1958, and prices had risen approximately seven times over the previous 12 months.^[2] In real terms (i.e., with inflation taken into account), a labourer in Jakarta was estimated to have earned 40 per cent of his earnings in 1958.^[3] Although the devaluation in notes was 1,000 to 1, prices were reckoned to fall by only 10 times. [9]

This devaluation had the side-effect of unifying the currency, ending the Riau money (the Irian Barat rupiah lasted until 1971). [10]

1965-1968: First series of banknotes ('Soekarno') of the 'new rupiah'

The new rupiah saw the issue of an entirely new set of banknotes, by Presidential decree of 13 December 1965. The decree authorised Bank Indonesia to issue fractional notes for the first time, in denominations of 1, 5, 10, 25, and 50 sen showing 'Volunteers', dated 1964. Due to the fact that the rupiah was only devalued about 10, rather than 1000 times, they were worthless on issue, and millions remained unissued.

The remaining notes all featured President Soekarno on the obverse, and various dancers on the reverse; this series was issued by 'Republik Indonesia' in 1 and 2 1/2 rupiah, dated 1964, and Bank Indonesia dated 1960 ('1960' dated notes of 1, 2 1/2, 5, 10, and 100 rupiah were already circulating in Irian Barat and Riau), in 5, 10, 25, 50, and 100 rupiah were issued; the notes from 500 to 10,000 rupiah were deemed unnecessary due to the devaluation.

To complete the devaluation, older notes (largely worthless by this point) were withdrawn over 1965-1966.

By 1967, due to the limited nature of the devaluation, it had proved necessary to add 500 and 1,000 rupiah notes, in the same design.

Notes of the 'New Rupiah' (1965 devaluation), Republik Indonesia
Image		Value	Dimensions	Main Colour	Description						date of
Obverse	Reverse				Obverse	Reverse	Serial	Signature	Printer's mark	Watermark	Note	issue	withdrawal	replacement note
		1 rupiah	121 × 60 mm	Red	Soekarno with sugar cane	Balinese female dancer	2 letters, 6 numbers (no printer mark); 3 letters 6 numbers (otherwise)	Soemarno	Pertjetakan Kebajoran, P.N. Pertjetakan Kebajoran, or no mark	Garuda Pancasila	'1964'	13th December 1965		8th January 1968 - as Bank Indonesia These are the Last government notes in Indonesia
		2 1/2 rupiah	119 × 60 mm	Blue		Balinese female dancer	2 letters, 6 numbers (no printer mark); 3 letters 6 numbers (otherwise)		Pertjetakan Kebajoran, or no mark
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Notes of the 'New Rupiah' (1965 devaluation, plus 1967 denomination additions), Bank Indonesia
Image		Value	Dimensions	Main Colour	Description						date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Serial	Signatures	Printer's mark	Watermark	Note	issue	withdrawal	replacement note
		1 sen	104 × 52 mm	Green	Man wearing paddy hat	Spiral patterns	3 letters, 6 numbers	Governor: Jusuf Muda Dalam; Director: Hertatijianto	Pertjetakan Kebajoran	None	'1964'	13th December 1965	Never withdrawn	Worthless upon issue, never replaced as coin or note
		5 sen		Violet	Man with peaked cap and 'Suklarelawan' (volunteer) badge								15th November 1996
		10 sen		Green	Man with peaked cap and 'Suklarelawan' (volunteer) badge
		25 sen		Red	Man with hat and 'Suklarelawan' (volunteer) badge
		50 sen		Purple	Man with hat and 'Suklarelawan' (volunteer) badge
		5rp	135 × 67 mm	Violet	Soekarno, with sugar cane	Female Balinese dancer	3 letters, 6 numbers	Governor: Soetikno Slamet; Director: Indra Kasoema	Pertjetakan Kebajoran	Soekarno, replaced by buffalo from 30 August 1966	'1960'		1st September 1971	13th January 1969
		10rp	140 × 70 mm	Brown		2 female Balinese dancers	3 letters, 6 numbers		Pertjetakan Kebajoran	Soekarno				15th April 1968
		25rp	147 × 73 mm	Green		Female Balinese dancer showing hands	3 letters, 6 numbers (Pertjetakan); 1/2/3 letters, six numbers (Thomas De La Rue)		Thomas De La Rue until 25 July 1966, then Pertjetakan Kebajoran	Soekarno (Thomas De La Rue); Buffalo (Pertjetakan Kebajoran)				13th January 1969
		50rp	158 × 77 mm	Black		Hindu female Balinese dancer with 2 gamelan players			Thomas De La Rue until 30 August 1966, then Pertjetakan Kebajoran
		100rp	158 × 79 mm	Red-brown		Batak male and female dancer	3 letters, 6 numbers		Pertjetakan Kebajoran	Soekarno
		500rp	165 × 82 mm	Green		Javanese dancers	1/2/3 letters 4 numberes (TDLR), 3 letters six numbers (PK)		Thomas De La Rue/Pertjetakan Kebajoran	First Printings: Soekarno (Thomas De La Rue), Buffalo/Soekarno (Pertjetakan Kebajoran); 1968 reprint Garuda (Pertjetakan Kebajoran)		20th February 1967
		1000rp	171 × 87 mm	Black		2 Balinese dancers	1/2/3 letters 4 numberes (TDLR), 3 letters six numbers (PK)		Thomas De La Rue/Pertjetakan Kebajoran	Soekarno (Thomas De La Rue - first printing), Buffalo (Pertjetakan Kebajoran - 1968 reprint)		20th February 1967
		2500rp							Thomas De La Rue			Unissued specimens
		5000rp		Black					Thomas De La Rue			Unissued specimens
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

1968-1970: Second series of banknotes ('Sudirman') of the 'new rupiah'

By 1968 the Suharto New Order had been established, and Bank Indonesia, as of 1968 was given sole right to issue banknotes (including notes below 5 rupiah) as well as coins (which had previously been the issue of the central government). [11]

Hence, the new issue of banknotes 1 to 1,000rp, dated 1968, were all eminating from Bank Indonesia. The notes featured the revolutionary hero General Sudirman, backed by various scenes of industry. The notes were issued in 1968 and 1969. In 1970, notes of the same theme (but a different watermark) were added in 5,000 and 10,000 rupiah denominations, thus restoring notes to the same denominations that had been circulating prior the 1965 devaluation

Sudirman/industry notes, '1968', Bank Indonesia: Second series of notes post-devaluation, Printed by PN Pertjetakan Kebajoran
Image		Value	Dimensions	Main Colour	Description					Date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Serial	Signatures	Watermark	issue	withdrawal	replacement note
		1rp	112 × 56 mm	Red	Sudirman, Coat of arms of Indonesia	Woman extracting copra	3 letters, 6 numbers	Radius Prawiro, Soeksmono B. Martokoesoemo	Garuda Pancasila	8th January 1968	1st September 1975	Replaced with coin
		2 1/2rp	112 × 56 mm	Blue		Woman holding paddy				8th January 1968		No replacement
		5rp	132 × 66 mm	Violet		Hydropower construction				13th January 1969		Replaced with coin
		10rp		Brown		Oil refinery				15th April 1968
		25rp		Green		Ampera bridge, Palembang				13th January 1969
		50rp		Violet and green		Hangar
		100rp	144 × 72 mm	Red		Brickworks, harbour					2nd April 1988	1st October 1977
		500rp		Green and black		Cotton mill					2nd April 1988	5th April 1978
		1000rp		Black and orange		Fertiliser factory					1st September 1977	1st June 1976
		5000rp	156 × 78 mm	Green	Sudirman, Garuda Pancasila	PT Tonasa Cement Factory			Diponegoro	2nd April 1970	1st July 1977	5th October 1976
		10000rp	156 × 78 mm	Red and Violet	Sudirman, Garuda Pancasila	Bangka Island tin mine			Diponegoro	2nd April 1970	1st July 1977	15th July 1976
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

1971-1973: reintroduction of coins to Indonesia

With the raging inflation of the 1960s very much under control at this point, coin issuing resumed after a 10 year hiatus, and coins were issued in January 1 1971, of denominations 1, 2 and 5 rupiah, all in aluminium. 10, 25, and 50 rupiah coins were added, in cupro-nickel, on 5th April 1971. The coins featured on the reverse 'Bank Indonesia' '1 rupiah' (etc.) '1970' (1, 2, and 5 rupiah) or '1971' (10, 25, 50 rupiah). The designs were: White-browed Fantail (1rp), rice and cotton stalk (2rp), Black Drongo bird (5rp), rice and cotton stalk with Indonesian wording "INCREASE THE PRODUCTION OF CLOTHING AND FOOD" (10rp), Victoria Crowned Pigeon (25rp), and bird of paradise (50rp). The final mintages of these coins was: 136 million (1 rupiah), 139 million (2 rupiah), 448 million (5 rupiah), 286 million (10 rupiah), 1.22 billion (25 rupiah) and 1 billion (50 rupiah).

At the time the exchange rate was 378 rupiah to the US$, so the smallest coin was worth approximately 1/4 of a US cent. A '1973' cupro-nickel 100 rupiah large coin showing a Minangkabau tribal house was issued on 2 January 1974, at which time the exchange rate was 415 rupiah to the dollar. A total of 913 million of these coins were minted, some of which are still found in circulation today.

New designs for the 5 (aluminium) and 10 rupiah (brass-clad steel) coins celebrated Indonesia's family-planning program, and were dated 1974, depicting the ideal of a 2-child family stating 'FAMILY PLANNING TOWARDS FAMILY WELFARE'; 448 and 223 million were minted.

As a result of the coinage issue, notes below 100 rupiah were eventually withdrawn in Indonesia permanently from September 1 1975 (at which point the exchange rate was fixed at 415 rupiah to the dollar, hence 50 rupiah, the largest denomination to be withdrawn, was worth around US$0.10).

Diponegoro series '1975'

A new series of notes, which now started only at 100 rupiah (then US$0.24), was designed with a Diponegoro theme; however, only the 1000 rupiah note was issued, the other denominations exist only in a small number of specimens.

This aborted note series was the last in Indonesia to have a consistent theme, although new notes typically retained the same colour as old ones of the same denomination.

Diponegoro series (only 1000 rupiah issued); printed by Perum Peruri
Image		Value	Dimensions	Main Colour	Description					Date of			Remarks
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	Signature	Serial	issue	withdrawal	replacement	Remarks
		100 rupiah	158 × 79 mm	Pink	Diponegoro at right, facing left	Mountain scenery	Diponegoro		2 letters, 000000	SPECIMEN ONLY, UNISSUED, UNDATED
		500 rupiah		Green	Diponegoro at left, facing right	Rice terraces	Diponegoro		3 letters, six numbers	SPECIMEN ONLY, UNISSUED, UNDATED
		1000 rupiah		Green	Diponegoro at left, facing right	Buffalo ploughing rice field	Majapahit statue	Rachmat Saleh, Soeksmono B. Martokoesoemo	3 letters, six numbers	1st June 1976	2nd April 1988	1st July 1980	Undated specimens exists; issued note dated '1975'
		5000 rupiah		Brown and red-brown	Diponegoro at right, facing left	3 Sailing Ships	Diponegoro		2 letters, 000000	SPECIMEN ONLY, UNISSUED, UNDATED
		10000 rupiah		Green and red	Diponegoro at right, facing left	Rice farmers	Diponegoro		2 letters, 000000	SPECIMEN ONLY, UNISSUED, UNDATED

1976-1978: Banknote series 3 of the new rupiah

Due to counterfeiting of the Sudirman notes, the 1,000, 5,000 and 10,000 rupiah notes were all re-designed, dated 1975, and issued in 1976. The Sudirman notes of 1000 rupiah and above were withdrawn as legal tender as of 1 September 1977. [12]

Redesigns of the 100 and 500 rupiah notes followed in 1978, thereby completing the third series of notes to be issued since the 1965 devaluation.

Rupiah notes '1975' and '1977', printed by Perum Peruri
Image		Value	Dimensions	Main Colour	Description					Date of				Remarks
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	Signature	Serial	note	issue	withdrawal	replacement	Remarks
		100 rupiah	144 × 72 mm	Pink	Diponegoro at right, facing left	Mountain scenery	Garuda Pancasila	Rachmat Saleh (Governor), Arifin M. Siregar (Director)	3 letters, six numbers	'1977'	1st October 1977	2nd April 1988	1st February 1985
		500 rupiah	144 × 79 mm	Green	Woman with Vanda orchid	Bank Indonesia building, Jakarta	Diponegoro	Rachmat Saleh (Governor), Arifin M. Siregar (Director)		'1977'	5th April 1978		1st December 1982
		1000 rupiah	158 × 79 mm	Green	Diponegoro at left, facing right	Buffalo ploughing rice field	Gajah Mada	Rachmat Saleh (Governor), Soeksmono. B. Martokoesoemo (Director)		'1975'	1st June 1976		1st July 1980	Undated specimens exists; issued note dated '1975'
		5000 rupiah		Red-brown	Fisherman	3 Sailing Ships	Tjut Nyak Dien				5th October 1976		1st March 1982	Identical to unissued 'Diponegoro' note, except Diponegoro replaced with fisherman
		10000 rupiah		Green, brown and orange	Ramayana frieze at Borobodur	Batara kala, Jago Temple	General Sudirman				15th July 1976	2nd January 1980	29th June 1979

1978-1979: Updated coinage

The 1973 100 rupiah was given an updated reverse design in 1978, reading 'FOREST FOR WELFARE' '1978' and a forest motif. The coin was also made thinner, although its dimensions did not change

The 1974 5 rupiah, meanwhile, was updated '1979', issued from March 1980, retaining its family planning message, but adding an inner circle in the coin, and being shrunk in size, presumably to cut the cost of production. 413 million coins were minted dated 1978, while 5 million were later issued dated 1995 and 1996.

The 1974 10 rupiah was similarly updated to '1979'. 286 million were minted with this date.

1979-1982: Banknote Series 4 of the new rupiah

The first note to be replaced was again the top 10,000 rupiah note (by then worth approximately US$16), in 1979. Further redesigned notes followed in all denominations except the 100 rupiah, in 1980 and 1982.

Rupiah notes '1979', '1980', '1982', printed by Perum Peruri
Image		Value	Dimensions	Main Colour	Description					Date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	Signatures	Serial	note	issue	withdrawal	replacement
		500 rupiah	140 × 68 mm	Green	Rafflesia flower	Bank Indonesia building	Ahmad Yani	Rachmat Saleh, Durmawel Achmad	3 letters, six numbers	'1982'	1st December 1982	1st May 1992	29th January 1988
		1000 rupiah	145 × 72 mm	Blue	Soetomo	Sianok Valley	Hasanuddin			'1980'	1st July 1980		30th June 1987
		5000 rupiah	153 × 76 mm	Brown	Diamond Cutter, Kalimantan	3 Toraja houses	Dewi Sartika			'1980'	1st March 1982		9th December 1986
		10000 rupiah	144 × 79 mm	Purple	Gamelan players, Central Java	Prambanan temple	Soetomo	Rachmat Saleh, Arifin M. Siregar		'1979'	29th June 1979		27th December 1985

1985-1988: Banknote series 5 of the new rupiah

The 100 rupiah note dating from 1977 was finally replaced in 1985; replacement notes of all denominations followed in 1985, 1987 and 1988.

Rupiah notes '1984', '1985', '1986','1987','1988', printed by Perum Peruri
Image		Value	Dimensions	Main Colour	Description					Date of
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	Signatures	Serial	note	issue	withdrawal	replacement
		100 rupiah	133 × 64 mm	Pink	Victoria Crowned Pigeon	Asahan dam	Garuda Pancasila	Arifin M. Siregar, Sujitno Siswowidagdo	3 letters, six numbers	'1984'	1st February 1985	25th September 1995	28th December 1992
		500 rupiah	140 × 68 mm	Green	Rusa Deer	Bank Indonesia building, Cirebon	Ahmad Yani			'1988'	29th January 1988
File:Indonesia 1987 1000r o.jpg	File:Indonesia 1987 1000r r.jpg	1000 rupiah	145 × 72 mm	Blue	Sisingamangaraja XII	Yogyakarta Kraton	Sultan Hasanuddin			'1987'	30th June 1987
File:Indonesia 1986 5000r o.jpg	File:Indonesia 1986 5000r r.jpg	5000 rupiah	153 × 76 mm	Brown	Teuku Umar	Kudus menara	Martha Christina Tiahahu			'1986'	9th December 1986		10th February 1992
		10000 rupiah	144 × 79 mm	Purple	Kartini with Prambanan temple	Female university graduate, Indonesian flag	Tjipto Mangunkusumo			'1985'	27th December 1985		18th August 1992

1991-1993: Updated coinage

No new coin designs were made in Indonesia until 1991. A 25 rupiah aluminium numteg was dated 1991 in aluminium, while aluminium-bronze coins 50rp (Komodo dragon), 100rp (buffalo racing), and, for the first time, a 500 rupiah coin (Jasmine) were issued. The 25 rupiah coin was minted in dates 1991-1996, the 50 and 100 rupiah in dates 1991-1998, and the 500 rupiah in dates 1991-1994.

1993 extended the coinage again, to 1000 rupiah, a bimetallic coin of copper-nickel and aluminium-bronze. This coin depicts the 'oil palm', and exists in dates 1993-2000.

1992: series six banknotes of the new rupiah

1992 saw a complete overhaul of all denominations of notes for the first time since 1968. In addition, a new top denomation, 20,000 rupiah note was added, with a US$ value of approximately $10 at the time. This was the first new denomination of the 'new rupiah' since the 10,000 rupiah had been issued in April 1970 (then worth about US$26). From this issue forwards, Indonesian notes have carried in small text in the note border the year of printing; the most conspicuous date on the note is still the date of authority (e.g., "Direksi 1992").

Rupiah notes '1992' series, printed by Perum Peruri
Image		Value	Dimensions	Main Colour	Description								Remarks
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	Signatures	Serial	issue	withdrawal	replacement	Remarks
		100 rupiah	136 × 68 mm	Pink	Bugus phinisi	Krakatoa	Ki Hajar Dewantara	Adrianus Mooy (Governor), Sujitno Siswowidagdo (Director)	3 letters, six numbers	28th December 1992	30th November 2006	Last of denomation	Carries imprint dates 1992-1996,1999,2000
		500 rupiah	140 × 68 mm	Green	Orangutan	East Kalimantan house	Omar Said Tjokroaminoto	Adrianus Mooy (Governor), Sujitno Siswowidagdo (Director)				Last of denomation	Carries imprint date 1992-1999
		1000 rupiah	144 × 68 mm	Blue	Lake Toba	Stone jumping, Nias	Cut Nyak Meutia	Adrianus Mooy (Governor), Hendrobudiyanto (Director)				29th November 2000	Carries imprint date 1992-2000
		5000 rupiah	145 × 72 mm	Brown	Teuku Umar	Tri-coloured lake, Kelimutu	Cut Nyak Meutia	Adrianus Mooy (Governor), Hasudungan Tampubolon (Director)		10th February 1992		6th November 2001	Carries imprint date 1992-2000
		10000 rupiah	150 × 73 mm	Purple	Hamengkubuwono IX, Scouts camping	Borobodur	Wage Rudolf Supratman	Adrianus Mooy (Governor), R. Rachmad (Director)		18th August 1992	21st August 2000	18th February 1998	Carries imprint date 1992-1998
		20000 rupiah	152 × 72 mm	Green	Red Bird of Paradise	Clove flower, map of Indonesia	Ki Hajar Dewantara	Adrianus Mooy (Governor), Binhadi (Director)		10th February 1992	21st August 2000	28th August 1995	Carries imprint dates 1992-1995

1993: Soeharto commemorative 50,000 rupiah

In 1993 a 50,000 rupiah (approx US$22) note celebrating "25 Years of Development" in polymer with hologram, limited to five million, and in a presentation pack explaining the 25-year growth plan since 1969 were printed, priced at double face value: 100,000 rupiah. The design featured Soeharto on the front and Soekarno-Hatta airport on the back, with a plane taking off to symbolise Indonesia's growth. However, it is believed that due to poor sales, that some of the polymer notes, minus the folder, were issued as regularly circulating money. A paper version of similar design was printed in 1993 and 1994.

Rupiah notes Soeharto '1993'
Image		Value	Dimensions	Main Colour	Description								Remarks
Obverse	Reverse				Obverse	Reverse	Watermark	Signatures	Serial	issue	withdrawal	replacement
		50000 rupiah	152 × 76 mm	Green	Soeharto with scenes of industrial development, slogan "25 Tahun Indonesia Membangun" (25 years of Indonesian development)	Garuda Indonesia Aircraft taking off from Soekarno-Hatta International Airport	Wage Rudolf Supratman	Adrianus Mooy (Governor), TM Sjakur Machmud (Director)	3 letters, 6 numbers	1st March 1993	21st August 2000	Last of denomation	Printed by state printers Perum Peruri, with imprint date 1993 or 1994
							Soeharto hologram, Bank Indonesia watermark	Adrianus Mooy (Governor), Hasudungan Tampubolon (Director)					Plastic note, printed by North Printing Australia

1995: addition of security thread to top 1992/1993 banknotes

1995 saw the introduction of the security thread to Indonesian banknotes, a feature on all large (10,000 and above) notes of 'Direksi 1995' and newer. The 1992 20,000 rupiah, and 1993 paper 50,000 notes were the affected notes.

Rupiah notes 1995 security thread updates, printed by Perum Peruri
Image		Value	Dimensions	Main Colour	Description								Remarks
Obverse	Reverse				Obverse	Reverse	Watermark	Signatures	Serial	issue	withdrawal	replacement
		20000 rupiah	As 1992 note				As 1992 + security foil strip	Djiwandano, Boediono	3 letters, 6 numbers	28th August 1995	21st August 2000	23rd January 1998	Imprint dates 1995-1998
		50000 rupiah	As 1993 note (paper)									1st June 1999

1997-1998: Coin revisions

The 500 rupiah coin was updated '1997' with a smaller jasmine leaf and the same aluminium-bronze material. The coin was minted dated 1997-2003.

The 50 rupiah coin was updated '1999' in aluminium showing the Black-naped Oriole. This coin exists with mint dates up to present.

The 100 rupiah coin was updated '1999' in aluminium depicting the palm cockatoo.

1998-1999: post financial crisis banknotes

The Asian financial crisis of 1997-1998 reduced the rupiah's value by over 80% in a few months and was a major factor in the overthrow of President Suharto's government. The rupiah had traded at about 2000-3000 rupiah per 1 USD, but reached a low of 16,800 rupiah per dollar in June 1998. The currency, which had been relatively stable in prior years, had its value destroyed. The government did not take any action to demonetise or revalue the banknotes, "Direksi 1998" merely redesigned the 10,000 and 20,000 rupiah notes.

"Direksi 1999" saw a new Soepratman design for the 50,000 rupiah, replacing the commemorative note of Suharto, who had been deposed after more than 30 years as Indonesia's dictator in the wake of the crisis.

The banknote lineup was extended with a new denomination of 100,000 rupiah in 1999, by then worth about US$12.

500 million notes of the 100,000 rupiah polymer note were printed, to all be issued within a month of November 1999.[13] This was part of Indonesia's millennium bug preparations, lest there should be a great demand for cash after the new year. Polymer was chosen because, according to Bank Indonesia, plastic would be harder to counterfeit and would last longer. However, the notes were not popular in banks as counting machines were unable to count them accurately and there have been issues with the money sticking to one another due to the heat of the machine.

2000-2005: redesigns to all of Indonesia's denominations of banknotes

"Direksi 2000" brought a new 1,000 rupiah note, with the 100 and 500 rupiah notes having been discontinued due to the dramatic devaluation of Indonesia's currency.

"Direksi 2001" redesigned the 5,000 rupiah, while "Direksi 2004" brought an end to the polymer 100,000 rupiah notes, replacing with a paper design, as well the issue of a new more secure 20,000 rupiah note.

The most recent changes to Indonesian money were "Direksi 2005", which re-designed the 10,000 and 50,000 rupiah note.

2003: Coin revisions

The last coin revisions in Indonesia are of 2003.

The 200 rupiah coin in aluminium, depicting the Bali Starling was introduced for the first time, while a third variation on the 'jasmine' theme of the 500 rupiah coin saw an aluminium coin introduced.

Exchange Rate and inflation

The rupiah has been subject to high inflation for most of its existence (which as an internationally recognised currency should be dated to 1950). Various attempts have been made to maintain the value of the currency, all were abandoned.

1946-1949 revolutionary period

In the period from October 1946 to March 1950 Indonesian currency had no international recognition. Its value was determined on the blackmarket.

1949-1965 foreign exchange restrictions

The exchange rate determined upon independence in 1949 was 3.8 rupiah to one US$. Lembaga Alat-Alat Pembajaran Luar Negeri Publication #26 of March 11 1950 (effective March 13) established the Foreign Exchange Certificate System.[14] By the trade in certificates an export rate of 7.6rp and an import rate of 11.4rp was established.

The FECS was scrapped on 4th January 1952, by which time the government had been able to reduce its deficit by 5.3 billion rupiah through the exchange differential. The system was scrapped because domestic prices were being determined by the import rate, which were hurting profits from exports earned at the lower rate. Hence the effective 7.6/11.4rp exchange rate reverted to 3.8rp.

The ending of what amounted to an export tariff severely damaged government revenues, and as of 4th February 1952, the rupiah was officially devalued to 11.4rp, with export tariffs of 15-25% on commodities that Indonesia was strong in. Weaker commodities were not subject to tariffs, and from 1955 were actually given a premium of 5-25% to boost their export.

In order to control foreign exchange, the government brought in a number of measures. 40% of the foreign exchange requirements of importers were required to be paid to the government from April 1952, while as from September 1952 the government decided to provide only a limited amount of foreign exchange, made available every four months. These foreign exchange restrictions, designed to provide the government with much needed reserves meant that some companies were operating at as low as 20% of capacity, due to lack of needed imported materials.

Further foreign exchange restrictions were introduced over 1953-1954, with April 1953, the foreign exchange downpayment was increased to 75%, except for raw materials at 50%. Foreign companies and their workers were placed under restrictions as to the amount of foreign exchange that could be sent home, with the amounts allowed out subject to fees of 66 2/3%. As of November 1954, exporters were required to sell 15% of their foreign exchange earned to the government.

An increasingly complex set of tariffs on imports were unified in September 1955 with a set of Extra Import Duties, requiring downpayments to the government of 50%, 100%, 200%, or 400% of the value of the goods.

The official 11.4 rp rate, which massively overvalued the rupiah, was a major incentive to black market traders, and also contributed to anti-Java feeling, given that those producing raw materials on the large material-rich outer islands were not receiving fair value from their goods due to the exchange rate, diverting funds to the government Java. The black-market rate at the end of 1956 was 31rp, falling to 49rp at the end of 1957, and 90rp by the end of 1958.

In response to Sumatra and Sulawesi refusing to hand over their foreign exchange, in June 1957 a new system for foreign exchange was introduced: exporters received export certificates (BE) representing the foreign currency earned and could sell them to importers on the free market (but subject to a 20% tax). This effectively created a freely floating rupiah. The price of the certificates quickly reached 332% of face by April 1958, i.e. 38rp, a rate at which the government chose to end the free market, fixing the price at 332% of face value.

The currency devaluation of large notes in 1959 saw the official exchange rate devalued to 45rp as of August 1959. Despite this, the fundamental issues with the fixed exchange rate system and severe import controls (which saw cotton mills running at only 11% of capacity due to lack of imported raw materials) were not addressed, and smuggling grew, often backed by the army, while assets were moved offshore by overinvoicing.

The government maintained price controls over goods and raw materials, with the official oil price unchanged 1950-1965.

After the 1959 devaluation, inflation, which had been running at a relatively high 25% per annum 1953-1959 really took off, with rates over 100% in 1962, 1963, and 1964, and 600% in 1965. Despite the official 45rp to 1 US$ rate, two further export certificate trading systems, of March 1962 - May 1963, and then from April 1964 onwards, showed premiums of 2,678% July 1962 (1205rp effective rate), 5,100% August 1965 (2295rp) and 11,100% in November 1965 (4995rp).[15]

1966-1971 stabilization and growth

The last demonetization of rupiah notes occurred in late 1965, at which time inflation was ravaging the economy: exports had dropped 24% 1959-1965, GDP growth was below population growth, and the foreign exchange reserves had fallen by over 90%. Inflation in 1965 was 635%. In late 1965, the 'new rupiah' was brought in, at 1000 to 1 to the old currency. The official exchange rate was set initially at 0.25rp to 1 US$ as of 13 December 1965, a rate that did not represent reality, as the multiple exchange rate system remained in place for the time being.

This was followed by the emergence of Suharto, who as of 11 March 1966 acquired executive control of Indonesia.

Suharto quickly made economic changes, establishing his 'New Order', with economic policy set by the Berkeley Mafia, his team of US-educated neoclassical economists. The policy began to be set out in November 1966, following the reaching of agreement with Indonesia's creditors in October 1966 on debt relief and loan restructuring. Economic policies were put in place to require adequate bank reserves, ending subsidies on consumer goods, end import restrictions, and to devalue the rupiah.

The 1966-1970 stabilization program was a great success, resulting in higher economic growth, boosting legal exports (which grew 70% in US$ terms over the period), and increasing output (for instance the price of oil rose 250 times when the 1950 prices were abandoned, incentivising new exploration). By 1971 inflation had fallen to just 2%.

Despite the liberalisation efforts, Indonesia still had multiple exchange rates. A more realistic exchange rate was finally established of 378 (new) rupiah to 1 US$ as of April 1970. In August 1971 the exchange rate was devalued slightly, to 415rp to the US$.

Fixed rate period 1971-1978

The 415 rupiah exchange rate to the US dollar, which had been established in August 1971 was fixed by government intervention in the currency market, buying and selling currency as needed.[16]

Despite the fixed rate, the failure of the rice crop in 1972, exarcebated by high world rice prices, and underordering by the government rice cartel, along with rising commodity prices caused inflation to rise above 20% in 1972, peaking at over 40% in 1974. The M1 money supply increased sharply over the period due to lax credit controls, which was channeled towards favoured groups, such as pribumi (non-Chinese Indonesians), as well as corrupt government-linked businesses.[17]

Despite the high inflation of the period, the exchange rate, which had essentially been preserved using the country's oil exports, was maintained at 415 rupiah until 15th November 1978.

Managed Float period 1978-1997

1978-1986 devaluations

By 1978, the combination of a fall in oil prices and a decrease in foreign reserves meant that the rupiah was devalued 33% to 625rp to 1 US$ on 16th November 1978 (although prices had increased nearly fourfold over the period.

The government abandoned the fixed exchange rate, and altered economic policy to a form of a managed float. The exchange rate was published each day. At the point of devaluation (November 1978), the trade-weighted real (local price adjusted) effective exchange rate (REER) of the rupiah [18] against major world currencies was just over twice as high as it was in 1995 (prior to the Asian economic crisis, and free fall of the rupiah), i.e. the rupiah was highly overvalued at this point. By March 1983, the managed float had brought only an 11% fall in three and a half years to 702rp.

The continued overvaluation of the rupiah meant that Indonesia was beginning to suffering a trade deficit, as well as falling foreign exchange reserves. The government responded by devaluing the currency on 30th March by 28% to 970rp.

At this time the 1980s oil glut put the Indonesian economy was under pressure, with exports uncompetitive as a result of the overvalued currency, and oil contributing less as a result of lower global prices. On 1 June 1983, 'Pakjun 1983' brought deregulation of the banking system, and the end of the meaningless 6% official deposit rate, with a more market-based financial system. Credit ceilings were removed. Interest rates, initially 18%, remained above 15% over the period.

By September 1986 the currency had been allowed to steadily fall to 1134 rupiah, a rate which had largely maintained purchasing power over the period. Despite this, the currency was devalued 30% on 12 September 1986 to 1664 rupiah to 1 US$. As in 1983, this had been intended to boost the balance of trade: oil prices, $29 in 1983, fell by 50% in 1986 alone, to below $9 per barrel.

Thus in the period from 1978 to 1986, the real exchange rate of the Indonesian rupiah fell by more than 50%, providing significant boosts to the competitivity of Indonesia's exports.

October 1986-June 1997: US$ real exchange parity

Although the devaluations of 1978, 1983 and 1986 had each successfully boosted the competitiveness of exports, devaluations have a destabilizing effect, and the September 1986 devaluation was the last carried out by Indonesia.

According to research [19], despite an official 7-basket currency, empirical evidence suggests that the rupiah was controlled by Bank Indonesia against the US$ alone, and indeed since the 1986 devaluation, the currency maintained near-constant purchasing power against the dollar up until the 1997 crisis, the steady fall of the rupiah against the dollar essentially representing the delta of Indonesian inflation above US inflation; hence, by June 1997 the rupiah had fallen from its post-devaluation rate of 1664rp to 2350rp, an annualized decline of slightly over 3%.

Asian Financial Crisis (and response) 1997-1999

First stage of the crisis - limited initial falls

The Asian Financial Crisis of 1997 began in Thailand, where the Thai Baht, fixed at 25 THB to 1 USD, came under attack in May 1997. By 2 July 1997 Thailand abandoned its defence of the baht, allowing it to float freely.

Indonesia, which had massive foreign reserves and was seen as having a strong economy, responded on July 11 1997, by widening its exchange rate band from 8 to 12%. Indonesia had taken similar actions previously, in December 1995 from 2 to 3%, in response to the Mexican financial crisis, and in June and September 1996 from 3 to 5% and then 5 to 8%. These actions had been successful in the past in defending the rupiah, but on this occasion there was a more serious crisis of confidence.

The rupiah fell 7% immediately, with foreign money quick to leave the country, with investor confidence in Indonesia shaken (due to previous deregulations, much of the Indonesian stockmarket was owned by foreign investors). Local confidence in the currency was also undermined as the population decided to follow suit, selling rupiah for dollars.

The spot rate soon fell below the selling rate (i.e. outside the 12% exchange rate band), and despite Bank Indonesia's attempts to intervene, it soon abandoned the managed float, leaving the rupiah to float freely on August 14th 1997.

The rate, 2436 on July 11th, was 2663 on August 14th, and 2955 on August 15th: a 12% fall. Government debt (Bank Indonesia Certificates or SBI) rose from 12% to 30%, and overnight call rates reached 81% (per annum).

Response to the falls - crisis

At this stage the crisis was a limited one: while the currency had fallen, the extent of the fall did not look to be catastrophic. The government announced its response in September: the banking sector was to be restructured, government projects would be cancelled, and some banks were supported with liquidity from the government.

The government reduced the SBI rate three times in September to around 20%. As of 24th September, the exchange rate still lingered around 3000, at 2990.

The government response to the crisis sent mixed messages, with falling interest rates doing nothing to support confidence in the rupiah, and the rupiah continued to be sold, as companies who had been borrowing heavily in dollars had to meet ther obligation. By October 4th, the rupiah had collapsed a further 19%, falling to 3690 rupiah. The rupiah had now lost a third of its value, and there was now a full-blown 'krisis' in Indonesia.

On 8th October with the rupiah at 3640, the government decided to seek the support of the IMF. The rupiah fluctuated in the 3300-3650 range during October awaiting the IMF's response.

The response was announced on 1st November 1997. Sixteen small and insolvent banks would be closed, with a small market share of only 2.5%. Deposits would be underwritten up to 20 million rupiah (90% of all depositors had less than this in the bank). Private banks would be subject to improved monitoring, and some state banks would be merged.

The rupiah immediately gained almost 10% against the dollar, to around 3300, as the markets signalled their approval.

Soon after, however, confidence began to fall. The IMF response had only been published in summary form from the government and Bank Indonesia, and the choice of the sixteen banks being closed appeared arbitrary, and the details of the thirty-four others subject to speical measures was not announced.

The deposit guarantee of 20 million rupiah was seen as inadequate, and funds were moved from private to state banks, exchanged for dollars, or transferred offshore, as confidence in the plan began to evaporate.

The rupiah steadily weakened from the middle of November, standing at 3700 rupiah at the end of the month. In December the crisis turned into a disaster. Much of the Indonesian economy was controlled (indeed, in 2008, much of it still is) by relatives of the President Suharto, and of the sixteen banks to be liquidated, PT Bank Andromeda was 25% owned by Bambang Trihatmodjo, the second son of Suharto, PT Bank Jakarta was part-owned by Probosutedjo, the President's half-brother, and PT Bank Industri was 8% owned by the President's second daughter, Siti Hediati Prabowo.[20]

The President and his family were opposed to the reforms, with Bambang Trihatmodjo beginning legal action against the government to keep his bank, particularly as directors of the insolvent banks were, if culpable, to be added to a Disgraced Persons List, ineligible to work in the banking sector. Although the bank had violated its BMPK (credit limit), Bambang was given permission by Bank Indonesia to buy Bank Alfa, another bank, seen by many as a reward for withdrawing his lawsuit. In effect, the failed bank was reopened under a different name.

It was clear that the cronyism and corruption of Indonesia was winning over IMF reforms. The rupiah fell from 4085 to 5650 in the space of a single week. By the middle of the month, half the banking system, 154 banks, had suffered bank runs. By Christmas Eve the rupiah stood at 5915: a fall of 60% since July.

The New Year saw the rupiah begin at 5447. On January 15th a second Letter of Intent was signed with the IMF, agreeing an accelerated reform package in return for $43 billion of aid. The rupiah had strengthened from an all-time low of 9100 on January 12th to 7225 on the 15th of January, but it soon became clear Suharto had no intention of fulfilling the agreement. The rupiah plummeted by more than 50%, bottoming out at 14800 on January 23rd. The amount of liquidity pumped into the banking system was by now over 60 trillion rupiah, causing money supply increases and worsening inflation.

The government announced a rescue package on 26th January,[21] ensuring that the government would guarantee all existing deposits. The Indonesian Bank Restructuring Agency was setup with the goal of merging, closing, or recapitalising (before sale) banks.

Fifty-four banks (four state, fifty private), representing nearly 40% of the sector were placed under IBRA supervision in February 1998, with a resulting strengthening of the rupiah to 7400.

Despite the improvements, it was not long before confidence was undermined again, as Suharto discussed a currency board, the IBRA head was replaced, and political instability increased. The currency fell to around 10000.

Indonesia began to take more drastic action, doubling its SBI rates to 45% (increasing the cost of its lending), and in April, having signed a third Letter of Intent with the IMF, the IBRA took over the major private banks, twinning the banks with state banks, and suspending the owners' control. The rupiah, which had strengthened to around 8000, depreciated in the wake of the Jakarta riots of May 1998, and in particular the run on the Bank of Central Asia, Indonesia's largest private bank that ensued, causing the bank to be taken over by IBRA on 29th of May. The SBI rate was increased to 70% in the wake of massive inflation.

The end of Suharto's rule brought a new President, Jusuf Habibie, to power on 21st May 1998. Little action was seen immediately, and by 17th June the rupiah had bottomed out at 16800 rupiah.

A fourth Letter of Intent was signed with the IMF, on June 25 1998, which was refusing to provide aid due to breaches of its original agreement. The IMF agreed to provide an immediate $5 billion of aid to cover basic necessities.

Audits of the banks that had been taken over showed massive bad debts, exceeding 55%. Further audits showed that the other banks were also fundamentally weak. Banking reform continued through to 1999, with the merger of 4 state banks in October 1998, into Bank Mandiri, the closure of 38 banks in March 1999, recapitalisation of 9, and take over of 7 more. By this point total bank capital had reached NEGATIVE 245 trillion rupiah. 23 further banks were recapitalised in May, and in October 1999 Bank Mandiri itself was recapitalised. Interest rates fell steadily in 1999, to an SBI of 13.1% in October. The rupiah finished the year at 7900 to the US Dollar.

Despite the fall of the currency of about 70% from June 1997 to December 1998, inflation of 60-70% (which caused riots, and the end of the Suharto regime after 30 years in power) in 1998 meant that the real exchange rate fell only slightly.

Rupiah since 1999: relative stability

In 2000, the exchange rate between rupiah and United States dollars decreased to around 9000 rupiah to one United States dollar. From the years 2000 to 2008, the exchange rate has generally been between 8,000 and 11,000 rupiah to one United States dollar.^[4] Unlike many Western currencies, it did not gain in strength against the United States dollar between 2006 and 2008, hence it depreciated against non-United States currencies over this time.

The catastrophic damage to the rupiah caused in 1997-1998 severely damaged confidence in the currency. Even though the rupiah is freely convertible currency, it is still regarded as a risky currency to hold. Within Indonesia, the preferred currency for exchange is the United States dollar. Other currencies are typically subject to a wide exchange spread. As of June 2008, one United States dollar is worth approximately 9,300 Indonesian rupiah.^[4]

Current IDR exchange rates
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Commemorative coins

Although circulating coins in Indonesia have never been made from precious metals, a number of special issues have been made since coins were reintroduced to Indonesia in 1970 from either silver or gold. As commemorative coins, they were all sold above their intrinsic value, and also above their nominal value.

All the coins struck are proof coinage, with the exception of the WWF 1974 coinage which were issued in non-proof 50% silver, and proof and non-proof gold.

With the exception of the WWF and Save the Children issues, which are in good supply, most of the coins are relatively scarce and command good premiums to their bullion value.

The following issues have been made:

Indonesian Commemorative coins
Issued	Reason for Issue	Material	Nominal Value	Diameter	Thickness	Purity	Weight	Obverse	Reverse	Mintage limits	Notes	Approximate metal value as of March 2008
1970	25 years of Independence	Silver	Rp 200			0.999	8g	"1945 -1970" "200 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Greater Bird of Paradise	5100		$5
			Rp 250				10g	"1945 -1970" "200 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Statue of Manjusri from Tumpang Temple, Malang	5,000		$6
			Rp 500				20g	"1945 -1970" "500 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Female Wayang Dancer	4,800		$12
			Rp 750				30g	"1945 -1970" "750 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Balinese Eagle Carving	4,950		$18
			Rp 1,000				40g	"1945 -1970" "1000 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Sudirman	4,250		$24
		Gold	Rp 2,000	18mm		0.900	4.93g	"1945 -1970" "2000 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Greater Bird of Paradise	2,970	Year coins re-started in Indonesia	$136
			Rp 5,000	30mm			12.34g	"1945 -1970" "5000 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Statue of Manjusri from Tumpang Temple, Malang	2,150		$341
			Rp 10,000	40mm			24.68g	"1945 -1970" "10000 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Female Wayang Dancer	1,440		$681
			Rp 20,000	50mm			49.37g	"1945 -1970" "20000 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Balinese Eagle Carving	1,285		$1,363
			Rp 25,000	54mm			61.71g	"1945 -1970" "25000 RUPIAH" "1970" Garuda Pancasila	"REPUBLIK INDONESIA" "25 TAHUN KEMERDEKAAN" Sudirman	970		$1,703
1974	WWF endangered animals awareness	Silver	Rp 2,000	38.61mm	2.75mm	0.925	28.28g	"BANK INDONESIA" "1974" Garuda Pancasila	Javan Tiger "Rp 2000"	18,0000 proof	Coins minted by Royal Mint. Similar coins issued in 11 other countries	$14
						0.500	25.65g			43,000		$7
			Rp 5,000	42mm	2.87mm	0.925	35.00g		Orangutan "Rp 5000"	17,000 proof		$19
						0.500	32.00g			43,000		$9
		Gold	Rp 100,000	34mm	2.49mm	0.900	33.437g		Komodo Dragon "Rp 100000"	5,333 plus 1,369 proof		$923
1987	WWF 25 years	Silver	Rp 10,000	36mm		0.925	19.44g	"BANK INDONESIA" "1987" Garuda Pancasila	Babirusa "Rp 10000"	25,000	Minted by Royal Mint. Similar coins issued in 16 other countries	$11
		Gold	Rp 200,000	25mm		0.917	10g		Javan Rhinoceros "Rp 200000"	5,000		$281
1990	70 Years of Save The Children	Silver	Rp 10,000	36mm		0.925	19.44g	"BANK INDONESIA" "1990" Garuda Pancasila	"SAVE THE CHILDREN" "10000 RUPIAH" 2 Children playing badminton	20,000	Similar coins in 22 other countries	$11
		Gold	Rp 200,000	25mm		0.917	10g		"SAVE THE CHILDREN" "200000 RUPIAH" Balinese Dancer	3,000	Similar coins in 12 other countries	$281
1990	45 Years of The Republic	Gold	Rp 125,000			0.9583	8g	Garuda Pancasila "1990" "BANK INDONESIA	Museum Joang 45 (Museum of Struggle) "125000 RUPIAH"	16,000		$235
			Rp 250,000				17g		"NUSANTARA" "1945-1990" "250000 RUPIAH" Map of Indonesia	16,000		$500
			Rp 750,000				45g		Garuda Pancasila with text "ANGKATAN 45" and wreath of rice and cotton. "750000 RUPIAH"	16,000		$1,323
1995	50 years of The Republic	Gold	Rp 300,000	25mm	1.85mm		17g	"BANK INDONESIA" "1995" "300000 RUPIAH" Garuda Pancasila	"50 TAHUN R.I." Soeharto speaking to the people	3,000 sets		$500
			Rp 850,000	35mm	2.78mm		50g	"BANK INDONESIA" "1995" "850000 RUPIAH" Garuda Pancasila	"LIMA PULUH TAHUN KEMERDEKAAN REPUBLIK INDONESIA" Soeharto			$1,470
1999	50 Years of UNICEF	Silver	Rp 10,000	38.61mm		0.925	28.28g	"BANK INDONESIA" "1999" Garuda Pancasila	"FOR THE CHILDREN OF THE WORLD" "Rp 10000" Boy and Girl Scout planting one of a million trees	25,000	Similar coins issued in other countries	$16
		Gold	Rp 150,000	22mm		0.9999	6.22g		"FOR THE CHILDREN OF THE WORLD" "Rp 150000" Boy on kuda lumping (Javanese bamboo horse for dancing)	10,000	Similar coins issued in other countries	$191
2001	100 years since birth of 'Bung Soekarno'	Silver	Rp 25,000	38.61mm		0.925	28.28g	"BANK INDONESIA" "2001" Garuda Pancasila	"100 TAHUN BUNG KARNO (1901-2001)" "Rp 25000" Sukarno in profile	500		$16
		Gold	Rp 500,000	28.2mm		0.9999	15g		"100 TAHUN BUNG KARNO (1901-2001)" "Rp 500000" Sukarno facing	500		$460
2002	100 years since birth of 'Bung Hatta'	Silver	Rp 25,000	38.61mm		0.925	28.28g	"BANK INDONESIA" "2002" Garuda Pancasila	"SATUABAD BUNG HATTA (1902-2002)" "Rp 25000" Hatta looking left	2,000		$16
		Gold	Rp 500,000	28.2mm		0.9999	15g		"SATUABAD BUNG HATTA (1902-2002)" "Rp 500000" Hatta looking right	2,000		$460

References

^ erols.com
^ McDonald, Hamish (1980). Suharto's Indonesia. Victoria, Australia: Fontana Books. pp. page 55. ISBN ISBN 0-00-635721-0. {{cite book}}: |pages= has extra text (help); Check |isbn= value: invalid character (help)
^ Far Eastern Economic Review, 13 February 1965 (cited in McDonald, Hamish (1980). Suharto's Indonesia. Victoria, Australia: Fontana Books. pp. page 55. ISBN ISBN 0-00-635721-0. {{cite book}}: |pages= has extra text (help); Check |isbn= value: invalid character (help) )
^ ^a ^b Indonesian Rupiah Rates Charts. Saxo Bank. Forex. Retrieved 2008-06-13.

Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th 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.
Cribb, Robert, ‘Political dimensions of the currency question 1945-1947’, Indonesia 31 (April 1981), pp. 113-136. [cip.cornell.edu/handle/seap.indo/1107015200]
Katalog Uang Kertas Indonesia 1782 - 2005. P.T. Sugiya Abadi Sentosa. 2005.

External links

Template:Standard numismatics external links

Will's Online World Paper Money Gallery Images and information on banknotes from around the world, including a nice section with information and images of both current and historic Indonesian banknotes
Daily Rupiah exchange rates from other currencies (Bank Indonesia rates)
Polymer Notes - Indonesia
Indonesian Government Security Printing and Minting Corp. (PERURI)
Identifying the authenticity of Rupiah banknotes and coins (Bank Indonesia)
Information on Rupiah (expat.or.id)

[1] rols.com

[2] McDonald, Hamish (1980). Suharto's Indonesia. Victoria, Australia: Fontana Books. pp. page 55. ISBN ISBN 0-00-635721-0. {{cite book}}: |pages= has extra text (help); Check |isbn= value: invalid character (help)

[3] Far Eastern Economic Review, 13 February 1965 (cited in McDonald, Hamish (1980). Suharto's Indonesia. Victoria, Australia: Fontana Books. pp. page 55. ISBN ISBN 0-00-635721-0. {{cite book}}: |pages= has extra text (help); Check |isbn= value: invalid character (help) )

[forex-4] Indonesian Rupiah Rates Charts. Saxo Bank. Forex. Retrieved 2008-06-13.

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[2]

[3]

[4]

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