Fiji - 1 Fijian Penny - P-47a - 1942 dated Foreign Paper Money

1 Penny, P-47a. Small size note measures 3 1/4" x 2". Since its inception as a British colony, sterling currency was in circulation in Fiji, complemented by locally issued paper money. During the Great Depression of the 1930s, banks in Australia and New Zealand devalued their currencies to enhance exports to the UK. These banks also managed the exchange rate for Fiji, leading to the devaluation of the Fiji pound in 1933 to £1/2/3 Fijian for £1 sterling, aligning it with the devalued New Zealand pound, despite the fact that the New Zealand pound would soon undergo further devaluation to match the Australian pound.

In 1934, following the disruption of parity with sterling, Fiji commenced the issuance of its own coins. When sterling was devalued on 20 November 1967, Fiji promptly followed suit. However, within the subsequent week, Fiji assessed the negative implications this devaluation would have on imports while monitoring the reactions of Australia and New Zealand. On 28 November 1967, Fiji opted to partially revalue its pound, resulting in a new exchange rate of £104/10/– Fijian for £100 sterling. This adjustment effectively restored the Fijian pound's relationship to the Australian and New Zealand currencies to what it had been before the fluctuations during the Great Depression. In 1969, the Fijian pound was replaced by the Fijian dollar at a conversion rate of £1 to FJ$2, thereby aligning the new Fijian dollar with the new currencies of Australia and New Zealand.