- published: 13 Dec 2013
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The vatu (sign: VT;ISO 4217: VUV) is the currency of Vanuatu.
The vatu has no subdivisions.
The vatu was introduced in 1982, two years after independence, to replace the New Hebrides franc at par. The vatu was issued as a single unit with no subunit, having 1 vatu being the smallest denomination possible, in a similar vein to the Japanese yen and Tajikistani ruble.
The official ISO code for the Vanuatu vatu is VUV. Its nationally recognized symbol Vt. is the most often used in written format but it is also sometimes written up with the $ symbol. The vatu's introduction also saw the end of the official circulation of the Australian dollar in Vanuatu.
Vanuatu's first post colonial coin was a 50 vatu coin introduced in 1981 and commemorated independence. It was struck in stainless steel alloy like previous issues and was released into circulation, though originally its release was targeted more towards collectors. Shortly thereafter, in 1983, 1, 2, 5, vatu coins were released in aluminum bronze and 10, 20, and 50-vatu coins were introduced in cupro-nickel, replacing the coinage of the New Hebrides Franc as the new circulation currency. This also replaced the Australian currency that was circulating in the British controlled islands. All Vanuatu coins depict a native warrior standing in front of a depiction of a type of "shell money" in the background. The reverses depict shells, lobsters, and other items that were also traditionally accepted as forms of trade.
Vanuatu (English i/ˌvɑːnuːˈɑːtuː/ vah-noo-AH-too or /vænˈwɑːtuː/ van-WAH-too; Bislama IPA: [vanuaˈtu]), officially the Republic of Vanuatu (French: République de Vanuatu, Bislama: Ripablik blong Vanuatu), is an island nation located in the South Pacific Ocean. The archipelago, which is of volcanic origin, is some 1,750 kilometres (1,090 mi) east of northern Australia, 500 kilometres (310 mi) northeast of New Caledonia, west of Fiji, and southeast of the Solomon Islands, near New Guinea.
Vanuatu was first inhabited by Melanesian people. The first Europeans to visit the islands were the members of a Spanish expedition led by Portuguese navigator Fernandes de Queirós who arrived in Espiritu Santo in 1605. In the 1880s France and the United Kingdom claimed parts of the country, and in 1906 they agreed on a framework for jointly managing the archipelago as the New Hebrides through a British–French Condominium. An independence movement arose in the 1970s, and the Republic of Vanuatu was created in 1980.