Basic Data:

• Country ISO Code: PW

• Official Language: English

• Language ISO Code: en

• Current Official Currency: United States Dollar

• Current Currency ISO Code: USD

Complete Financial History of Palau and Currency:

Current Official Currency: United States Dollar (USD)

• Currency ISO Code: USD

• Designs / Symbols: Palau uses the US dollar as its official currency. US coins feature historical figures such as Abraham Lincoln, Thomas Jefferson, Franklin D. Roosevelt, and George Washington, along with national symbols like the bald eagle. Banknotes display portraits of US presidents and founding fathers.

• Singular Name: dollar

• Plural Name: dollars

• Monetary Subdivision: 1 dollar = 100 cents

• Fraction Name Singular: cent

• Fraction Name Plural: cents

• Initial Production Date: The US dollar was created in the late 18th century; adopted officially in Palau after US administration post-World War II and independence in 1994.

• End Production Date: still in circulation

• Initial Circulation Date: since US administration post-World War II; officially since independence in 1994

• End Circulation Date: still in circulation

• Mint: United States Mint (various locations)

• Issuing Bank: United States Department of the Treasury

• Coin Denominations Currently Minted: 1, 5, 10, 25, 50 cents; 1 dollar (standard US coins)

• Banknote Denominations Currently Issued: 1, 2, 5, 10, 20, 50, 100 dollars (standard US notes)

Historical and Economic Context:

• Historically, Palau used traditional money such as "udoud" (colored shell money) and, during Japanese occupation, the Japanese yen.

• After World War II, Palau became a UN Trust Territory under US administration and adopted the US dollar as its official currency.

• Palau gained independence in 1994, maintaining the US dollar as its official currency.

• Palau has no central bank and relies on the stability of the US dollar for its economy.

• The economy is based on tourism, fishing, and agriculture, with significant economic support from the US.

Mints / Production Locations:

• Coins and banknotes are produced by the United States Mint and Bureau of Engraving and Printing.

• Palau issues its own commemorative coins, mainly for collectors, featuring cultural, natural, and historical themes, often made of precious metals and innovative designs, but these are not widely circulated.

Designs / Symbols on Coins and Banknotes:

• Standard US coins and banknotes feature historical US figures and national symbols.

• Palau’s commemorative coins showcase local cultural and natural themes, including famous series like "Secrets of the Sea."

Mintages / Quantities / Honorees and Marks:

• Palau’s commemorative coins are produced in limited quantities and are valued by collectors.

• Regular circulation coins are standard US coins.

Curiosities / Commemorative Coins:

• Palau is known for innovative commemorative coins with features such as embedded gemstones, holograms, and meteorite fragments.

• The traditional "udoud" shell money remains culturally significant but is not used in daily transactions.

Current Circulation Status:

• The US dollar is the official and circulating currency in Palau.

• Commemorative coins are primarily for collectors and not for everyday use.

Issuing Authority:

• United States Department of the Treasury for official currency.

• Government of Palau for commemorative coins.

Relevant Monetary Legislation:

• Palau operates under international agreements and maintains the US dollar as its official currency.

Names and Titles on Banknotes:

• US banknotes bear signatures of the US Secretary of the Treasury and Treasurer.

Persons Honored on Coins and Banknotes:

• US presidents and historical figures on official currency.

• Cultural, natural, and historical themes of Palau on commemorative coins.

Summary of Coins and Banknotes Currently in Circulation:

This report presents the financial history of Palau, highlighting the use of the US dollar as the official currency since US administration post-World War II and independence in 1994, along with the issuance of commemorative coins for collectors.