Basic Data:

• Country ISO Code: PW

• Official Language: Palauan (Belau)

• Language ISO Code: pau

• Current Official Currency: United States Dollar

• Current Currency ISO Code: USD

Complete Financial History of Beluu er a Belau (Palauan):

Current Official Currency: United States Dollar (USD)

• Currency ISO Code: USD

• Designs / Symbols on Coins and Banknotes:

  • Coins: feature historical US figures such as Abraham Lincoln, Thomas Jefferson, Franklin D. Roosevelt, and George Washington, along with national symbols like the bald eagle and the Statue of Liberty.

  • Banknotes: portraits of US presidents and founding fathers, with modern security features.

  • Abbreviations: USD, symbol "$" or "US$".

• Singular Name: dollar

• Plural Name: dollars

• Monetary Subdivision: 1 dollar = 100 cents

• Fraction Name Singular: cent

• Fraction Name Plural: cents

• Initial Production Date: late 18th century (US dollar); adopted officially in Palau in 1983 during US administration and retained after independence in 1994.

• End Production Date: still in circulation

• Initial Circulation Date: 1983 (during US administration); 1994 (Palau independence)

• End Circulation Date: still in circulation

• Mint: United States Mint (various locations)

• Issuing Bank: United States Department of the Treasury

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

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

Historical and Economic Context:

• Prior to the use of the US dollar, Palau used traditional money such as "udoud" (money made of colored shell beads), and during Japanese occupation, the Japanese yen.

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

• Palau gained independence in 1994, maintaining the US dollar as its official currency due to the Compact of Free Association with the US, which also guarantees defense and financial support.

• The economy traditionally relied on subsistence agriculture and fishing; currently, the service sector, especially tourism, is the most important.

• US subsidies form a significant part of government revenue.

Mints / Production Locations:

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

• Palau issues its own commemorative coins mainly for collectors, featuring cultural, natural, and historical themes, but these are not widely circulated.

Designs / Symbols on Coins and Banknotes:

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

• Palau’s commemorative coins showcase local cultural and natural themes, with innovative designs and use of precious metals.

Mintages / Quantities / Honorees and Marks:

• Commemorative coins are produced in limited quantities and valued by collectors.

• Regular circulation coins and banknotes are those of the US monetary system.

Curiosities / Commemorative Coins:

• Palau is known for innovative commemorative coins featuring 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 actively circulating currency in Palau.

• Commemorative coins are primarily for collectors.

Issuing Authority:

• United States Department of the Treasury for official currency.

• Government of Palau for commemorative coins.

Relevant Monetary Legislation:

• The Compact of Free Association between Palau and the United States governs economic and monetary relations.

Names and Titles on Banknotes:

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

Persons Honored on Coins and Banknotes:

• US presidents and historical figures such as George Washington, Abraham Lincoln, Alexander Hamilton, among others.

• Cultural and natural themes of Palau on commemorative coins.

Summary of Coins and Banknotes Currently in Circulation:

This report presents the complete financial history of Beluu er a Belau, highlighting the continuous use of the US dollar as the official currency from the trust territory period through independence, along with the issuance of commemorative coins for collectors.