Hong Kong dollar
Worldwide use:
- Hong Kong
- Macau
Description:
The Hong Kong Dollar is the currency of Hong Kong. It is divided into 100 Cents. Available coins are 10, 20, and 50 Cent coins and 1, 2, 5, and 10 Dollar coins. Banknotes are available in 10, 20, 50, 100, 500, and 1000 Dollars.
Hong Kong Dollars can only be distributed by a bank if it holds the same exchange in US Dollars and all of Hong Kong's money is backed up with US Dollars. These US Dollars are part of Hong Kong's exchange fund and it is one of the largest currency reserves in the world. During WWII and the Japanese occupation of Hong Kong, the Hong Kong Dollar was withdrawn from circulation and the Japanese Yen was declared the only legal currency.
Origin:
During the 19th century, Hong Kong used a variety of foreign currencies such as Spanish Dollars, Indian Rupees, Chinese coins and Mexican Pesos. In 1825, Sterling coins were introduced to try and simplify the system. However, British Sterling was not well received and so the original mix of coins prevailed. In 1863, London's Royal Mint began issuing Hong Kong Dollar coins based on the silver standard which were more successful. On 9th November 1935, as a result of the dramatic outflow of silver caused by the rising price of silver in the USA, Hong Kong abandoned the silver standard. The British Government declared the Hong Kong Dollar as the official local currency and the exchange rate was fixed at one Hong Kong Dollar to one Shilling and three Pence or HK$16 to the Pound. It was from this point in time that the concept of a Hong Kong Dollar as a distinct unit of currency came into existence. In 1972, the Hong Kong Dollar was pegged to the US Dollar at a rate of 5.65 HK$ = 1 USD. In 1975, 5 Dollar notes wer
Component units:
- cent (100)
Date introduced:
- 1863
Central bank:
- Hong Kong Monetary Authority
Printer:
- Hong Kong Note Printing Limited
Mint:
