Rioblancoan dollar
|
File:Rioblancoan 1 dollar banknote.png 1 dollar banknote, introduced in 2006 | |
| ISO 4217 | |
|---|---|
| Code | (numeric: ) |
| Subunit | 0.01 |
| Unit | |
| Symbol | RB$ |
| Denominations | |
| Subunit | |
| 1/100th | Cent (¢) (theoretical) |
| 1/20th | Nickle |
| 1/10th | Dime |
| 1/4th | Quarter |
| Banknotes | $1, $5, $10, $20, $50, $100, $500 |
| Coins | 5¢, 10¢, 25¢, $½ (50¢) |
| Demographics | |
| User(s) | File:Flag of Rio Blanco.svg Rio Blanco |
| Issuance | |
| Issuing authority | Rio Blanco Department of Treasury |
| Printer | National Bank of Rio Blanco |
The Rioblancoan dollar (Sign: (RB)$, code: RBD) is the national currency of Rio Blanco. Circulated and managed by the Department of Treasury and printed by the National Bank of Rio Blanco, the current currency has been in use continuously since 1880, replacing the United States dollar.
While the Rioblancoan dollar is the official currency of Rio Blanco, the United States dollar is widely accepted in national territory.
Overview
Etymology
The term "dollar" is a reference to the Spanish milled dollar used by Spain at the time. It derives directly from the United States Constitution, after which the Rioblancoan Constitution is modeled.
General overview
The Rioblancoan dollar is based upon a decimal system wherein the lowest theoretical unit of the dollar is the penny, which is one-hundredth of a dollar (represented as 1¢). Banknotes and coins issued by the Department of Treasury have been in use since 1880, after the establishment of the National Bank of Rio Blanco.
All the cent denominations are circulated and released in the form of coins, while denominations starting at one dollar are issued in banknotes. Notes are printed using biaxially oriented polypropylene (BOPP), while coins are minted using a combination of copper (91.67%) and nickel (8.33%). In the past, notes used to be printed using cotton paper (prior to 2006) and coins were made of silver or gold ($1 and $2; prior to 1890).
The Constitution of Rio Blanco proscribes the power to coin and mint money to the National Bank of Rio Blanco, while the Rio Blanco Department of Treasury has the power to regulate money minting. The Currency Act of 1880 (along with later amendments) sets the specifications and standards for the Rioblancoan Dollar.
Changes throughout history
The Rioblancoan dollar underwent several changes, mostly consisting of redesigns.
In 1890, the production of $1 and $2 coins ceased, replaced by notes of the same denomination. By 1895, such coins would not be considered legal tender anymore. From 1931 to 1956, the notes were redesigned to look more like United States dollar notes. The notes were then redesigned again in 1981 and circulated until 2006, when the current design for notes was introduced. While the $2 note was eliminated from the new 2006 set, the $500 note was introduced.
The penny (1¢) was also discarded, thus forcing retailers to change their prices, as the cents now had to end with either a 5 or a 0 (eg: $4.99 would become $4.95 or $5). The government then instituted a change program, where people who still have pennies and/or $2 notes can exchange them for other cent coins and two $1 notes.
