Jordanian dinar explained

Local Name Lang1:ar
Image 1:Jordanian currency.jpg
Image Title 1:Fifth edition Jordanian bank notes and coins
Iso Code:JOD
Date Of Introduction:1949
Inflation Rate:1.35%
Inflation Source Date:The World Factbook, 2021 est.
Replaced Currency:Palestine pound
Pegged With:US dollar[1]
= (buy)
= (sell)
Subunit Name 1:dirham
Subunit Name 2:qirsh or piastre
Subunit Name 3:fils
Used Coins:1, 5, 10 piastres/qirsh,, dinar
Used Banknotes:1, 5, 10, 20, 50 dinars
Issuing Authority:Central Bank of Jordan

The Jordanian dinar (Arabic: {{Script/Arabic|دينار أردني; code: JOD; unofficially abbreviated as JD) has been the currency of Jordan since 1950. The dinar is divided into 100 qirsh (also called piastres) or 1000 fulus. Fils are effectively obsolete; however, monetary amounts are still written to three decimal places representing fils. It is pegged to the US dollar.

The Central Bank of Jordan commenced operations in 1964 and became the sole issuer of Jordanian currency, in place of the Jordan Currency Board.

The Jordanian dinar is also widely used in the West Bank alongside the Israeli shekel.[2] [3]

History

In 1927, the British administration of the Palestinian Mandate established the Palestine Currency Board which issued the Palestine pound which was the official currency in both Mandatory Palestine and the Emirate of Transjordan. Though Jordan became an independent kingdom on 25 May 1946, it continued to use the Palestinian pound for a while. In 1949, it passed the Provisional Act No. 35 of 1949, which established the Jordan Currency Board as the sole authority in the kingdom entitled to issue Jordanian currency, called the Jordanian dinar. The Board was based in London and consisted of a president and four members, and began issuing Jordanian dinars in 1949 and was exchangeable for Palestinian pounds at parity.

After Jordanian occupation of the West Bank in April 1950, the dinar replaced the Palestinian pound. On 1 July 1950, the Jordanian dinar became the kingdom's official currency and legal tender. The use of the Palestine pound ceased in the country on 30 September 1950. The Central Bank of Jordan was established in 1959 and took over note production in 1964. In 1967, Jordan lost control of the West Bank, but the Jordanian dinar continued to be used there. It continues to be widely used in the West Bank alongside the Israeli shekel.[2]

Coins

Coins were introduced in 1949 in denominations of 1, 5, 10, 20, 50 and 100 fils. The first issue of 1 fils were mistakenly minted with the denomination given as "1 fil". 20 fils coins were minted until 1965, with 25 fils introduced in 1968 and dinar coins in 1970. The 1 fils coin was last minted in 1985. In 1996, smaller dinar coins were introduced alongside and 1 dinar coins.

Until 1992, coins were denominated in Arabic using fils, qirsh, dirham and dinar but in English only in fils and dinar. Since 1992, the fils and dirham are no longer used in the Arabic and the English denominations are given in dinar and either qirsh or piastres.

Sixth Series CoinsValue Diameter Weight Composition Edge Obverse Reverse First Minted Year Common Reference
1 qirsh 25 mm 5.5 g Plain 2000
5 piastres (qirsh) 26 mm 5 g Milled 2000 50 fils 'Shilin
10 piastres (qirsh) 28 mm 8 g 100 fils, 'Bareezah
dinar 26.5 mm
Heptagonal
7.4 g Plain 2004 Rub'a1, 25 piastres, 250 fils
dinar 29 mm
Heptagonal
9.6 g Plain 2000 Nusf2, 50 piastres, 500 fils
  1. rub'a is Arabic for "piece of four" or "quarter".
  2. nusf is Arabic for "piece of two" or "half".

Banknotes

The Central Bank of Jordan is the sole authority to issue Jordanian banknotes since its establishment in 1964. It released into circulation its first series of Jordanian notes on August 4, 1965. From 1949 to 1965, currency issue was entrusted in the Jordan Currency Board. Before 1949, the Palestinian pound was used.[4]

In 1949, banknotes were issued by the Jordan Currency Board in denominations of, 1, 5, 10 and 50 dinars. They bore the country's official name, "The Hashemite Kingdom of the Jordan".[5] 20 dinar notes were introduced in 1977. The 50 dinar note was redesigned and the dinar notes were replaced by coins in 1999.

Issues by the Jordan Currency Board

First Issue (1949–1952)[6]

!Obverse!Reverse!Value!Dimensions!Primary Color!Obverse!Reverse!Printed Date
500 fils128 x 76 mm[7] Dark PurpleWadi Al Arab Irrigation ProjectView of shepherd with his flock1949 (Gregorian)1368 (Hijri)
1 dinar160 x 86 mm[8] GreenThe late His Majesty King AbdullahOval Plaza - Jerash
5 dinar169 x 88 mm[9] RedView of Al-Khazneh
10 dinar185 x 97 mm[10] Blue
50 dinar190 x 100 mm[11] BrownView from Aqaba

Second Issue (1952–1965)[12]

!Obverse!Reverse!Value!Dimensions!Primary Color!Obverse!Reverse!Printed Date
500 fils128 x 76 mm[13] Dark PurpleWadi Al Arab Irrigation ProjectView of shepherd with his flock1952 (Gregorian)1371 (Hijri)
1 Dinar160 x 86 mm[14] GreenHis Majesty the late King Hussein bin TalalOval Plaza - Jerash
5 Dinar169 x 88 mm[15] RedView of Al-Khazneh
10 Dinar185 x 97 mm[16] Blue

Issues by the Central Bank of Jordan

First Issue (1965–1975)[17]

!Obverse!Reverse!Value!Dimensions!Primary Color!Obverse!Reverse!Issue Date
dinar140 x 70 mm[18] Dark OrangeHis Majesty the late King Hussein bin TalalOval Forum - JerashAugust 4,1965
1 dinar150 x 75 mmGreenDome of the RockAugust 4, 1965
5 dinar164 x 82 mm[19] RedView of Al-KhaznehAugust 4, 1965
10 dinar175 x 88 mm[20] BlueAl-MaghtasAugust 4, 1965

Second Issue (1975–1992)[21]

!Obverse/Reverse !Value!Dimensions!Primary Color!Obverse!Reverse!Issue Date
dinar136 × 67.5 mm[22] BrownHis Majesty the late King Hussein bin TalalOval Forum - JerashNovember 16, 1975
1 dinar144 × 71.5 mm[23] GreenDome of the RockNovember 16, 1975
5 dinar152 × 76 mm[24] RedView of PetraNovember 16, 1975
10 dinar160 × 80 mm[25] Dark PurpleThe Cultural Palace at Al-Hussein Youth Sports City Roman Amphitheater (Amman)Three Roman columns in JerashNovember 16, 1975
20 dinar168 × 84 mmOlive Green/Blue[26] View of the Al-Hussein Thermal Power Station in Zarqa Olive grove[27] June 3, 1978 (Olive Green)August 25, 1990 (Blue)

Third Issue (1992–2002)

!Obverse/Reverse!Value!Dimensions!Primary Color!Obverse!Reverse!Issue Date
dinar131 × 62 mm[28] BrownHussein bin TalalQusayr 'AmraAugust 1, 1992[29]
1 dinar137 × 66 mmGreenThe Cardo in Jerash
5 dinar143 × 70 mm[30] RedAl-KhaznehOctober 1, 1992[31]
10 dinar149 × 74 mmBlueAjloun Castle
20 dinar155 × 78 mm[32] Olive green and grayDome of the RockAugust 1, 1992

Fourth Issue (2002–2022)[33]

Obverse Reverse Value Dimensions Main Color Obverse Reverse Printed Date Issued Date Watermark
1 dinar 133 × 74 mm[34] Green 2002
Hijri 1423
March 30, 2003 Sharif Hussein bin Ali
5 dinars 137 × 74 mm[35] Brick orange
  • Ma’an Palace
  • Umayyad coin minted in Jordan bearing the phrase "There is no god but Allah alone" on the left side
December 22, 2002[36] Abdullah I bin al-Hussein
10 dinars 141 × 74 mm Blue
  • First Jordanian Parliament Building
  • Picture of Wadi Rum on the right side
  • Decorative motif from the Al Qastal area dating back to the Umayyad period on the left side
Talal bin Abdullah
20 dinars 145 × 74 mm[37] Brown and Olive Green February 2, 2003[38] Hussein bin Talal
50 dinars 149 × 74 mm Brown and Purple Abdullah II bin al-Hussein

Fifth Issue (2022–present)[39]

ObverseReverseValueDimensionsMain ColorObverseReversePrinted DateIssued DateWatermark
1 dinar133 × 74 mmGreen 2022
Hijri 1443
26 December 2022Sharif Hussein bin Ali
5 dinars137 × 74 mmOrange Treasury, Petra16 August 2023Abdullah I bin al-Hussein
10 dinars141 × 74 mmBlue Roman Theater in Amman26 July 2023Talal bin Abdullah
20 dinars145 × 74 mmCyan Wadi Mujib21 March 2023Hussein bin Talal
50 dinars149 × 74 mmPurple Wadi Rum5 February 2023Abdullah bin al-Hussein II

Fixed exchange rate

Since October 23, 1995, the dinar has officially been pegged to the IMF's special drawing rights (SDRs), while in practice it was fixed at 1 U.S. dollar = 0.709 dinar most of the time, which is approximately 1 dinar = 1.41044 dollars.[40] [41] The Central Bank buys U.S. dollars at 0.708 dinar per dollar, and sells U.S. dollars at 0.710 dinar per dollar.[42]

A sample exchange rate of Jordanian dinars to US dollars:

Year US Dollar =
1980 0.29 dinar
1985 0.39 dinar
1990 0.66 dinar
1995 0.70 dinar
2020 0.71 dinar

See also

External links

Notes and References

  1. Web site: Exchange rates of major foreign currencies announced by CBJ. 14 June 2016.
  2. News: 0190-8286. Zacharia. Janine. Palestinian officials think about replacing Israeli shekel with Palestine pound. The Washington Post. 2018-08-22. 2010-05-31.
  3. Book: Cobham, David. Routledge. 9780415327619 . David Cobham . The Economics of Palestine: Economic Policy and Institutional Reform for a Viable Palestine State. Alternative currency arrangements for a new Palestinian state. London. 2004-09-15 . 2018-08-22.
  4. Web site: Banknotes - the Central Bank of Jordan . 2023-08-08 . www.cbj.gov.jo.
  5. Book: Linzmayer . Owen . The Banknote Book . www.BanknoteNews.com . 2012 . San Francisco, CA . Jordan.
  6. Web site: 2007-10-26 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071026202957/http://www.cbj.gov.jo/arabic/pages.php?local_type=26&category=7&subcategory=8 . 2007-10-26 .
  7. Web site: 2006-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20061023102023/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=39&local_details=1 . 2006-10-23 .
  8. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091607/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=38&local_details=1 . 2007-10-23 .
  9. Web site: 2006-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20061023102019/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=37&local_details=1 . 2006-10-23 .
  10. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091540/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=36&local_details=1 . 2007-10-23 .
  11. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091010/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=35&local_details=1 . 2007-10-23 .
  12. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091628/http://www.cbj.gov.jo/arabic/pages.php?local_type=26&category=7&subcategory=9 . 2007-10-23 .
  13. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091841/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=43&local_details=1 . 2007-10-23 .
  14. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091700/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=42&local_details=1 . 2007-10-23 .
  15. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091754/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=41&local_details=1 . 2007-10-23 .
  16. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091912/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=40&local_details=1 . 2007-10-23 .
  17. Web site: 2007-10-30 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071030025150/http://www.cbj.gov.jo/arabic/pages.php?local_type=26&category=7&subcategory=10 . 2007-10-30 .
  18. Web site: 2007-10-30 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071030025407/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=46&local_details=1 . 2007-10-30 .
  19. Web site: 2007-10-30 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071030025211/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=45&local_details=1 . 2007-10-30 .
  20. Web site: 2007-10-30 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071030025428/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=44&local_details=1 . 2007-10-30 .
  21. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091027/http://www.cbj.gov.jo/arabic/pages.php?local_type=26&category=7&subcategory=11 . 2007-10-23 .
  22. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091133/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=53&local_details=1 . 2007-10-23 .
  23. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091429/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=52&local_details=1 . 2007-10-23 .
  24. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091048/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=51&local_details=1 . 2007-10-23 .
  25. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091101/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=50&local_details=1 . 2007-10-23 .
  26. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023091312/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=49&local_details=1 . 2007-10-23 .
  27. Web site: https://www.cbj.gov.jo/DetailsPage/CBJAR/BanknotesVersions.aspx . 2023-08-08 . www.cbj.gov.jo.
  28. Web site: 2007-10-26 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071026203648/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=58&local_details=1 . 2007-10-26 .
  29. Web site: 2007-10-26 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071026203426/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=57&local_details=1 . 2007-10-26 .
  30. Web site: 2007-10-26 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071026203620/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=56&local_details=1 . 2007-10-26 .
  31. Web site: 2007-10-26 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071026203352/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=55&local_details=1 . 2007-10-26 .
  32. Web site: 2007-10-30 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071030025134/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=54&local_details=1 . 2007-10-30 .
  33. Web site: Central Bank of Jordan - Museum . dead . https://web.archive.org/web/20050311101828/http://www.cbj.gov.jo/pages.php?local_type=26&category=7&subcategory=29 . 2005-03-11 . 2005-09-11.
  34. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023092137/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=64&local_details=1 . 2007-10-23 .
  35. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023092241/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=63&local_details=1 . 2007-10-23 .
  36. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023092209/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=62&local_details=1 . 2007-10-23 .
  37. Web site: 2007-10-23 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071023092306/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=61&local_details=1 . 2007-10-23 .
  38. Web site: 2007-10-26 . CBJ - . 2023-08-08 . https://web.archive.org/web/20071026202919/http://www.cbj.gov.jo/arabic/template.php?local_type=26&gallery_id=60&local_details=1 . 2007-10-26 .
  39. Web site: فئات أوراق النقد الأردني/الإصدار الخامس - البنك المركزي الاردني . 2023-03-21 . www.cbj.gov.jo.
  40. http://www.pmu.gov.jo/FinanceExcahngeratefulc.htm Exchange Rate Fluctuations, Programme Management Unit
  41. http://users.erols.com/kurrency/asia.htm Tables of modern monetary history: Asia
  42. http://www.jftp.gov.jo/Docs/JOR2R3-Domestic%20support.pdf Report of the Working Party on the Accession of the Hashemite Kingdom of Jordan to the World Trade Organization