7 Interesting Facts About Indonesian Money

Each country around the world has a specific currency that people use to do buying and selling activities in that country. As there are many different currencies available, each of them must have its own characteristic to be unique. For that, these facts represent Indonesian money to be an interesting currency.

Indonesian Money’s Name

Rupiah is the name of the currency of Indonesia, and any name has its history. However, people can not agree on one true origin of that name. One theory suggests that ‘rupiah’ came from a Mongolian word while another says it is from the Indian currency’s name.

The word ‘rupia’ is Mongolian for ‘silver’, which some believe it to be where the name of Indonesian money came from. On the other hand, the Indian currency of rupee is also believed as the origin as there were many people from India who handled empires’ money before Indonesia even existed.

The First Use

As a country, Indonesia gained its independence on August 17, 1945. Despite that, instead of the current currency, the country had used a currency called ‘ORI’ or ‘Oeang Repoeblik Indonesia’ as its currency until November 2, 1949. At that time the current Indonesian money was used for the first time.

Read More : 5 Options of Credit Card in Indonesia for Beginners

Raw Materials

Just like many other currencies, Indonesian currency is in the form of bills and coins. A bill can also be called paper money as it is made out of paper. However, the paper used must be special. Other raw materials namely cotton fiber and polymer are also utilized to make the bills last almost forever.

A coin of Indonesian currency, on the other hand, uses various kinds of metal such as aluminum, brass, copper, and nickel as its raw materials. Even precious metals like gold and silver have been used to make limited Indonesian money for special occasions

Current Exchange Rate

Source : Envato

One of the most unfortunate facts about Indonesia’s currency is its exchange rate. In fact, it is among the lowest of all global currencies available. The currency is competing with some currencies like Iran’s rial, Vietnam’s dong, and Belarus’ rubel with their low exchange rates.

To have an idea of how low the exchange rate is, one of the most popular currencies is Indonesian currency to USD. Currently, US$1 is a bit more than Rp15,459. However, since Indonesia is an economically stable country, the low exchange rate is probably due to the currency’s denominations which use big numbers.

Available Denominations

There are eleven denominations of Indonesian money at this moment, seven for the bills, and four for the coins. Firstly, Indonesian currency bills consist of Rp1,000, Rp2,000, Rp5,000, Rp10,000, Rp20,000, Rp50,000, and Rp100,000. Then, the currency’s coins are Rp100, Rp200, Rp500, and Rp1,000.

Considering the low value of Indonesian currency, those denomination numbers are huge, especially when it is compared to the like of dollar of the United States. Because of that, redenominations have been discussed by the Indonesian government. Rp1,000 was planned to be Rp1 although that is not the case until the time of writing.

Beautiful Designs

When you look at Indonesian currency bills, one for each denomination, you can differentiate each other right away as each has its unique color and design. Not only that, but the designs are also pretty with some stunning details, unlike some other currencies that use similar designs in all of their denominations.

Indonesian money uses pictures of various national figures, popular sights, cultural things, and others. When being observed, each bill contains some hidden details which make it unique. No wonder the world has recognized the beauty of the money of Indonesia.

Read More : 10 Most Favorite Indonesian Foods You Need to Try

Collectability

Bills and coins can be collectors’ items, and those of Indonesian currency are not some exceptions. Although the value of a bill is clear with the number on it, it still can be much more valuable in certain conditions. For example, collectors often hunt for uncut or even flawed money.

On some occasions, the Bank of Indonesia released some uncut money, which are two or four bills that have not been cut or separated. That kind of Bank of Indonesia currency is valued highly by collectors, just like miscut or misprinted money due to its limitedness.

Knowing those facts about Indonesian money makes you closer to the currency of the country. You can also use the currency to do some convenient global transactions with Flip Globe, so do not forget to download the Flip app on your smartphone.