Seychellois rupee Totally Explained

Everything about Seychellois Rupee totally explained

The rupee is the currency of the Seychelles. It is subdivided into 100 cents. In the local Seychellois Creole (Seselwa) language, it's called the roupi. The international currency code is SCR. The abbreviations SR and SRe are sometimes used.

History

The Seychelles rupee was introduced in 1914. Initially in banknote form only, the Seychellois rupee circulated alongside and was equal to the Mauritian rupee, which had circulated in the Seychelles since 1877. The Mauritian rupee had replaced sterling, which had circulated since 1810. Only in 1939 where coins introduced specifically for use in the Seychelles.

Coins

In 1939, coins in denominations of 10 and 25 cents, ½ and 1 rupee were introduced. The 10 cents was a new denomination minted in cupro-nickel, whilst the other three denominations were the same sizes as the Mauritian coins but were minted in a lower fineness of silver (.500). In 1948, bronze 1, 2 and 5 cents coins were introduced. The coins were the same size as the Mauritian coins ad very similar in design.
In 1951, cupro-nickel replaced silver in the 25 cents. Further changes were made in 1953 and 1954, when a twelve-sided, nickel-brass 10 cents was introduced, followed by cupro-nickel ½ and 1 rupee. In 1972, aluminium 1 and 5 cents were introduced (following the last issue of 2 cents in 1968) along with cupro-nickel 5 rupees.
In 1982, a new coinage was introduced, consisting of brass 1, 5 and 10 cents and cupro-nickel 25 cents, 1 and 5 rupees. The 1 cent coin was last minted in 1992.

Banknotes

In 1914, the government produced emergency issues of notes for 50 cents, 1, 5 and 10 rupees. Regular type notes began to be issued in 1918, with notes for 50 cents and 1 rupee, followed by 5, 10 and 50 rupees in 1928. The 50 cents and 1 rupee notes were issued until 1951. 20 and 100 rupees notes were introduced in 1968, whilst the 5 rupee notes were replaced by coins in 1972.
In 1979, the Seychelles Monetary Authority took over the issuance of paper money, issuing notes for 10, 25, 50 and 100 rupees. These denominations were also issued by the Central Bank of Seychelles when it took over responsibility in 1983. In 2005, 500 rupees notes were introduced.
It should be noted that the currency regulations in Seychelles lead to existence of the black market. The "unofficial" rates are different from the official ones by a factor of 2 to 2.5. As of April 2007, the official SCR/USD is ~ 6.1 rupees per US dollar, as opposed to the "black market" rate of 13 rupees per US dollar.

Further Information

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