History
Until World War II, the New Hebrides used the French franc and the British pound and Australian pounds. In 1941, the Free French forces introduced paper money for circulation on the New Hebrides. In 1945, the CFP franc was introduced to insulate France's Pacific colonies from the devaluation of the French franc and the New Hebrides used a combination of New Caledonian franc coins and locally issued notes.
In 1949, the CFP franc's relationship to the French franc stabilized at 5.5 French francs = 1 CFP franc. From 1959, the exchange rate to the Australian pound was almost exactly 200 francs = 1 pound. This rate became 100 francs = 1 Australian dollar in 1966 when the dollar was introduced. The Australian dollar circulated alongside the local currency.
From 1966, coins were produced in the name of the New Hebrides. In 1969, the New Hebrides franc broke away from the CFP franc and maintained the relationship with the Australian dollar of 100 francs = 1 dollar until 1973. In 1982, the franc was replaced at par by the vatu following independence as Vanuatu. At the same time, the Australian dollar ceased to officially circulate.
Read more about this topic: New Hebrides Franc
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