History
Initially, the British Pound Sterling circulated on Saint Helena, with the pound subdivided into 20 shillings, and each shilling into 12 pence.
This was supplemented by occasional local issues of paper currencies. One coin, a copper halfpenny, was also struck specifically for use in the islands in 1821, which intermingled British coinage. The notes were denominated in Pounds and Shillings and valued to the British Pound at par.
Prior to February 1961, the South African pound, which was then equal in value to sterling, was also accepted on the island, but this stopped with the introduction of the new decimal South African Rand, such that one rand was worth only ten shillings sterling.
In 1976, the St. Helena government began issuing new, decimal denominated banknotes for use on the island, with the introduction of circulation coins intended for use on St. Helena as well as Ascension beginning in 1984. The use of these coins and notes was extended from St. Helena and Ascension island later on to Tristan da Cunha as well.
For a more general history of currency in the South Atlantic region, see The Sterling Currency in the South Atlantic and the Antarctic.
Read more about this topic: Saint Helena Pound
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