The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes. In 1985, HK$20 notes were introduced, whilst, in 1993, HK$10 coins were introduced and the banks stopped issuing HK$10 notes. In 1994 the https://www.fx770.net/ HKMA gave authority to the Bank of China to issue notes. Commemorative banknotes have also been issued celebrating the note-issuing banks’ anniversaries as well as the Olympic Games held in Beijing in 2008 and 2022.
In 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. Since the silver dollars in the US and Canada were attached to a gold exchange standard, this meant that the silver dollars circulating along the China coast dropped in value as compared to the U.S. dollar and the Canadian dollar. As of today, coins in denominations of HK$10, HK$5, HK$2, HK$1, 50 cents, 20 cents and 10 cents are issued by the Hong Kong Monetary Authority on behalf of the Government of Hong Kong.
These notes were printed in paper in 2002 and in polymer since 2007. All older HK$10 banknotes, although rare and being phased out, remain legal tender. In 1960, cupro-nickel 1-dollar coins were introduced, these were then reduced in size in 1978. They were followed in 1975 by nickel-brass 20 cents and cupro-nickel 2-dollar coin (both scallop shaped), and in 1976 by decagonal, cupro-nickel 5-dollar coin, changed to a round thicker shape in 1980. The 5-cent coin was last issued in 1979, but last struck in 1988. In 1863, 1-mil (1⁄10-cent), 1-cent and 10-cent coins were introduced, followed in 1866 by 5-cent and 20-cents, half-dollar and 1-dollar.
Hong Kong was a dependent territory of the United Kingdom from 1842 until the transfer of its sovereignty to the People’s Republic of China in 1997. In British Weihaiwei, the Hong Kong dollar circulated jointly with the Chinese yuan from 1914 to 1930, when Weihaiwei was returned to the Republic of China. The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs.
US Dollar to Hong Kong Dollar stats
During the 19th century, Hong Kong used a variety of foreign currencies such as Indian Rupees, Spanish Dollars, Mexican Pesos, and Chinese coins for daily transactions. As a British colony, an attempt to standardize the currency system was made in 1825 by introducing Sterling coins. This currency, however, proved to be unpopular and foreign coins continued to circulate. Our currency rankings show that the most popular Hong Kong Dollar exchange rate is the HKD to USD rate.
- The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes.
- Financially, the currency peg was designed not to require the Bank of England to lend its reserves to maintain Hong Kong’s currency peg.
- They are Hongkong and Shanghai Banking Corporation Limited; the Bank of China (Hong Kong) Limited; and the Standard Chartered Bank (Hong Kong) Limited.
- In 1985, HK$20 notes were introduced, whilst, in 1993, HK$10 coins were introduced and the banks stopped issuing HK$10 notes.
- In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government.
The issue of Hong Kong dollar notes is governed today by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. They are Hongkong and Shanghai Banking Corporation Limited; the Bank of China (Hong Kong) Limited; and the Standard Chartered Bank (Hong Kong) Limited. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government.
USD US Dollar
Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods. These are the highest points the exchange rate has been at in the last 30 and 90-day periods. Check live rates, send money securely, set rate alerts, receive notifications and more. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable.
In 1945, the Hong Kong was re-issued, pegged to the British Pound at a rate of 16 HKD to 1 GBP. In 1972, the Hong Kong Dollar re-pegged to the US Dollar, with the rate changing multiple times over the next few decades. In 1945, paper money production resumed essentially unaltered from before the war, with the government issuing 1 cent, 5 cents, 10 cents, and 1-dollar notes, and the three banks issuing 5, 10, 50, 100 and 500-dollar notes. 1-dollar notes were replaced by coins in 1960, with only the 1-cent note issued by the government after 1965. Financially, the currency peg was designed not to require the Bank of England to lend its reserves to maintain Hong Kong’s currency peg. When Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation.
The 1-mil and 1-cent were struck in bronze, with the 1 mil a holed coin. Production of the 1-mil ended in 1866, whilst that of the half-dollar and 1-dollar ceased in 1868, with only the half-dollar (now with the denomination given as 50 cents) resuming production in 1890. Production of all silver coins was suspended in 1905, only briefly resumed in 1932 and 1933 for the production of 5-cent coins. In 1934, the last 1-cent coins were issued, but the last minting was 1941.
Historical Exchange Rates For Hong Kong Dollar to United States Dollar
London eventually acquiesced and legislation was enacted in attempts to regulate the coinage. New British trade dollars were coined at the mints in Calcutta and Bombay for use in both Hong Kong and the Straits Settlements. In 1906, the Straits Settlements issued their own silver dollar coin and attached it to a gold sterling exchange standard at a fixed value of 2 shillings and 4 pence.
Exchange rates
This was the point of departure as between the Hong Kong unit and the Straits unit. Three commercial banks are licensed by the Hong Kong Monetary Authority to issue their own banknotes for general circulation in Hong Kong. These banks, HSBC, Bank of China, and Standard Chartered, issue their own designs of banknotes in denominations of HK$20, HK$50, HK$100, HK$150, HK$500, and HK$1000, with all designs being similar to one another in the same denomination of banknote. However, the HK$10 banknote and all coins are issued by the Government of Hong Kong.
Quick Conversions from Hong Kong Dollar to United States Dollar : 1 HKD = 0.1278346 USD
The arrangements in Hong Kong are unusual but not unique; a comparable system is used in the United Kingdom, where seven banks issue banknotes. In 1863, London’s Royal Mint began issuing Hong Kong Dollar coins. By 1935, Hong Kong was the only country left on the silver standard. During Japanese occupation the Dollar was temporarily suspended, replaced by the Japanese Military Yen.
As of today, the three commercial banks, HSBC, Bank of China and Standard Chartered issue their own designs of banknotes in denominations of HK$20, HK$50, HK$100, HK$500 and HK$1,000, with all designs being similar to the other in the same denomination of banknote. While only the HK$10 banknote is issued solely by Hong Kong Monetary Authority on behalf of the Government of Hong Kong, which in total makes up the banknote circulation arrangement to four different note issuers. However, banknotes were not produced until the 1860s, when the Oriental Bank, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation began issuing notes. Denominations issued in the 1860s and 1870s included 1, 5, 10, 25, 50, 100 and 500 dollars. These notes were not accepted by the Treasury for payment of government dues and taxes, although they were accepted for use by merchants. 25 dollar notes did not survive beyond the end of the 19th century, whilst the 1-dollar notes (only produced by the HSBC) were issued until 1935.