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Wednesday, 17 July 2013

108) Banknotes of the Vietnamese Dong:



108) Banknotes of the Vietnamese Dong:

In 1946, the “North Vietnamese Dong” replaced the piastre (previous post), followed by the “Lao Kip” (1952/1953), the “Cambodian Riel” (1953) and “South Vietnamese Dong” (1953), all issued at par with the piastre.

Introduction of the North Vietnamese Dong leads to replacement of the French Indo China Piastre in the erstwhile Democratic Republic of Vietnam or North Vietnam:
The North Vietnamese Dong was issued on 03.11.1946 by the Viet Minh Government, as a successor to the French Indo-Chinese piastre, both currencies being treated at par with each other.

The “Dong” is a term which has originated from the Chinese term “dong tien” or “tong qian” (meaning money) used to refer to Chinese bronze coins in circulation during the Imperial dynastic Rules both in China and Vietnam.

One North Vietnamese dong was further subdivided into 10 “hao”. “Hao” is a Chinese term meaning “one-tenth” of a currency unit. One “hao” was further sub-divided into 10 “xu”.

In 1951, a revaluation through second Dong was issued which replaced the First Dong at an exchange rate of one 1951 Dong to 100 1946 Dong (1:100).

By 1954, the second Dong became the predominant  currency of North Vietnam with an exchange rate of one Piastre or South Vietnamese dong being equivalent to 32 North Vietnamese Dong.

On 28.02.1959, a third Dong replaced the second Dong at an exchange rate of 1 1959 Dong to 1000 1951 Dong (1:1000).

On 03.05.1978, (with the fall of Saigon and unification of Vietnam on 02.07.1976), North and South Vietnam Dong were also unified and a new Dong was issued for the unified country, with one new Dong being equal to one North Vietnam and 0.8 South Vietnam “liberation” Dong (issued immediately after the capture of South Vietnam by the North).

Coins issued by the erstwhile North Vietnam:
In 1946, 20 xu, 5 hao and I Dong (Aluminium) coins and 2 Dong and 20 xu (Bronze) coins were issued.
The 1951 Dong issues had no coins.
In 1958, 1, 2 and 5 xu (aluminium) holed coins (as part of the third Dong – 1959) were issued with no further coins being issued.

Banknotes of the North Vietnamese Dong:
In 1946, two types of Vietnamese Dong Banknotes were issued by the Government (Viet Nam Dan Chu Cong Hoa):

1)   Vietnamese Banknotes or “Giay Bac Viet Nam” in the denominations of 20 and 50 xu and 1, 5, 20, 50 and 100 Dong.

2)   Credit Notes or “Tin Phieu” in the denomination of one Dong.

In 1948, Banknotes in the denomination of 10 Dong and Credit notes for 20 Dong were issued.

In 1949, 500 Dong Banknotes and 5 and 10 Dong Credit notes were added.

In 1950, 200 Dong Banknotes and 1000, 500 and 1000 Dong Credit Notes were issued.

In 1951, the National Bank of Vietnam or “Ngan hang quoc gia Viet Nam”, issued Banknotes in the denominations of 20, 50, 100, 200, 500 and 1000 Dong.

In 1953, the 1951 issues were supplemented by 5000 Dong Banknotes.

In 1958, the National Bank of Vietnam issued Banknotes of the Third Dong popularly designated as the 1959 Dong in the denominations of 1 xu, 1, 2 and 5 hao Notes. The higher denominations included 1, 2, 5 and 10 Dong.

In 1964, the State Bank of Vietnam or “Ngan hang Nha nuoc Viet Nam” introduced 2 xu Banknotes.

In 1975, 5 xu and 1 and 2 hao Banknotes were issued.

Introduction of the South Vietnamese Dong leads to replacement of the French Indo China Piastre in the erstwhile Republic of Vietnam or South Vietnam:
The Dong was also the currency of the “Republic of Vietnam” or South Vietnam introduced in 1953 replacing the French Indo-Chine Piastre.

In 1953, the “Institut d’Emission des Etats du Cambodge, du Laos et du Vietnam” issued dual denominated Banknotes both in South Vietnamese Dong and the piastre to maintain continuity and easy transition between the two currencies.

It lapsed as circulating currency on 02.05.1978 when the new Dong was introduced in the unified country. The South Vietnamese dong was subdivided into 100 “xu” or “su”.

Coin issues for South Vietnam:
Five Series of coins were issued by South Vietnam.
The first Series issued in 1953 included 10, 20 and 50 xu (Aluminium) coins.
The second Series issued in 1960 had 50 su (Aluminium) and 1 Dong (cupronickel) coins.
The third Series issued in 1963/1964 contained 50 xu (Aluminium) and 1, 5 and 10 Dong (Cupro-nickel) coins.
The fourth Series brought out between 1968 and 1971, had 1, 5, 10 and 20 Dong (Nickel plated steel) coins.

 Reverse and Obverse of a one Dong coin issued under this Series in 1971.
The fifth Series released between 1968 and 1974, had one Dong (Aluminium), 10 Dong (Brass plated steel), 20 and 50 Dong (Nickel plated steel) coins. This was also referred to as the F.A.O. Series because it focussed on food grain production  programmes.
Banknotes of the South Vietnamese Dong:

In 1952/1953 Banknotes in the denomination of 1, 5, 10, 100, and 200 Dong were issued by the “Institut d’Emission des Etats du Cambodge, du Laos et du Vietnam”.
In 1955, the National Bank of Vietnam (“Ngan-Hang Quoc-Gia Viet-Nam”) commenced issuing Banknotes and introduced Banknotes in the denominations of 2 and 500 Dong in addition to the denominations issued earlier.
In 1956, 50 Dong Banknotes were issued.
Between 1964 and 1968, Banknotes below the denomination of 50 Dong were replaced by coins and note issues were restricted to 100,200 and 500 Dong.
In 1971, 1000 Dong Banknotes were circulated.
In 1975, 500 and 10000 Dong Banknotes were printed, but the North Vietnamese won a comprehensive victory over the South by 1976, as such these currency notes did not leave the Bank vaults for circulation.
Also, in 1975, the North Vietnamese circulated a new currency called the “Liberation Dong”. The value of the “Liberation Dong” was equal to 500 old South Vietnamese Dong.
On 02.05.1978 the second “Liberation Dong was issued as the currency   in the unified Vietnam. This Dong was issued at par with the North Vietnamese Dong or 0.8 South Vietnam “Liberation Dong”.
Banknotes of the Second Liberation Dong:
The Bank of Vietnam (Ngan-Hang Viet-Nam) in 1978, released Banknotes in the denominations of 10, 20 and 50 xu and 1, 2, 5, 10 and 50 Dong all dated 1966.
Coins of the Second Liberation Dong:
1, 2 and 5 xu holed (Aluminium) coins were issued by the Bank of Vietnam in 1975/1976.
State Bank of Vietnam (“Ngan hang Nha nuoc Viet Nam”), the Central Bank of unified Vietnam:

The State Bank of Vietnam is the Central Bank of Vietnam. During French Rule in Indo-China, the monetary system was controlled by the Bank of Indo-Chine or Indo-Chinese Bank which was also working as a Commercial Bank in French Indo-China.
Historical development of the Central Banks of North and South Vietnams and subsequent merger in 1976 upon the unification of both States/Countries:

In 1945, after the August Revolution, the Government of the Democratic Republic of Vietnam commenced setting in place its own monetary system.

Accordingly, in 1951, a decree was signed paving the way for establishment of the National Bank of Vietnam.

In 1960, the Central Bank was renamed as the State Bank of Vietnam (“Ngan hang Nha nuoc Viet Nam”).

After the fall of Saigon, North and South Vietnam worked towards setting up a common administration. Accordingly, in 1976, the National Bank of Vietnam which was the Central Bank of the Republic of Vietnam merged into the State Bank of Vietnam.

By 1988, new Banks viz. the Industrial and Commercial Bank of Vietnam and the Vietnam Bank of Agriculture took over several roles hitherto performed by the State Bank of Vietnam, whose role gradually became limited to that of being the Central Bank.

Historical Development of the Dong presently circulating in unified Vietnam:

The Dong circulates under the ISO Code – VND since 03.05.1978 both currency notes and coins being issued by the State Bank of Vietnam.

The North Vietnamese Dong was earlier sub-divided into 10 “hao’ and again sub-divided into 10 xu neither of which units circulates now.

In 1978, 1, 2, 5 hao and 1 Dong (Aluminium) coins of the First Dong were issued. These coins were minted by the Berlin Mint in the German Democratic Republic.

Thereafter, no further coins were issued for a long time till 2003 due to rampant inflation till 2003.

In 2003, coins in the denominations of 200, 500 (both steel-plated with nickel), 1000, 2000 (both steel-plated with a copper-zinc alloy) and 5000 Dong (copper alloy) were issued.
 
 Obverse of a 500 Dong coin issued in 2003 showing the National emblem.

 Reverse of the 500 Dong coin issued in 2003 showing the denomination of the coin. Other specifications of this coin are: composition: nickel clad steel; weight: 4.50 gms; diameter: 21.86 mm.
 Obverse of a 200 Dong coin issued in 2003 showing the national emblem.

Reverse of the 200 Dong coin showing the denomination of the coin. Other specifications of this coin are: composition: nickel clad steel; weight: 3.10 gms; diameter: 20.75 mm.

 Obverse of a 2000 Dong coin issued in 2003 showing the national emblem.
 Reverse of the 2000 Dong coin showing the denomination of the coin. Above the denomination is a Highland stilt house in Tay Nguyen; Other specifications of this coin are: composition: brass plated  steel; weight: 5.00 gms; diameter: 23.50 mm; edge: reeded and milled alternating (6 each).

Banknotes:

Several issues  of Banknotes have taken place by the State Bank of Vietnam:


In 1978, Banknotes of the First Dong Series were issued in the denominations of 5 hao, 1, 5, 10, 20 and 50 Dong, all dated 1976.

In 1980, 2 and 10 Dong Banknotes were added to this Series.

In 1981, 30 and 100 Dong Banknotes were circulated under this Series.

In 1985, Banknotes of the Second Dong Series were issued in the denominations of 5 hao, 1, 2, 5, 10, 20, 30, 50, 100 and 500 Dong were issued. On 14.09.1985, the Dong was revalued with the new Dong being equivalent to 10 old Dong.

In 1987, 200, 1000, 2000 and 5000 Dong Notes were added to this Series due to inflationary pressures.

In 1990, 10,000 and 50,000 Dong Banknotes were circulated.

In 1991, 20,000 Dong Banknotes were issued.
In 1994, 100,000 Dong Banknotes were added.
In 2003, 500,000 Dong Banknotes were issued.
In 2006, 200,000 Dong Banknotes were issued.

In June 2007, the issue of cotton 50,000 and 100,000 Banknotes was stopped and they ceased to be in circulation from 01.09.2007.

Presently, two Series of Banknotes are in circulation in Vietnam:

A.   The pre-2003 Series cotton Banknotes

B.   The Post 2003 Polymer Series Banknotes. 


Pre-2003 cotton Banknotes:

"Cong Hoa Xa Hoi Chu Nghia Vietnam" printed on top of these Notes stands for "Socialist Republic of Vietnam".
On the Front, the 100 Dong Banknote has “National Designs”. This Banknote is Brown on a green background. This Banknote was issued in May 1992.

On the Back, the 100 Dong Banknote depicts the “Pho Minh Pagoda”. The size of the Banknote is 120 mm x 59 mm.

(The Pho Minh Pagoda is situated in Tuc Mac village, north of Nam Dinh City about 90 km. south of Hanoi. This pagoda was built by the Ly Dynasty, expanded in 1262, and further extended and beautified by the Tran Dynasty. The Pagoda’s architecture shows several symbols of the Tran dynasty like, lotus flower decorations/depictions at the foot of the pillars, stone candle holders, dragons styled in traditional Tran architecture. An interesting feature of the Pagoda is the 19 metres-14 storey high Pho Minh Tower, built in 1305, which stands in front of the Pagoda. On top of the tower is a gourd shaped stone which represents a talisman to draw cosmic energy from the universe. As such, the Tower is believed to create a connection between the Earth and the Universe’s cosmic energy).

On the Front, the 200, 500, 1000, 2000, 5000, 10,000, 20,000, 50,000 and 100,000, Dong Banknotes portray “Ho Chi Minh”.  


(Ho Chi Minh was a Vietnamese Communist leader who was the Prime Minister of the Democratic Republic of Vietnam (North Vietnam) from 1945 – 1955 and the President from 1945 – 1969). He was a key figure in the establishment of the Democratic Republic of Vietnam in 1945 as well as the People’s Army of Viet Cong (PAVN) and the Viet Cong (NLF or VC) during the Vietnam War.  He was also instrumental in leading the Viet Minh Independence Movement from 1941 onwards leading to the establishment of the Democratic Republic of Vietnam after the French were comprehensively defeated in 1954 in the battle of “Dien Bien Phu”).

The Front of the 200 Dong Banknote. It is also referred to as the "Hai Tram Dong".This Note is Orange in colour and its size is 130 mm x 65 mm.This Banknote was issued in September 1987 (mentioned on the bottom left hand corner of this Note).
On the Back, the 200 Dong Banknote depicts “Agricultural production” (symbolised with Agricultural workers in rice fields and a tractor symbolising mechanised agriculture).
 The Front of the 500 Dong Banknote . It is called the "Nam Tram Dong". This Note is multi-coluored - blue, red, grey & brown.
 On the Back, the 500 Dong Banknoteshows the “Haiphong port”. This Banknote is pink in colour. This Banknote was first issued in August 1989.( Haiphong is the third largest city and one of the most important and major port cities and trading centre in Vietnam. The name Haiphong means “coastal defence”. It is also called the “City of Red Flamboyant” because of the several flamboyant trees planted in the city).
The Front of the 1000 Dong Banknote. It is also referred to as the "Mot Nghin Dong". This Note is multicolour on a lime background.

On the Back, the 1000 Dong Banknote shows “Lumber production”. The size of this Banknote is 134 mm x 65 mm. This Banknote was issued in October 1989. 
 The Front of the 2000 Dong Banknote. It is also referred to as the "Hai Nghin Dong".
 On the Back, the 2000 Dong Banknote depicts a “textile factory”. The size of this Banknote is, also, 134 mm x 65 mm. This Banknote was issued in October 1989.

The Front of the 5000 Dong Banknote. It is also referred to as the "Nam Nghin Dong". This Note is blue in colour and its size is 134 mm x 65 mm.
On the Back, the 5000 Dong Banknote shows the “Tri An hydropower plant”. This Banknote was issued in August 1993. (The Tri An Dam is a hydro-electric dam situated on the Dong Nai river in Vinh Cuu, Dong Nai, Vietnam, The dam has a man-made water reservoir lake known as the Tri An Lake).


On the Back, the 10000 Dong Banknote depicts the “Halong Bay”. The size of this Banknote is 140 mm x 68 mm. This Note is red in colour and was issued in October 1994. (The Halong Bay or “Vinh Ha Long” means the “descending dragon bay”. Ha Long Bay is about 1553 sq. km. in area and includes about 2000 islets mostly made of limestone. It is situated in Quang Ninh province and is a UNESCO World Heritage Site).

On the Back, the 20000 Dong Banknote shows a “Canned Food Factory”. The size of this Banknote is, also, 140 mm x 68 mm. The colour of this Note is blue and this Note was issued in March 1993.

On the Back, the 50000 Dong Banknote shows the “Nha Rong Port”. This Note is green in colour and its size is, also, 140 mm x 68 mm. This Note was issued in October 1994. (The Nha Rong port is situated in Ho Chi Minh City at the point where a tributary joins the huge Saigon river).

On the Back, the 100000 Dong Banknote shows “Ho Chi Minh’s ethnic house”. The size of this Banknote is 145 mm x 71 mm and its colour is brown. This Note was issued in September 2000.


2003 Polymer Series:

This Polymer Series replaced the earlier Series described above.

On the Front of all these Notes is the portrait of Ho Chi Minh. All polymer notes display two transparent watermark windows.

 The Front of the 10000 Dong Banknote. It is also referred to as the "Muoi Nghin Dong".
 On the Back of the 10000 Dong Banknote is shown an “offshore platform”. The colour of this Banknote is dark brown on greenish yellow and its size is 132 mm x 60 mm.

On the Back of the 20000 Dong Banknote is depicted a “Bridge in Hoi An”. The colour of this Banknote is blue and its size is 136 mm x 65 mm. (Hoi An is a Trading Port dating back to the 15th century and is a World Heritage Site declared by UNESCO. It was earlier called “Hai Pho” or “seaside town” having a connecting “Japanese bridge” for the convenience of the Japanese settlement. The Bridge or “Chua cau”, built by the Japanese, is a covered bridge with a Buddhist Pagoda on one side).
 The Front of the 50000 Dong Banknote. It is also referred to as the "Nam Muoi Nghin Dong". Below Ho Chi Minh's portrait is mentioned his full name "Chu Tich Ho Chi Minh (1890 - 1969)".

 On the Back of the 50000 Dong Banknote is depicted “Hue”. The colour of this Banknote is pink and its size is 140 mm x 65 mm. (“Hue” is the capital city of “Thua Thien – Hue province”. From 1802 to 1945, it was the Imperial capital of the Nguyen dynasty. “Hue” is well known for its historic monuments which are placed on UNESCO’s World Heritage Sites). 
 The Front of the 100000 Dong Banknote. It is also referred to as the "Mot Tram Nghin Dong".



 On the Back of the 100000 Dong Banknote is shown the “Temple of Literature”. The colour of this Banknote is yellowish green and its size is 144 mm x 65 mm. ( The Temple of Literature is also a term used to depict a “Temple of Confucius”  or “Van Mieu”. Several Temples of learning exist all over Vietnam).
 The Front of the 200000 Dong Banknote. It is also referred to as the "Hai Tram Nghin Dong". 
 On the Back of the 200000 Dong Banknote is depicted the “Halong Bay”. The colour of this Banknote is Brownish red and its size is 148 mm x 65 mm.
The Front of the 500000 Dong Banknote. It is also referred to as the "Nam Tram Nghin Dong". 
On the Back of the 500000 Dong Banknote is shown “Ho Chi Minh’s birthplace in Kim Lien”. The colour of this Banknote is Cyan-green and its size is 152 mm x 65 mm.

The Dong is presently one of the least valuable currencies in terms of exchange rates with other World currencies.

Coat of Arms/Emblems of North and South Vietnam and Unified Vietnam or “Socialist Republic of Vietnam”:

Coat of Arms of North Vietnam:


On 30.11.1955, the Democratic Republic of Vietnam or North Vietnam adopted the above Coat of Arms/Emblem. The Coat of Arms was predominantly circular in design with a red background and a yellow border. In the centre was a yellow star – representing the Communist Party of Vietnam, the Revolutionary history of Vietnam as well as a radiant future for Vietnam.

Below the yellow star is represented a machine cog, symbolising the industrial labour and progress of the country through industrial development. On both sides of the cog are representations of food crops symbolising the achievement of self sufficiency in food-grain/agricultural production.

The Coat of Arms of North Vietnam was patterned on the Coat of Arms of the People’s Republic of China as a sign of goodwill towards China.

Coat of Arms South Vietnam:



The Coat of Arms of South Vietnam adopted in 1954 had a predominantly yellow background with yellow- red stripes in the Centre striking from top to bottom. In the centre of the stripes is a blue dragon, which is the symbol of the Imperial Nguyen Dynasty (This was the last ruling family of Vietnam. The dynasty ruled from 1802 to 1945. The Reign of the Nguyen Dynasty saw the rise of French colonialism which divided the country into three parts – Cochin China, which became a French Colony and Annam and Tonkin).

Coat of Arms of the Unified Socialist Republic of Vietnam:


The Coat of Arms of North Vietnam was adopted as the National Coat of Arms on 02.07.1976, following the reunification of North and South Vietnam and redesignation of the country as the “Socialist Republic of Vietnam”. The inscription “Cong Hoa Xa Hoi Chu Ngha” appears on the Coat of Arms.

(Three Note scan images are from Currency Notes brought for my Collection by Jayant Biswas from Vietnam. The remaining Banknotes and the three coins from the 2003 Series are from Jayant's collection. The 1971 Dong coin from the 4th Series issues is from the collection of Mr. Rajendrasinh Mohite. Article researched and Banknotes and coins scanned by Rajeev Prasad).

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