Basic Data:

• Country ISO Code: FM

• Official Language: English

• Language ISO Code: en

• Current Official Currency: United States Dollar

• Current Currency ISO Code: USD

Complete Financial History of the Federated States of Micronesia:

Official Currency: United States Dollar (USD)

• Currency ISO Code: USD

• Designs / Symbols: The US dollar features portraits of former US presidents and founding fathers on banknotes, and national symbols such as the bald eagle on coins. The currency symbol is "$".

• Singular Name: dollar

• Plural Name: dollars

• Monetary Subdivision: 1 dollar = 100 cents

• Fraction Name Singular: cent

• Fraction Name Plural: cents

• Initial Production Date: Late 18th century; adopted as official currency in the Federated States of Micronesia upon independence in 1986

• End Production Date: still in circulation

• Initial Circulation Date in FSM: 1986

• End Circulation Date: still in circulation

• Mint: United States Mint (various locations)

• Issuing Bank: United States Department of the Treasury

• Coin Denominations Currently Minted: 1, 5, 10, 25, 50 cents; 1 dollar coins (various standard and commemorative issues)

• Banknote Denominations Currently Issued: 1, 2, 5, 10, 20, 50, 100 dollars

Historical and Economic Context:

• The Federated States of Micronesia (FSM) gained independence in 1986 under a Compact of Free Association with the United States.

• Prior to independence, FSM was part of the Trust Territory of the Pacific Islands administered by the US.

• The US dollar was adopted as the official currency to maintain economic stability and facilitate trade with the US and other countries.

• FSM’s economy relies heavily on US aid, fishing, and agriculture, with limited monetary policy autonomy.

• The use of the US dollar helps stabilize the economy but limits FSM’s ability to control its own monetary policy.

Mints / Production Locations:

• Coins and banknotes are produced by the United States Mint and Bureau of Engraving and Printing.

Designs / Symbols on Coins and Banknotes:

• US currency features historical American figures, national symbols, and landmarks.

Current Circulation Status:

• The US dollar is the official and sole legal tender currency circulating in FSM.

Issuing Authority:

• United States Department of the Treasury issues and regulates the currency.

Relevant Monetary Legislation:

• The Compact of Free Association between FSM and the US governs monetary arrangements.

Persons Honored on Banknotes and Coins:

• US presidents and founding fathers such as George Washington, Abraham Lincoln, and Alexander Hamilton appear on the currency used in FSM.

Summary of Coins and Banknotes Currently in Circulation in FSM:

This report provides a comprehensive overview of the Federated States of Micronesia’s financial history, emphasizing its use of the US dollar as official currency since independence, with no separate national currency issued.