Indonesia Currency & Banknote Values

About Indonesia

In 1602, the Dutch East India Company became the dominant European power in the Indonesian archipelago. Following bankruptcy, the Dutch East India Company was formally dissolved in 1800, and the government of the Netherlands established the Netherlands East Indies (NEI) as a nationalized colony. De Javasche Bank (Dutch: Java Bank, DJB) served the banking needs of the colony until the Japanese occupation in March 1942. Japanese occupation during World War II marked the beginning of the end of three and a half centuries of Dutch colonialism. During the occupation, the Indonesian nationalist movement grew stronger. On 15 August 1945, Japan declared its acceptance of the Potsdam Declaration terms, unconditionally surrendering to the Allies. Two days later, Sukarno (often spelled Soekarno) and Mohammad Hatta proclaimed Indonesia’s independence, and the following day were named president and vice-president, respectively. The Netherlands tried to reestablish rule, sparking the Indonesian National Revolution which lasted until 31 December 1949, when the Dutch formally recognized Indonesian independence. In the interim, the Nederlansche Indische Civil Administrative (Netherlands Indies Civil Administration, NICA) attempted to withdraw the Japanese invasion money (JIM) in favor of new De Javasche Bank notes and Treasury notes (muntbiljetten), but the situation was complicated by the issuance of banknotes by the newly-formed Republik Indonesia, and the continued legal use of JIM in many parts of the archipelago, along with the informal acceptance of American dollars, British pounds, Indian rupees, Philippine pesos, and Straits dollars. On 6 March 1946, the pre-war Treasury notes and banknotes of De Javasche Bank were declared no longer legal tender, though this move was reversed on 27 May 1948 for notes 10 gulden and below. For notes issued by De Javasche Bank, the Dutch Treasury, Japanese forces, and the NICA, see Netherlands Indies.