Historical Sketch

Ferdinand Magellan discovered the Mariana islands for the Europeans in 1521. The Spanish claim dates to 1667, when also the present name was given, in honor of the Spanish queen. In the Spanish-American War of 1898, the United States conquered the Philippines and the southernmost island of the Marianas, Guam, while the other islands were sold to Germany in the following year. During World War I, Japan occupied the Northern Marianas and subsequently established a colonial rule under a League of Nations mandate. Guam was conquered in December 1941, at the same time of the Pearl Harbour attack. In 1944, United States troops expelled the Japanese. Guam became a US territory again while the Northern Marianas were administered under a United Nations Trusteeship mandate. The unification of the two territories failed in 1969. Guam has remained a (unincorporated, organized) US territory while the Northern Marianas became a United States associated state in 1978.

Monetary History Overview

After the US American conquest in 1898, the United States Dollar was introduced without local legislation. All foreign coinage, mostly Spanish Dollars that had flown in from the neighbouring Philippines, was withdrawn within ten years. The Japanese occupation during World War II brought the currency integration with the northern part. After the US American reconquest this was reverted. The US Dollar has remained sole legal tender since then.

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