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

Monetary economy was introduced to the different islands by foreign traders. The Spanish Dollar had flown in from the Philippines and was used in payments. Germany introduced its sccounting in 1906, immediately after the purchase the Marianas had been integrated into the monetary area of German New Guinea. Japan introduced its accounting and currency in the 1910s and 1920s. After the military conquest in World War II, the US military administration introduced the United States Dollar in August 1944. The Japanese currency was exchanged and partially confiscated. The US Dollar has remained sole legal tender after the accession to associated state status in 1978.

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