Historical Sketch

The different south Pacific islands were gradually settled by the Polynesians between the 3rd and 10th centuries. In the 16th century various European navigators made their "discoveries" sometimes with a formal claim, which did not translate into actions. In the 1780, the paramount chief Pomare succeeded in the unification of the island of Tahiti and subdued neighboring islands. The Kingdom of Tahiti was created in a European style and under growing European influence. In 1842, France established a protectorate over Tahiti and the Marquesas Islands, further islands were added as colonies and protectorates during the 19th century. All possessions were administered under the name of "French Settlements in Oceania", except for Tahiti which was treated separately until 1903. In 1880, the Tahitian king was forced into abdication and the island became a colony. Like in other parts of the French colonial empire the status of French Oceania was altered into an that of an overseas territory, and in 1957, the name French Polynesia was created. Since the French constitutional reform of 2003, French Polynesia is a French collectivity, comprising five distinct island groups, the Society (Leeward and Windward), Tuamotu, Gambier, Marquesas, and Austral Islands.

Monetary History Overview

Monetary economy was not common on the various Pacific islands before the arrival of the Europeans. Spanish and Latin American trade coins flew in by foreign trade but remained scarce. After the overthrow of the Tahitian kingship, French silver coins were made legal tender there, with foreign coinage being gradually displaced until it was finally demonetized in the early 20th century. in 1905, the principal French colonial bank, Bank of Indochina, opened a branch in Tahiti and began paper money issuance. The French Oceanian Franc was at par with the French Franc, its convertibility into metropolitan currency was limited, however. During the German occupation of mainland France, the Pacific colonies were loyal to the French government-in-exile. Their monetary system decoupled from the French one, and after a monetary agreement with Great Britain in March 1941, the French Oceanian Franc was pegged to the British Pound. After the Second World War, France reorganised the monetary system of its colonies. The Pacific territories of French Polynesia, New Caledonia and Wallis & Futuna took on the French Pacific CFP Franc as a common currency.

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