Indonesia was formerly known as the Netherlands East Indies after it was established as a Dutch colony in 1610. In 1817 the Netherlands Indies guilder replaced the Dutch guilder at par. The guilders or gulden was divisible into 30 stuivers and 120 duits until 1854, when the gulden converted into a decimalized system divisible into 100 cents.
In 1945, following the Japan’s defeat in World War II, Indonesia declared its independence; however, it was not formally recognized until 1949. In 1950 the Netherlands Indies guilder was replaced with the Indonesian coins called Indonesia rupiah which was divisible into 100 sen; the latter is no longer used.
No coins were minted after 1961 due to high inflation in the later 1950s and early 60s, and that which remained in circulation were effectively worthless. By 1971 the economy and inflation under Suharto’s New Order was stable, and Indonesian coins were once again issued in 1, 5, 10, 25 and 50 rupiah denominations. The current coinage now consists of 1, 25, 50, 100, 200 rupiah Indonesia, Indonesia 500 rupiah and Indonesia 1000 rupiah.
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