Previous to Australia's introduction of the dollar, the Australian pound, since World War I, was chiefly used throughout the islands, though Gilbert and Ellice Islands banknotes issued in the 1940s were also in use and were redeemable for Pound Sterling at face value.

The Australian pound was restored, always in use in the atolls not occupied by Japan, as the official currency after the war ended.

A two dollar coin was introduced in 1989 to replace the note and celebrate the nation's tenth anniversary.

The 50-cents piece is round with reeded edges, unlike the dodecagonal (twelve sided) Australian equivalent.

These coins are distinct in their lustre and obvious attraction to a magnet and were produced to compensate for Australia's discontinuation of the two lowest denominations.

Kiribati no longer issues local coinage and hasn't now for quite some time, so most examples are either uncirculated from the bank or heavily used.

Reverse depictions are as follows: Australian pound Sterling banknotes were introduced to the region in 1914 shortly before the Gilbert Islands gained status from a protectorate to a crown colony of Great Britain in 1916.

In 1966, the new Australian dollar became the new official currency of the Gilbert and Ellice Islands, replacing the pound notes.