Algeria started out in the earliest times with the Algerian Franc as its currency. By the 1st day of April, year 1964, Algeria changed its currency to Algerian dinar. This currency is subdivided into 100 santeem. The name “dinar” was actually derived from the Roman name “Denaurius”. As for this currency’s code, according to the ISO standard, it is written as DZD. One Algerian dinar gives the equivalent of 100 centimes.
During such early years of the birth of the Algerian dinar, a series of coins were the only type of denomination that was minted. The first few denominations of such coins were 1, 2, 5, 10, 20 and 50 santeem and 1 dinar. Santeems of 1, 2 and 5 denominations are all made out of aluminum bronze while 1 dinar is stuck with cupro – nikel. These coins mainly represent the emblem of Algeria on one of its sides and an Eastern Arabic numerical on the other. These were later enhanced. From the emblem and Arabic numerical inscriptions, the coins had been changed to represent various commemorative events that took place in Algeria. Following such innovative change, the 1 and 2 santeems were never made again. The 5, 10 and 20 santeem continually circulated the country until the year 1980. Great changes took place over time and these coins were not exceptions to the rule. By the year 1992, the series of coins were as follows: 1/4,1/2, 1, 2, 5, 10, 20, 50, 100 Dinar.
Coins were not the only type of Algerian dinar that was released during 1964. Bank notes were also introduced to the Algerian economy in this same year. The denominations that were available at that time were 5, 10, 50 and 100 dinar. Later on, 500 and 1000 dinars came to existence. These banknotes are made of different colors. The 10 dinar is designated a green color. The 20 dinar, on the other hand, is identified by the color red. Similar with the 10 dinar, 50 dinar notes were printed in green while blue was assigned to represent 100 dinar. As for the latest 500 and 1000 dinar notes, the colors of violet or pink and red are assigned respectively. Up to this time, banknotes are still being circulated under the denominations of 200, 500 and 1000.
Algerian dinar has come far in terms of its existence in the exchange rate market. One US dollar is equivalent to 72.57 dinar. Another fact that most would not have gathered is that Algerian dinar is not the only currency that is being used for economic transactions. It has been found that British pound is also used in making transactions in Algeria. One unique side about this type of currency is that it has no rigid rules with regard to its importation and exportation.
These are the unique historical stories that the Algerian dinar offers. So, if you do ever plan to travel to Algeria, make sure you have exchanged your money for this type of currency. Also, do take note of the particular currency rate for the day.