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The Republic of Kiribati uses the Kiribati dollar for payments, which is equal to the Australian dollar. Until 1966, the Australian pound was used on the island, after which the Australian dollar was used in circulation. Since 1979, the Republic of Kiribati began issuing its own coins, the first of which consisted of bronze coins in denominations of 1 and 2 cents, copper-nickel coins in denominations of 5, 10, 20, 50 cents, 1 dollar and a silver coin of 5 dollars, coins in denominations of 2 and 5 dollars were minted in copper-nickel and silver, and coins denominations of 10 dollars and above were minted from precious metals.