The government of Fiji is issuing two million $7 banknotes to commemorate the Pacific island nation’s gold medal victory in rugby sevens at last year’s Rio de Janiero Olympics.

The banknotes, which are legal tender and are the only known $7 notes in circulation in any country, were released through bank branches on Friday.

A $7 Fijian banknote is worth approximately $A4.45.

Fiji’s reserve bank will also issue one million 50-cent coins with the image of England-born Fiji sevens coach Ben Ryan on one side and Fiji players hoisting the Olympic trophy on the other.

Announcing the release of the notes and coins on Friday, Prime Minister Voreqe Bainimarama said Fiji’s gold medal success showed that despite its small size it could compete with the best in the world.