Fiji have been honoured for their historic Olympic gold medal ©Getty Images

A new banknote is being introduced by the Fijian Government to honour the men's rugby sevens team which won a historic gold medal at the Rio Olympic Games.

The victory marked the first Olympic medal of any colour for the Pacific island.

A new note valued at FJ$7 Fijian dollar (£2.60/$3.20/€3.01) as well as a new 50 cent coin will enter into circulation.

Images of captain Osea Kolinisau, former coach Ben Ryan and other team members will be depicted on the coins.

This was announced by Fijian Prime MInister Frank Bainimarama.

He said during the announcement that the victory showed how, "despite its small size, Fiji can compete with the best in the world".

Bainmarema had watched the final in Rio de Janeiro in which Fiji thrashed Great Britain 43-7 in the stands with other supporters.

He introduced spontaneous public holidays after the success in a bid to boost the spirit of national celebration.

Briton's Ryan was awarded the Companion of the Order of Fiji and three acres of land after he stepped down as coach late last year.