Guyanese dollar
Encyclopedia
The Guyanese dollar has been the unit of account in Guyana
(formerly British Guiana
) since 29 January 1839. Originally it was intended as a transitionary unit to facilitate the changeover from the Dutch guilder
system of currency to the British pound sterling
system. The Spanish dollar was already prevalent throughout the West Indies in general, and from 1839, the Spanish dollar unit operated in British Guiana
in conjunction with British sterling coins at a standard conversion rate of one dollar for every four shillings and twopence. In 1955 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. The long standing sterling exchange rate of four shillings and twopence to the dollar finally lapsed on 9 October 1975. The Guyanese dollar is normally abbreviated with the dollar sign
$, or alternatively G$ to distinguish it from other dollar
-denominated currencies.
as a whole. See Currencies of the British West Indies
. The aspects of that history that are peculiar to British Guiana
are the continued use of the four pence groat
coin when all other territories had abandoned it, and also the use of dollar accounts in both the public and private sectors since 1839. In the other Eastern Caribbean territories, there was a mixture of dollar
and sterling
accounts until the year 1951.
The Dutch territories of Essequibo
, Demerara
, and Berbice
on the north coast of South America came under the control of the British during the Napoleonic wars. These territories were formally ceded to the United Kingdom
in 1815 and united to become the colony of British Guiana
in 1831. At first, the British introduced a British variety of the Dutch guilder
currency into this territory. Then in 1839, the Spanish dollar as a unit of account was introduced in order to facilitate the introduction of British sterling silver coinage. The rationale behind this lies in the fact that Spanish silver dollars, alternatively known as pieces of eight
, were already circulating alongside the Dutch coinage, and also widely throughout the Eastern Caribbean. The dollar unit of account therefore acted as a convenient intermediatory conversion unit between sterling and the outgoing guilder
unit. The dollar unit was equivalent to 4 shilling
s 2 pence
sterling and replaced the guilder unit at a rate of 1 dollar = 3⅛ guilder.
A particular feature of the circulation of British silver coins in British Guiana was the popularity of the 4d (four pence) coin, known as the groat
. This was a direct consequence of its equivalence to the very popular outgoing 'Bit' coin which was equal to one quarter of a guilder. When the groat
coin ceased to circulate in the United Kingdom in the latter half of the nineteenth century, a special request was made in 1888 for groat
s to be struck for use in the British West Indies and British Guiana. These were first struck in 1891. From 1917 they were struck exclusively for use in British Guiana.
Spanish, Mexican, and Colombian silver dollars continued to circulate alongside the British sterling coinage until 1876 when these dollar coins were demonetised.
The Spanish dollar unit should not be confused with the American dollar unit. The American dollar unit was first introduced in the USA in the year 1792, based on the average weight of a selection of worn Spanish dollars. As such, the American dollar was marginally less valuable than the Spanish dollar.
. The 2 pence coins issued in 1838, 1843 and 1848 were of the standard Maundy money
type, whilst the 4 pence coins bore an image of Britannia
. Between 1891 and 1916, 4 pence coins were issued specifically for "British Guiana and West Indies" and between 1917 and 1945 for "British Guiana". 1916 also saw the first issue of paper money by the Government of British Guiana, in denominations of 1, 2, 5, 20 and 100 dollars.
In 1955, coins were introduced in denominations of 1, 5, 10, 25 and 50 cents. The 1 and 5 cents were struck in nickel
brass
, with the other denominations struck in cupro-nickel. In 1996, high inflation caused the introduction of 1, 5 and 10 dollars coins. The 1 and 5 dollars are struck in copper-plated steel, whilst the 10 dollars is struck in nickel-plated steel and has an equilateral-curved heptagonal shape.
In 1909, the Royal Bank of Canada
introduced 100 dollars notes, followed in 1913 by 5 and 20 dollars notes. From 1920, the notes also bore the denomination in sterling. 100 dollars were issued until 1920, with the 5 and 20 dollars issued until 1938.
Paper money production specifically for British Guiana ceased in 1942 and local notes were replaced by BWI$ notes in 1951. In 1955, the BWI$ was decimalized and coinage was issued in the name of the "British Caribbean Territories, Eastern Group". In 1965, the East Caribbean dollar
(EC$) replaced the BWI$ and circulated in British Guiana for a year until, following independence in 1966, the Guyanese dollar was introduced, replacing the East Caribbean dollar
at par.
Banknotes were introduced in 1966 in denominations of 1, 5, 10, and 20 dollars. A second series issued between 1989 and 1992 consisted of 20, 100 and 500 dollar denominations. The 1996-1999 series included 20, 100, 500, and 1000 dollars. The 2000-2002 series included 500 and 1000 dollar notes. New banknotes of 100 and 1000 dollars were issued in 2005 with increased security features.
Guyana
Guyana , officially the Co-operative Republic of Guyana, previously the colony of British Guiana, is a sovereign state on the northern coast of South America that is culturally part of the Anglophone Caribbean. Guyana was a former colony of the Dutch and of the British...
(formerly British Guiana
British Guiana
British Guiana was the name of the British colony on the northern coast of South America, now the independent nation of Guyana.The area was originally settled by the Dutch at the start of the 17th century as the colonies of Essequibo, Demerara, and Berbice...
) since 29 January 1839. Originally it was intended as a transitionary unit to facilitate the changeover from the Dutch guilder
Guilder
Guilder is the English translation of the Dutch gulden — from Old Dutch for 'golden'. The guilder originated as a gold coin but has been a common name for a silver or base metal coin for some centuries...
system of currency to the British pound sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
system. The Spanish dollar was already prevalent throughout the West Indies in general, and from 1839, the Spanish dollar unit operated in British Guiana
British Guiana
British Guiana was the name of the British colony on the northern coast of South America, now the independent nation of Guyana.The area was originally settled by the Dutch at the start of the 17th century as the colonies of Essequibo, Demerara, and Berbice...
in conjunction with British sterling coins at a standard conversion rate of one dollar for every four shillings and twopence. In 1955 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. The long standing sterling exchange rate of four shillings and twopence to the dollar finally lapsed on 9 October 1975. The Guyanese dollar is normally abbreviated with the dollar sign
Dollar sign
The dollar or peso sign is a symbol primarily used to indicate the various peso and dollar units of currency around the world.- Origin :...
$, or alternatively G$ to distinguish it from other dollar
Dollar
The dollar is the name of the official currency of many countries, including Australia, Belize, Canada, Ecuador, El Salvador, Hong Kong, New Zealand, Singapore, Taiwan, and the United States.-Etymology:...
-denominated currencies.
History
The history of the Guyanese dollar should not be considered in isolation of the wider picture surrounding the history of currency in the British West IndiesBritish West Indies
The British West Indies was a term used to describe the islands in and around the Caribbean that were part of the British Empire The term was sometimes used to include British Honduras and British Guiana, even though these territories are not geographically part of the Caribbean...
as a whole. See Currencies of the British West Indies
Currencies of the British West Indies
This article examines the monetary systems that prevailed in the region known as the British West Indies in the nineteenth and twentieth centuries. The territories covered in this article include British Guiana on the South American mainland, British Honduras in Central America, Bermuda, the...
. The aspects of that history that are peculiar to British Guiana
British Guiana
British Guiana was the name of the British colony on the northern coast of South America, now the independent nation of Guyana.The area was originally settled by the Dutch at the start of the 17th century as the colonies of Essequibo, Demerara, and Berbice...
are the continued use of the four pence groat
Groat
Groat or Fuppence is the traditional name of an English silver coin worth four English pence, and also a Scottish coin originally worth fourpence, with later issues being valued at eightpence and one shilling.-Name:...
coin when all other territories had abandoned it, and also the use of dollar accounts in both the public and private sectors since 1839. In the other Eastern Caribbean territories, there was a mixture of dollar
Dollar
The dollar is the name of the official currency of many countries, including Australia, Belize, Canada, Ecuador, El Salvador, Hong Kong, New Zealand, Singapore, Taiwan, and the United States.-Etymology:...
and sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
accounts until the year 1951.
The Dutch territories of Essequibo
Essequibo
Essequibo may refer to:* The Essequibo River is one of the larger South American rivers located in the country of Guyana.* The former Dutch colony of Essequibo, in the region of the river...
, Demerara
Demerara
Demerara was a region in South America in what is now Guyana that was colonised by the Dutch in 1611. The British invaded and captured the area in 1796...
, and Berbice
Berbice
Berbice is a region along the Berbice River in Guyana, which was between 1627 and 1815 a colony of the Netherlands. After having been ceded to the United Kingdom in the latter year, it was merged with Essequibo and Demerara to form the colony of British Guiana in 1831...
on the north coast of South America came under the control of the British during the Napoleonic wars. These territories were formally ceded to the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
in 1815 and united to become the colony of British Guiana
British Guiana
British Guiana was the name of the British colony on the northern coast of South America, now the independent nation of Guyana.The area was originally settled by the Dutch at the start of the 17th century as the colonies of Essequibo, Demerara, and Berbice...
in 1831. At first, the British introduced a British variety of the Dutch guilder
Guilder
Guilder is the English translation of the Dutch gulden — from Old Dutch for 'golden'. The guilder originated as a gold coin but has been a common name for a silver or base metal coin for some centuries...
currency into this territory. Then in 1839, the Spanish dollar as a unit of account was introduced in order to facilitate the introduction of British sterling silver coinage. The rationale behind this lies in the fact that Spanish silver dollars, alternatively known as pieces of eight
Pieces of Eight
Pieces of Eight is the eighth studio album and second concept album by Styx, released September 1, 1978.The album was the band's follow-up to their Triple Platinum selling The Grand Illusion album....
, were already circulating alongside the Dutch coinage, and also widely throughout the Eastern Caribbean. The dollar unit of account therefore acted as a convenient intermediatory conversion unit between sterling and the outgoing guilder
Guilder
Guilder is the English translation of the Dutch gulden — from Old Dutch for 'golden'. The guilder originated as a gold coin but has been a common name for a silver or base metal coin for some centuries...
unit. The dollar unit was equivalent to 4 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s 2 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
sterling and replaced the guilder unit at a rate of 1 dollar = 3⅛ guilder.
A particular feature of the circulation of British silver coins in British Guiana was the popularity of the 4d (four pence) coin, known as the groat
Groat
Groat or Fuppence is the traditional name of an English silver coin worth four English pence, and also a Scottish coin originally worth fourpence, with later issues being valued at eightpence and one shilling.-Name:...
. This was a direct consequence of its equivalence to the very popular outgoing 'Bit' coin which was equal to one quarter of a guilder. When the groat
Groat
Groat or Fuppence is the traditional name of an English silver coin worth four English pence, and also a Scottish coin originally worth fourpence, with later issues being valued at eightpence and one shilling.-Name:...
coin ceased to circulate in the United Kingdom in the latter half of the nineteenth century, a special request was made in 1888 for groat
Groat
Groat or Fuppence is the traditional name of an English silver coin worth four English pence, and also a Scottish coin originally worth fourpence, with later issues being valued at eightpence and one shilling.-Name:...
s to be struck for use in the British West Indies and British Guiana. These were first struck in 1891. From 1917 they were struck exclusively for use in British Guiana.
Spanish, Mexican, and Colombian silver dollars continued to circulate alongside the British sterling coinage until 1876 when these dollar coins were demonetised.
The Spanish dollar unit should not be confused with the American dollar unit. The American dollar unit was first introduced in the USA in the year 1792, based on the average weight of a selection of worn Spanish dollars. As such, the American dollar was marginally less valuable than the Spanish dollar.
Coins
After the introduction of the dollar, regular British coins circulated, together with 2 and 4 pence coins also issued elsewhere in the British West IndiesBritish West Indies
The British West Indies was a term used to describe the islands in and around the Caribbean that were part of the British Empire The term was sometimes used to include British Honduras and British Guiana, even though these territories are not geographically part of the Caribbean...
. The 2 pence coins issued in 1838, 1843 and 1848 were of the standard Maundy money
Maundy money
Royal Maundy is a religious service in the Church of England held on Maundy Thursday, the day before Good Friday. At the service, the British Monarch or a royal official ceremonially distributes small silver coins known as "Maundy money" as symbolic alms to elderly recipients...
type, whilst the 4 pence coins bore an image of Britannia
Britannia
Britannia is an ancient term for Great Britain, and also a female personification of the island. The name is Latin, and derives from the Greek form Prettanike or Brettaniai, which originally designated a collection of islands with individual names, including Albion or Great Britain. However, by the...
. Between 1891 and 1916, 4 pence coins were issued specifically for "British Guiana and West Indies" and between 1917 and 1945 for "British Guiana". 1916 also saw the first issue of paper money by the Government of British Guiana, in denominations of 1, 2, 5, 20 and 100 dollars.
In 1955, coins were introduced in denominations of 1, 5, 10, 25 and 50 cents. The 1 and 5 cents were struck in nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...
brass
Brass
Brass is an alloy of copper and zinc; the proportions of zinc and copper can be varied to create a range of brasses with varying properties.In comparison, bronze is principally an alloy of copper and tin...
, with the other denominations struck in cupro-nickel. In 1996, high inflation caused the introduction of 1, 5 and 10 dollars coins. The 1 and 5 dollars are struck in copper-plated steel, whilst the 10 dollars is struck in nickel-plated steel and has an equilateral-curved heptagonal shape.
Banknotes
Private banknotes were introduced in the late 19th century by the British Guiana Bank and the Colonial Bank. Both issued 5, 20 and 100 dollars. The British Guiana Bank issued notes until 1907, with the Colonial Bank issuing notes until 1917. The Colonial Bank was taken over by Barclays Bank, which issued notes in denominates of 5, 10, 20 and 100 dollars between 1926 and 1941.In 1909, the Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
introduced 100 dollars notes, followed in 1913 by 5 and 20 dollars notes. From 1920, the notes also bore the denomination in sterling. 100 dollars were issued until 1920, with the 5 and 20 dollars issued until 1938.
Paper money production specifically for British Guiana ceased in 1942 and local notes were replaced by BWI$ notes in 1951. In 1955, the BWI$ was decimalized and coinage was issued in the name of the "British Caribbean Territories, Eastern Group". In 1965, the East Caribbean dollar
East Caribbean dollar
The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
(EC$) replaced the BWI$ and circulated in British Guiana for a year until, following independence in 1966, the Guyanese dollar was introduced, replacing the East Caribbean dollar
East Caribbean dollar
The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
at par.
Banknotes were introduced in 1966 in denominations of 1, 5, 10, and 20 dollars. A second series issued between 1989 and 1992 consisted of 20, 100 and 500 dollar denominations. The 1996-1999 series included 20, 100, 500, and 1000 dollars. The 2000-2002 series included 500 and 1000 dollar notes. New banknotes of 100 and 1000 dollars were issued in 2005 with increased security features.