Code GYD Symbol $, G$ and GY$ User(s) Guyana | 1/100 cent Coins $1, $5, $10 | |
Banknotes $20, $50, $100, $500, $1000, $5000 | ||
The Guyanese dollar (currency sign: $, G$ and GY$; ISO: GYD) has been the unit of account in Guyana (formerly British Guiana) since 29 January 1839. Originally it was intended as a transitional 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 1951 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. When sterling began to depreciate in the early 1970s, a switch to a US dollar peg became increasingly attractive as an anti-inflationary measure and the Eastern Caribbean Currency Authority (of which Guyana was a member) made the switch in October 1975. The Guyanese dollar is normally abbreviated with the dollar sign $, or alternatively G$ to distinguish it from other dollar-denominated currencies.
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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 Indies 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, created in early 17th century, 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 shillings 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 groats 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 Indies. 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 1967, 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.