Guyanese dollar Totally Explained

Everything about Guyanese Dollar totally explained

The dollar (currency code GYD) has been the currency of Guyana (formerly British Guiana) since 1839. It is normally abbreviated with the dollar sign $, or alternatively GY$ to distinguish it from other dollar-denominated currencies. Since 1955 it has been divided into 100 cents although cent coins are no longer used due to inflation.

History

The dollar was introduced in 1839. It was equivalent to 4 shillings 2 pence sterling and replaced the guilder at a rate of 1 dollar = 3⅛ guilder.
From 1935, the British Guianan dollar was equivalent to the British West Indies dollar (BWI$). Paper money production specifically for British Guiana ceased in 1942 and local notes were replaced by BWI$ 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.

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 1966, 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 a 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 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.
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.

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