Cayman Islands dollar

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Cayman Islands dollar
ISO 4217 codeKYD
Central bankCayman Islands Monetary Authority
 Websitewww.cimoney.com.ky
User(s) Cayman Islands (UK)
Inflation-0.1%
 Source[1], march 2009
Pegged withUnited States Dollar, 1 KYD = 1.2 USD
Subunit
 1/100cent
Symbol$
Coins1, 5, 10, 25 cents
Banknotes1, 5, 10, 25, 50, 100 dollars
 
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Cayman Islands dollar
ISO 4217 codeKYD
Central bankCayman Islands Monetary Authority
 Websitewww.cimoney.com.ky
User(s) Cayman Islands (UK)
Inflation-0.1%
 Source[1], march 2009
Pegged withUnited States Dollar, 1 KYD = 1.2 USD
Subunit
 1/100cent
Symbol$
Coins1, 5, 10, 25 cents
Banknotes1, 5, 10, 25, 50, 100 dollars

The Cayman Islands Dollar (currency code KYD) is the currency of the Cayman Islands. It is abbreviated with the dollar sign $, or alternatively CI$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. It is the 9th-highest-valued currency unit in the world and the highest-valued dollar unit.[citation needed]

History[edit]

The Cayman Islands dollar was introduced in 1972, replacing the Jamaican dollar at par. Jamaican currency and Cayman Islands then remained both legal tender until 1 August 1972[1] when Jamaican currency ceased to be legal tender. The Cayman Islands dollar has been pegged to the United States dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974.[2]

Coins[edit]

In 1972, coins in denominations of 1¢, 5¢, 10¢ and 25¢ were introduced. The 1¢ was struck in bronze, with the other denominations in cupronickel. From 1992, copper and nickel-plated steel replaced bronze and cupronickel, respectively.

Banknotes[edit]

On 1 May 1972,[3] the Cayman Islands Currency Board introduced notes in denominations of 1, 5, 10 and 25 dollars. 40 dollar notes were introduced in 1981 but were taken out of circulation a few years later, followed by 100 dollars in 1982 and 50 dollars in 1987. On 1 January 1997, the Cayman Islands Monetary Authority (CIMA) took over issuance of paper money, issuing notes for 1, 5, 10, 25, 50 and 100 dollars. The current series of notes was issued on 4 April 2011.[4]

2010 "D Series" issue [2]
ImageValueDimensionsMain ColorDescriptionDate of issueDate of first issueWatermark
ObverseReverse
[3]$1156 x 66 mmViolet, Sea Blue and OrangeAngel fish; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth IINautilus shell; The Bluff on Cayman Brac2010April 4, 2011Turtle; electrotype "CIMA"; Cornerstones
[4]$5156 x 66 mmGreenHawksbill turtles; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth IIConch shell; Cayman parrots2010April 4, 2011Turtle; electrotype "CIMA"; Cornerstones
[5]$10156 x 66 mmRed, Violet and Dark GrayLandcrabs; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth IIShell; wild banana orchid2010April 4, 2011Turtle; electrotype "CIMA"; Cornerstones
[6]$25156 x 66 mmDark brown, light brown and orangeScallop shells; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth IIScallop shell; Hawksbill turtle; fish; coral2010April 4, 2011Turtle; electrotype "CIMA"; Cornerstones
[7]$50156 x 66 mmPurpleStingrays; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth IIShell; stingray2010April 4, 2011Turtle; electrotype "CIMA"; Cornerstones
[8]$100156 x 66 mmOrange, brown and redCayman Schooner boats; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth IIConch shell; Aerial view of the Financial Center in George Town2010April 4, 2011Turtle; electrotype "CIMA"; Cornerstones

Exchange rate[edit]

Current KYD exchange rates
From Google Finance:AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance:AUD CAD CHF EUR GBP HKD JPY USD
From XE.com:AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com:AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com:AUD CAD CHF EUR GBP HKD JPY USD

Note: Rates obtained from these websites may contradict with pegged rate mentioned above

On the islands, the US dollar is accepted as legal currency at the rate of US$1.00 equal to KY$0.80 (i.e. US$1.25 = KY$1.00). Change is usually given in Cayman Island dollars.[5]

Half pounds[edit]

The Cayman Islands dollar is an off-shoot of the Jamaican dollar which is essentially a half pound sterling. Jamaica followed the pattern of South Africa, Australia, and New Zealand in that when it adopted the decimal system, it decided to use the half-pound unit as opposed to the pound unit of account. The choice of the name "dollar" was motivated[citation needed] by the fact that the reduced value of the new unit corresponded more closely to the value of the US dollar than it did to the pound sterling.

See also[edit]

References[edit]

  1. ^ Cayman Islands Government Notice No. 126 of 1972, proclamation No. 2 of 1972, dated 7 July 1972
  2. ^ Cayman Islands Monetary Authority (2005-12-14). "The History of Cayman Islands Currency". Archived from the original on 2007-08-22. Retrieved 2007-09-17. 
  3. ^ Linzmayer, Owen (2012). "Cayman Islands". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 
  4. ^ Cayman Islands new family of notes confirmed BanknoteNews.com. Retrieved 2012-05-16.
  5. ^ Cayman Islands Department of Tourism. "Cayman Islands Quick Guide". 

External links[edit]