Did
you know that Guyana already has $1, $5, $50 and $100
coins? This may surprise shoppers who get tired of
handling damp, dirty notes of equal value and shopkeepers
who would like to make quick change or sell their
goods through automatic vending machines. The Government
has done well to announce that it will de-monetise
current coins and introduce new ones to replace some
paper banknotes. Paper notes have an average life
of only 7 years, but metal coins last 42 years! Such
a move would end an era in which coins were an important
means of exchange and also had intrinsic value.
Colonial
Coinage
Guyanese
may well wonder why so many coins of such low value
were used in this country during colonial times. In
fact, up to the reign of King George VI (1936-1952),
there were eight coins in circulation in this country,
the highest being worth only 60 cents. One reason
is that wages were very low fifty years ago –
the average female unskilled worker earned about $2.70
per week – and the prices of many food items
were stated in cents. As a result, by mid-century,
of the total currency of $11,435,160, in circulation
in the colony, coins accounted for $2,269,160 or nearly
20 per cent. Silver coins were valued at $2,183,160
and copper coins at $86,000.
United
Kingdom token coins were in general use, the only
exception being the local 4 penny (8¢) groat.
The British monetary system of pence, shillings, florins,
crowns, and sovereigns, was standard in Guyana, and
the few persons who possessed gold sovereigns kept
them for their intrinsic value and frequently made
them into jewellery.
Caribbean
Currency
|
 |
| Pre-Independence
(Br) Eastern Caribbean coins ca. 1950s - 1960s. |
In
1955, a new series was introduced for the British
(Eastern) Caribbean and, at the same time, the UK
coins were gradually withdrawn from circulation. The
denominations of the new coinage were 1¢, 2¢,
5¢, 10¢, 25¢, and 50¢ A proposed
half cent, was never put into circulation. The reverse
(tail) side of the coins carried the words 'British
Caribbean Territories. Eastern Group'; the 1¢,
and 2¢, coins carried the denomination in large
figures; the 5¢, 10¢, and 25¢, carried
the denomination in figures and words with the imprint
of a sailing ship; the 50¢ coins carried the
denominations in words only and the imprint of the
Coat-of-arms of Barbados, British Guiana, the Leeward
Is., the Windward Is. and Trinidad and Tobago. The
obverse (head) side of all six coins carried the image
and title of Queen Elizabeth the Second.
National
Coinage
These
coins were replaced by Guyana's first national coinage
on February 9, 1967, nearly a year after the formal
granting of Independence, on May 26, 1966. Guyana
dropped the 2¢ (penny or 'gil') and the remaining
five coins – 1¢, 5¢, 10¢, 25¢,
and 50¢ – were made somewhat smaller than
those of Eastern (British) Caribbean Currency Board
so that they would be easy to handle. The obverse
sides of the 50¢, 25¢ and 10¢ coins
had the imprint of the national Coat of Arms and of
the 5¢ and 1¢ coins, the national flower
– The Victoria Amazonica [Regia]
Lily. On the reverse sides were the words 'Bank
of Guyana', the denomination of the coin in words
and figures, two imprints of the national bird –
The Canje Pheasant – and the year of issue.
Commemorative
Coinage
On
May 26, 1976, to mark Guyana's tenth anniversary of
Independence, the Bank of Guyana issued ten commemorative
coins; they are completely different from the coins
introduced after Independence and have become collectors'
items, never having been put into general circulation.
Six of the coins depict the fauna of Guyana –
manatee, jaguar, monkey, eagle, canje pheasant and
caiman. Three depict the heroes – Cuffy, Critchlow
and the Enmore Martyrs. One depicts the legendary
Amerindian – El Dorado. Five of the coins –
1¢, 5¢, 10¢, 25¢ and 50¢
– are denominated in cents and five notes –
$1, $5, $10, $50, $100 – in dollars.
On
the obverse sides of all ten coins is the Coat-of-Arms
of the Cooperative Republic of Guyana. Around the
top part of the coin is written 'Our People - Our
Most Precious Asset' and at the bottom is written
'Bank of Guyana 1976'.
Guyana's
first one-dollar coin, known as the 'Cuffy Dollar',
was put into circulation from 19 February 1970, to
commemorate Guyana's becoming a Republic and to acknowledge
the Great Revolt of February 1763. Although never
used as common currency, it was treasured as a tourist
souvenir and as a token 'silver' gift to infants.
The obverse side of the coin depicts the (artist's
impression of the) head of Cuffy, the leader of the
Revolt of February 27, surrounded by the (incorrect)
inscription: 'Berbice Revolt, February 23, 1763',
with the word 'Cuffy' below the head. The reverse
side of the coin shows the numeral '1' under which
is written 'One Dollar' in words. To the right are
three panicles of paddy; to the left is the head of
a cow and above are the words: 'Food for All'. Around
the top part of the coin is written 'Republic of Guyana'
and around the bottom part, '1970 Bank of Guyana'.
Separating the two parts are Victoria Amazonica
[Regia] Lily motifs.
Commemorative
proof coins in honour of the visit to Guyana by Queen
Elizabeth Il and Prince Philip, Duke of Edinburgh
in 1994 were issued by the Bank of Guyana. The issue
of a gold proof $500 coin and a silver proof $50 coin
will form part of the legal tender of Guyana. The
22-carat gold coin and its sterling silver replica
are round with milled V edges and 38.61 mm in diameter.
On the face of each is stamped the Coat-of-Arms of
Guyana, and the reverse side carries a symbolic scene
of Guyanese welcoming Her Majesty the Queen and His
Royal Highness Prince Philip. |
