Cayman Islands dollar
Encyclopedia
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 cent
s. It is the 9th-highest-valued currency unit in the world and the highest-valued dollar unit.
at par. Jamaican currency and Cayman Islands then remained both legal tender until 1 August 1972 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 = 100 U.S. dollars since 1 April 1974.
, with the other denominations in cupronickel
. From 1992, copper and nickel-plated steel replaced bronze and cupronickel, respectively.
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 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
.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of the Cayman Islands
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
. It is 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 :...
$, or alternatively CI$ 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. It is subdivided into 100 cent
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
s. It is the 9th-highest-valued currency unit in the world and the highest-valued dollar unit.
History
The Cayman Islands dollar was introduced in 1972, replacing the Jamaican dollarJamaican dollar
The dollar has been the currency of Jamaica since 1969. It is often abbreviated "J$", the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.-History:...
at par. Jamaican currency and Cayman Islands then remained both legal tender until 1 August 1972 when Jamaican currency ceased to be legal tender. The Cayman Islands dollar has been pegged
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
to the United States dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
at 1 Cayman Islands dollar = 100 U.S. dollars since 1 April 1974.
Coins
In 1972, coins in denominations of 1¢, 5¢, 10¢ and 25¢ were introduced. The 1¢ was struck in bronzeBronze
Bronze is a metal alloy consisting primarily of copper, usually with tin as the main additive. It is hard and brittle, and it was particularly significant in antiquity, so much so that the Bronze Age was named after the metal...
, with the other denominations in cupronickel
Cupronickel
Cupronickel or copper-nickel or "cupernickel" is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...
. From 1992, copper and nickel-plated steel replaced bronze and cupronickel, respectively.
Banknotes
In 1972, 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. In 1997, the Cayman Islands Monetary Authority (CIMA) took over issuance of paper money, issuing notes for 1, 5, 10, 25, 50 and 100 dollars.Half pounds
The Cayman Islands dollar is an off-shoot of the Jamaican dollarJamaican dollar
The dollar has been the currency of Jamaica since 1969. It is often abbreviated "J$", the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.-History:...
which is essentially a half 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...
. Jamaica
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...
followed the pattern of South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, and New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
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
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:...
" was motivated 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
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...
.
See also
- Cayman Islands Monetary AuthorityCayman Islands Monetary AuthorityThe Cayman Islands Monetary Authority is the primary financial services regulator of the Cayman Islands and supervises its currency board....
- Central banks and currencies of the CaribbeanCentral banks and currencies of the CaribbeanThis is a list of the central banks and currencies of the Caribbean.There are a number of currencies serving multiple territories; the most widespread are the East Caribbean dollar , the United States dollar and the euro ....
- Economy of the Cayman IslandsEconomy of the Cayman IslandsThe economy of the Cayman Islands, a British overseas territory located in the western Caribbean Sea, is mainly fueled by the tourism sector and by the financial services sector, together representing 70-80 percent of the country's gross domestic product...