Banknotes of Demerara and Essequibo, issued from 1809 through 1839
were dual-denominated in
Guilders and ''Joes'', a term used by the British colonists to refer to the
Portuguese gold Johannes coin and the notes that eventually replaced them.
Despite roughly 30 years of use, the only ''Joes'' known to exist are unissued remainders from the 1830s.
History
Dating back to at least 1798, the main unit of monetary exchange in the colonies of
Demerara
Demerara (; , ) is a historical region in the Guianas, on the north coast of South America, now part of the country of Guyana. It was a colony of the Dutch West India Company between 1745 and 1792 and a colony of the Dutch state from 1792 unti ...
and
Essequibo was the Portuguese gold Johannes coin
which were valued at 22 Dutch guilders.
Exchange rates in the United States in 1797 valued the Portuguese Johannes at $16 (the Spanish
doubloon
The doubloon (from Spanish language, Spanish ''doblón'', or "double", i.e. ''double escudo'') was a two-''Spanish escudo, escudo'' gold coin worth approximately four Spanish dollars or 32 ''Spanish real, reales'', and weighing 6.766 grams (0.218 ...
at $14.93, and the English silver
shilling
The shilling is a historical coin, and the name of a unit of modern currency, currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 1 ...
at $0.22). Due to clipping and boring (replaced with brass or copper)
these coins (colloquially referred to as a ''Joe'')
began to lose their intrinsic value. An initial attempt was made to counterstamp or
chop mark valid coins.
Eventually (1809) the coins were recalled by the authorities and paper currency, denominated in both Guilders and ''Joes'' were issued.
Issuance
The new paper issue of 1809 introduced 50,000 ''Joes'' equivalent to 1,100,000 guilders.
This was followed by an additional 25,807 ''Joes'' in 1815–16,
and 24,193 more in 1824 for a total circulation of just under 100,000 ''Joes''.
Deemed to be a legal tender,
the notes were partially backed by securities in London,
though their ability to be redeemed for gold was questionable.
By 1837, records indicate that 99,989 ''Joes'' had been issued in the following denominations: 1 ''Joe'' (13,258 notes), 2 ''Joes'' (8,189), 3 ''Joes'' (4,201), 5 ''Joes'' (3,150), 10 ''Joes'' (1,700), and 20 ''Joes'' (1,250). By 1839, there had been reference to a ''half-Joe''.
Currently known specimen
The
Standard Catalog of World Paper Money lists only the unissued remainders of the 1830s. The two issues are distinguished by several design features including an ornate D-E in the upper center (first issue) or a woman with an anchor in the upper left (second issue).
In addition, the wording of the denomination differs between the series. The first issue lists two denominations: 1 ''Joe'' or 22 Guilders and 10 ''Joes'' or 220 Guilders; the second issue lists four denominations: 1 ''Joe'' of 22 Guilders, 2 ''Joes'' of 22 Guilders each, 3 ''Joes'' of 22 Guilders each, and 10 ''Joes'' of 22 Guilders each.
The illustrated 20 ''Joe'' note is a recent discovery (for the 1830s issue) in the
National Numismatic Collection.
References
Source
*
{{DEFAULTSORT:Demerary and Essequibo
Currencies of Guyana
Numismatics
Banknotes of South America
Banknotes
Banknotes