The Cayman Islands Dollar ( currency code ''KYD'') is the

currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general ...

of the Cayman Islands. It is abbreviated with the

dollar sign The dollar sign, also known as peso sign, is a symbol consisting of a capital " S" crossed with one or two vertical strokes ($ or ), used to indicate the unit of various currencies around the world, including most currencies denominated "p ...

''$'', or alternatively ''CI$'' to distinguish it from other

dollar Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, ...

-denominated currencies. It is subdivided into 100 cents.

History

The Cayman Islands dollar was introduced in 1972 (10 years after separation from the

Colony of Jamaica The Crown Colony of Jamaica and Dependencies was a British colony from 1655, when it was captured by the English Protectorate from the Spanish Empire. Jamaica became a British colony from 1707 and a Crown colony in 1866. The Colony was prima ...

), replacing the Jamaican dollar at par. Jamaican currency and Cayman Islands dollars both remained 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 The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...

at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974, when the Currency Law of 1974 was enacted. In 1983, the 1974 law was repealed and replaced by the Currency Law Revised, which itself was replaced in 1997 by section 22 of the Monetary Authority Law. Under section 22 of the 2013 revision of the Monetary Authority Law, the value of the Cayman dollar in United States Dollars is determined by the Governor.

Coins

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 Cupronickel or copper-nickel (CuNi) is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. The copper content typically varies from 60 to 90 percent. (Monel is a nickel-copper alloy that contains a minimu ...

. From 1992, copper and nickel-plated steel replaced bronze and cupronickel, respectively.

Banknotes

On 1 May 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. 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.

Exchange rates

On the islands, the US dollar is accepted as legal currency by hotels, restaurants, and retail establishments at the rate of 1 US Dollar for every 80 Cayman cents. Change is usually given in Cayman Island dollars. Banks buy US Dollars at 82 Cayman Island cents each and sell 1.20 US dollars per Cayman Island dollar. , the Cayman Islands Monetary Authority uses a retail exchange rate of CI$1.00 = US$1.227.

Half pounds

The Cayman Islands dollar is an offshoot of the Jamaican dollar, which is essentially a half

pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and ...

Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of His ...

followed the pattern of

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the ...

, Australia, and

New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...

in using the half-pound unit as opposed to the pound as the unit of account when it adopted the decimal system. The choice of the name "

" was motivated by the fact that the reduced value of the new unit corresponded more closely to the value of the

US dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...

than it did to the

References

* *

External links

Cayman Islands Monetary Authority
{{DEFAULTSORT:Cayman Islands Dollar Circulating currencies Currencies of the Commonwealth of Nations Dollar Economy of the Cayman Islands Fixed exchange rate Currencies of British Overseas Territories Currencies introduced in 1972 Currencies of the Caribbean