Cayman Islands dollar Totally Explained

Everything about Cayman Islands Dollar totally explained

The dollar (currency code KYD) is the currency of the Cayman Islands. It is normally 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 8th highest valued currency unit in the world and the highest valued dollar unit.

History

The dollar was introduced in 1972, replacing the Jamaican dollar at par. Jamaican currency and the new Cayman Islands currency were both legal tender until August 31 1972, when Jamaican currency ceased to be legal tender. The Cayman Islands dollar has been pegged to the U.S. dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974. However, it's typically traded at USD 1.25 in retail outlets around the islands.

Coins

In 1972, coins in denominations of 1, 5, 10 and 25 cents were introduced. The 1 cent coins were struck in bronze, with the other denominations in cupro-nickel. From 1992, bronze- and nickel-clad steel replaced bronze and cupro-nickel, respectively.

Banknotes

In 1972, Cayman Islands Currency Board introduced notes in denominations of 1, 5, 10 and 25 dollars. 40 dollar notes were introduced in 1981, however they revoked 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.

Further Information

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