Cayman Islands dollar
From Wikipedia, the free encyclopedia
| Cayman Islands dollar | |||
|---|---|---|---|
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| ISO 4217 Code | KYD | ||
| User(s) |  Cayman Islands (UK) |
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| Inflation | -0.1% | ||
| Source | [1], march 2009 | ||
| Pegged with | KYD = 1.2 USD | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | $ | ||
| Coins | 1, 5, 10, 25 cents | ||
| Banknotes | 1, 5, 10, 25, 50, 100 dollars | ||
| Central bank | Cayman Islands Monetary Authority | ||
| Website | www.cimoney.com.ky | ||
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 9th highest valued currency unit in the world and the highest valued dollar unit.[citation needed]
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[edit] 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[1].
[edit] 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.
[edit] 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, 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.
| Current KYD exchange rates | |
|---|---|
| From Currate.com Tools: | AUD CAD CHF EUR GBP HKD JPY USD |
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD |
Note: Rates obtained from these websites may contradict with pegged rate mentioned above
[edit] Half Pounds
The Cayman Islands dollar is not a true dollar in the sense that it is descended directly from the Spanish pieces of eight, as is the case with the US dollar, the Canadian dollar, and the East Caribbean Dollar. The Cayman Islands dollar is an off-shoot of the Jamaican dollar 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. Other examples of dollars that are not true dollars for this same reason are, the Jamaican dollar, the Australian dollar, the New Zealand dollar, the Solomon Islands dollar, the Fiji dollar, the Namibian dollar, the Rhodesian dollar, and the Zimbabwe dollar.
Examples of dollars that are directly related to the original Spanish dollar unit are the US dollar, the Canadian dollar, the Newfoundland dollar, the East Caribbean dollar, the Belize dollar, the Guyanese dollar, the Bermuda dollar, the Bahamian dollar, the Trinidad and Tobago dollar, the Barbados dollar, the Hong Kong dollar, the Straits dollar, the Malayan dollar, the Singapore dollar, and the Brunei dollar.
[edit] See also
[edit] References
- ^ Cayman Islands Monetary Authority (2005-12-14). "The History of Cayman Islands Currency". http://www.cimoney.com.ky/section/currency/default.aspx?id=65. Retrieved 2007-09-17.
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
[edit] External links
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