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Sunday, 27 September 2015

216) Coinage & Currency of the Cayman Islands: A British Overseas Territory: Dollars & Cents:



216) Coinage & Currency of the Cayman Islands: A British Overseas Territory: Dollars & Cents:

The Cayman Islands:

The Cayman Islands are a British Overseas Territory in the Western Caribbean Sea.

The Cayman Islands are a part of the Geographic Western Caribbean Zone as well as the Greater Antilles.

The Territory comprises of three islands – Grand Cayman, Cayman Brac and Little Cayman located south of Cuba and north – west of Jamaica.

Historically, the Cayman Islands were largely uninhabited till the 17th Century. A variety of settlers from various backgrounds made the Islands their home. These settlers included pirates, refugees from the Spanish Inquisition, ship-wrecked sailors and deserters from Oliver Cromwell’s Army in Jamaica. No record of indigenous people survives to the present day.

 The first recorded permanent inhabitant was British around 1661.

England took control of the Cayman Islands along with Jamaica, following the Treaty of Madrid in 1670.

The Islands were permanently settled around the 1730s.

Until 1962, the Islands continued to be governed as part of the Colony of Jamaica, when it became a separate Crown Colony, while Jamaica became an independent Commonwealth Nation.  

Interestingly, on 08.07.1794 a group of ten merchant ships were wrecked off the Islands on a reef and ran aground during a storm, whose crew were rescued by the Caymanians. This sea disaster & subsequent sea-rescue was known as the “Wreck of Ten Sails”. King George III was so pleased, that, he rewarded the Islanders by promising never to introduce taxes in recognition of their bravery and hospitality. Even today, no direct taxes (income tax, capital gains tax or wealth tax) are imposed on the Islands which have always relied on indirect taxes.

Cayman Islands Monetary Authority (CIMA):

The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board.

The CIMA manages the Cayman Islands currency and coinage and regulates and supervises financial services and advises the Cayman Islands government on financial services regulatory issues.

Cayman Islands Coinage & Currency:

The Cayman Islands dollar was introduced in 1972, replacing the Jamaican dollar at par.

The Cayman Islands dollar is subdivided into one hundred cents.

Till 01.08.1972, the Jamaican currency and Cayman Islands dollar both were legal tender after which date the Jamaican dollar ceased to be legal tender.

Presently, different coloured Banknotes circulate in denominations of $1, $5, $10, $25, $50 and $100 denominations. The Coins circulate in denominations of 1, 5, 10 and 25 cents.

There are presently four denominations of circulating coins, which circulate on all three Islands.

Coinage:

The first circulating coins were issued in 1972 in the denominations of 1, 5, 10 and 25 cents. While the higher denominations were issued in Cupro-nickel, the 1 Cent coin was issued in Bronze.

Until 1977, Cayman Island coins were minted by the Royal Mint, UK.

Between 1977 and 1984, circulating coins were minted by the Franklin Mint, USA.

From 1988 onwards, circulating coins are again minted by the Royal Mint, UK.

After 1992, Copper and Nickel plated steel coins replaced the earlier Bronze and Cupronickel coins.

The 1992 Series of Cayman Island Coins:
 The Reverses of all four denominations of presently circulating coins
 The Obverses of all four denominations of presently circulating coins
On the Obverse, all denominations of coins bear the portrait of Queen Elizabeth II. Before 1986, an updated portrait by Raphael Maklouf was used. Since 1999, the coins bear the portrait designed by Ian-Rank Broadley. From 2015, the portrait designed by Jody Clark has replaced the earlier portrait of Queen Elizabeth II.
                       The Obverse of a 25 cents circulating coin

                          The Reverse of a 25 cents circulating coin
On the Reverse of the 25 cents coin, is seen a two-masted Cayman Schooner.
                                         A present day schooner

Cayman Schooner:

A Schooner is a type of sailing vessel with fore-and-aft sails on two or more masts, the foremast being shorter than the main and no taller than the mizzen, if there is one. Such vessels were first used by the Dutch around 16th & 17th century till they moved to North America & the Caribbean islands in the early 18th century.

The schooner was the preferred vessel for speed and was used for diverse activities such as slave trade, privateering, blockade running and off-shore fishing. Schooners were also popular among pirates in the West Indies during the “Golden Age of Piracy” for their speed and agility. Although much smaller than frigates & galleons, they could sail in shallow waters and hold a few guns for defensive and offensive attacks and for raiding merchant ships.

The specifications of this coin are –

Diameter: 24.26 mm; Weight: (since 1992): 5.10 gms; Metal Composition: Nickel plated steel. The denomination of the coin “25” is mentioned in numerals.

                The Obverse of a 10 cents circulating coin
                     The Reverse of a 10 cents circulating coin
On the Reverse of the 10 cents coin is seen a Hawksbill Turtle.
 Hawksbill Sea Turtle:

The Hawksbill Sea Turtle – “Eretmochelys imbricate” – is a critically endangered sea turtle belonging to the family Cheloniidae.        It is the only extant species in the genus Eretmochelys. The Hawksbill turtle has a worldwide distribution and is found predominantly in tropical reefs of the Indian, Pacific and Atlantic Oceans. It is mostly associated with warm tropical waters.

The Hawksbill’s appearance is similar to that of other marine turtles. It has a flattened body shape, a protective carapace and flipper like arms, adapted for swimming in the open ocean. It is easily distinguished from other sea turtles by its sharp, curving beak with prominent tomium and the saw-like appearance of its shell margins.

While the turtle lives part of its life in the open ocean, it spends more time in shallow lagoons and coral reefs. Hawksbill shells were the primary source of tortoise-shell material used for decorative purposes.    Presently, it has been classified as “critically endangered” by the World Conservation Union (WCU) and the Convention on International Trade in Endangered Species (CITES) makes the capture and trade of Hawksbill sea turtles and products derived from them illegal.

The specifications of this coin are –

Diameter: 20.96 mm; Weight: 3.45 gms; Metal Composition: Nickel plated steel. The denomination of the coin “10” is mentioned in numerals.


                 The Obverse of a 5 cents circulating coin
                The Reverse of a 5 cents circulating coin
On the Reverse of the 5 cents coin is seen a Cray Fish (Prawn).

Crayfish:

The name Crayfish is of Old French origin deriving from the term “escrevisse”.

Crayfish is also known as crawfish, crawdada, freshwater lobsters etc and are freshwater crustaceans resembling small lobsters. They breathe through feather-like gills and are mostly found in fresh water athough some species are found in swamps, ditches and rice paddies. Crayfish are a table delicacy world-wide and are also kept as aquarium fish.

Crayfish have inhabited the Earth for more than 115 million years.

The specifications of this coin are –

Diameter: 18.00 mm; Weight: (since 1992): 2.00 gms; Metal Composition: Nickel plated steel. The denomination of the coin “5” is mentioned in numerals.


                   The Obverse of a 1 cent circulating coin


                      The Reverse of a 1 cent circulating coin
On the Reverse of the 1 cent coin is seen a Thrush perched on the branch of a tree.

The specifications of this coin are –

Diameter: 17.00 mm; Weight: (since 1992): 2.55 gms; Metal Composition: Copper plated steel. The denomination of the coin “1” is mentioned in numerals.

Banknotes of Cayman Islands:

On 01.05.1972, in conformity with the 1971 Currency Law, the Cayman Islands Currency Board circulated Banknotes in the denominations of 1, 5, 10 and 25 dollars. This is known as the “A” Series of Banknotes.

In 1981, 100 dollar Banknotes and 40 dollar Banknotes were were introduced.

In 1985, 50 dollar Banknotes were introduced.

On 01.01.1997, the Cayman Islands Monetary Authority (CIMA) took over the issuance of paper money i.e. all denominations of 1, 5, 10, 25, 50 and 100 dollars.

The various other Series of Cayman Islands Banknotes:

“B” Series Banknotes:

In 1991, the first redesign and upgrade of Banknotes was done on the $100, $25, $10 and $5 denominations.

Once again in 1996, these four denominations of Banknotes were updated. The $1 Banknote was upgraded and redesigned for the first time. Secondary colours   which highlight the design details of each Banknote were used in the “B” Series. The Banknotes also had some improved security features.

“C” Series Banknotes:

In August 1998, this Series was introduced. The new Banknotes were an updated version of the “B” Series, with the prominent difference that the issuing authority was changed from the Cayman Islands Currency Board (CICB) to the Cayman Islands Monetary Authority (CIMA). These Banknotes also reflected the Law under which the Banknotes were issued.

Initially, in August 1999, the denominations issued under this Series were - $10, $5 and $1.

Later in 2001, $50 Banknotes were issued, which were later replaced by the $50 Banknotes issued in 2003.

Presently Circulating Series of Banknotes – 2010 “D Series” (introduced wef 04.04.2011):

In April 2011, the first complete redesign of the Cayman Islands Banknotes took place under the “D” Series. All six denominations were re-designed, depicting new images, pattern and security features.

All other Series of Banknotes from “A” to “C” have been withdrawn, with the introduction of “D” Series.

Some common features of these Banknotes:

The size of each Banknote is 156 mm x 66mm.

All the Banknotes have a security thread, watermark and Serial numbers.

The International copyright symbol appears on the Front and back of every banknote.

All Cayman Islands Banknotes have been printed by Security paper and currency printing major – De La Rue of England.
 On the Front of the $1 Banknote is depicted Angel fish, a map of Cayman Islands, Coat of Arms of the Cayman Islands and a portrait of Queen Elizabeth II.
 On the Back of the $1 Banknote is depicted a Nautilus shell and the Bluff on Cayman Brac.

The watermark is a turtle, CIMA electrotype, Cornerstones.

The Size of this Banknote is 156 mm x 66 mm and it is multi-coloured, the predominant colours being – Violet, Sea Blue and Orange.

The date of issue of this denomination of Banknotes is 2010 and it was first issued on 04.04.2011.

On the Front of the $5 Banknote is depicted Hawksbill turtles  a map of Cayman Islands, Coat of Arms of the Cayman Islands and a portrait of Queen Elizabeth II.

On the Back of the $5 Banknote is depicted  Conch shell and Cayman parrots.

Cayman Parrots:

Around 2000 to 4000 parrots inhabit the Grand Cayman, while the smaller Cayman Brac Parrots are around 500-1000.

These parrots nest in tree holes in old-growth forests and are dependent on undisturbed woodlands and black mangrove forests for survival.

The Cayman parrots are two sub-species of the Cuban Parrot (Amazona Leucocephala). Cayman parrots have iridescent green feathers with darker edges over the body, a white eye ring, red cheeks, black ear patches and brilliant blue wing feathers. The tail has blue outer edges, with some red and yellowish-green underneath.

The Grand Cayman Parrot (Amazona leucocephala caymanensis) also has a pink flush to its whitish forehead.

The Cayman Brac Parrot (Amazona leucocephala hesterna) is slightly smaller with more black trim on its green feathers. Its colour is pure white and there is a large maroon area on the abdomen.

The watermark is a turtle, CIMA electrotype, Cornerstones.

The Size of this Banknote is 156 mm x 66 mm and ithe predominant colour is green.

The date of issue of this denomination of Banknotes is 2010 and it was first issued on 04.04.2011.

On the Front of the $10 Banknote is depicted Land Crabs, a map of Cayman Islands, Coat of Arms of the Cayman Islands and a portrait of Queen Elizabeth II.

On the Back of the $10 Banknote is depicted a shell, and wild banana orchid.
 Wild Banana Orchid:

The best known of Cayman Islands’ around 26 varieties of orchids is the Wild Banana Orchid of which there are two varieties – “Schomburgkia thomsoniana var. thomsoniana” which originated on the Grand Cayman and “Schomburgkia thomsoniana var. minor” which is predominantly seen on the Cayman Brac and Little Cayman.

Both varieties have scented flowers with purple lips, although the petals are predominantly white on the Grand Cayman variety and the other variety has slightly smaller flowers with yellow petals. The flowers appear at the top of a long curved spike at the bottom of which cluster banana-like pseudo bulbs that give this orchid its name.

The watermark is a turtle, CIMA electrotype, Cornerstones.

The Size of this Banknote is 156 mm x 66 mm and it is multi-coloured, the predominant colours being – dark brown, light brown and orange.

The date of issue of this denomination of Banknotes is 2010 and it was first issued on 04.04.2011.

On the Front of the $25 Banknote is depicted Scallop shell,  a map of Cayman Islands, Coat of Arms of the Cayman Islands and a portrait of Queen Elizabeth II.

On the Back of the $25 Banknote is depicted a Scallop Shell, Hawkesbill turtles, fish and coral.

 The watermark is a turtle, CIMA electrotype, Cornerstones.

The Size of this Banknote is 156 mm x 66 mm and it is multi-coloured, the predominant colours being – dark brown, light brown and orange.

The date of issue of this denomination of Banknotes is 2010 and it was first issued on 04.04.2011.

On the Front of the $50 Banknote is depicted Stingrays,  a map of Cayman Islands, Coat of Arms of the Cayman Islands and a portrait of Queen Elizabeth II.

On the Back of the $50 Banknote is depicted a Shell, stingray.

 The watermark is a turtle, CIMA electrotype, Cornerstones.

The Size of this Banknote is 156 mm x 66 mm and it’s colour is purple.

The date of issue of this denomination of Banknotes is 2010 and it was first issued on 04.04.2011.

On the Front of the $100 Banknote is depicted Cayman schooner boats,  a map of Cayman Islands, Coat of Arms of the Cayman Islands and a portrait of Queen Elizabeth II.

On the Back of the $100 Banknote is depicted a Conch Shell and an Aerial view of the Financial Centre in George Town.

 The watermark is a turtle, CIMA electrotype, Cornerstones.

The Size of this Banknote is 156 mm x 66 mm and it is multi-coloured, the predominant colours being – Orange, brown and red.

The date of issue of this denomination of Banknotes is 2010 and it was first issued on 04.04.2011.

Commemorative Banknote:

In 2003, Cayman Islands issued a Commemorative Quincentennial One Dollar Banknote to celebrate 500 years of Cayman Islands history, beauty and culture. It was 500 years ago that Christopher Columbus landed on two small uninhabited island comprising the Cayman Islands archipelago.

On the Front of the Commemorative $1 (One Dollar) Banknote are depicted sea-shells and stylised fishes, with Queen Elizabeth II’s portrait to the right of the Banknote. In the centre is mentioned Cayman Islands placed below the logo of the Cayman Islands, with a stylised numeral “500” below it. Further below are the Commemorative years "1503'2003". This Banknote has been issued under the authority of the Cayman Islands Monetary Authority through the Monetary Law (2002 Revision) under the 2003 Series.

On the Back of the Commemorative $1 (One Dollar) Banknote is depicted sea-life with fishes, coral, sea plants and sea-shells. The name of the issuer "Cayman Islands Monetary Authority" is on the upper periphery and lower left periphery, while the name of the “DE LA RUE”, the Banknote printing major who has printed this Banknote is again at the bottom periphery, below the denomination of the Banknote “ONE DOLLAR”.

National Symbols of the Cayman Islands:
 Grand Cayman Parrot:

The Grand Cayman Parrot is iridescent green with a white eye ring, red cheeks, black ear patches and brilliant blue wing feathers.

Silver Thatch Palm:

The tall, slender silver thatch palm was an important natural resource for early settlers who used to make rope, brooms and roofs with it.

Silver thatch Palms are particularly conspicuous at the Eastern end of all three of the Cayman Islands The Palms get their name from their leaves which are green on top and silver on the bottom.

Until the early 1960s, the silver Thatch Palm played an important role in the lives of Caymanians. Unusually tough, the leaves have a variety of uses, from roofing for houses to the weaving of hats, baskets and fans. In the earlier years, straw rope made from the thatch Palm was highly prized in cuba and Jamaica for use in shipping, fishing and sugar industry. Exporting rope was Caman Islands largest revenue grosser.
 Wild Banana Orchid:

The wild Banana Orchid is the best known of the 26 species of Cayman Islands’ orchids.
 Coat of Arms or Emblem of the Cayman Islands:

The Cayman Islands Coat of Arms consists of a shield, a crested helm and the motto.

Three green stars representing the Islands are set in the lower two-thirds of the shield. The stars rest on blue and white wavy bands representing the sea. In the top third of the shield, against a red background, is a gold lion “passant guardant” ("walking with the further forepaw raised" and the body seen from the side), representing Great Britain.

Above the shield is a green turtle on a coil of rope. Behind the turtle is a gold pineapple. The turtle represents Cayman’s sea-faring history; the rope, its traditional thatch-rope industry; the pineapple, its ties with Jamaica.

The Islands’ motto “He hath founded it upon the seas” is printed at the bottom of the shield.

In 1957, the proposal for a Coat of Arms was approved by the Legislative Assembly and the Royal Warrant assigning “Armorial Ensigns for the Cayman Islands” was approved on 14.05.1958.

Some Commemorative coin sets issued by Cayman Islands Monetary Authorities:

Queen Elizabeth II 1952 (1977), Queen Victoria (1977), Queen Mary II (1977), Queen Elizabeth I (1977), Queen Mary I (1977), Queen Elizabeth II’s silver jubilee (1977), Commonwealth Games (1986), Turtle- silver (1990), 20th Anniversary of the Cayman Islands Currency Board (1991), Discoveries of the World by Francis Drake – silver (1992), XXV Olympic Games – silver (1992), Flora & Fauna series – Iguana – silver (1994), 200th Anniversary of the “Wreck of Ten Sails” – gold & silver (1994), Flora & Fauna – Ironwood Tree – silver (1994), Endangered Wildlife – Iguana – silver (1995), Olympic Games (1996), 25th Anniversary of the Cayman Islands Monetary Authority – silver (1996), Flora & Fauna – Parrot (- silver (1996), Establishment of the Cayman Islands Currency Board – silver (1997), The Cayman Islands Monetary Authority commemorates the “Millenium” - silver (2000), Golden Jubilee – silver (2002), Quincentennial $2 Commemorative coin (2003), The Cayman Islands Monetary authority 10th Anniversary coin – gold (2007), Constitution – gold & silver (2009), 2012 Queen Elizabeth II’s Diamond Jubilee – Launch of Ship – silver (2012), Princess to Monarch coins 1 & 2 (2014) among others.


(The above coins have been procured for my collection by Jayant Biswas. Coins scanned and yploaded and Post researched & written by Rajeev Prasad)




Links:

British Crown Dependencies:

1) Specimen Banknotes from the States of Jersey

2) Coinage and Currency from the States of Jersey

3) Currency & Coinage of the Bailiwick of Guernsey

4) Currency & Coinage of Gibraltar : An Overseas Territory of Great Britain

5) Coinage of Gibraltar: (A British Overseas Territory): An Uncirculated Decimal Coin Collection Set minted by the Tower Mint, UK in 2010
  
6) The Isle of Man: An Uncirculated Decimal Coin Collection Set minted by Pobjoy Mint, UK in 2015

7) The Centenary of the ill-fated Titanic (15.04.1912 - 15.04.2012): An Alderney Five Pound Coin Commemorating the Maritime Legend

8) "Man of Steel": A Superman Movie: A set of stamps brought out in 2013 by Jersey post, the States of Jersey, commemorating Henry William Dalgliesh Cavill who played Superman in the Movie

9) Coins & Currency of Bermuda

10) The Bailiwick of Jersey - Presently circulating coinage - Pounds and Pence 

11) St. Helena & Ascension Islands: An Uncirculated Coin Set from 2003 

12) The Legend of the "HMAV Bounty" is interwoven with the heritage of the Pitcairn Islands: An uncirculated coin set from Pitcairn Islands in 2009 depicting the icons/relics of the Bounty minted by the New Zealand Mint 

Famous Battles

1) Bicentenary of the Battle of Waterloo and Napoleon's Exile to St. Helena: (Part I): A One Crown Commemorative coin issued by the Ascension Island (minted by Pobjoy Mint UK) 

2) Bicentenary of the Battle of Waterloo and Napoleon's Exile to st. Helena: (Part II) 1) A 5 GBP Coin issued by the Royal Mint UK. 2) A"Drie Landen Zilverset" ( ot the "Three Lands Silver set") containing coins issued by the Royal Dutch Mint including coins of Netherlands, Belgium and UK

3) Commemorating the 75th Anniversary of the Battle of Britain by issuing a 50 Pence coin by the Royal Mint UK

Gold Coins:
  
1) Gold Sovereigns issued in 2013 & 2014 by MMTC-PAMP in India under licence from the Royal Mint, UK, carrying the "I" Mint Mark

2) Gold Half-Sovereigns minted by MMTC-PAMP in India in 2014 under licence from the Royal Mint UK bearing the "I" Mint Mark 

Silver Coins:

1) A 20 Pound Silver coin minted for the first timr by the royal Mint UK: reverse design carries the famous St. George slaying the dragon design found on Gold Sovereigns 

British India Coinage:

 1) East India Company Quarter Anna Copper Coin which is one of the first issues under the Coinage Act 1835

2) Victoria Coinage: When she was Queen and afterwards Empress

3) Edward VII: King & Emperor  Coinage

4) George V King Emperor Coinage

5) George VI: The last of the British India Emperors Coinage 

Other British Royalty: 

1) Queen Elizabeth II's Diamond Jubilee Celebrations (1952-2012): A Five Pound Commemorative coin issued by the Royal Mint, UK

2) Commemorating Queen Elizabeth II's Coronation in 1953: A Five Pound Coin minted by the Royal Mint UK in 2013, depicting the Imperial State Crown

3) The Royal Coat of Arms of the UK: Great British 2012 Coin Set (Uncirculated) issued by the Royal Mint UK

4) Prince George's Christening Ceremony celebrated with coins issued by the Royal Mint UK in 2013

5) The British Empire:  A Case of Numismatic "segregation": (Guest Post by Rahul Kumar)

6) 1) The Portrait Collection: Various Portraits of Queen Elizabeth II on Coinage 2) The Fourth & Final Circulating coinage of the Portrait designed by Ian Rank-Broadley and the First Edition of the portrait of the Queen made by Jody Clark

 British Coinage:

1) The contribution of the Great British One-Pound coins in keeping alive the historical legends/emblems/heritage of the UK (1983 onwards)

2) Transformation of a Five shilling Coin (Crown) into the UK Twenty-five Pence & then the Five Pound Coin

3) Transformation of the Two Shilling Coin (Florin) Coin into the UK Ten Pence

4) The 350th Anniversary of the Guinea: A Two Pound Coin issued by the Royal Mint UK celebrating the milestone

 Commemorative British Coinage:

 1) Commemorating the Bicentenary of Charles Dickens: A Two pound coin celebrating his literary contributions during the Victorian Era

 2) Commemorating 50 Years of the World Wildlife Fund (WWF) - presently called the World Wide Fund for Nature by issue of a Fifty Pence coin by the Royal Mint, UK

3) Coins commemorating London Olympics & Paralympics (2012)

4) Commemorating 150 Years of the London Underground : Two pound Coins minted by the Royal Mint UK, showing the "Roundel" logo and a train emerging from a tunnel 

5) Commemorating the 100th Birth anniversary of Christopher Ironside with his" Royal Arms" design on a 50 Pence coin issued by the Royal Mint, UK 

6) 800th Anniversary of the Magna Carta - the Universal Guidepost to Liberty and Freedom

Inspirations from Scottish History: 

1) The Legend of King Bruce & the Spider on Banknotes

Banknotes from Scotland:
  
1) Commemorating Sir William Arrol and his creation the Forth Rail Bridge by issues of Britain's first ever 5 Pound Polymer Banknote