In light of the passing of Her Majesty Queen Elizabeth II, the Cayman Islands currency, currently in circulation, will be phased out and replaced with a new design featuring an effigy of His Majesty King Charles III.
As the primary financial services regulator responsible for the issue and redemption of the local currency, the Cayman Islands Monetary Authority (“CIMA”), together with the Cayman Islands Government, is working on a complete redesign of the current banknotes. This process is expected to be completed in 2024. The current design of our banknotes features local marine life, flora and fauna as well as references to our seafaring history and scenic locations.
CIMA is seeking the public’s input via an online survey to determine which theme is most preferred for the new banknote designs. Participants will have the option to select from specific themes and will also have an opportunity to submit additional ideas of their own. With the exception of Her Majesty Queen Elizabeth II’s image being replaced by His Majesty King Charles III, the coin designs will remain the same.
Deputy Premier and Minister for Finance & Economic Development Honourable Chris Saunders said, “While we phase in the use of His Majesty the King’s image on our bank notes and coins, it presents an opportunity to involve Caymanians of all ages and walks of life in the redesign process. The end result will be a currency design that is truly of the people and for the people of these Islands.”
“We look forward to developing banknotes that Caymanian citizens can identify with and be proud to use as their money,” said CIMA Managing Director, Mrs. Cindy Scotland, OBE.
She added, “The process to redesign our local banknotes will also include an educational campaign that will seek to raise awareness about the history and unique features of our local currency.”
As steps to guarantee that physical cash continues to be available and accepted as a means of payment for many years to come, CIMA is also taking this opportunity to upgrade the paper used in the banknotes to polymer, which is more durable and cost effective.
Following the design process, CIMA will authorise the production of the new banknotes in consultation with the Cayman Islands banknotes printer and decide on potential issue dates.
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