The legal tender in the Cayman Islands is the Cayman Islands currency, issued under Section 28 of the Monetary Authority Act. Previous laws were the 1971 Currency Law, followed by the Currency Law of 1974, which was repealed and replaced by the 1983 Currency Law Revised. (For copies of the current laws contact the Legislative Department, telephone (345) 949-4236.)
The first Cayman Islands currency was issued in 1971. There were four denominations of paper currency (the $25, $10, $5 and $1 banknotes) and four coins in 25¢, 10¢, 5¢ and 1¢ denominations. In 1981, two new denominations of banknotes, the $100 and the $40, were issued. The $50 was introduced in 1985.
The issue of currency is accomplished through dealings with the local retail banks. These banks are Butterfield, FirstCaribbean International Bank, Scotiabank (Cayman Islands) Ltd., Cayman National Bank Ltd, the Royal Bank of Canada and Fidelity Bank (Cayman) Ltd.