Establishment of Cayman Islands Monetary Authority (Silver)

To mark its establishment, the Cayman Islands Monetary Authority commissioned the Royal Mint to strike a limited number of silver Proof $2 coins.

The Cayman Islands Monetary Authority ("the Authority") was established as a body corporate under The Monetary Authority Law, 1996 ("the Law"), which was brought into force on 1st January, 1997. The former responsibilities, duties and activities of the Financial Services Supervision Department and the Cayman Islands Currency Board now fall to the Authority which was created from the merger of these two bodies.

Reflecting a seafaring history, the special commemorative $2 Proof coin bears a beautiful illustration of two Caymanian built schooners, the Arbutus I and the Goldfield, modeled by Royal Mint engraver Robert Elderton. The Schooner, a very important part of Caymanian heritage, is a sailing vessel constructed mainly from Cayman mahogany and other local woods, renowned for its speed and efficiency when sailing off the wind. Widely used before the advent of steam and motor vessels for turtling, fishing and transportation to the United States, it contributed greatly to the economic development of the Islands, as one of their principal sources of revenue.

The obverse features the elegant portrait of Her Majesty the Queen by Raphael Maklouf.

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