The coast of Guyana was sighted by Chritsopher Columbus in 1498. The Dutch established three separate settlements in Guyana around 1600. Berbice, Demarara and Essequibo fell under British rule three times between 1781 and 1803, and in 1814 the settlements were ceded to Britain. Berbice was united with Demerara-Essequibo on July 21, 1831 to form British Guyana. Guyana gained internal self government in 1952, became an independent constitutional monarchy on May 26, 1966 and became a republic on February 23, 1970.
Guyana had originally been settled by the Dutch West India Company, so accounts were kept in Guilders until the British monetary system became predominant in the 19th Century. Although Dutch currency was standard, Spanish silver and Portuguese gold also circulated. The shortage of coins led to the introduction of paper money as well. The West Indies Joe (XWIJ) was equivalent to the Dobra of 8 Escudos, and was divisible into 22 Guilders or 12,800 Reis. Between 1809 and 1836, the British issued coins denominated in stuivers and guilders.
In 1839, Dollars and cents replaced guilders and stuivers as the unit of account for British Guiana, though Spanish, Mexican and Colombian coins circulated as legal tender until 1876 when British coins became standard. The most popular coin was the silver fourpence since this was equivalent to 1 bitt or ΒΌ guilder. Coins were periodically issued for British Guiana between 1856 and 1945.
After Guyana fell under British rule, United States Dollars (USD) and British Pound Sterling (GBP) circulated in Guyana until the creation of the British West Indies Dollar (XBWD) in 1935. The Government of Guyana issued banknotes (GYD) from 1916 until 1951. On August 1, 1951, the Board of Commissioners of Currency, British Caribbean Territories (Eastern Group) became the sole note-issuing authority for the British West Indies Dollar. Guyana withdrew from the British West Indies Board in 1962, and on November 15, 1965, Guyana introduced the Guyana Dollar at par with the British West Indies Dollar. The Bank of Guyana issues the Guyana Dollar. |
