The Cayman Islands have their own unique currency, the Cayman Islands Dollar (KYD), which includes a variety of coins.
Here’s a breakdown of Cayman Islands coins:
- The KYD includes coins in denominations of 1 cent, 5 cents, 10 cents, and 25 cents.
- The first coins were introduced in 1972, with the 1¢ struck in bronze and the other denominations in cupronickel.
- Since 1992, 1¢ coins have been made of copper-plated steel and the other denominations in nickel-plated steel.
- All coins bear a portrait of Queen Elizabeth II on the obverse (front) side.
- Each denomination features a distinct design on the reverse (back) side:
– 1¢: A Grand Cayman Thrush.
– 5¢: A Cayman Crayfish.
– 10¢: A Hawksbill Turtle.
– 25¢: A Two Masted Cayman Schooner.
- The Cayman Islands dollar, including the coins, was introduced in 1972, replacing the Jamaican dollar.
- For a short period, both currencies were accepted as legal tender.
- Since April 1, 1974, the Cayman Islands Dollar has been pegged to the United States dollar at a fixed rate of 1 KYD = 1.2 USD.
- In 2023, the Cayman Islands Monetary Authority announced plans to introduce new coin designs featuring King Charles III, which will be gradually phased into circulation after public input and authorization.
- Collectors can find both circulating and commemorative coins, some of which are made of gold and silver.
- Limited mintage coins and proof sets are particularly sought after by collectors.
- The Cayman Islands Monetary Authority (CIMA) also offers special collectible items, including circulating coin collection sets and uncirculated banknotes.
If you’re interested in collecting Cayman Islands coins, you can find them from various sources, including online retailers like eBay, Etsy, and reputable coin dealers. The Cayman Islands Monetary Authority (CIMA) also has information about their circulating coins.
Is the Cayman Islands Dollar worth more than the US dollar?
The Cayman Islands dollar has been pegged to the United States dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974, when the Currency Law of 1974 was enacted.
Do the Cayman Islands have their own currency?
From my experience, The official currency of the Cayman Islands is the Cayman Islands Dollar, abbreviated as KYD. This currency is exclusively used within the territory and holds a fixed exchange rate with the United States Dollar (USD).