Premier signs new cash

| 31/03/2011

(CNS): The Cayman Islands Monetary Authority (CIMA) has issued new bank notes, which will be hitting the streets next month carrying the signature of the country’s premier in his role as minister of finance. The new D series of banknotes represents the first complete redesign of Cayman Islands banknotes since local currency was introduced in 1972. Besides looking different, the new notes incorporate features to significantly increase protection against counterfeiting and to make the notes more durable. All six denominations – the $1, $5, $10, $25, $50, and $100 banknotes – have been redesigned, carrying new images, patterns and, in the case of the fifty dollar bill, a new colour – purple.

In keeping with the change brought about by the 2009 Constitution, the signature of Minister of Finance McKeeva Bush now appears on each note, rather than that of the financial secretary, as was the case with the C series of banknotes. The signature of CIMA’s managing director also appears on each note.  Bush, who welcomed the new issue, described the notes as stunning.

“I am pleased with the design of these new banknotes, which are a stunning reminder of our i,slands’ natural treasures. I am happy too that the new series is being issued under the auspices of the Ministry of Finance. This serves as a marker of our recently updated constitution while the Queen’s portrait acknowledges our continued British Overseas Territory status,” Bush added.

CIMA said many of the familiar elements of the previous notes have been kept for continuity. The D series places heavy emphasis on the Cayman Islands’ environmental heritage, with most of the notes featuring indigenous fauna and flora from the three Islands. The jurisdiction’s expansion from its sea-faring tradition into a modern financial services centre is also depicted. Each note bears an updated portrait of Queen Elizabeth II, along with the Cayman Islands crest, and all the notes now carry an outline of Grand Cayman, Cayman Brac and Little Cayman

The new family of notes has been in development since 2007. CIMA Chairman George McCarthy explained the need for the new cash.

“The board felt that it was timely to carry out a complete update of the banknotes, first, to modernise a design that had not changed substantially since the initial 1972 design, and, second, to take advantage of the latest security features available,” he said. “Both the previous and current Cabinet agreed to this initiative. The length of the process, from conception to issuing, reflects how extensive the redesign has been and the many components of sucha project.”

As with all CI currency, CIMA will issue the new D series through the local retail banks. The issuing will be done on a phased basis.

Managing Director Cindy Scotland explained that the public will see the $5 and $25 notes first. “The other denominations will follow as the notes that are now in circulation are gradually withdrawn from circulation. All previously issued banknotes continue to be legal tender,” she said. “Much thought and work went into enhancing the security elements and increasing the number of different features on each denomination. While counterfeiters will always try, the new notes will be significantly harder to forge, especially if people know what to look for and are vigilant. I urge everyone to take time to get really familiar with the notes so they can better identify attempted counterfeits.”

During this week (28 March to 1 April) CIMA is partnering with the Chamber of Commerce on Grand Cayman and District Administration on Cayman Brac to host training sessions on the new series for banks, retailers and law enforcement.

A representative of the banknote printers, De La Rue, will lead these presentations. Throughout the coming weeks, CIMA will also disseminate informational material through the news media and in public places. This includes posters showing the denominations and flyers highlighting the notes’ visible security features. The posters will be on display in post offices and other high-traffic locations and the material will be accessible on CIMA’s website.

Category: Headline News

Comments (48)

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  1. Anonymous says:

    To Thu, 03/31/2011 – 14:42 “…all i want is my money to be right!!”

    It’s the Minister *for* Finance and the Ministry *of* Finance. I demand a re-print!

  2. Anonymous says:

    Aprils fools day….

  3. Anonymous says:

    To be fair the only bills that will be signed by El Supremo are those that he claims as part of his salary, pension, and other benefits.

    • Anonymous says:

      which is a majority…..

    • anonymous says:

      Why not the governor’s signature?

      something is wrong here.  We’re not even self governed nor Independent and the Premiere’s signature will be on our bank notes? yes our currency!This is going to his head he will think he is God before the end of the day!

      Someone needs to consult the UK on this.the UK seems to be pushing us into independence with the help of the United Nations or European Union to get rid of her colonies, but they want to make sure that we as a tax haven is totally destroyed first and that we are robbed blind!

      Oh its coming!

       

       

  4. Anonymous says:

    It should have been expected, that the most learned and qualified Minister of Finance that the Cayman Islands has ever had, would have to have his [signature] on the currency. If it is as colourful as it appears here we may need shades to protect the eyes. I am sure JUJU must have got some insight into colour schemes on her Safari excursion. Everyone should understand what Gadhafi/MacCafi is all about. Being the big bus that fell of the Bridge. He is always searching for fame like Big Hearted Eddie. What a curse that’s placed on our country, without a person at the head to steer us in the right direction. A Minister of Finance that doesn’t have a clue when it comes to being prudent, responsible, accountable, frugal or XXXX. What a comparison to the person that I worked with and knew in the name of Sir Vassel Johnson. He was a no nonsense person, straight and followed the rules/laws. Governments accounts/ budget, had to be prepared and ready by a specific date, but these days, no one is accountable. The Minister does as he pleases and the country is paying a high price for the huge mistakes that were made.

  5. petermilburn says:

    I wonder how much all this cost this country once again.Not easy to just re-design new currency as a lot of things go into the new notes for security etc.At least we still have the Queens smiling face.Could have been a helluva lot worse you think?Not too sure why we are doing it at this point in time seeing how the economy is right now.I am sure the Premier knows best!!!!

  6. anonymous says:

    The Financial Secretary is suppose to sign those currencies!! Not a Political arithmetic non educated Politician. My God…What has this Country come to.

  7. anonymous says:

    Well guys he got his own money now!! What is next?!! His Statue?

  8. Anonymous says:

    why isnt the blue iguana on one?

  9. Anonymous says:

    Ps. Mark Scotland signed them, not Mac! Read the notes! Lol!

  10. Anonymous says:

    It don’t matter. They gonna have to change them all again soon anyhow. Lizzy and Mac prolly fizzle out around the same time

  11. I miss Marius says:

    I have asked many people and no one has been able to explain to me why Cayman incurs the cost of having its own currency. Please help me understand why. I really would like to know.

    • Moneybags says:

      1) We can peg it (as we have done) at a rate favourable to the US dollar, allowing Caymanians to get more for their money in Dadeland Mall.

      2) We can change where it is pegged if we must, giving us a smidgen of economic control.

      3) It is a collectible for tourists, and some locals.

      4) Asserting our nationhood.

      5) US dollars are ugly.

      6) It doesn’t cost that much, we use vending machines/cash registers/note counters etc. from the US and if you compare our notes with theirs you will see they are the same size.  We also would still have to ensure a sufficient supply of whatever currency we chose to have.

      7) Businesses which cater to tourists can exchange the US with it at a slight spread, providing more profit to local businesses.  It would be much harder to do this if we had to convince them that their own currency was magically worth less here.

      8) Only poor countries use other countries’ currencies.

      9) It’s pretty.

      • I miss Marius says:

        Thank you for your reply.  However, These are not really strong reasons.

        1. Pegging the currency kind of takes away the whole point of having a currency.  By pegging you take away any profits from arbitrage.

        2. Same answer as the 1st. 

        3.  There are many types of collectibles.  However, they are not generally a burden (expense) to government.  Black Coral and Caymanite for example,

        4.  There are many countries that can assert their nationhood without the burden of managing a currency.

        5.  I agree that U.S. Dollars are ugly.  But not as ugly as the spread that we are forced to pay when we need them to pay our overseas vendors.

        6.  Please quantify "it doesn’t cost that much".  How much does it cost?

        7.  Tourists are always shocked when you tell them that their $20.00 dollars is only CI $ 16.00 dollars.  Many tourists think this is a deceptive practice.

        8.  Are all of the EU countries poor?  I thought some of them were doing OK.

        9.  It is by far the prettiest currency I have ever seen.  My wife is also pretty, but she is not a burden to taxpayers.

        Will someone please provide better answers.

        • Lighter moneybags says:

          I never said they were good reasons.  You’ve been here how long and you still expect good reasons?

  12. Anonymous says:

    i dont care if the queen is smiling with one tooth missing,buck naked or if bozo the clown signed the note.. all i want is my money to be right!!

  13. Anonymous says:

    Mac is probably asking George why he can’t print a few "extra" notes in each printing run until the budget is balanced.

    Another four years of Mac and his cronies and our currency is likely to have an expiry date on it like Zimbabwe’s.

  14. Shock and Awe says:

    If his signature is on it you will put it in your pocket and it will fall through a hole. You won’t be able to account for it later.

  15. Anonymous says:

    The only government business that Bush cares to apply his resources to is his own self-grandisation. If there is nothing in it for him, then it doesn’t get done. As usual, all fluff, no substance.

  16. Anonymous says:

    It’s called ego…and someone kissing as* even suggesting it to him. He’d put his face on it if he could. Meanwhile…I hear they’re giving out free Money at FCNB

  17. Anonymous says:

    Mac dollars

  18. Anonymous says:

    Hey, purple isn’t a new color. It use to be on the old CI$40 bill which was pull out of circulation after a short time in the 80’s.

    Looks good and I like the fact they have included the Brac with the image of the Bluff and are showing appreciation for our natural environment. BUT I miss the Cayman House. Our islands built heritage is also an important part of our identity. They should not have taken that out!!

    Thank God at least they left the schooner to say something about our human history…

  19. Anonymous says:

    Perhaps it is fitting that Mr. Bush signed it as he seems to be playing games with the country and our people …..

    • Anonymous says:

      Right, and now he’s officially authorized to play games with our money, I think we’re getting somewhere.

  20. Anonymous says:

    Does anyone know where I should go to vote on the referendum on gambling that the Premier said he would be bringing this quarter after the November 2010 date was scrapped?

    Today is the last day of the quarter, and I would really like my vote to count.

  21. Anonymous says:

    wow! They are ugggggggggggggggly!

  22. Anonymous says:

    What country in the world other than dictatorship led regimes does the head of government sign a country’s currency. McKeeva is an elected official and could be voted out in 2 years and yet have his name enshrined on the country’s currency for eternity. Seems a massive conflict to me. Why not have the head of CIMA or the Financial Secretary sign?

    • Michel Lemay says:

      As it should and has always been in the past. Serious power trip here. oh boy! never a dull moment however a lot of it is to divert attention from answers we the people cannot get. Do not always take the bait, he likes to go fishing. Sure enjoys getting under our skin and another armed robbery in the mean time and no air support I believe. Those guys that organise these robberies are no John come lately. They had to know the best time to hit the place or as we say : case the joint.

    • trample bad mind says:

      Anonymous @ 12:19 sounds like jealousy is killing you!

    • Anonymous says:

      Don’t you get it? Mac is now officially and immortally IN CONTROL?

      Not sure what’s up with trample bad mind down below there.

  23. Anonymous says:

    What a peculiar image of the Queesn. Is she supposed to be smiling? Assuming it’s supposed to be a smile it must be the first ‘smiling’ image of a person on currency anywhere at any time.