Circulation of a new commemorative $1 note is set to begin this week.
The new note was announced by Premier Alden McLaughlin at Monday’s National Heroes’ Day celebrations in George Town, which honoured those who worked on Cayman’s first written Constitution, along with the continuing contributions of women to local politics.
In 2018, Cayman commenced its Celebrate Cayman initiative to mark the 60th anniversaries of the Coat of Arms and the Constitution.
The new note follows on those commemorations.
“On Monday, we honoured our heroes and the men who saw the need for Cayman’s own written Constitution and took the necessary steps to get that document approved by the Queen,” McLaughlin said. “I think it is fitting that we have a banknote that commemorates their work and the Constitution, which is the foundation upon which our democracy is built and the ultimate embodiment of the rule of law in the Cayman Islands”.
The note, which will be issued by the Cayman Islands Monetary Authority, is a modified version of the current ‘D’ series $1 banknote.
It is the same colour and design as its existing counterpart, but has four differences, according to a statement from the Premier’s Office.
The first difference is that the new note bears the ‘Celebrate Cayman, 60 Years, Our First Constitution’ logo, located to the left of the Coat of Arms.
The signatures of Minister of Finance Roy McTaggart and CIMA Managing Director Cindy Scotland have been relocated to the right of the Queen’s image.
The note also has a new security feature – a 4mm-wide RAPID micro-optic purple security thread which demonstrates a dynamic wave effect when the note is tilted. It replaces the magnetic thread running from the top to the bottom of each note.
The fourth change, according to the statement, is a distinctive serial number that incorporates the ‘Q/2’ series banknotes and is only used for special occasions.
All other security features on the existing ‘D’ series banknotes will remain on the new note. Those include the turtle watermark, a unique serial number on each note, and florescent images.
The commemorative banknote can be acquired from CIMA’s Currency Division on the ground floor of the Government Administration Building. The note will be sold at face value ($1) and goes into circulation via retail banks this week.
Under CIMA regulations, it is illegal to print or publish anything in the likeness or appearance of all or part of a banknote.
It is also illegal to mutilate, deface or perforate any currency note or coin that is legal tender in the Cayman Islands, the statement added.
New $1 note features
– ‘New Celebrate Cayman, 60 Years, Our First Constitution’ logo.
– Minister of Finance Roy McTaggart and CIMA Managing Director Cindy Scotland signatures moved.
– A 4 mm wide RAPID micro-optic purple security thread.
– Distinctive serial number incorporating the ‘Q/2’ series banknotes.