Although new currency depicting King Charles’ official image have debuted in the UK, it is unlikely changes to Cayman Islands currency will happen this year.
The Cayman Islands Monetary Authority, in response to Cayman Compass queries on the redesign of local currency, said, “at present, no decisions have been finalised regarding the specific designs of the new banknotes”.
The authority said it was unable to provide any further details, except that, based on current information, “it is sufficient to state that the new banknotes will not enter circulation before mid-2025”.
In April, the BBC reported that the Bank of England had presented the King with the first of the new £5, £10, £20 and £50 banknotes that show his portrait.
Starting in June, the Bank of England will issue those banknotes with the King’s portrait, based on a picture taken in 2013, according to the BBC report.
While the UK will be introducing the new bills, CIMA said, “the Authority cannot confirm whether these will be the initial new notes for us as well at this stage”.
The initiation of the proposed redesign process for local banknotes commenced when Cabinet approved CIMA to commission a redesign of all six denominations last year, a process which is ongoing.
In the Cayman Islands, the late Queen Elizabeth II’s portrait is depicted on currency.
Cabinet had approved the authority to re-design the $100, $50, $25, $10, $5, and $1 notes to comply with Section 27(1) of the Monetary Authority Act (2020 Revision) late last year.
In February 2023, the authority initiated an online survey seeking public input on the redesign of banknotes following the passing of the Queen. The Cayman Islands currency in circulation would have to be phased out and replaced with a new design featuring the image of King Charles III.
The survey asked participants to choose whether the new banknotes should feature Cayman Islands national heroes, national symbols from flora and fauna, or local marine life, or maintain the current themes and colours, or display other themes.
It also asked if there was a need to incorporate design features for persons who are blind, visually impaired or partially sighted.
The survey findings have not been released.
In its statement to the Compass, CIMA said that improving the integrity and quality of the Cayman Islands currency is one of its objectives set out in the 2024-2026 Strategic Plan which was launched at the beginning of this year.
The late Queen Elizabeth II had been the first monarch to have her portrait on all of the Bank of England’s banknotes and this is the first time the Bank of England has had to change the monarch’s image.
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