Guyanese dollar
| Guyanese dollar | |||||
|---|---|---|---|---|---|
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| ISO 4217 | |||||
| Code | GYD | ||||
| Denominations | |||||
| Subunit | |||||
| 1/100 | cent | ||||
| Symbol | $, G$ and GY$ | ||||
| Banknotes | $20, $50, $100, $500, $1000, $5000 | ||||
| Coins | $1, $5, $10 | ||||
| Demographics | |||||
| User(s) |
 Guyana
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| Issuance | |||||
| Central bank | Bank of Guyana | ||||
| Website | www |
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| Valuation | |||||
| Inflation | 8.3% | ||||
| Source | The World Factbook, 2008 est. | ||||
The Guyanese dollar (currency sign: $, G$ and GY$; ISO: GYD) has been the unit of account in Guyana (formerly British Guiana) since 29 January 1839. Originally it was intended as a transitional unit to facilitate the changeover from the Dutch guilder system of currency to the British pound sterling system. The Spanish dollar was already prevalent throughout the West Indies in general, and from 1839, the Spanish dollar unit operated in British Guiana in conjunction with British sterling coins at a standard conversion rate of one dollar for every four shillings and twopence. In 1951 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. When sterling began to depreciate in the early 1970s, a switch to a US dollar peg became increasingly attractive as an anti-inflationary measure and the Eastern Caribbean Currency Authority (of which Guyana was a member) made the switch in October 1975. The Guyanese dollar is normally abbreviated with the dollar sign $, or alternatively G$ to distinguish it from other dollar-denominated currencies.
The history of the Guyanese dollar should not be considered in isolation of the wider picture surrounding the history of currency in the British West Indies as a whole. ( See Currencies of the British West Indies ). The aspects of that history that are peculiar to British Guiana are the continued use of the four pence groat coin when all other territories had abandoned it, and also the use of dollar accounts in both the public and private sectors since 1839. In the other Eastern Caribbean territories, there was a mixture of dollar and sterling accounts until the year 1951.
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