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Caribbean guilder

From Wikipedia, the free encyclopedia
(Redirected from XCG)

Caribbean guilder
ISO 4217
CodeXCG
Unit
Pluralguilders
SymbolCg, Cƒ, ƒ‎
Denominations
Subunit
 1⁄100cent
Plural
 centcents
Symbol
 centc
Banknotes10Cg, 20Cg, 50Cg, 100Cg, 200Cg
Coins1c, 5c, 10c, 25c, 50c, 1Cg, 5Cg
Demographics
Date of introduction31 March 2025 (2025-03-31)[1]
ReplacedNetherlands Antillean guilder
User(s) Curaçao
 Sint Maarten
Issuance
Central bankCentral Bank of Curaçao and Sint Maarten (CBCS)
 Websitewww.centralbank.cw
PrinterCrane Currency
 Websitewww.cranecurrency.com
MintRoyal Canadian Mint
 Websitewww.mint.ca
Valuation
Pegged withU.S. dollar = 1.79 XCG

The Caribbean guilder or Caribbean florin (code: XCG;[1] abbreviation: Cg or Cƒ; Dutch: Caribische gulden; Papiamento: florin karibense) is a planned currency of Curaçao and Sint Maarten, two constituent countries of the Netherlands, officially slated for introduction in 2025. It is divided into 100 cents (Papiamento: sèn). The Caribbean guilder is set to replace the Netherlands Antillean guilder (ANG) at par and be pegged to the U.S. dollar. The currency has an official launch scheduled for 31 March 2025 and will become the sole legal tender in the countries after 30 June 2025.[1]

In November 2020, it was announced that the Caribbean guilder would come into circulation the following year,[2] but it was delayed several times. The cost of the design and production of the Caribbean guilder will be approximately 15 million ANG and cash payments in ANG will be accepted for three months following the introduction of the new currency.[1] ANG will be exchangeable at par at commercial banks for the new currency for one year following introduction, and thereafter for 29 years at the Central Bank of Curaçao and Sint Maarten.

Naming

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The Caribbean guilder will use the ISO 4217 code of XCG, with the initial X used for supranational currencies.[1] The Central Bank of Curaçao and Sint Maarten has announced its official abbreviation as Cg.[1][3]

Negotiations

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The Netherlands Antillean guilder continued to circulate after the dissolution of the Netherlands Antilles and plans to implement the Caribbean guilder were not finalized until both countries would agree to have a common currency[4] At the time, it was reported that the new currency would be abbreviated CMg (for Curaçao, Sint Maarten guilder) and would be pegged to the United States dollar at the same exchange rate as the Netherlands Antillean guilder (US$1 = 1.79 NAg = 1.79 CMg).[5] As the BES islands (Bonaire, Sint Eustatius and Saba) adopted the U.S. dollar directly on 1 January 2011, the introduction of the CMg would have meant the end of the circulation of the Netherlands Antillean guilder.

In April 2014, Curaçao and Sint Maarten agreed to look into the possibility of Curaçao having its own central bank. As long as further negotiations continued, the Caribbean guilder would not be introduced.[6] In July 2015, the Minister of Finance of Curaçao, José Jardim, stated that research on a monetary union between Curaçao and Sint Maarten was not a priority.[7] Former Curaçao MP Alex David Rosaria said that a major problem with the proposed union was the lack of a forum to discuss macroeconomic coordination (as there is for the Eastern Caribbean dollar).[8]

In 2018 the finance minister of Sint Maarten stated that there were only two years of reserve Antillean guilder banknotes remaining and that the islands would need to make a decision soon.[9] The islands also considered adopting the U.S. dollar or euro.[10]

In November 2019, Curaçao Minister of Finance Kenneth Gijsbertha confirmed the introduction of the Caribbean guilder in 2021,[11] and the Central Bank officially announced it a year later.[2] By August 2021, it was reported that the new guilder would have expected a launch in either 2023 or 2024.[12] In September 2022, CBCS wanted the guilder introduced in 2024.[13] Then by July 2023, that was postponed to 2025 at the latest.[14]

Organisation

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The currency is to be issued by the Central Bank of Curaçao and Sint Maarten (the successor of the Bank of the Netherlands Antilles) which is chaired by a chairperson chosen by both islands' prime ministers. The two islands would also appoint six further members of the supervisory board of directors. The currency would be phased in over three months.[15]

Coins and banknotes

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The Caribbean guilder will have coins minted by the Royal Canadian Mint in the following denominations: 5 guilders, 1 guilder, 50 cents, 25 cents, 10 cents, 5 cents, and 1 cent.[1][16] Banknotes will be printed by Crane Currency and made of cotton like the Antillean guilder but more durable, with denominations of 200 guilders, 100 guilders, 50 guilders, 20 guilders, and 10 guilders.[1] The 2+1⁄2-guilder coin and the 25-guilder notes present in the Netherlands Antillean guilder series would not be issued and 20 and 200 guilder banknotes will be added.[15] To deter counterfeiting, there was no public design competition for the currency.[17] The designs for all coins and banknotes were unveiled on 22 August 2024 and depict marine life.[18][19]

Coins

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In February 2024, it was reported that the designs for the one-guilder and five-guilder coins had been approved.[20] There are slight variations in the designs for Curaçao and Sint Maarten, with coins circulating interchangeably.[19]

Coins of the Caribbean guilder[21][22]
Image Value Technical parameters Description Date of
Obverse Reverse Diameter Thickness Mass Composition Edge Obverse Reverse first minting issue
1c TBA TBA TBA TBA Milled Orange blossom, name of country Value, favored tellin [nl] shells, pearls, year of issuance 2025 31 March 2025
5c TBA TBA TBA TBA Smooth with scallops
10c TBA TBA TBA TBA Intermittent smooth and milled
25c TBA TBA TBA TBA Smooth with seven indents
50c TBA TBA TBA TBA Smooth, 11-sided
1Cg TBA TBA TBA TBA Smooth, God zij met ons King Willem-Alexander Outline of Curaçao or coat of arms of Sint Maarten, name of country, value, year, green sea turtles
5Cg TBA TBA TBA TBA
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Banknotes

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In June 2024, it was reported that all banknote designs had been approved and the first banknotes had been printed.[23] The obverse of the banknotes feature marine life while the reverse features landmarks from the two island countries.[19]

Banknotes of the Caribbean guilder (2025 issue)
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse printing issue
10Cg 114 × 58 mm Yellow[24] Gray angelfish, queen conch Lighthouse on Klein Curaçao 31 March 2025 31 March 2025
20Cg Blue[25] Spotted eagle ray, yellow cowry Simpson Bay Lagoon
50Cg Green[26] Green sea turtle, favoured tellin [nl] Grote Knip beach
100Cg Red[27] Stoplight parrotfish, music volute Courthouse of Sint Maarten
200Cg Purple[28] Longsnout seahorse, giant tun shell Queen Emma Bridge
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

References

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  1. ^ a b c d e f g h "Frequently Asked Questions". Willemstad: Central Bank of Curaçao and Sint Maarten. 6 June 2024. Retrieved 11 June 2024.
  2. ^ a b "Central Bank announces introduction of Caribbean Guilder in 2021". StMaartenNews.com. 15 November 2020. Retrieved 8 December 2020.
  3. ^ "Official abbreviation for Caribbean Guilder announced". Curaçao Chronicle. Willemstad. 30 May 2023. Retrieved 28 November 2023.
  4. ^ "Curacao wants its own Central Bank". Curacao Chronicle. Retrieved 2 April 2014.
  5. ^ "Nieuwe Caribische gulden wordt CMg" (in Dutch). persbureaucuracao.com. 21 October 2010. Archived from the original on 22 January 2018. Retrieved 22 October 2010.
  6. ^ "Onderzoek naar eigen Centrale Bank voor Curacao" (in Dutch). BearingPoint Caribbean. 1 April 2014. Archived from the original on 22 January 2018. Retrieved 31 December 2015.
  7. ^ "Jardim: Research Monetary Union Is Not A Priority". Curaçao Chronicle. 15 July 2015. Retrieved 31 December 2015.
  8. ^ "Dysfunctional Union Curaçao & St. Maarten". Curaçao Chronicle. 2 March 2018.
  9. ^ "Banknotes and coins should soon be replaced". Curaçao Chronicle. 15 February 2016.
  10. ^ "Only two years worth of Antillean guilders left". The Daily Herald. 13 June 2018. Archived from the original on 19 October 2019. Retrieved 13 July 2018.
  11. ^ "Caribbean guilder becomes reality". Curaçao Chronicle. 14 November 2019. Retrieved 8 December 2020.
  12. ^ "Doornbosch: 'Curaçao economy for 80 percent of foreign exchange reserves and Sint Maarten 20 percent'". Curaçao Chronicle. 17 August 2021. Retrieved 10 October 2021.
  13. ^ "CBCS moves ahead with the Introduction of the Caribbean Guilder" (PDF). Centrale Bank van Curaçao en Sint Maarten. 5 September 2022. Retrieved 1 November 2022.
  14. ^ "Introduction of Caribbean Guilder delayed again, possibly pushed to 2025". Curaçao Chronicle. 13 July 2023. Retrieved 20 September 2023.
  15. ^ a b "FAQ - Central Bank". Central Bank of Curaçao and Sint Maarten. Archived from the original on 26 July 2014. Retrieved 24 February 2014.
  16. ^ "Crane Currency and the Royal Canadian Mint to Supply Caribbean Guilder Currency" (PDF) (Press release). Willemstad: Central Bank of Curaçao and Sint Maarten. 26 April 2023. Retrieved 28 November 2023.
  17. ^ "No public participation in Caribbean Guilder design". Curaçao Chronicle. Willemstad. 21 August 2023. Retrieved 28 November 2023.
  18. ^ "Caribbean Guilder Awareness Campaign to Start July 1" (PDF) (Press release). Willemstad: Central Bank of Curaçao and Sint Maarten. 28 June 2024. Retrieved 6 August 2024.
  19. ^ a b c "Design of Caribbean Guilder Revealed" (PDF) (Press release). Willemstad: Central Bank of Curaçao and Sint Maarten. 22 August 2024. Retrieved 23 August 2024.
  20. ^ "Approval of one and five guilder coins marks progress in Caribbean Guilder design phase". Curaçao Chronicle. Willemstad. 23 February 2024. Retrieved 11 June 2024.
  21. ^ "Monetary System" (PDF). Central Bank of Curaçao and Sint Maarten. 10 March 2023. Retrieved 11 June 2024.
  22. ^ "Coins Curaçao". Centrale Bank van Curaçao en Sint Maarten. 2024. Retrieved 23 August 2024.
  23. ^ "New Milestone Caribbean guilder Cg10 and Cg20 Fresh off the Press" (PDF) (Press release). Willemstad: Central Bank of Curaçao and Sint Maarten. 7 June 2024. Retrieved 6 August 2024.
  24. ^ "Ten Caribbean Guilder". Centrale Bank van Curaçao en Sint Maarten. 2024. Retrieved 23 August 2024.
  25. ^ "Twenty Caribbean Guilder". Centrale Bank van Curaçao en Sint Maarten. 2024. Retrieved 23 August 2024.
  26. ^ "Fifty Caribbean Guilder". Centrale Bank van Curaçao en Sint Maarten. 2024. Retrieved 23 August 2024.
  27. ^ "Hundred Caribbean Guilder". Centrale Bank van Curaçao en Sint Maarten. 2024. Retrieved 23 August 2024.
  28. ^ "Two Hundred Caribbean Guilder". Centrale Bank van Curaçao en Sint Maarten. 2024. Retrieved 23 August 2024.
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