Caribbean guilder facts for kids

Quick facts for kids Caribbean guilder
ISO 4217 Code	XCG
User(s)	Curaçao  Sint Maarten
Pegged with	U.S. dollar = 1.79 XCG
Subunit
1⁄100	cent
Symbol	Cg
cent	c
Plural	guilders
cent	cents
Coins	1c, 5c, 10c, 25c, 50c, 1Cg, 5Cg
Banknotes	10Cg, 20Cg, 50Cg, 100Cg, 200Cg
Printer	Crane Currency

The Caribbean guilder (code: XCG; abbreviation: Cg; Dutch: Caribische gulden; Papiamento: florin karibense) is a planned currency of Curaçao and Sint Maarten, two constituent countries of the Kingdom of the Netherlands, officially slated for introduction in 2025. 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. It is divided into 100 cents (Papiamento: sèn).

In November 2020, it was announced that the Caribbean guilder would come into circulation the following year, 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. 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

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

Negotiations

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 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). 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. 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. 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).

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. The islands also considered adopting the U.S. dollar or euro.

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

Organisation

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.

Coins and banknotes

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. 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. 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. To deter counterfeiting, there was no public design competition for the currency. The designs for all coins and banknotes were unveiled on 22 August 2024 and depict marine life.

Coins

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

Banknotes

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