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) is a new money planned for Curaçao and Sint Maarten. These are two countries that are part of the Kingdom of the Netherlands. The Caribbean guilder is set to start being used in 2025. It will replace the old money, called the Netherlands Antillean guilder (ANG). One Caribbean guilder will be worth the same as one Netherlands Antillean guilder. This new money will also be linked to the U.S. dollar. This means its value will stay steady compared to the U.S. dollar. The official launch date for the Caribbean guilder is March 31, 2025. Each guilder is split into 100 smaller parts called cents.

In November 2020, it was announced that the Caribbean guilder would start circulating soon. However, its introduction was delayed several times. Designing and making the new Caribbean guilder will cost about 15 million ANG. After the new money is introduced, people can still use ANG cash for three months. You can exchange ANG for the new currency at banks for one year. After that, you can exchange it at the Central Bank of Curaçao and Sint Maarten for 29 more years.

What is the Caribbean Guilder?

The Caribbean guilder has a special code: XCG. This code is used worldwide to identify currencies. The "X" at the beginning means it's a currency used by more than one country or region. The Central Bank of Curaçao and Sint Maarten has chosen Cg as its official short form.

Why a New Currency?

After the dissolution of the Netherlands Antilles (when the group of islands split up), the old money (Netherlands Antillean guilder) was still used. Plans for the Caribbean guilder were not finished until both Curaçao and Sint Maarten agreed to share a currency.

At one point, the new money was going to be called CMg (for Curaçao, Sint Maarten guilder). It would be linked to the U.S. dollar at the same rate as the old money: 1 U.S. dollar for 1.79 guilders. The islands of Bonaire, Sint Eustatius, and Saba (called the BES islands) started using the U.S. dollar directly in 2011. So, introducing the CMg would mean the end of the old Netherlands Antillean guilder.

In 2014, Curaçao and Sint Maarten talked about Curaçao having its own central bank. As long as these talks continued, the Caribbean guilder would not be introduced. In 2015, Curaçao's Minister of Finance said that studying a shared money system between the two islands was not a top priority. Some people thought a big problem was that there was no clear way for the islands to discuss their money plans together.

By 2018, Sint Maarten's finance minister said that there were only two years of old banknotes left. The islands needed to decide quickly. They also thought about using the U.S. dollar or the euro instead.

In November 2019, Curaçao's Minister of Finance confirmed the Caribbean guilder would be introduced in 2021. The Central Bank officially announced it a year later. By August 2021, the launch was expected in 2023 or 2024. In September 2022, the Central Bank wanted it by 2024. Then, in July 2023, it was pushed back to 2025 at the latest.

Who Manages the Money?

The Central Bank of Curaçao and Sint Maarten (CBCS) will be in charge of the new currency. This bank used to be called the Bank of the Netherlands Antilles. The person who leads the CBCS is chosen by the prime ministers of both islands. The two islands will also choose six other people to be on the bank's main board. The new money will be slowly introduced over three months.

Coins and Banknotes

The Royal Canadian Mint will make the coins for the Caribbean guilder. These coins will come in values of 5 guilders, 1 guilder, 50 cents, 25 cents, 10 cents, 5 cents, and 1 cent.

Crane Currency will print the banknotes. They will be made of cotton, like the old Antillean guilder notes, but they will be stronger. The banknotes will come in values of 200 guilders, 100 guilders, 50 guilders, 20 guilders, and 10 guilders. Unlike the old money, there will be no 2.5-guilder coin or 25-guilder notes. Instead, new 20 and 200 guilder banknotes will be added. To stop people from making fake money, the designs were kept secret. The designs for all coins and banknotes were shown on August 22, 2024. They feature pictures of marine life.

Coins

In February 2024, the designs for the one-guilder and five-guilder coins were approved. There are small differences in the designs for Curaçao and Sint Maarten. However, all coins can be used on both islands.

Banknotes

In June 2024, all banknote designs were approved. The first banknotes were also printed. The front of the banknotes shows marine life. The back of the notes features famous places from Curaçao and Sint Maarten.