Crane Currency and the Royal Canadian Mint to Supply Caribbean Guilder Currency
WILLEMSTAD/PHILIPSBURG – The Centrale Bank van Curaçao en Sint Maarten (CBCS) is excited to announce that it has entered into a partnership with Crane Currency and the Royal Canadian Mint, for (respectively) the production and supply of the Caribbean guilder banknotes and coins. This is another major step towards the realization of our own currency for the countries of Curaçao and Sint Maarten, as agreed upon at the time of the constitutional reform of October 10, 2010. By collaborating with these two highly reputable companies, the CBCS is confident it will achieve a most modern series of banknotes and coins of which the people of Curaçao and Sint Maarten will be proud.
In early 2022, the two countries ratified the decision to move forward with a currency for the new monetary union. A project approximating NAf.15 million. In September 2022, the CBCS began negotiations with suppliers for the new banknotes and coins. In all, seven suppliers expressed interest in working the CBCS on the design and production of the new banknotes and coins. Using predetermined standards, the CBCS carefully evaluated the bids of the participating companies screening all involved, and ultimately awarding Crane Currency and Royal Canadian Mint contracts for the new Caribbean guilder banknotes and coins, respectively.
Crane Currency (Crane), established in 1801, produces banknote paper and security features, and supplies to more than 50 central banks around the world. It is headquartered in Massachusetts (US) with manufacturing facilities in Malta and Sweden. Crane has supplied banknote paper and security features to the US Treasury Department since 1879, and is no stranger to our region, having provided banknotes, banknote paper and anti-counterfeiting features for the central banks of Mexico, Guyana, and Chile among others. Crane also produced the new banknotes of our sister island of Aruba in 2019.
The Royal Canadian Mint (RCM), established in 1908, is a Crown corporation responsible for minting and distributing Canada's circulation coins. RCM is one of the largest mints in the world and strikes coins for 80 other countries in addition to Canada. In the region, RCM is a supplier to the Central Bank of the Bahamas, Barbados, the Eastern Caribbean Central Bank, Trinidad & Tobago and Guyana.
With contracts now signed with both companies, our focus turns to the detailed design of the new currency. In the meantime, draft amendments to the legislation are being prepared, to be presented to the countries in good time.
Essential to this project are the logistics and communications—the latter to keep the communities of Curaçao and Sint Maarten informed of key moments and progress of new currency’s introduction. In this context, consultations with commercial banks and other stakeholders have resumed, and the CBCS has held discussions with the commercial banks in Curaçao and Sint Maarten on the adjustments needed to their cash processing and electronic payment systems for the introduction of the Caribbean guilder. These consultations and public information on the new banknotes and coins will intensify ahead of the Caribbean guilder’s issuance.
As announced previously, a 1-to-1 conversion rate will apply, with customers receiving 1 Caribbean guilder for every 1 Netherlands Antillean guilder. The exchange rate against the US dollar will remain unchanged.
The CBCS expects to introduce the Caribbean guilder in the second half of 2024. The exact date will be agreed to by the two countries and advertised in due course.