Belize dollar Totally Explained

Everything about Belize Dollar totally explained

The dollar (currency code BZD) has been the currency of Belize since 1885. It is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. The Belize dollar is pegged to the US dollar at BZ$2 = US$1.

History

The first dollars to circulate in Belize (then called British Honduras) were Spanish dollars, some of which were counterstamped with the monogram of a crowned –G-R– (Latin: Georgius Rex, .) They circulated between 1765 and 1825 at a value of 6 shillings 8 pence. In 1825, British coins were introduced for circulation in the colony.
The Guatemalan peso circulated alongside sterling at a value of 4 shillings 2 pence. This became the basis of the dollar. In 1885, 1 cent coins were issued, followed by higher denominations in 1894. This year also saw the first issue of banknotes by the Government and a switch from the silver Guatemalan peso to the gold U.S. dollar as the base for the currency, with $4.866 = 1 pound. The initial proximity of the 25 cent denomination to the value of the shilling lead to this becoming a nickname for these coins.
In 1949, the British pound was devalued from US$4.03 to US$2.80, causing a sudden increase in the value of the British Honduran dollar relative to the pound. This caused protests which lead to a devaluation of the British Honduran dollar to a value of 70 U.S. cents (equal to 5 shillings sterling). In 1967, the British Honduran dollar devalued with the British pound to 60 US cents. In 1978, the link to the British pound of BZ$4 = £1 was replaced by a peg to the US dollar of BZ$2 = US$1.

Coins

In 1885, bronze 1 cent coins were introduced, followed by silver 5, 10, 25 and 50 cents in 1894. Cupronickel replaced silver in the 5 cents in 1907. This was itself replaced by nickel-brass in 1942. In 1952, cupro-nickel replaced silver in the 25 cents coins, with the same happening for the 50 and 10 cents in 1954 and 1956, respectively. Following a reduction in size in 1954, the 1 cent coin switched to a scalloped shape in 1956. In 1976, aluminium 1 and 5 cents were introduced. A nickel-brass, decagonal 1 dollar coin was introduced in 1990

Banknotes

In 1894, the government introduced notes in denominations of 1, 2, 5, 10, 50 and 100 dollars. Production of 50 and 100 dollars ceased after 1928. 20 dollars notes were introduced in 1952. In 1980, the Monetary Authority of Belize took over note production and reintroduced the 100 dollars note. The Central Bank of Belize assumed responsibility for paper money production in 1983. Production of 50 dollars notes recommenced in 1990, the same year that the 1 dollar note was replaced by a coin.

Further Information

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