XCG – Caribbean Guilder
Inspired by the vibrant underwater world of Curaçao and Sint Maarten
On August 22nd, 2024, the Centrale Bank van Curaçao en Sint Maarten (CBCS) unveiled the new Caribbean banknotes and coins during simultaneous events in Curaçao and Sint Maarten. Inspired by the underwater world, where fish swim without borders, the designs symbolize the unity between the two countries in their monetary union. The diverse marine life represents our shared goals and collaboration, despite our distinct identities.
Banknotes
The front of the banknotes depicts the vibrant marine life native to Curaçao and Sint Maarten, while the reverse showcases significant historical and cultural landmarks of both countries. Each Caribbean guilder (Cg) banknote has a distinct color. The color of the 10 Cg banknote is predominantly yellow. The main characters on the front of the Cg 10 are the Gray Angelfish and the Queen Conch. The back of the note shows the historic Light House on Klein Curacao. The color of the Cg 20 is predominantly blue. The front shows the Spotted Eagle Ray and the Yellow Cowry, while the back gives a view of the ecologically unique Simpson Bay Lagoon. The Cg 50 is a predominantly green banknote featuring the Green Sea Turtle and the Favored Tellin shell while on the back the pristine Playa Kenepa Grandi Beach is depicted. The Spotlight Parrot Fish and the Common Music Volute appear on front of the red Cg 100 banknote, while the back shows the remarkable Courthouse of Sint Maarten. The Cg 200 is predominantly purple with the Longsnout Seahorse and the Giant Tun Shell adorning the front and the iconic Queen Emma Bridge on the back.
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10 CgTen Caribbean GuilderThe 10 Caribbean guilder note is predominantly yellow and features the Gray Angelfish on the front and the Lighthouse on Klein Curaçao on the back. |
20 CgTwenty Caribbean GuilderThe 20 Caribbean guilder note is predominantly blue and features the Spotted Eagle Ray on the front and Simpson Bay on the back. |
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50 CgFifty Caribbean GuilderThe 50 Caribbean guilder note is predominantly green and features the Green Sea Turtle on the front and Grote Knip Beach on the back. |
100 CgHundred Caribbean GuilderThe 100 Caribbean guilder note is predominantly red and features the Stoplight Parrotfish on the front and the Courthouse on the back. |
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200 CgTwo Hundred Caribbean GuilderThe 200 Caribbean guilder note is predominantly purple and features the Longsnout Seahorse on the front and the Queen Emma Bridge on the back. |
| Coins
Caribbean guilder coins have similar but distinct designs for Curaçao and Sint Maarten. These sets will circulate interchangeably on both islands. The Cg 5 and the Cg 1-guilder coins show the effigy of the King, along with his name ‘Willem-Alexander’ and the words ‘Koning der Nederlanden’ (King of the Netherlands) on the obverse. The reverse of the Sint Maarten Cg 5 and Cg 1-guilder coins show the national coat of arms and Green Sea Turtles while the reverse of the Curacao Cg 5- guilder and the Cg 1-guilder coins show the island of Curacao surrounded by the Caribbean Sea, its waves formed by the words ‘Curacao’. Two Green Sea Turtles complement the design. The lower denominations, 1ct, 5ct, 10ct, 25ct and 50ct coins show the Orange Blossom on the obverse side. The reverse reads either “Curacao” or “Sint Maarten”. The denomination sits between the Caribbean sky and waves in the middle of a constellation of three groups of 10 pearls representing the date 10-10-10, the date on which both countries became autonomous countries within the Kingdom of the Netherlands. Two Favorite Tellin Shells complete the design and together with the waves and pearls form the link to the underwater world of the banknotes. |
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| 5 Cg | 1 Cg | ||||
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| 0.50 Cg | 0.25 Cg | ||||
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| 0.10 Cg | 0.05 Cg | ||||
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| 0.01 Cg | |||||
Caribbean Guilder (XCG): Security features of our new banknotes.
(click on image to enlarge)
History
The Caribbean Guilder (XCG) is a proposed currency intended to replace the Antillean Guilder (ANG) in the Caribbean parts of the Kingdom of the Netherlands, specifically in the islands of Curaçao and Sint Maarten. The concept for the Caribbean Guilder was developed as part of broader discussions on financial stability and economic integration in these regions.
- 1. Historical Context:
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- Antillean Guilder (ANG): Currently, Curaçao and Sint Maarten use the Antillean Guilder as their currency. This currency has been in circulation since 1940, initially serving the entire Netherlands Antilles. After the dissolution of the Netherlands Antilles in 2010, the Antillean Guilder continued to be used in Curaçao and Sint Maarten.
- Currency Stability: The ANG has historically been pegged to the US dollar, which has provided these economies with a measure of stability. However, there has been ongoing discussion about the need for a more localized currency to better represent the distinct economic conditions of Curaçao and Sint Maarten.
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- 2. Introduction of the Caribbean Guilder (XCG):
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- Proposed Timeline: The introduction of the Caribbean Guilder was originally planned for 2014, but it has faced numerous delays due to economic, political, and logistical challenges.
- Pegged Exchange Rate: The Caribbean Guilder is expected to maintain a fixed exchange rate to the US dollar, similar to the Antillean Guilder, to ensure continuity and stability. The proposed rate has been discussed at 1 XCG = 1.79 USD.
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- 3. Economic Considerations:
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- Monetary Policy: The Central Bank of Curaçao and Sint Maarten would be responsible for issuing and regulating the Caribbean Guilder. The move to a new currency is seen as a step towards greater economic sovereignty for these territories.
- Economic Integration: The XCG is also viewed as a tool to facilitate economic integration between Curaçao and Sint Maarten, as well as to strengthen their collective bargaining power in international trade and finance.
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- 4. Current Status:
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- Implementation Delays: As of the latest updates, the Caribbean Guilder has not yet been introduced, and the Antillean Guilder remains in circulation. The delays have been attributed to the need for further preparation, political will, and economic assessments.
- Future Prospects: The introduction of the Caribbean Guilder remains a subject of discussion, and it is expected that once implemented, it will serve as a modern currency tailored to the specific needs of the economies of Curaçao and Sint Maarten.
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- 5. Symbol and Code:
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- The proposed ISO 4217 code for the Caribbean Guilder is XCG, and it is expected to feature symbols and imagery reflective of the cultural heritage of Curaçao and Sint Maarten.
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In summary, the Caribbean Guilder represents a significant step towards economic autonomy and regional integration for Curaçao and Sint Maarten. The Caribbean Guilder (XCG) is now scheduled to go live on March 31st, 2025. This update is an important milestone in the transition from the Antillean Guilder to the new currency for Curaçao and Sint Maarten.
For more detailed information, you can refer to the FAQ on the Caribbean Guilder provided by the Central Bank of Curaçao and Sint Maarten below.
Frequently Asked Questions:
Introduction and General Information
Technical and Operational Details
Security and Public Confidence
What is the reason for the introduction of the Caribbean guilder?
As part of the constitutional reform of the former Netherlands Antilles, a monetary union has been established between Curaçao and Sint Maarten. In the “Regeling Gemeenschappelijk Geldstelsel Curaçao en Sint Maarten” that regulates the currency of the monetary union of these two countries, it is stipulated that the Caribbean guilder will replace the current Netherlands Antillean guilder (NAf.).
Is it the appropriate time to introduce a new currency?
Introducing a new currency has become necessary in view of the expected shortages in the stock of the different denominations of banknotes and coins of the Netherlands Antilles guilder. The banknote printing company that produces the Netherlands Antilles guilder banknotes has also discontinued the production of banknotes and other banknote printing companies have indicated that they – considering among others the outdated security features of the Netherlands Antilles guilder banknotes – are not able to produce these banknotes based on the same specifications. Changing the specifications of the Netherlands Antilles guilder banknotes, resulting in upgrading these banknotes, is therefore necessary to be able to produce new banknotes to comply with the demand. Since the costs of upgrading the Netherlands Antilles guilder banknotes and the effect hereof on the payments systems are comparable with introducing a new currency, it was considered the logical time to introduce the new currency.
Furthermore, the outdated specifications of the current banknotes and coins, combined with modern technological developments, allow for the production of quality counterfeits.
Finally, the risk of stock shortages and the inadequate security features represent a real threat to the public’s confidence in the existing legal tender and thus in the security and efficiency of the payment system as a whole.
What will the introduction of the Caribbean guilder mean for the general public?
For the public, it means that they will have to exchange their NAf cash for Caribbean guilders at their commercial bank or have the amount of their cash deposited into their bank account.
From the day of introduction, the public will only receive Caribbean guilder notes when withdrawing cash from ATMs.
What will be the currency symbol of the Caribbean guilder?
The abbreviation for the Caribbean guilder will be Cg.
However, the official currency code in the payment system will be XCG. Reason for this is that the official currency-code of more than one country (which is the case of the Countries of Curacao and Sint Maarten) always starts with a ‘X’.
With the Netherlands-Antillean guilder we use NAf. as the currency-symbol, while the official currency-code is ANG.
How long will the NAf and the XCG be in circulation at the same time?
For three months as of the introduction date of the Caribbean guilder.
Where can I exchange my NAf for XCG and for how long?
Exchanges can be made at the commercial banks where you hold an account, for up to 12 months after the introduction of the Caribbean guilder.
After these 12 months, NAfs can still be exchanged at the CBCS for up to 29 years.
When making these exchanges, both the commercial banks and the CBCS will apply the relevant Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT) regulations.
What happens to the NAf banknotes and coins turned in?
In the normal course of money circulation, banknotes and coins that have been withdrawn from circulation and are no longer considered fit for use as means of payment are destroyed. Therefore, the destruction of these banknotes and coins does not amount to the destruction of capital but is part of the normal process of ensuring the quality of the banknotes and coins in circulation, among other things in order to combat counterfeiting.
How long after the introduction of the XCG can NAf still be used for payments?
NAf payments will be accepted for up to 3 months after the introduction of the XCG. Change will (mainly) be in XCG.
Why the name "Caribbean" guilder?
One of the principle agreements that were reached by Curaçao and Sint Maarten in connection with the new constitutional status of October 10, 2010, with regard to a common central bank and the relevant legislation, was that there should be a single currency area with a common currency, with a fixed exchange rate to the US dollar. In accordance with the principle agreements, that common currency would be the “Dutch-Caribbean guilder.” However, because the Dutch Caribbean geographically includes the BES islands and Aruba, the name “Caribbean guilder” was chosen in these regulations.
What will be the denominations of the Caribbean Guilder?
The Caribbean-guilder coins will be issued in the following denominations: 5 guilders, 1 guilder, 50 cents, 25 cents, 10 cents, 5 cents and 1 cent.
For banknotes, the denominations will be 200 guilders, 100 guilders, 50 guilders, 20 guilders and 10 guilders.
The NAf 250-guilder banknote will be replaced by the 200 Caribbean-guilder note and the NAf 25-guilder banknote by the 20 Caribbean-guilder note.
The new banknote denominations are more in line with the general international payment-system practices, such as in the case of the euro and the dollar.
What will be the exchange rate to the US$?
Like the NAf, the Caribbean guilder will be legally pegged to the U.S. dollar at an exchange rate of US$1 = 1.79.
Who is responsible for creating the new currency?
The CBCS is responsible for the design and for commissioning the printing of the banknotes. The responsibility for designing and minting coins in various denominations also vests with the CBCS.
The design and specifications for the coins are described in article 9 and 10 of the “Regeling Gemeenschappelijk Geldstelsel Curaçao en Sint Maarten.” The materials from which the coins are made as well as the weights, dimensions and quantity of these coins shall be determined by the CBCS.
When will the Caribbean guilder be introduced?
The Caribbean guilder will enter into circulation on March 31, 2025.
Who holds the copyright to the designs of the coins and banknotes?
The Centrale Bank van Curaçao en Sint Maarten is the copyright holder.
What is the exchange rate between the Netherlands Antillean guilder and the Caribbean guilder?
The exchange rate between the Netherlands Antillean guilder and the Caribbean guilder is 1:1. The Netherlands Antillean guilder and the Caribbean guilder are of equal value.
Why produce more coins and banknotes, if digital payments is being promoted?
Producing banknotes and coins is necessary because—as studies have shown—many people in Curaçao and Sint Maarten still only use cash for making payments. The economies of these countries are mainly “cash based.” Financial inclusion also plays a role, since still not everyone has a bank account.
Cash also remains important since, as legal tender, it can always be used as a means of payment and serves as an ideal alternative to digital payments in the event of power and/or internet outages and natural disasters when digital banking/payments become unavailable.
Another advantage of cash payments is their anonymity, which ensures the payer’s privacy, as cash payments are completely separate from any digital systems.
Who will be supplying the XCG?
The coins will be minted and delivered by the Royal Canadian Mint while the banknotes will be printed and delivered by Crane Currency.
Will vending and payment machines also be able to accept XCG coins and notes as of the introduction date?
Vending and payment machines mainly use coins. These machines will be gradually adjusted during the 3-month concurrent circulation period.
What will the new Caribbean guilder banknotes be made of?
The banknotes, like the Netherlands Antilles banknotes, will be made of cotton. However, this will be of better and more durable quality. As a result, the XCG banknotes will last longer and fewer banknotes will need to be produced. With less production and fewer banknotes destroyed, the sustainable banknotes will contribute to a cleaner environment.
Why was a new supplier chosen instead of the NAf supplier?
Several mints and banknote suppliers were approached to bid on the XCG project. From the bids received, the choice finally fell on Royal Canadian Mint and Crane Currency.
Incidentally, the supplier of NAf bills Joh. Enschedé stopped producing banknotes a few years ago. That company was therefore not able to bid on the XCG project.
How can I know XCG that banknotes and coins are authentic?
The CBCS will launch an information campaign to provide information on the various XCG banknotes and coins, their specifications and features, so that everyone knows how to recognize whether the XCG banknotes and coins they receive are authentic. The CBCS will also launch a mobile application and a dedicated website with extensive information on the Caribbean guilder coins and notes.
How will the visually impaired be able to recognize the different denominations of XCG banknotes and coins and know if they are authentic?
The XCG banknotes and coins will be designed according to specifications (including security features) that will enable the visually impaired to distinguish the different denominations of the XCG banknotes and coins and to identify them as authentic. The CBCS will also organize special information sessions for the visually impaired.
What are the benefits of the Caribbean guilder?
One of the benefits is that the Caribbean guilder banknotes and coins will have a sophisticated design and modern, high-quality security features that will make both the notes and coins secure against counterfeiting, thereby limiting the likelihood of experiencing fraud or loss when using cash.
Will the introduction of the XCG affect confidence in the currency and its stability?
Like the NAf, the XCG will be pegged to the US dollar at a fixed exchange rate of 1.79, as stipulated in the Caribbean Guilder Exchange Rate Regulation. The CBCS’s monetary policy aims to ensure the stability of the currency (i.e., of the peg) and, therefore, in terms of monetary stability, nothing will change with the introduction of the XCG.
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