Banknotes of Demerara and Essequibo, issued from 1809 through 1839 were dual-denominated in

Guilder Guilder is the English translation of the Dutch and German ''gulden'', originally shortened from Middle High German ''guldin pfenninc'' "gold penny". This was the term that became current in the southern and western parts of the Holy Roman Empir ...

s and ''Joes'', a term used by the British colonists to refer to the Portuguese gold Johannes coin and the notes that eventually replaced them. Despite roughly 30 years of use, the only ''Joes'' known to exist are unissued remainders from the 1830s.

History

Dating back to at least 1798, the main unit of monetary exchange in the colonies of

Demerara Demerara ( nl, Demerary, ) is a historical region in the Guianas, on the north coast of South America, now part of the country of Guyana. It was a colony of the Dutch West India Company between 1745 and 1792 and a colony of the Dutch state fro ...

and Essequibo was the Portuguese gold Johannes coin which were valued at 22 Dutch guilders. Exchange rates in the United States in 1797 valued the Portuguese Johannes at $16 (the Spanish

doubloon The doubloon (from Spanish ''doblón'', or "double", i.e. ''double escudo'') was a two-''escudo'' gold coin worth approximately $4 (four Spanish dollars) or 32 '' reales'', and weighing 6.766 grams (0.218 troy ounce) of 22-karat gold (or 0.917 fi ...

at $14.93, and the English silver

shilling The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence o ...

at $0.22). Due to clipping and boring (replaced with brass or copper) these coins (colloquially referred to as a ''Joe'') began to lose their intrinsic value. An initial attempt was made to counterstamp or

chop mark A seal, in an East and Southeast Asian context, is a general name for printing stamps and impressions thereof which are used in lieu of signatures in personal documents, office paperwork, contracts, art, or any item requiring acknowledgement ...

valid coins. Eventually (1809) the coins were recalled by the authorities and paper currency, denominated in both Guilders and ''Joes'' were issued.

Issuance

The new paper issue of 1809 introduced 50,000 ''Joes'' equivalent to 1,100,000 guilders. This was followed by an additional 25,807 ''Joes'' in 1815–16, and 24,193 more in 1824 for a total circulation of just under 100,000 ''Joes''. Deemed to be a legal tender, the notes were partially backed by securities in London, though their ability to be redeemed for gold was questionable. By 1837, records indicate that 99,989 ''Joes'' had been issued in the following denominations: 1 ''Joe'' (13,258 notes), 2 ''Joes'' (8,189), 3 ''Joes'' (4,201), 5 ''Joes'' (3,150), 10 ''Joes'' (1,700), and 20 ''Joes'' (1,250). By 1839, there had been reference to a ''half-Joe''.

Currently known specimen

The Standard Catalog of World Paper Money lists only the unissued remainders of the 1830s. The two issues are distinguished by several design features including an ornate D-E in the upper center (first issue) or a woman with an anchor in the upper left (second issue). In addition, the wording of the denomination differs between the series. The first issue lists two denominations: 1 ''Joe'' or 22 Guilders and 10 ''Joes'' or 220 Guilders; the second issue lists four denominations: 1 ''Joe'' of 22 Guilders, 2 ''Joes'' of 22 Guilders each, 3 ''Joes'' of 22 Guilders each, and 10 ''Joes'' of 22 Guilders each. The illustrated 20 ''Joe'' note is a recent discovery (for the 1830s issue) in the

National Numismatic Collection The National Numismatic Collection is the national coin cabinet of the United States. The collection is part of the Smithsonian Institution's National Museum of American History. Overview The National Numismatic Collection comprises approxima ...

References

Source

* {{DEFAULTSORT:Demerary and Essequibo Currencies of Guyana Numismatics Banknotes of South America

Banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes w ...