Banknotes of Demerary and Essequibo
Banknotes of Demerary and Essequibo, issued from 1809[1] through 1839[2] were dual-denominated in Guilders and Joes, a term used by the British colonists to refer to the Portuguese gold Johannes coin[3] and the notes that eventually replaced them.[4] Despite roughly 30 years of use, the only Joes known to exist are unissued remainders from the 1830s.[5]
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History
Dating back to at least 1798, the main unit of monetary exchange in the colonies of Demerara and Essequibo was the Portuguese gold Johannes coin[6] which were valued at 22 Dutch guilders.[2] Exchange rates in the United States in 1797 valued the Portuguese Johannes at $16 (the Spanish doubloon at $14.93, and the English silver shilling at $0.22).[7] Due to clipping and boring (replaced with brass or copper)[4] these coins (colloquially referred to as a Joe)[8] began to lose their intrinsic value. An initial attempt was made to counterstamp or chop mark valid coins.[6] Eventually (1809) the coins were recalled by the authorities and paper currency, denominated in both Guilders and Joes were issued.[2]
Issuance
The new paper issue of 1809 introduced 50,000 Joes equivalent to 1,100,000 guilders.[4] This was followed by an additional 25,807 Joes in 1815–16,[9] and 24,193 more in 1824 for a total circulation of just under 100,000 Joes.[10] Deemed to be a legal tender,[4][2] the notes were partially backed by securities in London,[2] though their ability to be redeemed for gold was questionable.[11]
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).[12] By 1839, there had been reference to a half-Joe.[13]
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).[5] 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.[5] The illustrated 20 Joe note is a recent discovery (for the 1830s issue) in the National Numismatic Collection.
References
Notes
- Hazlitt 1896, p. 241.
- Royal Gazette Office 1863, p. 9.
- Halliday 1837, p. 192.
- Dalton 1855, p. 291.
- Cuhaj 2010, p. 153.
- Chalmers 1893, p. 94.
- Bates 2015, p. 674.
- Dalton 1855, p. 290.
- Dalton 1855, p. 292.
- Dalton 1855, p. 360.
- Chalmers 1893, p. 135.
- Martin 1839, p. 134.
- M’Dermott 1870, p. 242.
Sources
- Bates, Christopher G., ed. (2015). The Early Republic and Antebellum America: An Encyclopedia of Social, Political, Cultural, and Economic History (2 ed.). Routledge. ISBN 978-0-7656-8126-3.
- Chalmers, Robert (1893). A History of Currency in the British Colonies. Eyre and Spottiswoodie.
- Cuhaj, George S., ed. (2010). Standard Catalog of World Paper Money General Issues (1368-1960) (13 ed.). Krause. ISBN 978-1-4402-1293-2.
- Dalton, Henry G. (1855). The History of British Guiana…. Longman, Brown, Green, and Longmans.
- Halliday, Andrew (1837). The West Indies: The Natural and Physical History of the Windward and Leeward Colonies…. John William Parker.
- Hazlitt, William Carew (1896). The Coin Collector. Longmans, Green and Company.
- M’Dermott, L., ed. (1870). The Laws of British Guiana: Chronologically Arranged from the Year 1580 to 1873. The Colonist Office (Georgetown).
- Martin, Robert Montgomery, ed. (1839). Statistics of the Colonies of the British Empire in the West Indies, South America, North America, Asia, Austral-Asia, Africa and Europe. Wm. H. Allen and Co.
- The New Local Guide of British Guiana. Royal Gazette Office. 1863.
- Schomburgk, Robert H. (1840). A Description of British Guiana, Geographical and Statistical…. Simpkin, Marshall, and Co.