1 Cent – Guyana

In 1967, Guyana's currency situation was defined by its recent independence and its continued membership in the British Caribbean Currency Board (BCCB). The nation, having gained independence in May 1966, still used the British Guiana dollar, which was pegged at par to the West Indian dollar issued by the BCCB. This arrangement meant Guyana did not have an independent monetary policy; its currency was fully backed by sterling reserves held in London, ensuring stability but ceding control over money supply and exchange rates to an external authority.

This system was increasingly seen as incompatible with the ambitions of a newly sovereign nation. The government, led by Prime Minister Forbes Burnham, viewed the BCCB as a colonial relic that constrained economic development and the ability to finance national projects. There was a strong political drive to establish a national central bank and introduce a distinct Guyanese currency, which was seen as a critical symbol of economic sovereignty and a tool for directing credit towards local industrialization and agriculture.

Consequently, 1967 was a year of active preparation for a significant monetary transition. The government was laying the legislative and institutional groundwork to replace the BCCB. This culminated in the establishment of the Bank of Guyana in late 1967, which began operations in 1968, paving the way for the introduction of the Guyanese dollar in 1969. Therefore, the currency situation in 1967 was one of a stable but externally managed system in its final phase, poised for a definitive shift toward a centrally managed national currency.