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The Bank of
Guyana has the sole right to issue notes and coins. These
notes and coins are the only legal tender in Guyana.
Legal Tender
The concept of ‘legal tender’ is essentially a legal one. The
Concise Dictionary defines legal tender as “currency that cannot
be legally refused in payment of debt (usually up to limited
amount for baser coins, etc)”.
It is the Bank’s understanding that, although Bank of Guyana
currency has legal tender status, it does not necessarily have
to be used in transactions. Under the legal tender provisions of
the Bank of Guyana Act 1998, refusal to accept payment in legal
tender notes and coins is not unlawful. However, a refusal to
accept legal tender in payment of an existing debt, where no
other means of payment / settlement has been specified in
advance, conceivably could have consequences in legal
proceedings, i.e. , the creditor may be unable to enforce
payment in any other form.
It appears that the provider of goods or services is at liberty
to set the commercial terms upon which payment will take place
before the “contract” is entered into. If a provider of goods or
services specifies other means of payment prior to the contract,
then there is usually no obligation for legal tender to be
accepted as payment.
According to the Bank of Guyana Act No. 19 of 1998, legal tender
notes shall be accepted throughout Guyana without limitation as
to amount in settlement of any public or private debt or
monetary obligation. Coins, on the other hand, shall be accepted
throughout Guyana in settlement of any public or private debt or
monetary obligation up to a limit of:
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One hundred dollars for coins of denomination of one dollar.
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Two hundred and fifty dollars for coins of denomination of
five dollars.
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Five hundred dollars for coins of denomination of ten
dollars.
Coins
Notes
Souvenir Coins
Counterfeit Detection Information
Security features of the Bank
Notes
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