Banknotes of Demerara 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]
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) [4] 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]
The new paper issue of 1809 introduced 50,000 Joes equivalent to 1,100,000 guilders. [8] This was followed by an additional 25,807 Joes in 1815–16, [8] and 24,193 more in 1824 for a total circulation of just under 100,000 Joes. [8] Deemed to be a legal tender, [8] [2] the notes were partially backed by securities in London, [2] though their ability to be redeemed for gold was questionable. [6]
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). [9] By 1839, there had been reference to a half-Joe. [10]
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.
Banknotes of Demerara 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]
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) [4] 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]
The new paper issue of 1809 introduced 50,000 Joes equivalent to 1,100,000 guilders. [8] This was followed by an additional 25,807 Joes in 1815–16, [8] and 24,193 more in 1824 for a total circulation of just under 100,000 Joes. [8] Deemed to be a legal tender, [8] [2] the notes were partially backed by securities in London, [2] though their ability to be redeemed for gold was questionable. [6]
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). [9] By 1839, there had been reference to a half-Joe. [10]
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.