THE Bank of Guyana (BoG) has announced that the one-dollar coin will no longer be minted but will still be a legal tender and accepted throughout Guyana.
According to a notice from the bank, the decision to stop minting the coin was based on the reluctance of the public to accept it, compounded by the low redemption rates and high production cost.

The denomination which has been in circulation since 1996, will still remain as a legal tender and be accepted countrywide, but once it is not available for tender, the bank advised that payments be rounded to the nearest five dollars.

“The bank will continue to issue the one dollar coin until the stock is depleted and will exchange these coins for banknote,” said the management of the bank.
In 2016, Governor Dr Gobind Ganga had said the one-dollar and five-dollar coins might soon be out of circulation.

Though he could not disclose when the coins would be out of circulation at that time, he said an assessment had to be done before a decision was made.

“We are currently looking at the feasibility of eliminating the one-dollar coin of which obviously it has lived its life already; there is no more need for that and we are looking at the five-dollar,” Ganga had said.

Guyana has one-dollar coins, five-dollar coins and 10-dollar coins in circulation, in addition to $20, $100, $500, $1000 and $5000 notes.