Belize Currency: Queen Elizabeth's Legacy

Belize was a colony of Great Britain until it gained independence in 1981. As a result, the British monarchy was Belize's monarchy, and Queen Elizabeth II remained on all Belizean money even after independence. Belize is now an independent constitutional monarchy with a separate and distinct sovereign, King Charles III, who is also the monarch of the UK and 14 other Commonwealth nations.

Belize was a British colony until 1981

The history of Belize is a long and complex one, with the Maya civilization flourishing in the region from around 1500 BC to 1200 AD. European contact began in the early 16th century, with Spanish conquistadors and missionaries, followed by British settlers, arriving in the region. The Spanish and British both laid claim to the land, but the British ultimately defeated the Spanish in the Battle of St. George's Caye in 1798.

In the early 19th century, the British began to exert more control over the settlers, threatening to suspend the Public Meeting—the local legislature—unless it eliminated slavery. After much resistance, slavery was abolished in the British Empire in 1833. The British also claimed the right to administer the region after the emancipation of Central America from Spanish rule in 1836.

In 1840, Belize officially became a British colony, and in 1862, it became a Crown colony, known as British Honduras. As a colony, Belize began to attract British investors, and the economy became heavily reliant on the mahogany trade.

In the 20th century, Belize's path towards independence was complicated by a Guatemalan claim to sovereignty over Belizean territory. Despite these challenges, Belize continued to push for self-governance, and in 1964, Britain granted British Honduras self-government under a new constitution. On June 1, 1973, British Honduras was officially renamed Belize.

Finally, on September 21, 1981, Belize achieved full independence from the United Kingdom, becoming a member of the Commonwealth with Queen Elizabeth II as its monarch and head of state.

The Belizean currency was established on a gold basis in 1894

Belize's currency has a long and complex history. Before the arrival of European settlers, the Maya—Belize's first inhabitants—bartered for goods using cacao beans, bones, jades, and small figurines as money. With colonisation, British currency was used for transactions. Over the years, various currencies were used in Belize, including the British sterling, the Spanish dollar, the British Honduras dollar, the British pound, and the US dollar.

In 1894, the Belizean currency was established on a gold basis. This was a significant development in the country's monetary history. Ordinance No. 31 of 1894 set the legal tender as local subsidiary currency of 50 cent, 25 cent, 10 cent, and 5 cent silver pieces, along with a nickel bronze 5 cent piece and a bronze cent piece. The American Dollar, the British sovereign, and half-sovereign were also in circulation. This change standardised the currency and marked the introduction of paper currency, which featured the British Monarchy.

The design of the currency evolved over time, and in 1976, the Monetary Authority Ordinance was passed, establishing the Belize Monetary Authority. This transition paved the way for the development of a domestic money market. The family of notes issued under the Monetary Authority featured a young Queen Elizabeth II, and the Central Bank of Belize, established in 1982, continued to use her image on the banknotes.

Belize gained independence in 1981, and the currency continued to evolve. The Central Bank of Belize issued its first set of banknotes in 1983, maintaining the design theme of the previous notes, including Belize's birds, animals, marine life, and buildings. The design was updated to feature an older image of Queen Elizabeth II, reflecting her status as the reigning monarch of the United Kingdom and the Commonwealth, which Belize is a part of.

Queen Elizabeth II played a role in Belize's independence

Queen Elizabeth II played a crucial role in Belize's independence. Belize was a British colony known as British Honduras until it became a self-governing territory in 1964 and changed its name to Belize in 1973. On September 21, 1981, Queen Elizabeth II signed the Belize Independence Order, granting the country independence from the United Kingdom and establishing it as a sovereign state and an independent constitutional monarchy. This act made Belize a Commonwealth realm, with Queen Elizabeth II as its monarch and head of state.

As the sovereign, Queen Elizabeth II held significant constitutional powers in Belize, including the authority to appoint the governor-general, who acts as her representative in the country. The governor-general of Belize is responsible for appointing key government officials, such as the prime minister, and plays a crucial role in the legislative process. The Royal Assent, granted by the monarch or the governor-general, is required for laws to be enacted by the National Assembly.

Queen Elizabeth II's role as the monarch of Belize was distinct from her position as the Queen of the United Kingdom or any other Commonwealth realm. In her official duties relating to Belize, she acted and spoke specifically as the Queen of Belize. This distinction underscores the unique relationship between the country and the monarch.

The Queen's visits to Belize, including in 1985 and 1994, further strengthened the bond between the country and the Crown. During these visits, she celebrated Belize's vibrant democracy and the warmth of its people. The Queen's presence in Belize reaffirmed the country's independence and its special connection to the Crown.

Belize's independence under Queen Elizabeth II's reign marked a significant shift in its history, establishing it as a sovereign nation with its own unique identity within the Commonwealth.

The Belize dollar is the official currency of Belize

The Belize dollar (BZD) is the official currency of Belize. It is often abbreviated with the dollar sign $, or BZ$ to distinguish it from other dollar-denominated currencies. The BZD is pegged to the US dollar at a rate of 1:2. This means that one Belize dollar is worth 50 US cents.

The Belize dollar was first issued in 1974, replacing the British Honduras dollar. Belize, formerly a British colony and part of British Honduras, was renamed six months prior to the currency's introduction. The country officially became a British colony in 1862 and gained independence in 1981.

Before the introduction of the Belize dollar, the Spanish dollar was the currency in circulation in Belize between 1765 and 1825. After this, the British sterling monetary system was used in Belize, as was the case in some other countries in the region, including Jamaica and Bermuda. Belize's currency was initially pegged to the British pound, but when Britain abandoned the gold standard in 1931, it became pegged to the US dollar.

The Central Bank of Belize, established in 1982, manages the nation's foreign reserves and issues its currency. Belize's inflation rate is about 0.6%, as of 2019 estimates, and its GDP grew at a rate of 2.5%. The economy of Belize is highly reliant on tourism and agriculture, with exports including sugar, bananas, citrus, and crude oil.

Belize is now an independent constitutional monarchy

Belize is an independent constitutional monarchy with its own monarch, currently King Charles III. The country's history as a British colony has left a visible mark on its currency.

Before its independence in 1981, Belize was colonized by Great Britain, and as such, their monarchy was ours as well. After we changed from British Honduras to Belize, Queen Elizabeth II remained on all Belizean money, and she continues to feature on the currency to this day.

The earliest law regarding Belizean currency was passed on 19 June 1784, when Jamaican currency was established as legal tender for 60 years. In the late 1800s to early 1900s, the coins in circulation were mainly South and Central American, American silver dollars, and various denominations of English currency. In 1894, the currency was established on a gold basis, with legal tender including local subsidiary currency and the American dollar alongside the British sovereign and half-sovereign.

With the establishment of the Currency Board in 1894, there was an issuance and standardization of paper currency, and the design evolved to include the British Monarchy. The Monetary Authority Ordinance was passed in 1976, establishing the Belize Monetary Authority and paving the way for a domestic money market. The family of notes featured a young Queen Elizabeth II, and this design was maintained when the Central Bank of Belize issued its first banknotes in 1983.

The Belize dollar is the official currency in Belize, usually abbreviated as BZ or BZD, and it is pegged to the US dollar at a fixed exchange rate of 2:1. All local banknotes and coins feature a prominent image of Queen Elizabeth II, with the largest bill colloquially known as a blue buay (blue boy). The current monarch, King Charles III, is expected to feature on the currency going forward, as is customary in Belize.

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