On Thursday, February 23, 2023, the Cayman Islands Monetary Authority (CIMA) announced that its new series of banknotes featuring King Charles III will be printed on a polymer substrate.

As reported in the "CIMA Seeks Public Input for CI Banknote Redesign" press release, the Cayman Islands currency featuring Queen Elizabeth II, currently in circulation, will be phased out and replaced with a new design featuring an effigy of His Majesty King Charles III.

As the primary financial services regulator responsible for the issue and redemption of the local currency, the CIMA, together with the Cayman Islands Government, is working on a complete redesign of the current banknotes. This process is expected to be completed in 2024. The current design of the Cayman Islands banknotes features local marine life, flora and fauna as well as references to our seafaring history and scenic locations.
The CIMA is seeking the public's input via an online survey to determine which theme is most preferred for the new banknote designs. Participants can select from specific themes and also have an opportunity to submit additional ideas of their own.

 

As steps to guarantee that physical cash continues to be available and accepted as a means of payment for many years to come, CIMA is also taking this opportunity to upgrade the paper used for their banknotes to polymer, which is more durable and cost effective.