Appreciation and Concern Over Currency Notes’ New Faces

In just a few months, Belize will be rolling out new currency notes, and they’re coming with some big changes. For as long as we can remember, we’ve always seen the face of the British monarch on our money. But that’s about to change. The late Queen Elizabeth II, whose face has graced our notes since her coronation in 1952, will be replaced—not by her son, King Charles, but by notable Belizeans. Some folks think this change should have happened back when we switched from British Honduras to Belize in 1973, or when we gained independence in 1981. Others worry that moving from a royal to a patriotic theme might have some impact on our currency’s value. In this edition of our Five Point Breakdown, News Five’s Marion Ali dives into what this change means for us. Here’s the scoop.

 

Prime Minister John Briceño (File: September 17^th, 2024)

“The Central Bank, the Governor came to my office, I think about two weeks ago to show us the new dollars. We will be using the national heroes, both George Price and Phillip Goldson. They are the ones that are going to be on the face.”

 

Marion Ali, Reporting

When Prime Minister John I announced on September 17^th that our new currency notes will feature national heroes George Price and Philip Goldson instead of the late Queen Elizabeth, reactions were all over the place. Some people were thrilled about the change, while others had their reservations. The new notes will be hitting our wallets in the coming months, and it’s clear that this decision has sparked quite a bit of conversation.

 

Perceptions of Belize’s Currency Value

 

Belizean Resident #1

“I don’t think George Price or Philip Goldson business pahn for no money. By the end of the day, dehn da just some heroes weh do certain things fi Belize. But by the end of the day, the Queen da mi the person weh actually mek this money stay da top.”

 

Belizean Resident #2

“The Queen has been on this money for a long time, so people are used to seeing that. If they see Philip Goldson’s face and George Price’s face, they’re going to think it’s counterfeit money.”

 

Belizean Resident #3

“I don’t think it will make any difference with the value of the money. I don’t see any reason why it should make a difference because our money is only good in Belize anyhow. You can’t take it anywhere else, even with the queen’s face on it.”

 

Belizean Resident #4

“Someday ih have to change. All dehn next countries, after a while, dehn get dehn own Prime Minister, or whoever, put pahn the paper money. So, I nuh see it as no devaluation.”

 

Belizean Resident #5

“If you really think about it, if the money has somebody else’s face, remember we done have Guatemala, weh want to take over Belize, soh I think Guatemala wah more want step in now because dehn wa she that we nuh deh under the British colony again.”

 

Belizean Resident #6

“If we take the Queen’s or the King’s [face] off our money, I think we will suffer for some reason, I don’t know.”

 

Marion Ali

“You think the money will be worth less?”

 

Belizean Resident #6

“Less, yes, I think so.”

 

Marion Ali, Stand Up

“While there are Belizeans who have that concern that removing the late monarch’s face from the Belize dollar and replacing it with those of Belizean heroes will have a negative impact on the value of the Belize dollar, one economist we spoke with assures that is not the case. Rumile Arana says the value of the Belize currency has more to do with economics than what is printed on it.”

Rumile Arana, Economist, Arana Consultancies

“When we’re talking about our Belizean currency, having the Queen’s face on it, having the King’s face on it, having my face on it, won’t give it any value. What gives it value is the laws and the regulations of our country. It doesn’t matter whose face is on the dollar.”

 

Belize’s Currency is Legislated from the 1900s

The legislation to place the queen’s face on Belize’s currency dates back to the early 1900’s when Belize was a British Colony.

 

Rumile Arana

“When the first bank notes were provided, that was in the early 1900s, I believe. The monarchs were placed on the dollar bills. Now if you look at the Central Bank of Belize, they have a history of our currency. We’ve had bills where there’s a young Queen Elizabeth on there, and we have bills where there was an older Queen Elizabeth on there.”

 

Belize’s Current Exchange Rate

While Belize is a former British colony, our currency is pegged to the U.S dollar at a rate of two Belize dollars to one U.S dollar.

 

Rumile Arana

“The exchange rate is what you would pay for another currency like in terms of Belize dollars like we would say it costs two Belizean dollars to get one U.S dollar. That right there is our currency peg. We have been pegged to the U.S dollar since about 1976 and that has not changed throughout history, no matter what has happened in the economy.”

 

What Triggers Devaluation

What would trigger devaluation of the Belize dollar? Arana explains that devaluation is a decision that governments take, based on economic fundamentals.

 

Rumile Arana

“When a country devalues it’s currency it’s because it’s looking to boost its exports because when you devalue your currency, your currency becomes cheaper for foreigners. So, now, if Belize devalues its currency to say like three to one – I’m not saying this is going to happen – but if Belize devalues its currency from three to one, that means that the goods and services from Belize are cheaper to people in the United States. So, people do that for export purposes. If you stay at your fixed rate exchange regime, the only thing that you have to do, for Belize, the only thing that we have to do is to maintain a certain level of foreign exchange within our economy.”

 

Showing Appreciation for the Honour

Arana believes that featuring the faces of Philip Goldson and George Price on Belize’s currency would be a fantastic way to honor these two national heroes. The families of both men are thrilled at the idea of seeing their loved ones celebrated in this way. Alice Craig recently shared how much she treasured the moments spent with her uncle, George Price, especially since the family often had to share him with the entire nation.

 

Alice Craig Castillo, Niece of George Price

” I can recall seeing so many pictures of my aunts and my uncles, but minus Uncle George. You know, I would see Mom and Dad, I would see Aunt Jo and Uncle Poly, I would see Aunt Jane and Uncle Henry, I would see Aunt Betsy and Uncle Gilly, you know, in the pictures. John Price was in them sometimes. Uncle Sam left from early, so he wasn’t around much, but Uncle George was never there, because he was doing the business of the country. Those of my cousins who were born in that time were lucky enough to travel with him when he moved around the country. He would take turns calling on us to go and I went with him twice.”

Philip Goldson’s son, also named Philip, was appreciative of the decision made.

 

Philip Goldson, Son of Philip Goldson Sr.

“It’s a good thing for Belize to have its notable people represented – all aspects of life.  And the currency is a major part of that. And having or starting with our Belizean heroes is a good starting point for this. I believe my father would have been positive about it. He might not have been eager to have his face on it, but he would have been positive about doing something like this. Without that group that began this process of changing and demanding change and suffering for it, we might not be where we are today, but be much further back in  our development.”

The new red and blue currency notes are set to hit the streets in just a few weeks. While Britons sing “God Save the King,” Belizeans will soon be saving money that proudly features the faces of those who stood up against the monarchy. Marion Ali for News Five.