Frequently Asked Questions - New Currency

Q: Why were the banknotes changed?

A: The old banknote series was updated due to two primary factors: (1) the current banknotes were introduced in 1990 and exceeded the international best practice circulation period of seven to ten years; and (2) the passing of Her Majesty Queen Elizabeth II in 2022, the former head of the British Monarchy, necessitated the replacement of her image on the banknotes. The new banknotes incorporate enhanced security measures to combat counterfeiting and celebrate Belize’s cultural heritage by honouring the two recipients of Belize’s “Order of the National Hero.”

 

Q: What will happen to my old banknotes?

A: The current banknotes will remain valid and circulate alongside the new ones. When old banknotes are deposited at financial institutions, they will be sent to the Central Bank and replaced with the new series. This transition is expected to take several years, with both sets of banknotes remaining valid, legal tender during the process.

Q: When will I be able to use the new banknotes?

A: The Central Bank plans to announce the official circulation date at a later time. Tentatively, the new banknotes are scheduled to enter circulation around mid-year 2025 and will be available for use by the general public in their cash transactions.

Q: Will the redesign affect the value of the Belize dollar?

A: No, the design of the currency does not determine its value. While the new banknotes will look different, the value of the Belize dollar remains unchanged. Section 20(1) of the Central Bank of Belize Act stipulates that “The par value of the Belize dollar shall be equivalent to fifty cents of a United States dollar,” and this will remain unchanged.

Q: Who is the Rt. Hon. George Cadle Price?
A: The Rt. Hon. George Cadle Price was Belize’s first Prime Minister and is known as the “Father of the Nation” for his key role in achieving Belize’s independence. He was the first person in Belize to receive the “Order of the National Hero.”
Q: Who is the Hon. Philip Goldson?
A: The Hon. Philip Stanley Wilberforce Goldson was one of the longest-serving members of the Belize House of Representatives, the first Leader of the Opposition, and the first Belizean statesman to address the United Nations. He was the second person in Belize to receive the “Order of the National Hero.”
Q: Why weren’t other national figures selected for the banknotes?
A: The new banknotes honour individuals who have been bestowed with Belize’s “Order of the National Hero.” As of January 2025, only two persons have received this honour: the Rt. Hon. George Cadle Price and the Hon. Philip Stanley Wilberforce Goldson.
Q: Why wasn’t the public consulted prior to the new banknote designs being approved??
A: In Belize, Section 24(1) of the Central Bank of Belize Act assigns the responsibility of currency design to the Central Bank of Belize, with approval from the Minister of Finance. Given the passing of Queen Elizabeth II in 2022 and the fact that the existing Belize currency design was over 30 years old, it was imperative for the Central Bank to expedite the currency update. Currency design is a highly specialized and sensitive process that requires expertise in security features, anti-counterfeiting measures, and monetary policy. The selection of images for the banknotes must align with the notes’ color schemes and security features, a task best entrusted to experts in currency design, which ensures the currency remains secure, standardized, and reliable for all users.
Q: What material are the new banknotes made from? Will the new notes feel like plastic?
A: The new banknotes are made from a cotton-based substrate (paper), the same material as the existing banknotes. The new notes will feel similar to the current note series in circulation.
Q: What security features do these new notes have?
A: The security features include enhanced watermarks, holographic stripes, colour-shifting security threads, and blind recognition marks. See individual banknote pages to learn more about these key features.
Q: Will the Central Bank also redesign the coins?
A: The Central Bank is exploring options to update and enhance the appearance of our coins in line with global standards and practices. The public will be informed accordingly.
Q: Are the new banknotes the same size as the old banknotes?
A: The new banknotes are the same size as the old banknotes: 150mm x 75mm for the $100 and $50, and 140mm x 70mm for the $20, $10, $5, and $2 notes.
Q: How is Belize's cultural heritage portrayed on the notes?
A: Each banknote features a theme that reflects Belize's national identity and highlights major landmarks and attractions. Learn more about the themes and figures depicted by visiting the individual banknote pages.
Q: Are the new banknotes similar to other regional currencies?
A: Belize's new banknotes reflect a modern, refreshed look, in line with current global currency design standards. As such, there may be certain colour similarities with other currencies. In contrast with the Mexican pesos, the Belize dollar differs in material (cotton vs. polymer), security features, themes, and sizes. 
Q: Why is there a blank space on right side of the note?

A: Each denomination features a unique watermark that may not be easily visible on digital images. Visit the individual banknote pages to learn more about the watermarks and other key features.

    

Q: How were the colours of the new notes determined?

A: The colours of the new notes are updated shades of the current series in circulation. They reflect a modern, refreshed look that is in line with current currency design standards.

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