Centrale Bank van Suriname - Numismatic Museum - History of Money in Suriname

For centuries, Suriname struggled with a shortage of a proper means of exchange. On many occasions, the supply of this medium had to be bolstered with historically remarkable but precariously makeshift money. ‘Money’ at times included plantation products: coffee and later on sugar; coins issued by independent merchants; and imported money issued by the Government.

Basic cause of this shortage was a perpetual deficit in balance of payments, since imports generally outnumbered exports. Therefore there always was a demand for good and valuable coinage. Adding to the money shortage was the practice of burying coins and jewelry in times of danger (pirates, attacks by runaway slaves), much of which was never found again. Ordinances, e.g. by Governor Heinsius in 1679, prohibiting export of coinage virtually had little effect.

Shortage of coins first brought Suriname to the use of another means of payment, raw sugar, the country’s main export product. Financial liabilities of all kinds from gratuities to marriage and burial fees were paid in varying quantities of sugar. The value of one pound of sugar was set at two pennies by the colony’s Government in 1669 and at 1 penny in 1679. By the mid 18^th Century however, use of sugar as a means of payment began to decline. From then on payment was made in guilders, sixpence and pennies instead of pounds of sugar.

But the continuing shortage of good coins put a higher value on the few coins from Holland. By certification by Governor C. van Aerssen van Sommelsdijck a 20 per cent premium was placed on exchange. That means that 24 Surinamese pennies were equal to 20 Dutch pennies. The import of larger quantities of coins by the Government in the 18^th century and prohibition of more than a 5 per cent premium did not bring a lasting decrease in the shortage of means of payment and no fall in the generally higher exchange rate.
Besides sugar, bills of exchange drawn on banks and business houses in Amsterdam were used in payment for large bills through blank endorsement. This method of payment became objectionable because the bills of exchange circulated too long in

Suriname

and were virtually unpayable upon presentation in Holland.

Governor J. Heinsius (1678 - 1680) attempted to ease the shortage by minting copper coins, probably in Suriname. They were named “Papegaaienmunten” (Parrot Coins) because a parrot on a tree branch appeared on the faces. The figure 1, 2 or 4 on the coins meant that they had the value of 1, 2 or 4 pounds of sugar. For those with no knowledge of figures, the branch on which the parrot roosted had one leaf on the one-penny, on the two penny coin two leaves and on the four penny coin four leaves. Some persons in Suriname would accept these coins as payment only with a certain deduction in value, which Governor Heinsius soon forbade by order of July 20, 1679.
Misgivings about the value of the Parrot Coins appeared to be warranted since the Staten van Zeeland which controlled Suriname at that time ordered the Governor to withdraw them. They obviously feared that the Government, in view of the continuous shortage, would mint too many coins leading to further depreciation in money value, in other words, that the coins would be accepted as payment only after a certain deduction of their value.
Governor C. van Aerssen van Sommelsdijck (1683 - 1688) was confronted with the same problem. Despite the opposition of the Staten van Zeeland, he put the Parrot Coins which he found in Government vaults back into circulation.
The shortage of good coins continued during the 18^th century. Governor Wigbold Crommelin (1756 - 1768) tried to improve the situation by having coins minted in Holland with the approval of the Staten Generaal.
These coins were apparently minted to a value of 500 guilders. They are very rare at present. Coinage of this money met with many difficulties in Holland but the principal cause of the limited coinage was probably the fact that shortly before Crommelin set up another means of payment in Suriname, cheaper to make and not subject to such high freight rates as the coins.

Following the Sugar Money Period, a new means of payment in Suriname was devised. Called Card Money, this species contained a seal, a stamp and a warrant or signature making it legal. It was issued first in denominations of f 1.-, f 2.- and f 10.- and later on of f 100.-. Card money became notorious because it was altered frequently. On the few remaining examples the value can seldom be read. The rate of exchange for this money was f 3.- Suriname currency to f 2.50 Dutch currency meaning a 20 per cent premium on exchange.

Playing cards were the most conspicuous type of Card Money. Apparently, the Government decided that the clubs, diamonds, kings and jacks made easy denominational recognition possible for the unlettered public. There is no certainty about this matter. The history of Card Money is scrappy and relevant information in Surinamese history books is often inaccurate.
The amount issued lies between five and ten million guilders.
The first issue of Card Money in denominations of f 10.- was covered by valid bills of exchange. However, the Government began issuing Card Money without coverage. The Dutch Governing Board for Suriname realized the danger of large issues of this paper money and tried to limit it. But owing to a rapidly growing need for money, first of all to equip expeditions against the Bushnegroes and further to allow the farmers credit to maintain the plantations, the Colonial Government had to give up the limit.

The shortage of means of payment soon gave way to a surplus an the value of Card Money decreased drastically. The rate of exchange became much lower than originally and fluctuated, depending on the economic situation of the colony.

During the British occupation, 1795 - 1803, the same financial problems were prevalent and the issue of new Card Money continued. British Governor Bonham was in a position to withdraw part of this money however, because remittances to Holland had been stopped. After the return of the Dutch in 1816 both prohibiting the issue of Dutch coins in Suriname and the announcement of the issue of Colonial coins in the value of f 1.- and f 3.- brought no improvement.

Changing its tack, the Government issued the Royal Decree of August 1826 which certified that Dutch coins issued according to the Coinage Act of September 28, 1816 would be current in Suriname beginning January 1, 1827 and which set the official rate of exchange of the Card Money at Sf 130.- per Hf 100.- to provide for the withdrawal of the Card Money.

By May 31, 1828 the Card Money period was at an end but the names of this Card Money lived on with the Bushnegroes up to around 1900 when the amount of f 3.20 was still being referred to as ‘wan bigi kaarta’ (one large card).

The Dutch Government provide Suriname in the years 1826 - 1828 with silver and copper coins to the value of f 400,000 and banknotes to the value of f 2,000,000 backed by the Belgian bank ‘De Algemene Mij. ter Begunstiging van de Volksvlijt’ (now known as the Société Générale de Belgique at Brussels). This institution granted the Colony a credit of f 2.4 million at an interest of 5% to cover the currency issue.
The large quantity of coins improved coin circulation and the shortage was overcome gradually.
Paper money, especially the large denominations, continued to be troublesome. The banknotes of the Algemene Maatschappij soon disappeared back to the mother country or under the mattresses.
Commissioner General J. van den Bosch, who visited the West Indian Colonies in 1827 - 1828, proposed the establishment of the ‘Particuliere West Indische Bank’, which came into being in 1829. In spite of the name, it was an institution of the Governing Board of the colony. It was authorized to issue banknotes to the value of f 3,000,000.

	Commissioner General J. van den Bosch
Weighhouse in Paramaribo Early 19th Century

The banknotes of the Algemene Mij. were then withdrawn. A red banknote of the West Indische Bank with a value of 15 cents was called ‘Wan Redi Redi’ the typical six-sided 25 cent-bill was called ‘Wan Skoinsi’ and the bill of 50 cents ‘Wan Banknotoe’.


Wan Redi Redi	Wan Skoinsi	Wan Banknotoe

The West Indische Bank, however, provided large credits to the farmers which apparently could not be collected, and also issued too many unbacked banknotes. In 1831 its banknotes became unconvertible and they decreased in value. The bank was liquidated in 1848.


Simon Abendanon originator of De Surinaamsche Bank N.V.	dr. Samuel Sarphati advocate and champion of De Surinaamsche Bank N.V.

During the years in which modern commercial banking developed in the Netherlands, a bank was also established in Suriname in 1865, named ‘De Surinaamsche Bank’ operating as a commercial bank and a bank of issue. The management judiciously avoided risky plantation credits. It finally provided Suriname with a reliable means of payment. After 1865, Suriname money was reorganized and ran parallel with the Dutch monetary system. The Dutch medium of exchange no longer fetched a premium with respect to Suriname money.

De Surinaamsche Bank, first issue 1865

The banknotes of ‘De Surinaamsche Bank’ are of historical interest, owing to the various attempts to render a national heraldic picture. In this respect it is interesting to note the image on the first issue in 1865, depicting a Negro kneeling in front of the symbolic Dutch virgin, throwing off his slave-chains (commemorative of the slave emancipation on July 1, 1863) and the combination of the Suriname coat of arms showing a sailing vessel and in the background a steamship. Another well-known example is the 1935 five guilder note showing the head of a ‘kotomisie’.

De Surinaamsche Bank, Five Guilder Note 1939

De Surinaamsche Bank, Fifty Guilder Note 1938

The history of the Surinamese and Dutch monetary systems after 1940 diverged again when the Netherlands was occupied by Germany. The Dutch guilder was devaluated three times: in 1943, 1945 and 1946 and was revaluated in 1961. The official parity of the Surinamese guilder compared to the U.S. dollar, Sf 1.90 per dollar has been remained since 1940.
On three occasions after 1940 different metals were used for the minting of coins in Holland: first zinc during the war; nickel and bronze after 1945 and later still silver. The faces of all new coins differed from those of the pre-war coins. Suriname, however, has kept the Dutch pre-war silver and bronze coins up to the present. During the war, coins with a value of 25 cents and less, intended for the liberated Netherlands and the West Indian colonies were minted in Philadelphia. The coins for the Netherlands had an acorn as mint mark and those for the West Indies a palm-tree.

Political self-government for Suriname in 1954 has also affected the monetary system of this country. Circulation banking by De Surinaamsche Bank, a private bank, was taken over by the Central Bank of Suriname, a government institution, which went into business on April 1, 1957.

Central Bank of Suriname around 1957

The banknotes of De Surinaamsche Bank have gradually been substituted by bills of the Central Bank of Suriname. In 1960 a coin regulation was announced which prescribed the substitution of Dutch pre-war coins by Suriname coins.

Central Bank of Suriname, Obverse Side of 1000 Guilder Bill 1963

The new coins are the silver guilder, the copper-nickel twenty-five cent piece, the copper-nickel dime, one millimeter larger than the present 10 cent coin, the brass 5 cent piece which kept its typical square form and the bronze one cent coin. They were minted at the Rijks Muntinrichting at Utrecht.

The bust of Queen Juliana appeard on the face of the Suriname guilder and on the reverse side was the Surinamese seal as set down in 1960 surrounded by a garland of paloeloe flowers and the indication of 1 guilder.
The border of the Surinamese guilder contained the motto in the Suriname device ‘Justitia Pietas Fides’.

The faces of the other round coins bear the Suriname seal surrounded by a paloeloe garland and on the reverse side the value indication within an ornamental border of motifs borrowed from the wood carving of the Bushnegroes. The square 5 cent piece has the

Suriname seal.

The twenty-five cent piece and the dime have a milled and a rippled border. All coins have on the face or on the reverse side the text ‘Suriname’ and the year of issue 1962, the value indication or mintmark and the coin master’s mark.

On the occasion of the celebration of the first anniversary of the Republic of Suriname, in 1976 gold and silver commemorative coins were minted at the mint of Utrecht. These coins, with a value of Sf 100.- (gold) are legal tender. In that same year the aluminum cent and penny were introduced. To commemorate 'One Year of Revolution' in 1981, a golden coin with a value of Sf 200.- and a silver coin of Sf 25.- were minted by Franklin Mint in the USA. These coins are also legal tender.