Banknotes of Demerara and Essequibo, issued from 1809[1] through 1839[2] were dual-denominated in Guilders and Joes, a term used by the British colonists to refer to the Portuguese gold Johannes coin[3] and the notes that eventually replaced them.
[5] Dating back to at least 1798, the main unit of monetary exchange in the colonies of Demerara and Essequibo was the Portuguese gold Johannes coin[6] which were valued at 22 Dutch guilders.
[2] Exchange rates in the United States in 1797 valued the Portuguese Johannes at $16 (the Spanish doubloon at $14.93, and the English silver shilling at $0.22).
[7] Due to clipping and boring (replaced with brass or copper)[4] these coins (colloquially referred to as a Joe)[4] began to lose their intrinsic value.
[8] Deemed to be a legal tender,[8][2] the notes were partially backed by securities in London,[2] though their ability to be redeemed for gold was questionable.