Sole right to issue notes and coins

(1) The Bank shall have the sole right to issue notes and coins in Belize and, subject as aforesaid, only such notes and coins issued by the Bank shall be legal tender in Belize. (2) The Bank may determine that any issue or denomination of notes or coins issued by the Bank shall cease to be legal tender with effect from any date. The Bank shall cause notice of such determination to be published in the Gazette and any such notice shall give holders of the notes and coins to be withdrawn a reasonable time within which such notes or coins shall be exchanged by the Bank at their face value for other currency which is legal tender. (3) Legal tender notes shall be accepted throughout Belize without limitation as to amount in settlement of any public or private debt or monetary obligation. (4) Legal tender coins shall be accepted throughout Belize in settlement of any public or private debt or monetary obligation– (a) up to any amount of twenty-five dollars in the case of coins of a denomination not exceeding fifty cents; (b) up to an amount of one hundred dollars in the case of coins of a denomination exceeding fifty cents but not exceeding one hundred dollars; and (c) for the amount of such face value in the case of coins of a denomination exceeding one hundred dollars. (5) All notes and coins which were legal tender immediately before the establishment of the Bank shall be deemed to have been issued by the Bank. 21 (6) A note or coin which has been impaired, damaged, diminished in size (otherwise than by fair wear and tear), mutilated, lightened, defaced by stamping, engraving, piercing, cutting or otherwise, shall not be a legal tender.