1 Dollar Stingray, Colourised

The Cayman Islands has no central bank in the conventional sense — the Cayman Islands Monetary Authority, established in 1997, issues currency but the territory remains a British Overseas Territory with the CI dollar pegged to the USD at a fixed rate of 1.20 since 1974. Collector issues like this one are struck under licensing arrangements rather than as functional monetary policy, with the actual minting contracted to foreign facilities.

The stingray has particular local resonance: Stingray City, a series of shallow sandbars in the North Sound of Grand Cayman, became a dive tourism fixture in the 1980s after fishermen began cleaning their catch there, inadvertently conditioning southern stingrays to associate boats with food.