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Trinidad and Tobago dollar users
The Trinidad and Tobago dollar is the currency of Trinidad and Tobago (officially the Republic of Trinidad and Tobago) which is an islands country in the southern Caribbean consisting of two biggest islands of Trinidad and Tobago and twenties smaller islands. The city of Port of Spain is the country’s capital, which is also a Free Trade Area of the Americas (FATT).
Trinidad and Tobago were both British colony before they combined in 1889. Trinidad was taken as a Spanish colony in 1498, later taken by Dutch and French, and officially became British colony in 1802. Tobago had similar status during the period, since 1532, was taken and changed hands among numerous colonizers and finally was permanently ceded to British in 1814. Trinidad and Tobago was independent from the United Kingdom in 1962 and became a republic in 1976.
Trinidad and Tobago dollar history
Trinidad and Tobago dollar was introduced in 1964 and replaced the East West Indies dollar at par. The East West Indies dollar was created by East Caribbean group in 1949 and later was renamed as East Caribbean dollar in 1965.
Since 1825, the British Empire was trying to introducing the British coinage into all the British colonies. In 1839, an act was passed among British colonies declaring that only British coinage would be legal tender. Trinidad and Tobago used sterling coinage with a mixture of sterling and Spanish dollar accounts both, at a fixed exchange rate of $1= 4s 2d. Trinidad and Tobago was member of East Caribbean Group which formed a monetary union together with British Guiana in 1949 and introduced a new currency of British West Indies dollar. Trinidad and Tabogo left in 1964 and introduced its own currency, Trinidad and Tobago dollar.
Trinidad and Tobago dollar coins and banknotes
Trinidad and Tobago dollar is subdivided into 100 cents.
Currently in circulation coins are in denominations of 1, 5, 10, 25 cents and Banknotes are in denominations of 1, 5, 10, 20, 50, 100 dollars. Coins of 50 cents and 1 dollar are rarely used.
Trinidad and Tobago dollar and currencies of British West Indies
The British West Indies were part of the British Empire and were the Islands in and around the Caribbean (the region consisting of the Caribbean Sea, its islands and the surrounding coasts). After Jamaica and Trinidad and Tobago, most colonies of British Indies gained independence from the United Kingdom or became the British territories. For better economic development, good governance, and dependences in the East Caribbean, the Organisation of Eastern Caribbean States (OECS) was created on 18 June 1981 which consists of 9 members and using the common currency of East Caribbean dollar (XCD).
| British west Indies | West Indies Federation <2> | Independence from UK |
Present-day Currency | Currency status between 1839-1955 <5> and before independence |
|---|---|---|---|---|
| Antigua and Barbuda <1> | Yes | since 1981 | East Caribbean dollar (XCD) Pegged with U.S dollar at 1 USD=2.70 XCD |
Antigua and Barbuda were members of East Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. The group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). |
| Dominica <1> | Yes | since 1978 | East Caribbean dollar (XCD) Pegged with U.S dollar at 1 USD=2.70 XCD |
Dominica was a member of east Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. The group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). |
| Grenada <1> | Yes | since 1966 | East Caribbean dollar (XCD) Pegged with U.S dollar at 1 USD=2.70 XCD |
Grenada was a member of east Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. TThe group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). |
| Saint Lucia <1> | Yes | since 1979 | East Caribbean dollar (XCD) Pegged with U.S dollar at 1 USD=2.70 XCD |
Saint Lucia was a member of east Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. The group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). |
| Saint Kitts and Nevis <1> | Yes | since 1983 | East Caribbean dollar (XCD) Pegged with U.S dollar at 1 USD=2.70 XCD |
Saint kitts and Nevis were members of East Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. The group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). |
| Anguilla (UK) <1> | Yes <3> | British territory | East Caribbean dollar (XCD) Pegged with U.S dollar at 1 USD=2.70 XCD |
Anguilla was a member of East Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. The group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). |
| Saint Vincent and the Grenadines <1> | Yes | since 1979 | East Caribbean dollar (XCD) Pegged with U.S dollar at 1 USD=2.70 XCD |
Saint Vincent and the Grenadines were members of East Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. The group formed a currency existed from 1949 to 1981(was changed name to East Caribbean dollar, XCD). |
| Montserrat (UK) <1> | Yes | British territory | East Caribbean dollar (XCD) Pegged with U.S dollar at 1 USD=2.70 XCD |
Montserrat was a member of East Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. The group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). |
| Barbados | Yes | since 1966 | Barbados dollar (BBD) Pegged with U.S.dollar at 1 USD=2 BBD |
Barbados was a member of East Caribbean group and used sterling coinage with a mixture of sterling and Spanish dollar accounts both at a fixed exchange rate of $1 =4s 2d until 1949. The group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). Barbados introduced the Barbados dollar in 1973 and replaced XCD at par. |
| Trinidad and Tobago | Yes | since 1962 | Trinidad and Tobago dollar (TTD) | Trinidad and Tobago was a member of East Caribbean group, and used sterling coinage with a mixture of sterling and Spanish dollar accounts both, at a fixed exchange rate of $1= 4s 2d. The group formed a currency of British West Indies dollar existed from 1949 to 1981(when it was changed name to East Caribbean dollar, XCD). Trinidad and Tobago left and introduced its own currency in 1964. |
| British Virgin Islands (UK) <1> | / | British territory | United States dollar (USD) | British Virgin Islands was a member of East Caribbean group and used sterling as official currency, however the Danish money and later U.S dollars were widely used alongside. The British west Indies dollar was introduced into British Virgin Islands in 1951. Later since 1961 the U.S.dollar was adopted as official currency. |
| Bahamas | / | since 1973 | Bahamian dollar (BSD). Pegged with USD at par. |
Bahamas used pound from 1840 to 1966 and allowed the U.S.dollar unofficially being circulated alongside sterling. The Bahamian dollar was introduced in 1966. Both BHD and USD are accepted interchangeably in Bahamas. |
| British Honduras <4> | / | since 1981 <4> | Belize dollar (BZD) | British Honduras used pound sterling from 1840 to 1885 when British Honduras dollar (based on U.S.dollar) was introduced. Currency name was changed following British Honduras was officially changed name to Belize in 1973. |
| British Guiana) <4> | / | since 1966 | Guyanese dollar (GYD) | British Guiana was the only one using dollar accounts throughout the period 1839 to 1950. As a member of the East Caribbean group (withdrew in 1966), British Guiana used British West Indies dollar till 1965 then East Caribbean dollar till 1966, and eventually introduced Guyanese dollar. |
| Bermuda (UK) | / | British territory | Bermuda dollar (BMD), alongside the U.S.dollar (USD) | Bermuda used pound sterling as official currency from 1842 to 1970 and didn't mix using the U.S.dollar like the Bahamas which allowed the U.S.dollar circulated unofficially alongside sterling. Bermuda dollar was introduced in 1970 and changed reserves to the U.S.dollar from sterling. |
| Jamaica | Yes | since 1962 | Jamaican dollar (JMD) | Jamaica used sterling from 1840 to 1969 and then Jamaican dollar was introduced at a descendent sterling unit of "half-pound". |
| Cayman Islands (UK) | Yes | British territory | Cayman Islands dollar (KYD) Pegged with the U.S.dollar at 1 KYD=1.2 USD |
Cayman Islands was dependency of Jamaica until 1962 and followed a similar course. Its own currency of Cayman Islands dollar was introduced in 1972, at a descendent sterling unit of "half-pound". |
| Turks and Caicos Islands (UK) | Yes | British territory | United States dollar(USD) | Turks and Caicos Islands was dependency of Jamaica until 1959 and followed a smilar course- used sterling from 1840 to 1969, but changed to use the U.S.dollar since 1969. |
Notes:
<1>. Member state of OECS, the Organisation of Eastern Caribbean States, was created in 1981.
<2>. The West Indies Federation was a short-lived political union that existed from 3 January 1958 to 31 May 1962 comprising 12 members.
<3>. Anguilla seceded from Saint Kitts and Nevis in 1981 (being under controlled since 1824).
<4>. British Honduras was officially renamed Belize in 1973. British Honduras was renamed as Guyana right after obtained independence in 1966.
<5>. From around 1840 to 1955, most of the British West Indies were using sterling coinage, meanwhile there was a mixed usage of sterling and dollar accounts both. Eventually all territories moved towards the dollar accounts with decimal fractional coinage.