The United Kingdom was now operating a very successful gold standard in relation to the gold sovereign that was introduced in 1816, and there was a desire to extend this system to the colonies.
In 1822, the British government coined , , and fractional 'Anchor dollars' for use in Mauritius and the British West Indies (but not Jamaica).
A few years later copper fractional dollars were coined for Mauritius, Sierra Leone, and the British West Indies. The first move to introduce British sterling silver coinage to the colonies came with an imperial order-in-council dated 1825.
The last Spanish Dollar was in fact minted at Potosi in 1825.
The 1825 order-in-council was largely a failure because it made sterling silver coinage legal tender at the unrealistic rating in relation to the Spanish dollar of $1 = 4 shillings 4 pence.
The reality of the rating between the dollar and the pound was based on the silver content of the Spanish pieces of eight as compared to the gold content of the British gold sovereign. A second imperial order-in-council was passed in 1838 with the correct rating of $1 = 4 shillings 2 pence.
In the years following the 1838 order-in-council, the British West Indies territories began to enact local legislation for the purposes of assimilating their monies of account with the British pound sterling.
Gold discoveries in Australia in 1851 drove the silver dollar out of the West Indies, but it returned again with the great depreciation in the value of silver that followed with Germany's transition to the gold standard between 1871 and 1873.
Nevertheless, silver pieces of eight continued to form an important portion of the circulating coinage right up until the late 1870s.
Gold discoveries in Australia in 1851 drove the silver dollar out of the West Indies, but it returned again with the great depreciation in the value of silver that followed with Germany's transition to the gold standard between 1871 and 1873.
Gold discoveries in Australia in 1851 drove the silver dollar out of the West Indies, but it returned again with the great depreciation in the value of silver that followed with Germany's transition to the gold standard between 1871 and 1873.
In the years immediately following 1873, there was a fear that the British West Indies might return to a silver standard.
The British Virgin Islands were always problematic for currency purposes due to their proximity to the Danish West Indies, which became the United States Virgin Islands in 1917.
Shortly thereafter in the 1950, the British Caribbean Currency Board (BCCB) was set up in Trinidad with the sole right to issue notes and coins of the new unified currency and given the mandate of keeping full foreign exchange cover to ensure convertibility at $4.80 per pound sterling.
In 1951, the British Virgin Islands adopted the British West Indies dollar which at that time operated in conjunction with the sterling coinage, and in 1959 they changed over officially to the U.S.
In 1951, the British Virgin Islands joined the arrangement, but this led to discontent because that territory was more naturally drawn to the currency of the neighbouring U.S.
However, although Jamaica (including the Cayman Islands and the Turks and Caicos Islands) was part of the West Indies Federation, it retained the Jamaican pound, despite adopting the BWI$ as legal tender from 1954.
dollar. Until 1955, the BWI$ existed only as banknotes in conjunction with sterling fractional coinage.
Decimal coins replaced the sterling coins in 1955.
These decimal coins were denominated in cents, with each cent worth one halfpenny in sterling. In 1958, the West Indies Federation was established and the BWI$ was its currency.
In 1951, the British Virgin Islands adopted the British West Indies dollar which at that time operated in conjunction with the sterling coinage, and in 1959 they changed over officially to the U.S.
In 1961, the British Virgin Islands withdrew from the arrangement and adopted the U.S.
Trinidad and Tobago had been a member of the earlier British West Indies currency union, but withdrew in 1964. The combined population of the EC$ area is about 613,000 (2014 census and estimates), which is comparable to Montenegro or the American capital city of Washington, D.C.
Grenada, which had used the Trinidad and Tobago dollar from 1964, rejoined the common currency arrangement in 1968.
The successor to the British West Indies dollar, it has existed since 1965, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies.
Kitts. Between 1965 and 1983, the Eastern Caribbean Currency Authority issued the EC$, with banknotes from 1965 and coins from 1981.
dollar. Martinique, as part of France, uses the euro as its currency. British Guiana and Barbados had previously been members of the Eastern Caribbean Currency Union but withdrew in 1966 and 1972, respectively.
Grenada, which had used the Trinidad and Tobago dollar from 1964, rejoined the common currency arrangement in 1968.
dollar. Martinique, as part of France, uses the euro as its currency. British Guiana and Barbados had previously been members of the Eastern Caribbean Currency Union but withdrew in 1966 and 1972, respectively.
Barbados withdrew from the currency union in 1972, following which the ECCA headquarters were moved to St.
It has been pegged to the United States dollar since 7 July 1976, at the exchange rate of US$1 = EC$2.70. ==Circulation== Six of the states using the EC$ are independent states: Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.
The bank was established by an agreement (the Eastern Caribbean Central Bank Agreement) signed at Port of Spain on 5 July 1983. The exchange rate of $4.80 = £1 sterling (equivalent to the old $1 = 4s 2d) continued until 1976 for the new Eastern Caribbean dollar. For a wider outline of the history of currency in the region see Currencies of the British West Indies. ==Coins== Until 1981, the coins of the BWI$ circulated.
Kitts. Between 1965 and 1983, the Eastern Caribbean Currency Authority issued the EC$, with banknotes from 1965 and coins from 1981.
The bank was established by an agreement (the Eastern Caribbean Central Bank Agreement) signed at Port of Spain on 5 July 1983. The exchange rate of $4.80 = £1 sterling (equivalent to the old $1 = 4s 2d) continued until 1976 for the new Eastern Caribbean dollar. For a wider outline of the history of currency in the region see Currencies of the British West Indies. ==Coins== Until 1981, the coins of the BWI$ circulated.
In 1982, a new series of coins was introduced in denominations of 1, 2, 5, 10 and 25 cents and 1 dollar.
Kitts. Between 1965 and 1983, the Eastern Caribbean Currency Authority issued the EC$, with banknotes from 1965 and coins from 1981.
The bank was established by an agreement (the Eastern Caribbean Central Bank Agreement) signed at Port of Spain on 5 July 1983. The exchange rate of $4.80 = £1 sterling (equivalent to the old $1 = 4s 2d) continued until 1976 for the new Eastern Caribbean dollar. For a wider outline of the history of currency in the region see Currencies of the British West Indies. ==Coins== Until 1981, the coins of the BWI$ circulated.
The first issues in the name of the Eastern Caribbean Central Bank in 1985 were of the same denominations, with the addition of 10-dollar notes.
The round, aluminum bronze dollar coin was replaced in 1989 with a decagonal, cupro-nickel type.
The last 1-dollar notes were issued in 1989 and 50-dollar notes were introduced in 1993.
The last 1-dollar notes were issued in 1989 and 50-dollar notes were introduced in 1993.
In 2002 new and larger round-shaped 1-, 2-, and 5-cent pieces were introduced, along with a new 1-dollar coin which was also round.
On 1 April 2008, the Eastern Caribbean Central Bank issued a new series of banknotes which are like the preceding issues, except for omitting both the barcode and the country code letters which form part of the serial number on current notes.
In 2012, the Eastern Caribbean Central Bank issued a series of banknotes with Braille features in an effort to provide notes which are easier for blind and visually impaired persons to use.
These characters have been added to the 10-, 20-, 50-, and 100-dollar notes. In 2019, the Eastern Caribbean Central Bank is set to introduce a new family of notes produced in polymer substrate and are to be presented in a vertical format. === Previous issues === The 2012 issue included raised braille elements for the visually-impaired in the form of a cricket ball and stumps.
These characters have been added to the 10-, 20-, 50-, and 100-dollar notes. In 2019, the Eastern Caribbean Central Bank is set to introduce a new family of notes produced in polymer substrate and are to be presented in a vertical format. === Previous issues === The 2012 issue included raised braille elements for the visually-impaired in the form of a cricket ball and stumps.
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