Trinidad and Tobago dollar

Trinidad and Tobago dollar

ISO 4217
Code	TTD (numeric: 780)
Subunit	0.01
Unit
Symbol	$‎
Denominations
Subunit
1/100	cent
Banknotes	$1, $5, $10, $20, $100
Coins
Freq. used	1¢ , 5¢ , 10¢ , 25¢
Rarely used	50¢
Demographics
User(s)	Trinidad and Tobago
Issuance
Central bank	Central Bank of Trinidad and Tobago
Website	www.central-bank.org.tt
Valuation
Inflation	1.5%
Source	Central Bank of Trinidad and Tobago, November 2009
Pegged with	United States dollar = TT$6.25050

The dollar (currency code TTD) is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. Its predecessor currencies are the Trinidadian dollar and the Tobagan dollar.

History

The history of currency in the British colony of Trinidad and Tobago closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight (Spanish dollars and later Mexican dollars) continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.

Britain adopted the gold standard in 1821 and an imperial order-in-council of 1838 resulted in Trinidad and Tobago formally adopting the sterling currency. However, despite the circulation of British coins in Trinidad and Tobago, the silver pieces of eight continued to circulate alongside them. The international silver crisis of 1873 signalled the end of the silver dollar era in the West Indies and silver dollars were demonetized in Tobago in 1879 and in Trinidad at around the same period. This left a state of affairs, in which the British coinage circulated, being reckoned in the private sector using dollar accounts at an automatic conversion rate of 1 dollar = 4 shillings 2 pence. Government offices kept their accounts in British pounds, shillings, and pence until the year 1935 when Trinidad and Tobago went decimal.

From 1949, with the introduction of the British West Indies dollar, the currency of Trinidad and Tobago became officially tied up with that of the British Eastern Caribbean territories in general. The British sterling coinage was eventually replaced by a new decimal coinage in 1955, with the new cent being equal to one half of the old penny. In 1951, notes of the British Caribbean Territories, Eastern Group, were introduced, replacing Trinidad and Tobago's own notes. In 1955, coins were introduced when the dollar was decimalized. In 1964, Trinidad and Tobago introduced its own dollar, replacing the East Caribbean dollar at par. The Trinidad and Tobago dollar and the Eastern Caribbean dollar were the last two currencies in the world to retain the old rating of one pound equals four dollars and eighty cents, as per the gold sovereign to the Pieces of eight. Both of these currencies ended this relationship within a few weeks of each other in 1976.

For a wider outline of the history of currency in the region, see Currencies of the British West Indies.

Coins

In 1966, coins were introduced in denominations of 1¢, 5¢, 10¢, 25¢ & 50¢. A large sized $1 coin was first released for circulation in 1969 and again in 1979 before being replaced with a smaller sized version in 1995 more regularly minted. The 1¢ & 5¢ are struck in bronze, with the other denominations in cupro-nickel. The obverses all feature Trinidad and Tobago's coat of arms, with the reverse designs solely featuring the denomination until 1976, when they were replaced by either a national bird or flower in addition to the denomination after the declaration of a republic. The 50¢ & $1 coins are scarcely seen in circulation.

Banknotes

In 1898, the Colonial Bank introduced $20 notes. These were followed in 1901 by $5. $100 notes were also issued. The last notes were issued in 1926, after which the Colonial Bank was taken over by Barclays Bank, which issued $5, $20 & $100 notes until 1941.

In 1905, notes were introduced by the government in denominations of $1 & $2, followed by $5 in 1935, followed by $10 & $20 in 1942.

The Royal Bank of Canada introduced $5, $20 & $100 notes in 1909. From 1920, the notes also bore the denomination in sterling . 100-dollar notes were not issued after 1920, whilst the $5 and $20 were issued until 1938. The Canadian Bank of Commerce introduced $5, $20 & $100 notes in 1921, with the $5 & $20 notes issued until 1939.

In 1964, the Central Bank of Trinidad and Tobago introduced notes for $1, $5, $10 & $20. $50 & $100 notes were issued in 1977, although the $50 note was not continued. The reverses of the current notes feature the Central Bank Building of Trinidad & Tobago. The obverses have the coat of arms in the center, a national bird and a place in Trinidad, such as a market, petroleum refinery, etc. In 2002, new $1 & $20 notes were introduced. In 2003, new $1, $5, $10 & $100 were also introduced. The notes were only slightly changed; they now have more security features & darker color. Recently, more security features have been added to the notes by the Central Bank of Trinidad and Tobago.

Banknotes in circulation are

• $1 (pink)
• $5 (blue)
• $10 (grey)
• $20 (purple)
• $100 (blue)

Current TTD exchange rates
From Google Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA:	AUD CAD CHF CNY EUR GBP HKD JPY USD

See also

• Central banks and currencies of the Caribbean
• Economy of Trinidad and Tobago
• 1920 Trinidad and Tobago banknote (obverse)
• 1920 Trinidad and Tobago banknote (reverse)

The Royal Bank of Canada one hundred dollar note shown here is a relic of a monetary system in which the unit of account was related to the circulating coinage on the basis of two historical coins which were no longer in use. In the nineteenth century, the British gold sovereign was valued at four Spanish silver dollars and eighty cents. When the sterling coinage was finally accepted as the main circulating coinage in the British West Indies, the Eastern Caribbean colonies continued nevertheless to use the dollar unit for accounting purposes. The West Indian dollar was therefore equivalent to four shillings and two pence. This Royal Bank of Canada note reflects this state of affairs with its overt mention of the fact that one hundred dollars is equal to twenty pounds, sixteen shillings, and eight pence sterling. This state of affairs was exclusively confined to the Eastern Caribbean region, possibly due to the geographical proximity to British Guiana. British Guiana had a reason to wish to retain the dollar unit owing to its recent changeover from Dutch currency. These factors did not affect Jamaica, Bermuda, or the Bahamas which adopted the sterling currency in both coinage and as the unit of account.

References

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
• Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8.

External links

• Pictures of Trinidad and Tobago banknotes