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The other two are British overseas territories: These states are all members of the Eastern Caribbean Currency Union. Officially, the British Virgin Islands used to use sterlingbut in practice the situation was more complicated and involved the circulation of francs [ clarification needed ] and U.
Inthe British Virgin Islands adopted the British West Indies dollar which at that time operated in conjunction with the sterling coinage, and in they changed over officially to the U.
British Guiana and Barbados had previously been members of the Eastern Caribbean Currency Union but withdrew in andrespectively. Trinidad and Tobago had been a member of the earlier British West Indies currency union, but withdrew in The combined GDP is 5.
Queen Elizabeth II appears on the banknotes and also on the obverse of the coins. Nevertheless, silver pieces of eight continued to form an important portion of the circulating coinage right up until the late s.
The first move to introduce British sterling silver coinage to the colonies came with an imperial order-in-council dated This move was inspired by a number of factors.
The United Kingdom was now operating a very successful gold standard in relation to the gold sovereign that was introduced inand there was a desire to extend this system to the colonies. In addition to this, there was the fact that the supply of Spanish dollars pieces of eight had been cut off as a result of the revolutions in Latin America where most of the Spanish dollars were minted.
The last Spanish Dollar was in fact minted at Potosi in There was now a growing desire to have a stable and steady supply of British shillings everywhere the British drum was beating. 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.
In the years following the 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. In the years immediately followingthere was a fear that the British West Indies might return to a silver standard.
As such, legislation was passed in the individual territories to demonetize the silver dollars. Even though the British coinage was also silver, it represented fractions of the gold sovereign and so its value was based on a gold standard. During this period, and into the nineteenth century, accounts could be kept in either dollars or sterling.
JamaicaBermudaand the Bahamas preferred to use sterling accounts whereas British Guiana used dollar accounts. British Guiana used dollar accounts for the purpose of assisting in the transition from the Dutch guilder system of currency to the British pound sterling system.
In the Eastern Caribbean territories the private sector preferred to use dollar accounts whereas the government preferred to use sterling accounts. In some of the Eastern Caribbean territories, notes were issued by various private banks, denominated in dollars equivalent to 4 shillings 2 pence.
It was one of the many experimental political and economic ventures tested by the British government to form a uniform system within their British West Indies territories. Inthe British Virgin Islands withdrew from the arrangement and adopted the U.
Decimal coins replaced the sterling coins in These decimal coins were denominated in cents, with each cent worth one halfpenny in sterling. British Guiana withdrew from the currency union the following year. Grenada rejoined the common currency arrangement in having used the Trinidad and Tobago dollar from For a wider outline of the history of currency in the region see Currencies of the British West Indies.
Ina new series of coins was introduced in denominations of 1, 2, 5, 10 and 25 cents and 1 dollar. The 1- and 5-cent coins were scalloped in shape while the 2-cent coin was square.
These three were struck in aluminum. The and cent coins were round and cupro-nickel. The dollar was aluminum bronze and also round. The round, aluminum bronze dollar coin was replaced in with a decagonal, cupro-nickel type. In new and larger round-shaped 1- 2- and 5-cent pieces were introduced, along with a new 1-dollar coin which was also round.
The effigy of Queen Elizabeth II was also changed that same year on all coin denominations to the Ian Rank-Broadley design, making it the last commonwealth currency up to that date to discontinue the Arnold Machin portrait.1 Banking Efficiency in the Eastern Caribbean Currency Union: An Examination of the Structure -Conduct-Performance Paradigm and the Efficiency Hypothesis.
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The current monetary arrangements in the Eastern Caribbean Currency Union (ECCU) emerged from the th Century when the established international mid banks, Barclays and Royal began issuing their own currency under the authority of.
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