Trinidad and Tobago dollar

Trinidad and Tobago dollar
ISO 4217
Code	TTD
Denominations
Subunit
1/100	cent
Symbol	$ or TT$
Banknotes	$1, $5, $10, $20, $50, $100
Coins
Freq. used	1¢ , 5¢ , 10¢ , 25¢
Rarely used	50¢ , $1
Demographics
User(s)	Trinidad and Tobago
Issuance
Central bank	Central Bank of Trinidad and Tobago
Website	http://www.central-bank.org.tt
Valuation
Inflation	2.7% October 2013 ^[1]

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 former 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. Between 1964 and 1968 the Trinidad and Tobago dollar was utilized in Grenada as legal tender until that country rejoined the common currency arrangements of the East Caribbean dollar.^[2] 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.

After VAT was introduced in 1989, the dollar was switched from a fixed rate to a managed float regime on Easter Weekend, 1993.^[3] 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, but can be purchased from banks if requested.

There are also coins minted in $5, $10, $100 and $200 denominations as well. These coins are not in circulation, and can only be obtained from the Central Bank of Trinidad and Tobago, either as part of a special 'eight-coin proof set' collection (in the case of the $5 and $10 coins) or individually (in the case of the $100 and $200 coins.) Notably, the $5 and $10 coins are minted in sterling silver, whereas the $100 and $200 are minted in gold. The price of the gold coins fluctuate depending on the current state of the market for gold.

Banknotes

First government issue one-dollar note (1905).

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.

First government issue two-dollar note (1905).

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. 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.

Trinidad and Tobago 100 Dollars banknote of 1964

On 14 December 1964, the Central Bank of Trinidad and Tobago introduced notes for $1, $5, $10 & $20.^[4] New denominations in the form of $50 & $100 notes were issued on 6 June 1977, although the $50 note was not continued after a shipment was stolen prior to issue. The $50 note was taken out of its brief circulation. 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 colour. Recently, more security features have been added to the notes by the Central Bank of Trinidad and Tobago. In 2012 the $50 note was reintroduced to commemorate Trinidad and Tobago's Golden Jubilee of Independence. On the front of the note is a Red-capped cardinal bird and the commemorative text around the center of the coat of arms.^[5] Two versions of this denomination were released, one without the commemorative text around the centre of the coat of arms (general circulation) and one with the commemorative text.

Banknotes in circulation are

$1 (red)
$5 (green)
$10 (grey)
$20 (purple)
$50 (olive)
$100 (blue)

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

Footnotes

↑ "Inflation slows". Trinidad Express Newspaper.
↑ Van Beek, Fritz (2000). "The Financial System". The Eastern Caribbean Currency Union: Institutions, Performance, and Policy Issues. International Monetary Fund. Retrieved 2013-02-26.
↑ http://www.trinidadexpress.com/commentaries/Floating-of-the--TT-dollar-20-years-later-201153211.html. Missing or empty |title= (help)
↑ Linzmayer, Owen (2012). "Trinidad and Tobago". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
↑ Trinidad and Tobago new 50-dollar regular and commemorative notes reported BanknoteNews.com. Retrieved 2012-06-21

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

Currencies named dollar or similar

Circulating	Australian dollar Bahamian dollar Barbadian dollar Belize dollar Bermudian dollar Brunei dollar Canadian dollar Cayman Islands dollar Cook Islands dollar East Caribbean dollar Fijian dollar Guyanese dollar Hong Kong dollar Jamaican dollar Kiribati dollar Liberian dollar Namibian dollar New Zealand dollar Samoan tālā Singapore dollar Solomon Islands dollar Surinamese dollar New Taiwan dollar Trinidad and Tobago dollar Tuvaluan dollar United States dollar

Circulating, but renamed	Chinese yuan Ethiopian birr Malaysian ringgit

Obsolete	Antigua dollar British Columbia dollar British North Borneo dollar British West Indies dollar Ceylonese rixdollar Confederate States dollar Continental dollar Danish rigsdaler Danish West Indian daler Danish West Indian rigsdaler Dominican dollar Dutch rijksdaalder Greenlandic rigsdaler Grenadan dollar Hawaiian dollar Japanese occupation dollar Kiautschou dollar Malaya and British Borneo dollar Malayan dollar Mauritian dollar Mongolian dollar Nevisian dollar New Brunswick dollar Newfoundland dollar Norwegian rigsdaler Norwegian speciedaler Nova Scotian dollar Penang dollar Prince Edward Island dollar Puerto Rican dollar Rhodesian dollar Saint Kitts dollar Saint Lucia dollar Saint Vincent dollar Sarawak dollar Sierra Leonean dollar Slovenian tolar Spanish dollar Straits dollar Sumatran dollar Swedish riksdaler Old Taiwan dollar Texas dollar Trinidadian dollar Tobagan dollar Zimbabwean dollar

Noncirculating	Marshall Islands dollar Nauru dollar Niue dollar Palau dollar Pitcairn Islands dollar

Conceptual	Eurodollar Petrodollar Geary–Khamis dollar

Virtual	Linden dollar Project Entropia Dollar

Fictional	Angus Bucks

Private	Antarctican dollar Arizona dollar Calgary dollar Canadian Tire money Disney dollar Liberty dollar Salt Spring dollar Toronto dollar Bristol Pound

See also	Dollar sign Half dollar Holey dollar Thaler Tolar Trade dollar Zimbabwean Bond Coins Zimbabwean Bond Notes

Currencies of the Americas

North	Canadian dollar Canada Saint Pierre and Miquelon Danish krone Greenland Euro Saint Pierre and Miquelon Mexican peso U.S. dollar

Caribbean	Aruban florin Bahamian dollar Barbadian dollar Bermudian dollar Cayman Islands dollar Cuban peso Cuban convertible peso Dominican peso East Caribbean dollar Anguilla Antigua and Barbuda Dominica Grenada Montserrat Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Euro Saint Martin Saint Barthélemy Guadeloupe Martinique Haitian gourde Jamaican dollar Netherlands Antillean guilder Curaçao Sint Maarten Trinidad and Tobago dollar U.S. dollar Puerto Rico U.S. Virgin Islands British Virgin Islands Caribbean Netherlands Turks and Caicos Islands

Central	Belize dollar Costa Rican colón Guatemalan quetzal Honduran lempira Nicaraguan córdoba Panamanian balboa U.S. dollar El Salvador Panama

South	Argentine peso Bolivian boliviano Brazilian real British pound sterling British Antarctic Territory South Georgia and the South Sandwich Islands Chilean peso Colombian peso Ecuadorian centavo coins Ecuador Euro French Guiana Falkland Islands pound Guyanese dollar Paraguayan guaraní Peruvian sol Surinamese dollar Uruguayan peso U.S. dollar Ecuador Venezuelan bolívar

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