Trinidad and Tobago dollar
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| Trinidad and Tobago dollar | |
| ISO 4217 Code | TTD |
|---|---|
| User(s) |  Trinidad and Tobago |
| Inflation | 11.7% |
| Source | Central Bank of Trinidad and Tobago, July 2008 |
| Pegged with | United States dollar = TT$6.25050 [1] |
| Subunit | |
| 1/100 | cent |
| Symbol | $ |
| Coins | |
| Freq. used | 1¢ , 5¢ , 10¢ , 25¢ |
| Rarely used | 50¢ , $1 |
| Banknotes | $1, $5, $10, $20, $100 |
| Central bank | Central Bank of Trinidad and Tobago |
| Website | www.central-bank.org.tt |
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.
For earlier currencies, see Trinidadian dollar and Tobagan dollar.
Contents |
[edit] History
The dollar was introduced in 1898. It circulated alongside the British pound, with 1 dollar = 4 shillings 2 pence (or one pound equals four dollars and eighty cents). From 1935, the currency was equivalent to the British West Indies dollar. 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.
[edit] Coins
In 1966, coins were introduced in denominations of 1, 5, 10, 25 and 50 cents. A large sized 1 dollar 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 and 5 cents 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 cent and 1 dollar coins are scarcely seen in circulation.
[edit] Banknotes
In 1898, the Colonial Bank introduced 20-dollar notes. These were followed in 1901 by 5 dollars. 100-dollar 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- and 100-dollar notes until 1941.
In 1905, notes were introduced by the government in denominations of 1 and 2 dollars, followed by 5 dollars in 1935 and 10 and 20 dollars in 1942.
The Royal Bank of Canada introduced 5-, 20- and 100-dollar 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 dollars were issued until 1938. The Canadian Bank of Commerce introduced 5-, 20- and 100-dollar notes in 1921, with the 5- and 20-dollar notes issued until 1939.
In 1964, the Central Bank of Trinidad and Tobago introduced notes for 1, 5, 10 and 20 dollars. 50- and 100-dollar notes were issued in 1977, although the 50-dollar note was not continued. The reverses of the current notes feature the Central Bank Building of Trinidad and 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 and 20 dollar notes were introduced. In 2003 new 1, 5, 10 and 100 dollars were also introduced. The notes were only slightly changed; they now have more security features and 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 (red)
- $5 (green)
- $10 (grey)
- $20 (purple)
- $100 (blue)
Current TTD exchange rates
| From Currate.com Tools: | AUD CAD CHF EUR GBP HKD JPY USD |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD |
[edit] 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 effect Jamaica, Bermuda, or the Bahamas which adopted the sterling currency in both coinage and as the unit of account.
[edit] References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991 (18th ed. 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.
[edit] External links
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