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The region known as the British West Indies included
British Guiana British Guiana was a British colony, part of the mainland British West Indies, which resides on the northern coast of South America. Since 1966 it has been known as the independent nation of Guyana. The first European to encounter Guiana was ...
on the
South America South America is a continent entirely in the Western Hemisphere and mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere at the northern tip of the continent. It can also be described as the sou ...
n mainland,
British Honduras British Honduras was a British Crown colony on the east coast of Central America, south of Mexico, from 1783 to 1964, then a self-governing colony, renamed Belize in June 1973,
in
Central America Central America ( es, América Central or ) is a subregion of the Americas. Its boundaries are defined as bordering the United States to the north, Colombia to the south, the Caribbean Sea to the east, and the Pacific Ocean to the west. ...
,
Bermuda ) , anthem = "God Save the King" , song_type = National song , song = "Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , es ...
,
The Bahamas The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to 88% of the a ...
, and
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
, along with its former dependencies of the
Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...
and the
Turks and Caicos Islands The Turks and Caicos Islands (abbreviated TCI; and ) are a British Overseas Territory consisting of the larger Caicos Islands and smaller Turks Islands, two groups of tropical islands in the Lucayan Archipelago of the Atlantic Ocean and ...
. It also included the
Eastern Caribbean The Organisation of Eastern Caribbean States (OECS; French: ''Organisation des États de la Caraïbe orientale'', OECO) is an inter-governmental organisation dedicated to economic harmonisation and integration, protection of human and legal ri ...
territories of
Trinidad and Tobago Trinidad and Tobago (, ), officially the Republic of Trinidad and Tobago, is the southernmost island country in the Caribbean. Consisting of the main islands Trinidad and Tobago, and numerous much smaller islands, it is situated south of ...
,
Barbados Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of the Americas, and the most easterly of the Caribbean Islands. It occupies an area of and has a population of about 287,000 (2019 estima ...
, the
Windward Islands french: Îles du Vent , image_name = , image_caption = ''Political'' Windward Islands. Clockwise: Dominica, Martinique, Saint Lucia, Saint Vincent and the Grenadines, and Grenada. , image_alt = , locator_map = , location = Caribbean Sea No ...
and the
Leeward Islands french: Îles-Sous-le-Vent , image_name = , image_caption = ''Political'' Leeward Islands. Clockwise: Antigua and Barbuda, Guadeloupe, Saint kitts and Nevis. , image_alt = , locator_map = , location = Caribbean Sea North Atlantic Ocean , co ...
. From the early 19th century to the later 20th century, the region generally used sterling coinage, although there was quite widespread usage of mixed sterling and
dollar Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, ...
accounts. In the later 20th century there was a move towards dollar accounts in all the territories, in conjunction with the introduction of decimal fractional coinage.


Early history

Queen Anne's proclamation of 1704 the first attempt to introduce the
pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and ...
currency system to the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
; however it failed to displace the existing
Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
currency system right up until the great silver devaluation of 1873. In addition to the
Spanish dollars The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
and gold
doubloons The doubloon (from Spanish ''doblón'', or "double", i.e. ''double escudo'') was a two-''escudo'' gold coin worth approximately $4 (four Spanish dollars) or 32 '' reales'', and weighing 6.766 grams (0.218 troy ounce) of 22-karat gold (or 0.917 fi ...
, the British government coined 1/4, 1/8, and 1/16 fractional " Anchor dollars" in 1822, for use in
Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label= Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It ...
and the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
, but not including
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
. The next move to introduce British sterling silver coinage to the colonies came with an imperial order in council dated 1825. This move was inspired by a number of factors. By that time, the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...
was operating a very successful
gold standard A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from th ...
in relation to the
gold sovereign The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy oz of pure gold. Struck since 1817, it was originally a circulating coin that was accepted in Britain and elsewhere in the wor ...
that had been introduced in 1816, and 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 The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
("
pieces of eight The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
") had been cut off as a result of the revolutions in
Latin America Latin America or * french: Amérique Latine, link=no * ht, Amerik Latin, link=no * pt, América Latina, link=no, name=a, sometimes referred to as LatAm is a large cultural region in the Americas where Romance languages — languages derived ...
, where most of the Spanish dollars were minted. The last
Spanish Dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
was in fact minted at Potosi, Jamaica in 1825. There was also a growing desire to have a stable and steady supply of British
shilling The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence ...
s throughout the British Empire. The 1825 order-in-council was largely a failure because it made sterling silver coinage legal tender at the unrealistic rate in relation to the
Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
of $1 = 4 shillings and 4 pence. In 1838, remedial legislation was introduced for the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
, with a new and more realistic rate of $1 = 4s 2d. As a result, most of the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
used sterling coinage from around 1840 until 1955. On the outbreak of the
Second World War World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposi ...
, the sterling area was created as a wartime emergency measure in order to protect the external value of sterling. All of the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
territories joined the sterling area in 1939, even including
British Honduras British Honduras was a British Crown colony on the east coast of Central America, south of Mexico, from 1783 to 1964, then a self-governing colony, renamed Belize in June 1973,
, which might conceivably have followed the path of
Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...
and
Newfoundland Newfoundland and Labrador (; french: Terre-Neuve-et-Labrador; frequently abbreviated as NL) is the easternmost province of Canada, in the country's Atlantic region. The province comprises the island of Newfoundland and the continental region ...
and remained outside the arrangement. Despite the use of sterling coinage throughout the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
during this period, there was also a mixed usage of sterling accounts and
dollar Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, ...
accounts, and there was an eventual move towards
dollar Dollar is the name of more than 20 currencies. They include the Australian dollar, Brunei dollar, Canadian dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, ...
accounts in all the territories in conjunction with decimal fractional coinage. This article will chart the circumstances and changes in the individual territories.


British Honduras

British Honduras British Honduras was a British Crown colony on the east coast of Central America, south of Mexico, from 1783 to 1964, then a self-governing colony, renamed Belize in June 1973,
, renamed
Belize Belize (; bzj, Bileez) is a Caribbean and Central American country on the northeastern coast of Central America. It is bordered by Mexico to the north, the Caribbean Sea to the east, and Guatemala to the west and south. It also shares a wa ...
in 1973, was the first British colony in the Caribbean area to replace sterling currency with a
US dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
-based currency. That occurred in 1885 as a result of the fact that the dollar of neighbouring
Guatemala Guatemala ( ; ), officially the Republic of Guatemala ( es, República de Guatemala, links=no), is a country in Central America. It is bordered to the north and west by Mexico; to the northeast by Belize and the Caribbean; to the east by Hon ...
had driven the sterling coinage out of circulation. The authorities wanted to return to the
gold standard A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from th ...
, and the choice of the
US dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
was influenced by growing trade links with
New Orleans New Orleans ( , ,New Orleans
in the USA. (See the main article entitled the
Belize dollar The Belize dollar is the official currency in Belize (currency code ''BZD''). It is normally abbreviated with the dollar sign ''$'', or alternatively ''BZ$'' to distinguish it from other dollar-denominated currencies. It is divided into 100 cen ...
.)


British Guiana

British Guiana British Guiana was a British colony, part of the mainland British West Indies, which resides on the northern coast of South America. Since 1966 it has been known as the independent nation of Guyana. The first European to encounter Guiana was ...
, renamed
Guyana Guyana ( or ), officially the Cooperative Republic of Guyana, is a country on the northern mainland of South America. Guyana is an indigenous word which means "Land of Many Waters". The capital city is Georgetown. Guyana is bordered by the ...
on independence in 1966, was the only one of the territories in the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
to use dollar accounts in both the public and private sectors throughout the period 1839 to 1950. Although sterling coinage circulated during this period, it did so in conjunction with the
Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
unit of account at the fixed rate of $1 = 4s 2d. Another feature of interest that was exclusive to
British Guiana British Guiana was a British colony, part of the mainland British West Indies, which resides on the northern coast of South America. Since 1966 it has been known as the independent nation of Guyana. The first European to encounter Guiana was ...
was the special issue four pence (4d) coin known as the groat. (See the main article at
Guyanese dollar The Guyanese dollar (currency sign: $, G$ and GY$; ISO: GYD) has been the unit of account in Guyana (formerly British Guiana) since 29 January 1839. Originally it was intended as a transitional unit to facilitate the changeover from the Dutch gui ...
.)


Bermuda

From 1842 until 1970, Bermuda used the sterling currency as the official currency in both specie coinage and also as the unit of account. (See the main article at
Bermudian pound The pound was the currency of Bermuda until 1970. It was equivalent to sterling, alongside which it circulated, and was similarly divided into 20 shillings each of 12 pence. Bermuda decimalised in 1970, replacing the pound with the Bermudian dol ...
.)


The Bahamas

Unlike Bermuda, the Bahamas, although using the sterling system, both in coinage and as a unit of account, also allowed the
US dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
to unofficially circulate alongside the Pound sterling. (See the main article at
Bahamian pound The pound was the currency of the Bahamas until 1966. It was equivalent to the pound sterling and was divided into 20 '' shillings'', each of 12 ''pence''. Standard sterling coinage circulated. Apart from a Bahamas penny coin struck in 1806, there ...
.)


Jamaica

Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
used both sterling coinage and sterling units of account from 1840 until 1969. But unlike the rest of the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
,
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
had its own special varieties of the sterling copper coinage. Apart from a
Bahamas The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to 88% of the a ...
penny of 1806, and the four pence (4d) groat coins that were specially minted for the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
, and later for
British Guiana British Guiana was a British colony, part of the mainland British West Indies, which resides on the northern coast of South America. Since 1966 it has been known as the independent nation of Guyana. The first European to encounter Guiana was ...
only, the rest of the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
just used exactly the same coinage that was circulating in the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...
. When
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
went decimal in 1969, the new
Jamaican dollar The Jamaican dollar ( sign: $; code: JMD) has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents, although cent denomin ...
was in effect a half-pound.
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
and the
Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...
were therefore the only territories in the
British West Indies The British West Indies (BWI) were colonized British territories in the West Indies: Anguilla, the Cayman Islands, Turks and Caicos Islands, Montserrat, the British Virgin Islands, Antigua and Barbuda, The Bahamas, Barbados, Dominica, Grena ...
to continue with a descendent unit of the
pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and ...
. (See the main article at Jamaican pound.)


Accompong

Accompong Accompong (from the Akan name '' Acheampong'') is a historical Maroon village located in the hills of St. Elizabeth Parish on the island of Jamaica. It is located in Cockpit Country, where Jamaican Maroons and indigenous Taíno established a for ...
(from the
Akan Akan may refer to: People and languages *Akan people, an ethnic group in Ghana and Côte d'Ivoire *Akan language, a language spoken by the Akan people *Kwa languages, a language group which includes Akan * Central Tano languages, a language group ...
name ''
Acheampong Acheampong is an Ashanti surname, which means destined for greatness. Notable people with the Ashanti surname include: * Benjamin Acheampong (born 1990), Ghanaian footballer * Gemma Acheampong (born 1993), American-Ghanaian track and field athl ...
'') is a historical
Maroon Maroon ( US/ UK , Australia ) is a brownish crimson color that takes its name from the French word ''marron'', or chestnut. "Marron" is also one of the French translations for "brown". According to multiple dictionaries, there are vari ...
village located in the hills of St. Elizabeth Parish on the island of
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
. It is located in
Cockpit Country Cockpit Country is an area in Trelawny and Saint Elizabeth, Saint James, Saint Ann, Manchester and the northern tip of Clarendon parishes in Jamaica. The land is marked by steep-sided hollows, as much as deep in places, which are separated b ...
, where
Jamaican Maroons Jamaican Maroons descend from Africans who freed themselves from slavery on the Colony of Jamaica and established communities of free black people in the island's mountainous interior, primarily in the eastern parishes. Africans who were ensl ...
and indigenous
Taíno The Taíno were a historic Indigenous peoples of the Caribbean, indigenous people of the Caribbean whose culture has been continued today by Taíno descendant communities and Taíno revivalist communities. At the time of European contact in the ...
established a fortified stronghold in the hilly terrain in the 17th century. They defended it and maintained independence from the
Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many Latin American countries **Spanish cuisine Other places * Spanish, Ontario, Can ...
and then later against British forces, after the colony changed hands. The people named their community Accompong after an early African Maroon leader. After years of raiding and warfare, they established their autonomy with certain rights for limited self-government by a peace treaty with the
British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies. ** Britishness, the British identity and common culture * British English, ...
in 1739. Since independence in 1962, the government of Jamaica has continued to recognize the indigenous rights of the
Jamaican Maroons Jamaican Maroons descend from Africans who freed themselves from slavery on the Colony of Jamaica and established communities of free black people in the island's mountainous interior, primarily in the eastern parishes. Africans who were ensl ...
in this area. In 2018, the Accompong Ministry of Finance began issuing its own
community currency A community is a social unit (a group of living things) with commonality such as place, norms, religion, values, customs, or identity. Communities may share a sense of place situated in a given geographical area (e.g. a country, village, tow ...
, the
LUMI Lumi may refer to: Computing * Lumi (software), chemical analysis software * Lumi masking, a technique used by video compression software * LUMI, a supercomputer located in Finland Music * ''Lumi'' (album), a 1987 album by Edward Vesala * ...
,https://www.accompong-gov.org/bank-of-accompong although the Jamaican Dollar is still widely used.


The Cayman Islands

The
Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...
, being a dependency of
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
, followed a course similar to that of
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
. (See the main article at Jamaican pound.)


The Turks and Caicos Islands

The
Turks and Caicos Islands The Turks and Caicos Islands (abbreviated TCI; and ) are a British Overseas Territory consisting of the larger Caicos Islands and smaller Turks Islands, two groups of tropical islands in the Lucayan Archipelago of the Atlantic Ocean and ...
, being a dependency of
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
, followed a course similar to that of
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
. However, when
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
went unto the decimal system in 1969, the
Turks and Caicos Islands The Turks and Caicos Islands (abbreviated TCI; and ) are a British Overseas Territory consisting of the larger Caicos Islands and smaller Turks Islands, two groups of tropical islands in the Lucayan Archipelago of the Atlantic Ocean and ...
took the opportunity of changing over to the
US dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
.


The Eastern Caribbean group

The Eastern Caribbean group comprised
Trinidad and Tobago Trinidad and Tobago (, ), officially the Republic of Trinidad and Tobago, is the southernmost island country in the Caribbean. Consisting of the main islands Trinidad and Tobago, and numerous much smaller islands, it is situated south of ...
,
Barbados Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of the Americas, and the most easterly of the Caribbean Islands. It occupies an area of and has a population of about 287,000 (2019 estima ...
, the
Windward Islands french: Îles du Vent , image_name = , image_caption = ''Political'' Windward Islands. Clockwise: Dominica, Martinique, Saint Lucia, Saint Vincent and the Grenadines, and Grenada. , image_alt = , locator_map = , location = Caribbean Sea No ...
, and the
Leeward Islands french: Îles-Sous-le-Vent , image_name = , image_caption = ''Political'' Leeward Islands. Clockwise: Antigua and Barbuda, Guadeloupe, Saint kitts and Nevis. , image_alt = , locator_map = , location = Caribbean Sea North Atlantic Ocean , co ...
. These territories all used sterling coinage in conjunction with a mixture of sterling accounts and
Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
accounts. The private banking sector tended to use
Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
accounts at the fixed exchange rate of $1 = 4s 2d. The Eastern Caribbean group formed a monetary union with
British Guiana British Guiana was a British colony, part of the mainland British West Indies, which resides on the northern coast of South America. Since 1966 it has been known as the independent nation of Guyana. The first European to encounter Guiana was ...
in 1949 and the currency was known as the
British West Indies dollar The British West Indies dollar (BWI$) was the currency of British Guiana and the Eastern Caribbean territories of the British West Indies from 1949 to 1965, when it was largely replaced by the East Caribbean dollar, and was one of the currencies us ...
. Trinidad and Tobago left the arrangement in 1964. A new arrangement came about the following year and the currency was renamed the Eastern Caribbean dollar.
British Guiana British Guiana was a British colony, part of the mainland British West Indies, which resides on the northern coast of South America. Since 1966 it has been known as the independent nation of Guyana. The first European to encounter Guiana was ...
withdrew from this monetary union in 1966 and Barbados withdrew in 1972. (See the main articles at
British West Indies dollar The British West Indies dollar (BWI$) was the currency of British Guiana and the Eastern Caribbean territories of the British West Indies from 1949 to 1965, when it was largely replaced by the East Caribbean dollar, and was one of the currencies us ...
, Eastern Caribbean dollar,
Trinidad and Tobago dollar The Trinidad and Tobago 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 i ...
,
Guyanese dollar The Guyanese dollar (currency sign: $, G$ and GY$; ISO: GYD) has been the unit of account in Guyana (formerly British Guiana) since 29 January 1839. Originally it was intended as a transitional unit to facilitate the changeover from the Dutch gui ...
, and
Barbados dollar The dollar has been the currency of Barbados since 1935. Globally its currency has the ISO 4217 code ''BBD'', however, unofficially in Barbados the International vehicle registration code code BDS is also commonly used, a currency code that is o ...
.)


The British Virgin Islands

Although part of the
Leeward Islands french: Îles-Sous-le-Vent , image_name = , image_caption = ''Political'' Leeward Islands. Clockwise: Antigua and Barbuda, Guadeloupe, Saint kitts and Nevis. , image_alt = , locator_map = , location = Caribbean Sea North Atlantic Ocean , co ...
group in the
Eastern Caribbean The Organisation of Eastern Caribbean States (OECS; French: ''Organisation des États de la Caraïbe orientale'', OECO) is an inter-governmental organisation dedicated to economic harmonisation and integration, protection of human and legal ri ...
, the
British Virgin Islands ) , anthem = "God Save the King" , song_type = Territorial song , song = "Oh, Beautiful Virgin Islands" , image_map = File:British Virgin Islands on the globe (Americas centered).svg , map_caption = , mapsize = 290px , image_map2 = Brit ...
were somewhat problematic as regards currency, due to the close proximity to the
Danish West Indies The Danish West Indies ( da, Dansk Vestindien) or Danish Antilles or Danish Virgin Islands were a Danish colony in the Caribbean, consisting of the islands of Saint Thomas with ; Saint John ( da, St. Jan) with ; and Saint Croix with . The ...
that were bought by the USA in 1917 and became the
US Virgin Islands The United States Virgin Islands,. Also called the ''American Virgin Islands'' and the ''U.S. Virgin Islands''. officially the Virgin Islands of the United States, are a group of Caribbean islands and an unincorporated and organized territory ...
. Sterling was the official currency but there was always a large circulation of Danish krone and later
US dollars The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
. When the
British West Indies dollar The British West Indies dollar (BWI$) was the currency of British Guiana and the Eastern Caribbean territories of the British West Indies from 1949 to 1965, when it was largely replaced by the East Caribbean dollar, and was one of the currencies us ...
was introduced to the
British Virgin Islands ) , anthem = "God Save the King" , song_type = Territorial song , song = "Oh, Beautiful Virgin Islands" , image_map = File:British Virgin Islands on the globe (Americas centered).svg , map_caption = , mapsize = 290px , image_map2 = Brit ...
in 1951 there were protests, and in 1961 the
British Virgin Islands ) , anthem = "God Save the King" , song_type = Territorial song , song = "Oh, Beautiful Virgin Islands" , image_map = File:British Virgin Islands on the globe (Americas centered).svg , map_caption = , mapsize = 290px , image_map2 = Brit ...
formally adopted the
US dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
as its official currency. (See Eastern Caribbean dollar.)


See also

* Sterling area *
List of British currencies A variety of currencies are tender in the United Kingdom, its British Overseas Territories, overseas territories and crown dependencies. This list covers all of those currently in circulation. References See also

* Sterling area * Bank ...
*
International status and usage of the euro The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and replaced minor currencies tied ...
*
Central banks and currencies of the Caribbean This is a list of the central banks and currencies of the Caribbean. There are a number of currencies serving multiple territories; the most widespread are the East Caribbean dollar (8 countries and territories), the United States dollar (5) and ...
*
Commonwealth banknote-issuing institutions Commonwealth banknote-issuing institutions also British Empire Paper Currency Issuers comprises a list of public, private, state-owned banks and other government bodies and Currency Boards who issued legal tender: banknotes. Africa Biafra *Bank ...
*
List of Commonwealth of Nations countries by GDP List of Commonwealth of Nations countries by GDP may refer to: * List of Commonwealth of Nations countries by GDP (nominal), a list using the current exchange rates for national currencies * List of Commonwealth of Nations countries by GDP (PPP)
*
List of stock exchanges in the United Kingdom, the British Crown Dependencies and United Kingdom Overseas Territories This is a list of stock exchanges located in the United Kingdom of Great Britain and Northern Ireland or the various nations regarded as United Kingdom Overseas Territories – UKOTs (also called British Overseas Territories – BOTs), or ...


References

* Chalmers, R., "A History of Currency in the British Colonies" (1893) * Ryan, Michael H. (2019). "Canadian Banknotes for the British West Indies, 1900-1950", International Bank Note Society Journal, vol. 58, no. 1, pp. 22–35. Available at SSRN: https://ssrn.com/abstract=3700505 or http://dx.doi.org/10.2139/ssrn.3700505 {{refend British West Indies Currencies of the British Empire Currencies of the Commonwealth of Nations Currencies of the Caribbean Currencies of North America Currencies of Central America Currencies of South America