Barbadian dollar

Barbadian dollar
Current coins in use.
ISO 4217 Code	BBD
User(s)	Barbados
Inflation	-0.5%
Source	The World Factbook, 2003 est.
Pegged with	U.S. dollar = Bds$ 2
Subunit
1/100	cent
Symbol	Bds$
Coins	1, 5, 10, 25 cents, $1
Banknotes	$2, $5, $10, $20, $50, $100
Central bank	Central Bank of Barbados
Website	www.centralbank.org.bb

The dollar has been the currency of Barbados since 1882. The present dollar has the ISO 4217 code BBD and is normally abbreviated with the dollar sign "$" or, alternatively, "Bds$" to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

History

The first currency denominated in dollars to be issued on Barbados was in the form of private banknotes introduced in 1882. No subdivisions of the dollar were issued and these notes circulated alongside sterling, together with 1 pound notes issued by the government in 1917. From 1920, some of the private banknotes also carried a denomination in sterling, with 1 dollar = 4 shillings 2 pence. In 1935, the British West Indies dollar was introduced, equal in value to the Barbados dollar and other dollars in use in the British West Indies. Between 1938 and 1949, the Barbados government also issued paper money denominated in dollars. The last private bank issues were also made in 1949. In 1965, the East Caribbean dollar replaced the British West Indies dollar on Barbados. The present dollar was created after the establishment of the Central Bank of Barbados (CBB), which was founded by Act of parliament in May, 1972. The Barbados dollar replaced the East Caribbean dollar at par in 1973. Since July 5, 1975, the Barbados dollar has been pegged to the US dollar at USD1 = BBD2.

Coins

In 1973, coins were introduced in denominations of 1, 5, 10 and 25 cents and 1 dollar. Until 1991, the 1 cent was struck in bronze. Since 1992, copper-plated zinc has been used. The 5 cents is struck in brass, whilst the highest three denominations are struck in cupro-nickel. The 1 dollar coin has an equilaterally-curved-heptagonal shape. Many of the coins in circulation have been struck at the Royal Canadian Mint.

Banknotes

In 1882, the Colonial Bank introduced notes for 5 dollars. In 1920, 20 and 100 dollars notes were also issued by this bank. In 1922, Barclays Bank, having taken over the Colonial Bank, began issuing 5, 20 and 100 dollars notes. The higher denominations ceased production in 1940 but the 5 dollars continued to be issued until 1949. The Royal Bank of Canada introduced notes in 1909, in denominations of 5, 20 and 100 dollars. From 1920, these notes also bore the denomination in sterling, with 5 dollars = 1 pound 10 pence, 20 dollars = 4 pounds 3 shillings 4 pence and 100 dollars = 20 pounds 16 shillings 8 pence. Notes were issued until 1938. The Canadian Bank of Commerce issued notes between 1922 and 1940, also in denominations of 5, 20 and 100 dollars. Between 1938 and 1949, the government issued notes in denominations of 1, 2, 5, 20 and 100 dollars. All bore the portrait of King George VI. In 1973, the Central Bank of Barbados introduced notes in denominations of 1, 5, 10, 20 and 100 dollars. The 1 dollar note was not issued again, with 2 dollars notes introduced in 1980, followed by 50 dollars in 1989. Banknotes currently in circulation are:

• 2 dollars (blue)
• 5 dollars (green)
• 10 dollars (brown)
• 20 dollars (purple)
• 50 dollars (orange)
• 100 dollars (grey)

The defunct 1 dollar note was red in colour and had Samuel Jackman Prescod on the obverse.

See also

• Central banks and currencies of the Caribbean
• Economy of Barbados

References

External links

• Don's World Coin Gallery - Barbados
• Ron Wise's World Paper Money - Barbados ^{Mirror site}
• The Global History of Currencies - Barbados
• Global Financial Data currency histories table ( Microsoft Excel format)