Barbados dollar

The history of monetary circulation in the British colony of Barbados closely follows the history of the British colonies of the eastern Caribbean. Despite the proclamation by Queen Anne of gold standards in the West Indies in 1704, silver reals and Spanish dollars, and then Mexican dollars, still formed the bulk of the current currencies in the region in the second half of the nineteenth century.

Britain adopted the gold standard in 1821 and approved it on the Council in 1838, with the result that Barbados officially accepted the British Pound since 1848. However, despite the circulation of British coins in Barbados, silver reals continued to be in circulation along with them and the private sector continued to use dollar bills and coins for reckoning. The international crisis of lowering the value of silver in 1873 put an end to the era of the silver dollar in the West Indies and silver dollars were depreciated in Barbados in 1879. The first national currency in the name of which the name dollar was present appeared in Barbados in the form of private banknotes introduced in 1882. These dollars were issued and distributed along with British pounds, and together with 1 pound bills issued by the government in 1917. Since 1920, some of the private banknotes have also been depreciated, and exchanged at the rate of 1 dollar = 4 shillings .

Since 1949, with the introduction of the British West Indies dollar, the currency of Barbados has become officially associated with the activities of the British eastern Caribbean and the territory as a whole. Between 1938 and 1949, the government of Barbados issued paper notes in dollars. The last notes of a private bank were issued in 1949. British pound coins were replaced with new coins in 1955. In 1965, the East Caribbean dollar replaced the British West Indies dollar in Barbados.

The Barbados dollar was created after the creation of the Central Bank of Barbados (NBR), which was founded by Parliament in May, 1972. The Barbados dollar replaced the East Caribbean Dollar at face value in 1973. Since July 5, 1975, the Barbados dollar has been pegged at a fixed exchange rate to the US dollar at a rate of 1 US dollar = 2 Barbados dollars.

For a broader outline of the history of currency in the region, see British West Indies Currency

In 1973, coins were introduced in denominations of 1 cent, 5 cents, 10 cents, 25 cents, and 1 dollar. Until 1991, 1 cent was made of bronze. Since 1992, zinc with a copper coating has been used for its manufacture. The 5 cents coin is made of brass . Most of the coins in circulation are made by the Royal Mint of Canada.

Coins of 1 cent from May 7, 2014 are not issued. Retail prices are rounded to 5 cents, but 1 cent coins remain legal tender.

In 1882, the Colonial Bank issued a $ 5 banknote. In 1920, $ 20 and $ 100 were also issued by this bank. In 1922, Barclays Bank , taking the initiative of the colonial bank, began to issue banknotes of 5, 20 and 100 dollars. The production of which was discontinued in 1940, and $ 5 continued to be produced until 1949.

The Royal Canadian Mint issued in 1909 banknotes in denominations of 5, 20 and 100 dollars. Since 1920, these banknotes have been issued in pounds sterling, at the exchange rate of 5 dollars = 1 pound 10 pence, 20 dollars = 4 pounds 3 shillings 4 pence and 100 dollars = 20 pounds 16 shillings 8 pence. Banknotes in pounds were issued before 1938. The Canadian Commercial Bank issued banknotes from 1922 to 1940, as well as denominations of 5, 20, and 100 dollars.

Between 1938 and 1949, the government issued banknotes in denominations of 1, 2, 5, 20 and 100 dollars. All had a portrait of King George VI on the obverse.

In 1973, the Central Bank of Barbados issued a new series of banknotes in denominations of 1, 5, 10, 20 and 100 dollars. $ 1 was soon replaced by a coin, and a $ 2 banknote was introduced in 1980, and then $ 50 in 1989. These banknotes are currently in circulation.

In circulation are banknotes in denominations of 2 , 5 , 10 , 20 , 50 and 100 dollars in 2007. Banknotes of old, after 1973, issues are a means of payment and are withdrawn from circulation as they wear out.

On May 2, 2013, a new series of banknotes with design changes came into circulation.

The Barbados dollar is pegged to the US dollar at a ratio of 1 US dollar = 2 Barbados.

• Central Bank of Barbados
• http://www.tourgenius.ru/directory/countries/view.htm?id=2232557 (unavailable link from 04-02-2016 [1344 days])
• Barbados Banknote Gallery (German )