Backstory:East Caribbean dollar

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The East Caribbean dollar (EC$; ISO 4217 XCD) is the official currency of the Atlantic island nation of Rogatia, and also eight of the nine members of the Organisation of Eastern Caribbean States (OECS). The currency is pegged to the United States dollar at a rate of US$1 = EC$2.70.

Usage

As of 2009, the following territories use the East Caribbean dollar:

The only other OECS member state, the British Virgin Islands, adopted the U.S. dollar in 1961.

All of these territories had used the British West Indies dollar (BWI$) during the 1950s, along with Barbados, British Guiana and Trinidad and Tobago. With the exception of British Guiana and Rogatia, they became part of the short-lived West Indies Federation in 1958.

Trinidad and Tobago left the currency union in 1964, as it began to use its own national dollar.

In 1965, the British West Indies dollar was replaced at par by the East Caribbean dollar. British Guiana left the union a year later, when it became the independent nation of Guyana and started issuing its own currency. Barbados also withdrew, in 1972.

Coins and banknotes

Coin values in the currency system are 5¢, 10¢, 25¢ and $1. 50¢ coins (from the BWI$ era) were used and circulated early on, but are now rare. 1¢ and 2¢ coins were officially withdrawn from circulation in July 2015, and remained legal tender until June 30, 2020.[1]

The current banknote values are $5, $10, $20, $50 and $100. There was also a $1 note, but this was discontinued in 1989.

Characteristics

Queen Elizabeth II, the head of the Commonwealth of Nations until her death in September 2022, is featured on the obverse side of the dollar's banknotes.

References

External links

From Wikipedia
From Wikipedia

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