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The history of currency in the former British colony of Trinidad and Tobago closely follows that of the British Eastern Caribbean territories in general. The first currency used was the Spanish dollar , also known as "pieces of eight", which began circulating in the 16th century. [ 2 ]
The dollar was the currency of Trinidad until 1814. The currency comprised various cut Spanish dollars and other Spanish colonial coins. Before 1811, the dollar was worth 8 shillings, each of 12 pence. After 1811, it was worth 9 shillings. In 1814, sterling was established as the official currency of the island.
The Central Bank of Trinidad and Tobago was established by an Act of Parliament on December 12, 1964. In particular, the Bank's main responsibilities are to issue and redeem currency; maintain monetary and financial stability; act as banker to the government as well as the commercial banks and protect the external value of the Trinidad and ...
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The Eastern Caribbean group comprised Trinidad and Tobago, Barbados, the Windward Islands, and the Leeward Islands. These territories all used sterling coinage in conjunction with a mixture of sterling accounts and Spanish dollar accounts. The private banking sector tended to use Spanish dollar accounts at the fixed exchange rate of $1 = 4s 2d.
By early 1907 major drilling operations began, roads and other infrastructure were built. Annual production of oil in Trinidad and Tobago reached 47,000 barrels (7,500 m 3) by 1910 and kept rapidly increasing year by year. [35] [36] Estimated oil production in Trinidad and Tobago in 2005 was about 150,000 bbl/d (24,000 m 3 /d). [37]
The dollar was the currency of Tobago until 1814. The currency comprised various cut Spanish dollars and countermarked French colonial coins. The dollar was subdivided into 11 bits, each of nine pence. In 1814, sterling was established as the official currency of the island.
History portal; Trinidad and Tobago portal; Subcategories. This category has the following 3 subcategories, out of 3 total. C. Currencies of Trinidad and Tobago (5 P) D.