Barbadian dollar

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Barbadian dollar
$,‎ BB$,[1] BBD$, BDS$
Denominations
Banknotes$2, $5, $10, $20, $50, $100
Coins
 Freq. used5¢, 10¢, 25¢, $1
Demographics
User(s) Barbados
Issuance
Central bankCentral Bank of Barbados
 Websitewww.centralbank.org.bb
Valuation
Inflation2.2%
 SourceCentral Bank of Barbados, January 2022.
Pegged withUS$1=BBD$2

The

the Seychelles to have an independent currency and monetary policy.[1]

History

The history of currency in the former British colony of Barbados closely follows that of British

Mexican dollars
) continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.

Britain adopted the

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
.

From 1949, with the introduction of the

Eastern Caribbean territories in general. Between 1938 and 1949, the Barbadian government issued paper money denominated in dollars. The last private bank issues were made in 1949. The British sterling coinage was eventually replaced by a new decimal coinage in 1955, with the new cent being equal to one half of the old penny. In 1965, the Eastern Caribbean dollar
replaced the British West Indies dollar in Barbados.

The present dollar was created after the establishment of the

pegged to the US dollar. It is presently fixed at an exchange rate of US$1 = BBD$1.98.[7]
However, in practice in businesses, the effective exchange rate with US dollar is fixed at 2 to 1 in favor of the US dollar, i.e. US$1=BBD$2

For a wider outline of the history of currency in the region, see Currencies of the British West Indies.

Coins

In 1973, the first year of Barbados having its own coinage, coins were introduced in denominations of 1¢, 5¢, 10¢, 25¢, and $1. From 1973 through 1991, the 1¢ was struck in bronze. From 1992, copper-plated

equilaterally-curved piece. A flying fish is adorned on one side, with the Barbadian coat of arms on the reverse. The Barbadian dollar coins are now minted in a plated-steel planchet first issued in 2007. Many of the coins in circulation have been struck at the Royal Canadian Mint
.

The reverse of the 5 cent coin depicts the South Point Lighthouse, the oldest lighthouse in Barbados.

Coins of the Barbadian dollar
Image Value Technical parameters Description Date of first minting
Diameter Thickness Mass Composition Edge Obverse Reverse
1 cent 18.86 mm 1.55 mm 2.78 g Copper-plated steel Plain Coat of arms of Barbados Trident 2007
5 cents 21.2 mm 1.65 mm 3.45 g Brass-plated steel Plain Coat of arms of Barbados South Point Lighthouse 2007
10 cents 17.77 mm 1.35 mm 2.09 g Nickel-plated steel Reeded Coat of arms of Barbados Laughing Gull 2007
25 cents 23.66 mm 1.82 mm 5.1 g Nickel-plated steel Reeded Coat of arms of Barbados Morgan Lewis windmill 2007
1 dollar 25.85 mm 1.65 mm 5.95 g Nickel-plated steel Plain Coat of arms of Barbados Flying fish 2007

Banknotes

5 dollar note, Colonial Bank, Barbados, 1902. On display at the British Museum in London

In 1882, the Colonial Bank introduced notes for 5 dollars. In 1920, 20 and 100 dollar notes were also issued by this bank. In 1922,

Barclays Bank
, having taken over the Colonial Bank, began issuing 5, 20 and 100 dollar notes. The higher denominations ceased production in 1940 but the 5 dollar 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.

A selection of coins of the Barbadian dollar, plus a $1 note.

On 3 December 1973,[8] the Central Bank of Barbados introduced notes in denominations of 1, 5, 10, 20 and 100 dollars. 2 dollar notes were introduced in 1980, followed by 50 dollars in 1989. The 1 dollar note was no longer issued after 1988.[9]

Banknotes currently in circulation are:

  • 2 dollars (light 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.

On 2 May 2013, the Central Bank of Barbados issued a new series of banknotes with a more modern design. The portraits on all of the denominations have been retained, but on the back of the notes is a design specific to the person depicted on the front of the notes.[10][11]

On 21 March 2022, the Central Bank of Barbados announced its intent to replace the current paper banknotes with polymer banknotes by the end of the year stating it would allow for more secure and durable cash.[12] The new designs of the polymer banknotes were then later revealed on 4 May 2022 and the notes were rolled out on 5 December 2022, and will circulate alongside existing paper banknotes for the foreseeable future.[13]

Current BBD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD

See also

Notes

  1. ^ The alphabetic code is based on another ISO standard, ISO 3166, which lists the codes for country names. The first two letters of the ISO 4217 three-letter code are the same as the code for the country name, and, where possible, the third letter corresponds to the first letter of the currency name.[4] For example: The US dollar is represented as USD – the US coming from the ISO 3166 country code and the D for dollar. The Swiss franc is represented by CHF – the CH being the code for Switzerland in the ISO 3166 code and F for franc.
  2. ^ The Government of Barbados and the Central Bank often use the International vehicle registration code "BDS" instead of the ISO 4217 code "BBD". For example, the Central Bank uses the code "BDS$" for listing past exchange rates on its website.[5]

References

  1. ^ "Barbados Customs, Currency & Airport Tax regulations summary". IATA. 12 December 2023. Retrieved 12 December 2023.
  2. ^ "Barbados Dollar". Oanda. Retrieved 12 December 2023.
  3. ^ "BBD - Barbadian or Bajan Dollar". Xe. Retrieved 12 December 2023.
  4. ^ "Popular standards ISO 4217 Currency codes". International Organization for Standardization (ISO. Retrieved 12 December 2023.
  5. ^ "Exchange Rates". Central Bank of Barbados. Retrieved 26 January 2022.
  6. ^ Staff writer (2015). "ISO 4217 - Currency Codes". www.iso.org. International Organisation for Standardisation. Retrieved 27 June 2022. The alphabetic code is based on another ISO standard, ISO 3166, which lists the codes for country names. The first two letters of the ISO 4217 three-letter code are the same as the code for the country name, and, where possible, the third letter corresponds to the first letter of the currency name.
  7. ^ "Historical Exchange Rates – 31st December, 2021". Central Bank of Barbados. Retrieved 1 January 2022.
  8. ^ Linzmayer, Owen (2012). "Barbados". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  9. ^ "45 Things You Didn't Know About Barbados' Money". Central Bank of Barbados. Retrieved 29 May 2022.
  10. ^ Barbados new banknote series reported BanknoteNews.com. 2 May 2013. Retrieved 2013-05-03.
  11. ^ Press release on the issuance of the new series of banknotes by the Central Bank of Barbados Archived 7 May 2013 at the Wayback Machine Central Bank of Barbados. (www.centralbank.org.bb). Retrieved 2013-05-03.
  12. ^ "Barbados switching to polymer banknotes later this year". Barbados Today. 21 March 2022. Retrieved 22 March 2022.
  13. ^ "Standing Secure: Launch of Barbados' 2022 Banknote Series". Central Bank of Barbados. Retrieved 4 May 2022.

Further reading

External links
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