Grenadan dollar
Encyclopedia
The history of currency in the British colony of Grenada
closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight
(Spanish dollars and later Mexican dollars) continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.
Britain adopted the gold standard in 1821 and an imperial order-in-council of 1838 resulted in Grenada formally adopting the sterling
currency in the year 1840. However, despite the circulation of British coins in Grenada, the silver pieces of eight
continued to circulate alongside them and the private sector continued to use dollar accounts for reckoning. The international silver crisis of 1873 signalled the end of the silver dollar era in the West Indies and silver dollars were demonetized in Grenada
in 1878. This left a state of affairs, in which the British coinage circulated, being reckoned in dollar accounts at an automatic conversion rate of 1 dollar = 4 shilling
s 2 pence.
From 1949, with the introduction of the British West Indies dollar, the currency of Grenada became officially tied up with that of the British Eastern Caribbean territories in general. 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.
s and other Spanish colonial
coins. The dollar was subdivided into bits (worth 9 pence
). Before 1814, there were 11 bits to the dollar, with the issue of 1787 consisting of Spanish dollars cut into 11 segments and stamped with a "G". After 1814, there were 12 bits to the dollar. 1 bit pieces were made from 2 reales coins cut into thirds, whilst 2 and 4 bit pieces were made from 4 reales coins cut into sixths and third, respectively, and 6 bit pieces were produced from 8 reales coins cut in half. All were stamped with a "G", their value in bits and either "TR" or "GS". In 1840, sterling was established as the official currency of the island. In 1909, the first private banknotes were issued, denominated in dollars. These circulated alongside sterling and government paper money (denominated in sterling) issued in 1920. From 1920, some of the private banknotes were also denominated in sterling, with 1 dollar = 4 shilling
s 2 pence. In 1935, the British West Indies dollar was introduced, equal in value to the Grenadan dollar and other dollars circulating in the British West Indies
. Private banks continued to issue notes until 1941. The British West Indies dollar was replaced in 1965 by the East Caribbean dollar
.
introduced 5 dollar notes in 1909, continuing to issue them until 1938. The Colonial Bank issued 5 dollars notes until 1926, after which Barclays Bank (which had taken over the Colonial Bank) began issuing 5 dollars notes and continued until 1941.
Grenada
Grenada is an island country and Commonwealth Realm consisting of the island of Grenada and six smaller islands at the southern end of the Grenadines in the southeastern Caribbean Sea...
closely follows that of the British Eastern Caribbean territories in general. Even though Queen Anne's proclamation of 1704 brought the gold standard to the West Indies, silver pieces of eight
Pieces of Eight
Pieces of Eight is the eighth studio album and second concept album by Styx, released September 1, 1978.The album was the band's follow-up to their Triple Platinum selling The Grand Illusion album....
(Spanish dollars and later Mexican dollars) continued to form a major portion of the circulating currency right into the latter half of the nineteenth century.
Britain adopted the gold standard in 1821 and an imperial order-in-council of 1838 resulted in Grenada formally adopting the sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
currency in the year 1840. However, despite the circulation of British coins in Grenada, the silver pieces of eight
Pieces of Eight
Pieces of Eight is the eighth studio album and second concept album by Styx, released September 1, 1978.The album was the band's follow-up to their Triple Platinum selling The Grand Illusion album....
continued to circulate alongside them and the private sector continued to use dollar accounts for reckoning. The international silver crisis of 1873 signalled the end of the silver dollar era in the West Indies and silver dollars were demonetized in Grenada
Grenada
Grenada is an island country and Commonwealth Realm consisting of the island of Grenada and six smaller islands at the southern end of the Grenadines in the southeastern Caribbean Sea...
in 1878. This left a state of affairs, in which the British coinage circulated, being reckoned in dollar accounts at an automatic conversion rate of 1 dollar = 4 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s 2 pence.
From 1949, with the introduction of the British West Indies dollar, the currency of Grenada became officially tied up with that of the British Eastern Caribbean territories in general. 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.
Early history
The currency comprised various cut Spanish dollarSpanish dollar
The Spanish dollar is a silver coin, of approximately 38 mm diameter, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. Its purpose was to correspond to the German thaler...
s and other Spanish colonial
Spanish colonial real
The silver real was the currency of the Spanish colonies in the Americas and the Philippines. In the seventeenth century the silver real was established at two billon reals or sixty-eight Spanish maravedís. Gold escudos were also issued...
coins. The dollar was subdivided into bits (worth 9 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
). Before 1814, there were 11 bits to the dollar, with the issue of 1787 consisting of Spanish dollars cut into 11 segments and stamped with a "G". After 1814, there were 12 bits to the dollar. 1 bit pieces were made from 2 reales coins cut into thirds, whilst 2 and 4 bit pieces were made from 4 reales coins cut into sixths and third, respectively, and 6 bit pieces were produced from 8 reales coins cut in half. All were stamped with a "G", their value in bits and either "TR" or "GS". In 1840, sterling was established as the official currency of the island. In 1909, the first private banknotes were issued, denominated in dollars. These circulated alongside sterling and government paper money (denominated in sterling) issued in 1920. From 1920, some of the private banknotes were also denominated in sterling, with 1 dollar = 4 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s 2 pence. In 1935, the British West Indies dollar was introduced, equal in value to the Grenadan dollar and other dollars circulating in the British West Indies
British West Indies
The British West Indies was a term used to describe the islands in and around the Caribbean that were part of the British Empire The term was sometimes used to include British Honduras and British Guiana, even though these territories are not geographically part of the Caribbean...
. Private banks continued to issue notes until 1941. The British West Indies dollar was replaced in 1965 by the East Caribbean dollar
East Caribbean dollar
The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...
.
Banknotes
The Royal Bank of CanadaRoyal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
introduced 5 dollar notes in 1909, continuing to issue them until 1938. The Colonial Bank issued 5 dollars notes until 1926, after which Barclays Bank (which had taken over the Colonial Bank) began issuing 5 dollars notes and continued until 1941.