Currency - East Caribbean dollar

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East Caribbean dollar

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The Eastern Caribbean dollar (symbol: $; code: XCD) is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has existed since 1965, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since 7 July 1976, and the exchange rate is US$1 = EC$2.70.

Six of the states using the EC$ are independent states: Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The other two are British overseas territories: Anguilla and Montserrat. These states are all members of the Eastern Caribbean Currency Union.

The other two associate members of the OECS do not use the Eastern Caribbean dollar as their official currency: the British Virgin Islands and Martinique. The British Virgin Islands were always problematic for currency purposes due to their proximity to the Danish West Indies which became the US Virgin Islands in 1917. Officially, the British Virgin Islands used to use sterling, but in practice the situation was more complicated and involved the circulation of francs and U.S. dollars. In 1951, the British Virgin Islands adopted the British West Indies dollar which at that time operated in conjunction with the sterling coinage, and in 1959 they changed over officially to the U.S. dollar.

Martinique, as part of France, uses the euro as its currency.

British Guiana and Barbados had previously been members of the Eastern Caribbean Currency Union but withdrew in 1966 and 1972, respectively. Trinidad and Tobago had been a member of the earlier British West Indies currency union, but withdrew in 1964.

The combined population of the EC$ area is about 613,000 (2014 census and estimates ), which is comparable to Montenegro or the American capital city of Washington, D.C.. The combined GDP is 5.46 billion US dollars, which is comparable to Bermuda.

Queen Elizabeth II appears on the banknotes and also on the obverse of the coins. She is the head of state of all the states and territories using the EC$, except for Dominica. Dominica is nevertheless a member of the Commonwealth of Nations which recognises Queen Elizabeth II as Head of the Commonwealth.

Queen Anne's proclamation of 1704 introduced the gold standard to the British West Indies, putting the West Indies about two hundred years ahead of the East Indies in this respect. Nevertheless, silver pieces of eight continued to form an important portion of the circulating coinage right up until the late 1870s. In 1822, the British government coined 1⁄4, 1⁄8, and 1⁄16 fractional 'Anchor dollars' for use in Mauritius and the British West Indies (but not Jamaica). A few years later copper fractional dollars were coined for Mauritius, Sierra Leone, and the British West Indies.

The first move to introduce British sterling silver coinage to the colonies came with an imperial order-in-council dated 1825. This move was inspired by a number of factors. The United Kingdom was now operating a very successful gold standard in relation to the gold sovereign that was introduced in 1816, and there was a desire to extend this system to the colonies. In addition to this, there was the fact that the supply of Spanish dollars (pieces of eight) had been cut off as a result of the revolutions in Latin America where most of the Spanish dollars were minted. The last Spanish Dollar was in fact minted at Potosi in 1825. There was now a growing desire to have a stable and steady supply of British shillings everywhere the British drum was beating. The 1825 order-in-council was largely a failure because it made sterling silver coinage legal tender at the unrealistic rating in relation to the Spanish dollar of $1 = 4 shillings 4 pence. It succeeded in Jamaica, Bermuda, and British Honduras because the authorities in those territories set aside the official ratings and used the more realistic rating of $1 = 4 shillings. The reality of the rating between the dollar and the pound was based on the silver content of the Spanish pieces of eight as compared to the gold content of the British gold sovereign.

A second imperial order-in-council was passed in 1838 with the correct rating of $1 = 4 shillings 2 pence. In the years following the 1838 order-in-council, the British West Indies territories began to enact local legislation for the purposes of assimilating their monies of account with the British pound sterling. Gold discoveries in Australia in 1851 drove the silver dollar out of the West Indies, but it returned again with the great depreciation in the value of silver that followed with Germany's transition to the gold standard between 1871 and 1873. In the years immediately following 1873, there was a fear that the British West Indies might return to a silver standard. As such, legislation was passed in the individual territories to demonetize the silver dollars. Even though the British coinage was also silver, it represented fractions of the gold sovereign and so its value was based on a gold standard.

Country

Anguilla

Anguilla is a British overseas territory in the Caribbean. It is one of the most northerly of the Leeward Islands in the Lesser Antilles, lying east of Puerto Rico and the Virgin Islands and directly north of Saint Martin. The territory consists of the main island of Anguilla, approximately 16 mi long by 3 mi wide at its widest point, together with a number of much smaller islands and cays with no permanent population. The island's capital is The Valley. The total land area of the territory is 35 mi2, with a population of approximately ( estimate).

Anguilla has become a popular tax haven, having no capital gains, estate, profit, sales, or corporate taxes. In April 2011, faced with a mounting deficit, it introduced a 3% "Interim Stabilisation Levy", Anguilla's first form of income tax. Anguilla also has a 0.75% property tax.

Antigua and Barbuda

Antigua and Barbuda is a country in the West Indies in the Americas, lying between the Caribbean Sea and the Atlantic Ocean. It consists of two major islands, Antigua and Barbuda, and a number of smaller islands (including Great Bird, Green, Guiana, Long, Maiden and York Islands and further south, the island of Redonda). The permanent population numbers about 81,800 (at the 2011 Census) and the capital and largest port and city is St. John's on Antigua. Lying near each other (the main Barbuda airport is less than 0.5° of latitude, or 30 nautical miles, north of the main Antigua airport), Antigua and Barbuda are in the middle of the Leeward Islands, part of the Lesser Antilles, roughly at 17°N of the equator.

The island of Antigua was explored by Christopher Columbus in 1493 and named for the Church of Santa María La Antigua. Antigua was colonized by Britain in 1632; Barbuda island was first colonized in 1678. Antigua and Barbuda joined the West Indies Federation in 1958. With the breakup of the federation, it became one of the West Indies Associated States in 1967. Following by self-governing on its internal affairs, independence was granted from United Kingdom on 1 November 1981.

Dominica

Dominica (Island Carib: Wai‘tu kubuli), officially the Commonwealth of Dominica, is an island country in the West Indies. The capital, Roseau, is located on the western side of the island. It is part of the Windward Islands in the Lesser Antilles archipelago in the Caribbean Sea. The island is located near Guadeloupe to the northwest and Martinique to the south-southeast. Its area is 750 km2, and the highest point is Morne Diablotins, at 1447 m in elevation. The population was 71,293 at the 2011 census. The Commonwealth of Dominica is one of the Caribbean's few republics.

The island was originally inhabited by the Kalinago and later colonised by Europeans, predominantly by the French from the 1690s to 1763. Columbus is said to have passed the island on Sunday 3 November 1493, and the island's name is derived from the Latin for "Sunday". Great Britain took possession in 1763 after the Seven Years' War, and it gradually established English as its official language. The island republic gained independence in 1978.

Grenada

Grenada is a country in the West Indies in the Caribbean Sea at the southern end of the Grenadines island chain. Grenada consists of the island of Grenada itself plus six smaller islands which lie to the north of the main island. It is located northwest of Trinidad and Tobago, northeast of Venezuela and southwest of Saint Vincent and the Grenadines. Its size is 348.5 km2, and it had an estimated population of in. Its capital is St. George's. Grenada is also known as the "Island of Spice" due to its production of nutmeg and mace crops, of which it is one of the world's largest exporters. The national bird of Grenada is the critically endangered Grenada dove.

Before the arrival of Europeans in the Americas, Grenada was inhabited by the indigenous Arawaks and later by the Island Caribs. Christopher Columbus sighted Grenada in 1498 during his third voyage to the Americas. Although it was deemed the property of the King of Spain, there are no records to suggest the Spanish ever landed or settled on the island. Following several unsuccessful attempts by Europeans to colonise the island due to resistance from the Island Caribs, French settlement and colonisation began in 1650 and continued for the next century. On 10 February 1763, Grenada was ceded to the British under the Treaty of Paris. British rule continued, except for a period of French rule between 1779 and 1783, until 1974. From 1958 to 1962, Grenada was part of the Federation of the West Indies, a short-lived federation of British West Indian colonies. On 3 March 1967, Grenada was granted full autonomy over its internal affairs as an Associated State. Herbert Blaize was the first Premier of the Associated State of Grenada from March to August 1967. Eric Gairy served as Premier from August 1967 until February 1974.

Montserrat

Montserrat is a British Overseas Territory (BOT) in the Caribbean. The island in the Leeward Islands, which is part of the chain known as the Lesser Antilles, in the West Indies. Montserrat measures approximately 16 km in length and 11 km in width, with approximately 40 km of coastline. Montserrat is nicknamed "The Emerald Isle of the Caribbean" both for its resemblance to coastal Ireland and for the Irish ancestry of many of its inhabitants.

On 18 July 1995, the previously dormant Soufrière Hills volcano, in the southern part of the island, became active. Eruptions destroyed Montserrat's Georgian era capital city of Plymouth. Between 1995 and 2000, two-thirds of the island's population was forced to flee, primarily to the United Kingdom, leaving fewer than 1,200 people on the island as of 1997 (rising to nearly 5,000 by 2016). The volcanic activity continues, mostly affecting the vicinity of Plymouth, including its docking facilities, and the eastern side of the island around the former W. H. Bramble Airport, the remnants of which were buried by flows from volcanic activity on 11 February 2010.

Saint Kitts and Nevis

Saint Kitts and Nevis, also known as the Federation of Saint Christopher and Nevis, is an island country in the West Indies. Located in the Leeward Islands chain of the Lesser Antilles, it is the smallest sovereign state in the Western Hemisphere, in both area and population. The country is a Commonwealth realm, with Elizabeth II as queen and head of state.

The capital city is Basseterre on the larger island of Saint Kitts. The smaller island of Nevis lies approximately 3 km (2 mi) southeast of Saint Kitts across a shallow channel called "The Narrows".

Saint Lucia

Saint Lucia (Sainte-Lucie) is a sovereign island country in the West Indies in the eastern Caribbean Sea on the boundary with the Atlantic Ocean. The island was previously called Iyonola, the name given to the island by the native Amerindians and later, Hewanorra, the name given by the native Caribs. Part of the Lesser Antilles, it is located north/northeast of the island of Saint Vincent, northwest of Barbados and south of Martinique. It covers a land area of 617 km2 and reported a population of 165,595 in the 2010 census. Its capital is Castries.

The French were the island's first European settlers. They signed a treaty with the native Island Caribs in 1660. England took control of the island from 1663 to 1667. In ensuing years, it was at war with France fourteen times, and the rule of the island changed frequently (it was ruled seven times each by the French and British). In 1814, the British took definitive control of the island. Because it switched so often between British and French control, Saint Lucia was also known as the "Helen of the West Indies" after the Greek mythology "Helen of Troy".

Saint Vincent and the Grenadines

Saint Vincent and the Grenadines is a country in the Lesser Antilles island arc, in the southern portion of the Windward Islands, which lies in the West Indies at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean. The sovereign state is also frequently known simply as Saint Vincent.

Its 389 km2 territory consists of the main island of Saint Vincent and the northern two-thirds of the Grenadines, which are a chain of 32 smaller islands including Saint Vincent. Some of The smaller chain of islands which as known as the Grenadine Islands includes those that are inhabited: Bequia, Mustique, Union Island, Canouan, Palm Island, Mayreau, Young Island and those that are uninhabited: Tobago cays (Includes Petit Rameau, Petit Bateau, Baradal, Petit Tabac and Jamesby), Petit Saint Vincent, Baliceaux, Bettowia, Quatre, Petite mustique, Savan and Petit Nevis. Most of Saint Vincent and the Grenadines lies within the Hurricane Alley.

Language

East Caribbean dollar (English)  Dollaro dei Caraibi Orientali (Italiano)  Oost-Caribische dollar (Nederlands)  Dollar des Caraïbes orientales (Français)  Ostkaribischer Dollar (Deutsch)  Dólar do Caribe Oriental (Português)  Восточнокарибский доллар (Русский)  Dólar del Caribe Oriental (Español)  Dolar wschodniokaraibski (Polski)  東加勒比元 (中文)  Östkaribisk dollar (Svenska)  東カリブ・ドル (日本語)  Східнокарибський долар (Українська)  동카리브 달러 (한국어)  Itä-Karibian dollari (Suomi)  Dolar Karibia Timur (Bahasa Indonesia)  Rytų Karibų doleris (Lietuvių)  Východokaribský dolar (Česky)  Doğu Karayip doları (Türkçe)  Источнокарипски долар (Српски / Srpski)  Kelet-karibi dollár (Magyar)  Istočnokaripski dolar (Hrvatski)  Vzhodnokaribski dolar (Slovenščina)  Austrumkarību dolārs (Latviešu)  Δολάριο Ανατολικής Καραϊβικής (Ελληνικά)  Đô la Đông Caribe (Tiếng Việt) 
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