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The East Caribbean dollar (sign: $; code: XCD) is the currency of eight of the nine members of the Organisation of Eastern Caribbean States. It has existed since 1965 and 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 at US$1 = EC$2.7 since 1976.
Six of the states using the EC$ 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. The only OECS member not using the East Caribbean dollar as their de facto currency is the British Virgin Islands, which uses the U.S. dollar instead.
The combined population is close to 600,000 (2005 and 2006 census and estimates), which is comparable to Montenegro or the city of Washington, D.C..
Queen Elizabeth II appears on the banknotes and the obverse of the coins: she is the head of state of all the states and territories using the EC$, except Dominica.
The East Caribbean dollar is a descendant of the Spanish dollars that were referred to as pieces of eight. In the nineteenth century Spanish dollars were rated against the British gold sovereign at four shillings and two pence (4s 2d), or at $4.80 to the sovereign. This exchange rate was still active between the East Caribbean dollar and the pound sterling right up until as recently as 1976. The EC$ replaced the British West Indian dollar (BWI$), used by the defunct West Indies Federation, at par in 1965. Between 1965 and 1983, the Eastern Caribbean Currency Authority issued the EC$, with banknotes from 1965 and coins from 1981.
In 1972 Barbados left the currency union.
The EC$ is now issued by the Eastern Caribbean Central Bank, based in the city of Basseterre, in Saint Kitts and Nevis. The bank was established by an agreement (the Eastern Caribbean Central Bank Agreement) signed at Port of Spain on July 5, 1983.
Until 1981, the coins of the BWI$ circulated. In 1981, a new series of coins was introduced in denominations of 1, 2, 5, 10 and 25 cents and 1 dollar. The round, aluminium bronze dollar coin was replaced in 1989 with a decagonal, cupro-nickel type. Higher denominations exist, but these were issued only as medal-coins.
In 1965, the Eastern Caribbean Currency Authority issued banknotes in denominations of 1, 5, 20 and 100 dollars. The first issues in the name of the Eastern Caribbean Central Bank in 1985 were of the same denominations, with the addition of 10 dollars notes. The last 1 dollar notes were issued in 1989 and 50 dollar notes were introduced in 1993.
Note: Rates obtained from these websites may contradict with pegged rate mentioned above
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Last updated on Monday September 24, 2007 at 05:23:47 PDT (GMT -0700)
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