Trinidad and Tobago were discovered by Christopher Columbus in 1498. Trinidad was established as a British colony in 1762 (though it was under French rule from 1781 to 1793 and from 1802 to 1803). Tobago was established as a British colony in 1797. Trinidad and Tobago were united on January 1, 1899, and were part of the Federation of the West Indies from January 3, 1958 until May 31, 1962. Trinidad and Tobago became an independent constitutional monarchy on August 31, 1962, and became a republic on March 1, 1976.
While Tobago was under Spanish rule, Bits (plugs out of Spanish 8 Real coins) were used as money with the center hole equal to 1.5 Bits and an 8 Real coin missing its center equal to 11 Bits. One Bit was equal to about 9 Pence. These coins were introduced in 1798 in Tobago and 1804 in Trinidad. Copper coins were generally not used on the islands until after 1850.
The British introduced the Pound Sterling, and it was used while Trinidad and Tobago were separate British colonies. After the two islands were joined together to form Trinidad and Tobago, the government of Trinidad and Tobago issued Dollar banknotes (TTD). The British West Indies Dollar (XBWD) replaced the Trinidad and Tobago Dollar at par in 1935, though Trinidad and Tobago continued to issue its own banknotes until 1951. On August 1, 1951, the Board of Commissioners of Currency, British Caribbean Territories (Eastern Group) became the sole note-issuing authority for the British West Indies Dollar. The Central Bank of Trinidad and Tobago began issuing its own Dollar in 1964, at par with the British West Indies Dollar. British West Indies Dollars ceased to be legal tender on December 31, 1965. East Caribbean Dollars also circulated in Trinidad and Tobago, but were not legal tender. |
