Saint Lucia dollar
Encyclopedia
The history of currency in the British colony of Saint Lucia
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 Saint Lucia
formally adopting the British sterling
coinage in the year 1851. However, despite the circulation of British coins in St. Lucia, 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 St. Lucia in 1882. 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 St. Lucia 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.
. Sometime after 1882, private banknotes, denominated in dollars, began to be issued on the island. From 1920, some of these notes also bore the value in sterling, with 1 dollar = 4 shilling
s 2 pence
. During this period, no subdivision of the dollar was issued and British coins continued to circulate. The government of Saint Lucia also issued paper money in 1920, denominated in sterling.
In 1935, the British West Indies dollar was established, equal in value to the earlier Saint Lucia dollar and other similar issues elsewhere in the British West Indies. The last distinct issues of banknotes were made for Saint Lucia in 1940. Since 1965, the East Caribbean States dollar has circulated.
, the Colonial Bank and Barclays Bank, all issued 5 dollars notes. The Royal Bank of Canada issued notes in 1920, whilst the Colonial Bank issued notes until 1926 and Barclays Bank (which took over the Colonial Bank) issued notes between 1926 and 1940.
Saint Lucia
Saint Lucia is an island country in the eastern Caribbean Sea on the boundary with the Atlantic Ocean. 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 620 km2 and has an...
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 Saint Lucia
Saint Lucia
Saint Lucia is an island country in the eastern Caribbean Sea on the boundary with the Atlantic Ocean. 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 620 km2 and has an...
formally adopting the British 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...
coinage in the year 1851. However, despite the circulation of British coins in St. Lucia, 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 St. Lucia in 1882. 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 St. Lucia 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.
History
From 1851, the British pound circulated on Saint Lucia, replacing the Saint Lucia livreSaint Lucia livre
The livre was the currency of Saint Lucia until 1814. The currency consisted of various cut Spanish and Spanish colonial coins. The livre was subdivided into 20 sous, each of 12 deniers. The escalin was worth 15 sous, with the stampee worth 3 sous 9 denier...
. Sometime after 1882, private banknotes, denominated in dollars, began to be issued on the island. From 1920, some of these notes also bore the value 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
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:...
. During this period, no subdivision of the dollar was issued and British coins continued to circulate. The government of Saint Lucia also issued paper money in 1920, denominated in sterling.
In 1935, the British West Indies dollar was established, equal in value to the earlier Saint Lucia dollar and other similar issues elsewhere in the British West Indies. The last distinct issues of banknotes were made for Saint Lucia in 1940. Since 1965, the East Caribbean States dollar has circulated.
Banknotes
Three banks, 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,...
, the Colonial Bank and Barclays Bank, all issued 5 dollars notes. The Royal Bank of Canada issued notes in 1920, whilst the Colonial Bank issued notes until 1926 and Barclays Bank (which took over the Colonial Bank) issued notes between 1926 and 1940.