Saint Vincent dollar
Encyclopedia
The history of currency in the British colony of Saint Vincent
closely follows that of the British Eastern Caribbean territories in general. As such, it should not be considered in isolation. In order to get a broad overview of currency in the region, see the article British West Indies dollar.
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 British sterling
coinage being introduced to St. Vincent in the year 1839. However, despite the circulation of British coins in St. Vincent, 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. Vincent in 1879 for fear that the silver standard might return. Even though the British sterling coins were made of silver, they were fractional coins of the British gold sovereign and hence they maintained their gold value. 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. Vincent 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.
Between 1811 and 1814 currency consisted of various counterstamped Spanish and Spanish colonial coins, some of which were cut or holed. The Spanish dollar
was subdivided into bits, each worth 9 pence
, 6 black dogs
or 4 stampees. Before 1811, 1 dollar = 11 bits and the dollar equalled 8 Spanish real
es. After 1811, 1 dollar = 12 bits and 1½ dollars equalled 8 reales. 4½, 6, 9 and 12 bits coins were produced. The 4½ and 9 bits were made from 2 and 4 reales coins. The 4½ bits was counterstamped with "S", "IV½" and "B", whilst the 9 bits was counterstamped with "S" and "IX". To produce the 6 and 12 bits, 8 reales coins were holed. The central plug was stamped with "S" and "VI" to produce the 6 bits, whilst the ring (or holey dollar
) was stamped with "S" and "XII" to make the 12 bits.
The revolutions in Spanish America cut off the supply of the Spanish Dollar
s at a time when Britain had recently introduced a successful gold standard. As such, it became expedient to introduce British sterling
coinage to all the colonies. Sterling coinage was introduced following an imperial order-in-council of 1825 which set ratings for sterling in relation to the Spanish dollar
and some other major coinages which were in circulation at the time.
s 2 pence. In 1935, the British West Indies dollar was introduced, equal in value to all 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
.
Saint Vincent and the Grenadines
Saint Vincent and the Grenadines is an island country in the Lesser Antilles chain, namely in the southern portion of the Windward Islands, which lie at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean....
closely follows that of the British Eastern Caribbean territories in general. As such, it should not be considered in isolation. In order to get a broad overview of currency in the region, see the article British West Indies dollar.
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 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 being introduced to St. Vincent in the year 1839. However, despite the circulation of British coins in St. Vincent, 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. Vincent in 1879 for fear that the silver standard might return. Even though the British sterling coins were made of silver, they were fractional coins of the British gold sovereign and hence they maintained their gold value. 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. Vincent 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
In 1797, coins were produced for 1 black dog, 1 stampee and ¼ and ½ dollar. The black dog and stampee were made by counterstamping an "SV" monogram on French colonial coins, whilst the ¼ and ½ dollar were made by cutting 8 reales coins (Spanish dollars) into four or two and stamping them with the "SV" monogram.Between 1811 and 1814 currency consisted of various counterstamped Spanish and Spanish colonial coins, some of which were cut or holed. The Spanish dollar
Spanish 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...
was subdivided into bits, each 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:...
, 6 black dogs
Black dog (coin)
A dog or a black dog was a coin in the Caribbean of Queen Anne of Great Britain, made of pewter or copper, typically worth 1½ pence or a 72nd of a dollar. The name comes from the negative connotations of the word "dog," as they came from debased silver coins, and the dark color of those same...
or 4 stampees. Before 1811, 1 dollar = 11 bits and the dollar equalled 8 Spanish real
Spanish real
The real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...
es. After 1811, 1 dollar = 12 bits and 1½ dollars equalled 8 reales. 4½, 6, 9 and 12 bits coins were produced. The 4½ and 9 bits were made from 2 and 4 reales coins. The 4½ bits was counterstamped with "S", "IV½" and "B", whilst the 9 bits was counterstamped with "S" and "IX". To produce the 6 and 12 bits, 8 reales coins were holed. The central plug was stamped with "S" and "VI" to produce the 6 bits, whilst the ring (or holey dollar
Holey dollar
Holey dollar is the name given to coins used in the early history of two British settlements: Prince Edward Island and New South Wales. The middle was punched out of Spanish dollars, creating two parts: a small coin, known as a "dump" in Australia, and a "holey dollar".-Prince Edward Island :From...
) was stamped with "S" and "XII" to make the 12 bits.
The revolutions in Spanish America cut off the supply of the Spanish Dollar
Spanish 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 at a time when Britain had recently introduced a successful gold standard. As such, it became expedient to introduce 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 to all the colonies. Sterling coinage was introduced following an imperial order-in-council of 1825 which set ratings for sterling in relation to the Spanish dollar
Spanish 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...
and some other major coinages which were in circulation at the time.
Paper Money
In 1882, the first private banknotes were issued, denominated in dollars. It was pegged to sterling with 1 dollar = 4 shillingShilling
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 all 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...
.