Barbadian dollar facts for kids

Quick facts for kids Barbadian dollar
A Series 2022 Barbadian 100 dollar bill and a selection of coins, ranging from $1 to 5¢
ISO 4217 Code	BBD
User(s)	Barbados
Inflation	2.2%
Source	Central Bank of Barbados, January 2022.
Pegged with	US$1=BBD$2
Symbol	$,
Coins
Freq. used	5¢, 10¢, 25¢, $1
Banknotes	$2, $5, $10, $20, $50, $100

The dollar has been the official money of Barbados since 1935. Around the world, this money is known by its special code, BBD. In Barbados, people also sometimes use the code BDS. The Barbadian dollar is divided into 100 cents. This is similar to how many other countries use dollars and cents. Since 1975, the Barbadian dollar has been linked to the US dollar. This means that US$1 is usually worth BBD$2.

History of the Barbadian Dollar

The money used in Barbados has changed a lot over time. Barbados used to be a British colony. So, its money history is similar to other British islands in the Eastern Caribbean.

Early Money in Barbados

In the early 1700s, Britain wanted its money, the pound sterling, to be used in its colonies. However, silver coins from Spain and Mexico, called pieces of eight, were very common. They were used a lot in Barbados until the late 1800s.

In 1848, Barbados officially started using British coins. But the silver pieces of eight were still used alongside them. People often kept their money records in "dollar accounts." This changed after a big silver crisis in 1873. By 1879, silver dollars were no longer official money in Barbados.

After this, British coins were the main money. People thought of 1 dollar as being worth 4 shillings and 2 pence in British money. In 1882, private banks in Barbados started printing their own dollar banknotes. These notes were used with British money.

Moving Towards a Local Dollar

From 1949, Barbados's money became officially linked with other British Eastern Caribbean islands. This was through a currency called the British West Indies dollar. Before this, from 1938 to 1949, the Barbadian government also printed its own paper money in dollars.

In 1955, new decimal coins were introduced. This meant that the old British pennies were replaced by new cents. One new cent was worth half of an old penny. Then, in 1965, the Eastern Caribbean dollar took the place of the British West Indies dollar in Barbados.

The Modern Barbadian Dollar

The dollar used today in Barbados was created after the Central Bank of Barbados (CBB) was set up. This happened in May 1972. In 1973, the Barbados dollar replaced the East Caribbean dollar. They were exchanged one for one.

Since July 5, 1975, the Barbados dollar has been pegged to the US dollar. This means its value is set against the US dollar. It is officially set at US$1 = BBD$1.98. But in daily life and businesses, it is usually simpler: US$1 is equal to BBD$2.

Coins of Barbados

In 1973, Barbados started making its own coins. These coins came in values of 1¢, 5¢, 10¢, 25¢, and $1.

Coin Designs and Materials

• The 1¢ coin was first made from bronze. Since 1992, it has been made from copper-plated zinc.
• The 5¢ coin is made from brass.
• The 10¢, 25¢, and $1 coins are made from cupronickel.
• The $1 coin has a unique 7-sided shape. It features a flying fish on one side. The Barbadian coat of arms is on the other side.
• Many of the coins you see in Barbados were made at the Royal Canadian Mint.

The 5 cent coin shows the South Point Lighthouse. This is the oldest lighthouse in Barbados.

Banknotes of Barbados

A 5 dollar note from the Colonial Bank, Barbados, 1902.

In the past, different banks printed money in Barbados. The Colonial Bank started issuing 5 dollar notes in 1882. Later, other banks like Barclays Bank, the Royal Bank of Canada, and the Canadian Bank of Commerce also printed notes.

Between 1938 and 1949, the government of Barbados printed its own notes. These were in values of 1, 2, 5, 20, and 100 dollars. All of them showed a picture of King George VI.

A selection of Barbadian dollar coins and a $1 note.

On December 3, 1973, the Central Bank of Barbados began printing its own banknotes. These were for 1, 5, 10, 20, and 100 dollars. Later, 2 dollar notes were added in 1980, and 50 dollar notes in 1989. The 1 dollar note stopped being printed after 1988.

Current Banknotes

The banknotes you can use in Barbados today come in these colors and values:

• 2 dollars (light blue)
• 5 dollars (green)
• 10 dollars (brown)
• 20 dollars (purple)
• 50 dollars (orange)
• 100 dollars (grey)

The old 1 dollar note was red and had a picture of Samuel Jackman Prescod on it.

New Designs and Polymer Notes

On May 2, 2013, the Central Bank of Barbados released a new series of banknotes. These notes have a more modern look. The pictures of important people on the front stayed the same. But the back of each note now has a design that relates to the person shown on the front.

More recently, on March 21, 2022, the Central Bank announced a big change. They decided to replace the paper banknotes with polymer banknotes. Polymer notes are made of a special plastic material. This makes them more secure and last longer. The new polymer notes were released on December 5, 2022. They are used alongside the older paper notes.

See also

• ISO 3166-2:BB
• List of people on banknotes#Barbados
• Currencies of the British West Indies
• Central banks and currencies of the Caribbean
• Economy of Barbados