Eastern Caribbean dollar facts for kids

Quick facts for kids Eastern Caribbean dollar
ISO 4217 Code	XCD
User(s)	Anguilla Antigua and Barbuda Dominica Grenada Montserrat Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines
Pegged with	U.S. dollar = XCD 2.70
Subunit
1⁄100	cent
Symbol	EC$
Coins	5, 10, 25 cents, EC$1
Banknotes	EC$2, EC$5, EC$10, EC$20, EC$50, EC$100

The Eastern Caribbean dollar (symbol: EC$; code: XCD) is the money used in eight different places in the Caribbean. These places are all part of the Organisation of Eastern Caribbean States (OECS).

This currency has been around since 1965. It took over from an older currency called the British West Indies dollar. You can write it as $ or EC$ to show it's different from other types of dollars. One EC dollar is made up of 100 cents. Since 1976, the EC dollar has been linked to the United States dollar. This means that 1 U.S. dollar is always worth 2.70 EC dollars.

Who Uses the Eastern Caribbean Dollar?

Six of the places that use the EC dollar are independent countries. These are Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.

The other two places are Anguilla and Montserrat. They are British Overseas Territories, which means they are part of the United Kingdom. All these countries and territories are members of the Eastern Caribbean Currency Union. This union helps them all use the same money.

Some other members of the OECS do not use the EC dollar. For example, the British Virgin Islands use the United States dollar. Martinique, which is part of France, uses the euro.

In the past, British Guiana and Barbados also used the EC dollar. But they later decided to use their own currencies.

About 613,000 people live in the areas that use the EC dollar. This is similar to the population of a country like Montenegro. The total value of goods and services produced in these areas is about 5.46 billion U.S. dollars.

You will see Queen Elizabeth II on the banknotes and coins. She was the head of state for most of these places.

A Brief History of the Money

For a long time, people in the British West Indies used Spanish dollars. The British government tried to introduce their own money, the pound sterling, but it was hard to make people switch.

In 1949, the British government officially created the British West Indies dollar (BWI$). This currency was linked to the British pound. A group called the British Caribbean Currency Board (BCCB) was set up to print the money.

The BWI$ was used in many islands. But some places, like the British Virgin Islands, found it easier to use the U.S. dollar. They later switched to the U.S. dollar.

In 1955, new decimal coins were introduced for the BWI$. These coins were in cents.

The West Indies Federation was formed in 1958, and the BWI$ became its currency. However, some parts of the Federation, like Jamaica, kept their own money.

In 1965, the BWI$ was replaced by the Eastern Caribbean dollar. A new group, the Eastern Caribbean Currency Authority (ECCA), took over from the BCCB. Later, in 1983, the Eastern Caribbean Central Bank (ECCB) was created. This bank is now in charge of issuing the EC dollar.

The exchange rate of 4.80 EC dollars to 1 British pound continued until 1976. After that, the EC dollar was linked to the U.S. dollar.

Coins of the EC Dollar

Before 1981, the coins of the old BWI$ were still used. In 1982, new EC dollar coins were made. These came in values of 1, 2, 5, 10, and 25 cents, and 1 dollar.

The 1 and 5 cent coins had a wavy edge, and the 2 cent coin was square. These were made of aluminum. The 10 and 25 cent coins were round and made of a mix of copper and nickel. The 1 dollar coin was round and made of aluminum bronze.

In 1989, the 1 dollar coin changed. It became a 10-sided coin made of copper and nickel.

In 2002, new, larger 1, 2, and 5 cent coins were made. The 1 dollar coin also became round again. The picture of Queen Elizabeth II on all coins was updated to a newer design.

The 1 and 2 cent coins were removed from circulation in 2015. They were no longer valid to use after June 2020.

Banknotes of the EC Dollar

In 1965, the Eastern Caribbean Currency Authority started printing banknotes. These were in values of 1, 5, 20, and 100 dollars. All of them showed a picture of Queen Elizabeth II.

When the Eastern Caribbean Central Bank took over in 1985, they added 10 dollar notes. The 1 dollar notes stopped being printed in 1989. In 1993, 50 dollar notes were introduced.

In 2008, a new series of banknotes was released. In 2012, the bank added special features for people who are blind or have low vision. These notes have raised dots that feel like cricket balls and stumps. This helps people tell the different notes apart. These features are on the 10, 20, 50, and 100 dollar notes.

In 2019, the Eastern Caribbean Central Bank started making new notes from a special plastic material called polymer. These new notes are also printed vertically, which is a unique design.

2019 Issue

Obverse	Reverse	Denomination	Obverse	Reverse
		EC$5	Queen Elizabeth II, turtle, Green-throated carib	Trafalgar Falls, Dominica; Admiral's House, Antigua
		EC$10		Admiralty Bay, Bequia, Saint Vincent and the Grenadines; Map of the Organisation of Eastern Caribbean States; brown pelican; tropical fish
		EC$20		Government House, Montserrat, Nutmeg
		EC$50		Sir K. Dwight Venner; Brimstone Hill Fortress National Park, St. Kitts; Map of the Organisation of Eastern Caribbean States, Tropical Fish
		EC$100		Sir William Arthur Lewis, Map of the Organisation of Eastern Caribbean States, View of the twin peaks of Les Pitons Volcano – Petit Piton and Gros Piton near Soufrière in Saint Lucia, Tropical Fish

Older Banknote Designs

The 2012 issue included raised braille elements for the visually-impaired in the form of a cricket ball and stumps. These were added to the EC$10, $20, $50, and $100 banknotes.

See also

In Spanish: Dólar del Caribe Oriental para niños

• CARICOM
• Central banks and currencies of the Caribbean
• Currencies of the British West Indies
• Currency union
• Eastern Caribbean Securities Exchange
• Economy of the Caribbean