Trinidad and Tobago dollar facts for kids

Quick facts for kids Trinidad and Tobago dollar
Obverse face of the different denominations of Trinidadian and Tobagonian banknotes.
ISO 4217 Code	TTD
User(s)	Trinidad and Tobago
Inflation	5.8% (December 2022)
Subunit
1⁄100	cent
Symbol	$ or TT$
cent	¢ or TT¢
Coins
Freq. used	5¢, 10¢, 25¢
Rarely used	50¢, $1
Banknotes	$1, $5, $10, $20, $50, $100

The Trinidad and Tobago dollar (currency code TTD) is the official money used in the country of Trinidad and Tobago. You'll usually see it written with a dollar sign ($), or sometimes TT$ to show it's different from other currencies called "dollars." Each dollar is divided into 100 cents. Cents are often shown with a cent sign (¢) or TT¢. Before the current dollar, Trinidad and Tobago used other types of money.

History of Money in Trinidad and Tobago

The way money was used in Trinidad and Tobago, a former British colony, is similar to other British islands in the Eastern Caribbean.

Early Money: Spanish Dollars

The first money used there was the Spanish dollar, also known as "pieces of eight." This started circulating in the 1500s. Even after the British tried to introduce their own money, the Spanish dollar remained very popular.

British Money Arrives

In 1704, Queen Anne announced that the pound sterling system would come to the West Indies. However, Spanish and later Mexican dollars were still widely used for a long time.

The First Banks and Sterling

When slavery ended in the West Indies, the first bank was created. The Colonial Bank opened in Trinidad in 1837. At first, it had to use Spanish and Mexican dollars. But the bank often ran out of these dollars. So, it asked the government for permission to use other money.

In 1838, Trinidad and Tobago officially started using the British sterling currency. However, Spanish, Mexican, and Colombian money were still accepted.

Banking Challenges

Another bank, the West India Bank, opened in 1843. This created competition for the Colonial Bank. The Colonial Bank was careful with its money, while the West India Bank took more risks.

In 1846, a law called the Sugar Duties Act caused sugar prices to drop. This led to a money crisis in Trinidad and Tobago. The West India Bank, which had taken too many risks, went out of business. The Colonial Bank also faced difficulties.

End of Silver Dollars and New Systems

The international silver crisis in 1873 marked the end of silver dollars in the West Indies. Silver dollars were no longer accepted as official money in Tobago in 1879 and around the same time in Trinidad.

After this, British coins were used. People would convert them to dollars at a rate of 1 dollar for every 4 shillings and 2 pence. Local banks also printed their own dollars. Government offices kept their records in British pounds, shillings, and pence until 1935. Then, a new law changed the system to dollars, keeping the same exchange rate.

The British West Indies Dollar

From 1949, Trinidad and Tobago's money became linked to the British West Indies dollar, which was used across many British Eastern Caribbean islands. In 1955, new decimal coins were introduced. This meant the new cent was worth half of the old penny. In 1951, new banknotes for the British Caribbean Territories replaced Trinidad and Tobago's own notes.

The Modern Trinidad and Tobago Dollar

In 1964, two years after Trinidad and Tobago became an independent nation, it launched its own dollar. By 1967, this new Trinidad and Tobago dollar was the only money used.

Between 1964 and 1968, the Trinidad and Tobago dollar was also used in Grenada. Both the Trinidad and Tobago dollar and the Eastern Caribbean dollar were the last currencies to use an old exchange rate where one pound equaled four dollars and eighty cents. This changed in 1976.

In 1993, the dollar's value changed from a fixed rate to a "managed float." This means its value can now change based on the market, but the government still keeps an eye on it.

Coins

In 1966, Trinidad and Tobago introduced its first coins. These were in values of 1¢, 5¢, 10¢, 25¢, and 50¢. A larger $1 coin was first made in 1969, then again in 1979. A smaller $1 coin was introduced in 1995 and is made more often.

The 5¢ coin is made of bronze. The other coins are made of cupro-nickel. On the front of all coins, you'll see Trinidad and Tobago's coat of arms. On the back, until 1976, they just showed the coin's value. After 1976, they added a national bird or flower along with the value.

The 50¢ and $1 coins are not seen very often in everyday use. However, you can buy them from banks if you ask.

Special Coins

There are also special coins in values of $5, $10, $100, and $200. These are not used for everyday shopping. You can only get them from the Central Bank of Trinidad and Tobago. The $5 and $10 coins are made of silver. The $100 and $200 coins are made of gold. The price of the gold coins changes with the price of gold.

Changes to the 1 Cent Coin

In 2014, the government stopped making the 1¢ coin. On July 3, 2018, 1¢ coins were no longer accepted for cash payments. This means that when you pay with cash, the total amount is rounded to the nearest 5¢. For example, if something costs $1.02, you pay $1.00. If it costs $1.03, you pay $1.05. However, the Central Bank will still exchange 1¢ coins for you, but only in groups of 5¢.

Banknotes

In the past, different banks in Trinidad and Tobago printed their own banknotes.

Early Banknotes

In the 1800s, the British gold sovereign was worth four Spanish silver dollars and eighty cents. When British money became common in the West Indies, people still used the dollar for counting money. So, one West Indian dollar was equal to four shillings and two pence.

The Royal Bank of Canada even printed notes that said one hundred dollars was equal to twenty pounds, sixteen shillings, and eight pence sterling.

Government and Central Bank Notes

In 1905, the government started printing its own notes for $1 and $2. Later, they added $5 notes in 1935, and $10 and $20 notes in 1942.

On December 14, 1964, the Central Bank of Trinidad and Tobago took over. It introduced notes for $1, $5, $10, and $20. In 1977, $50 and $100 notes were added. However, the $50 note was quickly taken out of use after some were stolen.

The current banknotes have the Central Bank Building on the back. On the front, they show the country's coat of arms, a national bird, and a famous place in Trinidad, like a market or oil refinery.

Modern Polymer Banknotes

In 2002 and 2003, new versions of the $1, $5, $10, $20, and $100 notes were introduced. They had better security features and darker colors. In 2012, the $50 note was brought back to celebrate Trinidad and Tobago's 50th year of independence.

On December 9, 2019, new plastic (polymer) $100 notes were given to banks. The government announced that the old paper $100 notes would no longer be valid after December 31, 2019.

On February 21, 2020, the Central Bank announced that all paper notes would be replaced with polymer notes. By November 2, 2020, polymer versions of the $5, $10, and $20 notes were in circulation. The polymer $1 and a new $50 note were introduced in January 2021. The old paper notes were officially stopped on January 1, 2022.

All current banknotes have the coat of arms of Trinidad and Tobago on the front. They show an image of the Central Bank on the back.

Banknotes in Circulation

Here are the banknotes you'll see in Trinidad and Tobago today:

• $1 (red)
• $5 (green)
• $10 (grey)
• $20 (purple)
• $50 (gold)
• $100 (blue)

See also

• Central banks and currencies of the Caribbean
• Economy of Trinidad and Tobago

Images for kids

• 

  2006 Series of the Trinidad and Tobago dollar

• 

  First government issue one-dollar note (1905).

• 

  First government issue two-dollar note (1905).

• 

  Trinidad and Tobago 100 Dollars banknote of 1964

• 

  Trinidad and Tobago revised 50 Dollar bill 2015