Pre-1955 West Indies dollar clarification

Currently Numista cites the various dollar-denominated banknotes issued in some territories such as Barbados, British Guiana etc. as simply “Dollar” with no additional details. In my opinion this needs qualifying with some such description as:

1 Dollar =  4 Shillings 2 Pence • 4 Farthings = 1 Penny • 12 Pence = 1 Shilling

In these territories the Spanish Dollar was used as the main unit of account for over a century after actual Spanish Dollar coins disappeared from circulation, the coins used were standard Sterling issues; pennies, shillings, half crowns and so on (except for special cupronickel issues for Jamaica, where the locals were not keen on copper coins), with the Spanish Dollar having a fixed value of 4 shillings 2 pence; that being 100 halfpennies. It wasn't until 1955 that specific cent-based coins were issued.

I would be happy to hear what anyone else might wish to add.

I agree. All of the British islands essentially had this dollar as a common currency.

Hibernia

I agree. All of the British islands essentially had this dollar as a common currency.

A few did use LSD accounts, like Jamaica, the Bahamas, and Bermuda, so their banknotes were denominated in pounds and shillings.

I added this for Barbados and British Guiana. Could you please share what is hiding behind “etc.”? 

Jarcek

I added this for Barbados and British Guiana. Could you please share what is hiding behind “etc.”? 

I believe ‘etc’ probably refers to the other British Caribbean islands which used Dollar and Pound denominations - this would also include the Danish West indies in its earlier years. 

Countries that used dollar denominated prior to 1955

British Caribbean Territories: British West Indies dollar - Wikipedia This was a collective currency for several territories. The territories that adopted the British West Indies dollar by or around 1955 include:

• Barbados
• British Virgin Islands Eastern Caribbean dollar - Wikipedia
• Leeward Islands territories: This includes Antigua and Barbuda, Saint Kitts and Nevis, Anguilla, and Montserrat.
• Windward Islands territories: Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines.
• Trinidad and Tobago

Jamaica: By the 1950s, Jamaica was using the British West Indies dollar, although it also had its own pound currency earlier.

Turks and Caicos Islands: They adopted the British West Indies dollar.

Cayman Islands: They adopted the British West Indies dollar as part of Jamaica

Belize (British Honduras): Used the British Honduran dollar, which was separate from the British West Indies dollar.

I added this for Antigua and Barbuda (went from up down the list), but I stopped at Saint Kitts, which has this: 108 Pence = 9 Shillings = 12 Bits = 1 Dollar
 

Anyone able to shed some more light on this?

Bump?

Last bump before closing :-)

Jarcek

I added this for Antigua and Barbuda (went from up down the list), but I stopped at Saint Kitts, which has this: 108 Pence = 9 Shillings = 12 Bits = 1 Dollar

Where does this exchange rate come from? [Other than being on this page https://en.numista.com/catalogue/saint-kitts-and-nevis_section-1.html#c_st-kitts4177 ].

We have: 12 Bits = 1 Dollar [ https://en.wikipedia.org/wiki/Saint_Kitts_dollar ]

And: 1 dollar = 4 shillings 2 pence [which equals 50 pence].

I would deduce from this that 12 bits = 50 pence, not 9 shillings. 

I think this statement on the St Kitts Dollar may not be correct: 108 Pence = 9 Shillings = 12 Bits = 1 Dollar

I do not know, that is why I stopped my work on this.

In that case, if the reason for its being there is not recorded with a reference, I would conclude that it is an error, especially as there is no supporting evidence for the statement that 9 Shillings = 1 Dollar.

Early currency in these islands was a battle between several coinages, which in the case of St. Kitts were made up of coins cut into smaller pieces - ‘bits’ being literally that.

It would appear that two distinct currency units were circulating in St. Kitts in this period – not unlike Guernsey.

In this case, I suggest deleting “108 Pence = 9 Shillings” which, although a correct statement, is irrelevant here.

This would leave ‘12 Bits = 1 Dollar’. 

You could add a second statement about the value of the dollar in shillings. However, sterling was adopted in St. kitts in 1838, which is when the rate of 1 Dollar =  4 Shillings 2 Pence came into effect, based on the value of gold.

Hibernia

Jarcek

I added this for Antigua and Barbuda (went from up down the list), but I stopped at Saint Kitts, which has this: 108 Pence = 9 Shillings = 12 Bits = 1 Dollar

Where does this exchange rate come from? [Other than being on this page https://en.numista.com/catalogue/saint-kitts-and-nevis_section-1.html#c_st-kitts4177 ].

 

It comes directly from Krause. SCWC 1801-, 8th edition, page 1088.

108 Pence = 9 Shillings = 12 Bits = 1 Dollar;
100 Cents = 1 Dollar

There's also Grenada (page 562):

MONETARY SYSTEM
1798-1840
12 Bits = 9 Shillings = 1 Dollar

Saint Vincent (page 1089) has more detail:

MONETARY SYSTEM
6 Black Dogs = 4 Stampees = 1 Bit = 9 Pence
1797-1811
8 Shillings, 3 Pence = 11 Bits = 1 Dollar
Commencing 1811
9 Shillings = 12 Bits = 1 Dollar

The 11 bits is also mentioned in the text for Grenada:

The early coinage of Grenada consists of cut and
countermarked pieces of Spanish or Spanish Colonial Reales,
which were valued at 11 Bits. In 1787 8 Reales coins were cut
into 11 triangular pieces and countermarked with an incuse G.
Later in 1814 large denomination cut pieces were issued being
1/2, 1/3 or 1/6 cuts and countermarked with a TR, incuse G and
a number 6, 4,2, or 1 indicating the value in bits.

Well that's interesting!

As someone with no significant knowledge of these coinages (just the banknotes, and I do not have a copy of Krause), my first thought would be to conclude that 9 shillings contained the same weight of silver as 1 dollar.

And then, my second thought, that 9 shillings = 1 dollar was in effect until the introduction of the gold-based sterling standard which fixed the rate of 1 Dollar =  4 Shillings 2 Pence.

Thoughts everyone?

A bit of research ahead of us on this interesting topic, I think.

May I bump again ? :-) 

Last bump before closing it :-)

I'd agree with closing it now.