A History of Money and Banking in Barbados documents the
development of money and commercial banking in Barbados from the
date of the settlement in 1627 to the establishment of the Central
Bank of Barbados in 1973. It examines the early years of barter;
the introduction of British coins by the Royal Proclamations of
1825 and 1838; the issue of colonial coins (anchor money); the
introduction and circulation of foreign coins; the debate over the
legal tender of British silver coins and the share of the
seigniorage of these coins. Armstrong examines the first banks, the
Colonial Bank and the West India Bank, in the nineteenth century,
the introduction of Canadian banks in the twentieth century, the
expansion of Barclays Bank as well as the issue of Barbados
government currency notes; the measures taken by the British
government and the Caribbean governments during the Second World
War to ensure an adequate supply of currency; and the agreement
between Barbados, Trinidad and British Guiana (Guyana) to make
their government currency legal tender in each country. Armstrong
analyses the establishment and operation of the British Caribbean
Currency Board and its acrimonious demise, the establishment of the
East Caribbean Currency Authority, the withdrawal of Barbados from
the Authority, and the establishment of the Central Bank of
Barbados.
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