The islands of Trinidad and Tobago comprise a single political entity called the Republic of Trinidad and Tobago. They are a small part of the greater Caribbean Islands. They harmonize their political, financial and economic structures. The islands are considered a good financial risk, in spite of the high levels of poverty in the urban sectors. The major imports are petroleum and petrochemical products. The money is the dollar. It is indicated by the initials TTD. In the system, 100 cents equal 1-dollar.
History
Tobago and Trinidad were officially “discovered” by Christopher Columbus in 1498. In 1814, after occupations and/or attacks by the British, Dutch and French, Tobago came under British control. Meanwhile, Spanish colonists settled in Trinidad in 1532. Britain obtained control in 1802, there, after attacks from the Dutch, English and French,. During this period, the coinage for both islands reflected the occupiers. In the 18th century, coins in Trinidad consisted of Portuguese gold, Spanish silver and French colonial base-metal pieces. In 1798, Tobago even had local coinage. They took pieces of Spanish Silver and pierced it, creating a crenellated shape in the center. The ring acted as one form of coinage. The cutout shape circulated as another. Coins were counterstamped as well. The “Black Dog,” a French colonial coin, was counterstamped with TB.
In Trinidad, the coinage in the early
19th century was the first formal recognition of the island’s needs.
Spanish silver was the main currency. Local coinage consisted of pieces
of eight cut into separate sections. A distinctive local coin was a
Spanish coin pierced with an octagonal hole. The central piece, once
removed and stamped with a “T” was worth 1 shilling. The outer ring was
worth 9 bits. This remained common usage throughout the 19th century.
In 1888, Tobago and Trinidad formed a union. They used British currency
until the 1950s. At that point, they became part of the British
Caribbean Territory (Eastern Group). Independence came in 1962 for the
two islands. They decided on their own coinage in 1966, selecting the
Trinidad and Tobago dollar. In 1976, they became the Republic of
Trinidad and Tobago.
The coins of this country feature various themes. The coat of arms is popular but more so, today are the use of floral and fauna to decorate the currency. There have been several changes over the years, many of them cosmetic or for security reasons. Today, you can find coins in denominations of 1, 5, 10, 25, 50-cents and 1-dollar, although both the 50 cent coins and the dollar coin are rare. Banknotes are in 1, 5, 10, 20 and 100-dollars.
Obtaining Trinidad and Tobago Dollars
You can obtain Trinidad and Tobago currency in credited banks. ATMs are another highly possible source. They are everywhere on Trinidad. You will only find a few in Tobago. Tobago only has ATMs in Scarborough and at the airport in Crown Point.
Protecting Your Currency
Crime is high on the islands. Places of high risk include Port of Spain and San Fernando. Other urban areas in Trinidad are also risky. Be careful if you disembark from a ship at Port of Spain. Petty crimes and those of an opportunistic nature occur during the celebration of the annual Trinidad Carnival. Be on alert in Laventille, Fort George and La Brea (Pitch Lake). Do not flash your cash or show signs of affluence. Do not leave your personal belongings alone on the beaches
Using Your Trinidad and Tobago Dollars
Do exchange your money for the local dollar. You can use it everywhere on both islands. Consider purchasing such things as masks from Carnival or steel pan drums. You can also buy miniature steel pans, straw and cane work, painted plates, ceramics, aromatic candles, wood chimes and various musical instruments.
Travel Tips and Warnings
- Weather is a factor in the timing of any visit.
- Both islands are a birdwatcher’s dream. Las Cuevas Bay, Point-a-Pierre and the Wildfowl Trust are several places to see birds. Most of Tobago provides you with the opportunity to see some rare species.
- There are beaches at Balandra Bay and Maracas Bay in Trinidad. On Tobago, head for Englishman’s Bay or the pink sands of Lover’s Beach.
- In Tobago, make the time to see Klimme’s Sculpture Museum.
- On Trinidad, go to see the Point Galera Lighthouse.
Overview
Trinidad
and Tobago are two Caribbean Islands joined through culture, history
and political and monetary ties. The two islands have a growing tourism
trade. The economy, however, is based on the export of petroleum and
petrochemicals.
For factual information and data, go to www.gov.tt.
Currency Summary
Current currency: dollar
100 cents equal 1 dollar
Coins: 1, 5, 10, 25, 50-cents and 1-dollar
Banknotes: 1, 5, 10, 20 and 100-dollars