East Caribbean Dollar

The East Caribbean dollar (EC$) is the official currency of the Organisation of Eastern Caribbean States (OECS). It is subdivided into 100 cents. The OECS countries that use the EC$ are: Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. The British Virgin Islands and the Turks and Caicos Islands, which are not members of the OECS, also use the currency. The EC$ is pegged to the United States dollar at a rate of US$1 = EC$2.70. The East Caribbean dollar was introduced in 1965, replacing the British West Indian dollar. The British pound sterling had previously been the official currency of the OECS countries, but it was becoming increasingly expensive to maintain this peg in the face of devaluation of the pound sterling. The East Caribbean dollar is minted by the Eastern Caribbean Central Bank, which also issues banknotes and coins for circulation in the OECS countries. The banknotes are denominated in dollars and cents, with each dollar note featuring a portrait of Queen Elizabeth II on the obverse and a scene from one of the OECS countries on the reverse. The coins are denominated in cents and are minted in bronze (1 cent), cupro-nickel (5, 10, 25, and 50 cents), and silver ($1 and $2). The East Caribbean dollar is used in all of the OECS countries as well as in the British Virgin Islands and the Turks and Caicos Islands. It is also accepted in Barbados and Guyana, although these countries have their own currencies. The East Caribbean dollar is a stable currency and has been relatively unaffected by the global financial crisis. However, the currency has been subject to some volatility in recent years due to concerns about the fiscal health of some of the OECS countries. The East Caribbean dollar is a good choice for travelers to the Caribbean, as it is widely accepted and easy to use. However, travelers should be aware that the currency is not as widely accepted outside of the Caribbean region.