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Currency Information on BBD and Currency Information on Barbados - BBD- Barbadian dollar - $. The foreign exchange currency code for BBD represents the Barbados exchange rate for Currency Exchange Rates for Barbados.

The journey of the Barbadian dollar and why it is courting controversy

 

One has to look back to almost 3,000 years back when money became part of human history replacing the age-old barter trade form of doing business.

 

Through this award-winning invention, mankind was saved from the practice of exchanging goods for goods. In fact, every single country or territory has adopted its own currency, with a World Bank report of 2016 showing there are 164 official national currencies circulating around the world. 

 

Barbados, the British Colony Island, is among the number 164 and its currency is known as the Barbadian dollar, abbreviated as "Bds$" to distinguish it from that of other countries.

 

History

 

Following closely in the general history of the British Eastern Caribbean territories, the currency has a long one that dates back to 1704, but it is not until 1882 when the first dollar was issued in Barbados – coming in the form of private bank notes, circulating alongside the sterling pound until around 1920.

 

A unification of the British Eastern Caribbean territories in 1949 gave rise to the British West Indies dollar, to which the Barbadian currency was tied to, marking the end of the government of Barbados issued private notes. 

 

The country operated on this common currency, which later became the East Caribbean dollar until 1972 when an Act of parliament established the Central Bank of Barbados (CBB) which then produced the Barbadian dollar, leading to its unveiling a year later and valued against the United States dollar in 1975.

 

Bank notes issuance 

 

Over the years, the currency was issued in notes of 5, 20 and 100 dollars, with a number of changes that saw the likes Barclays Bank, the Royal of Canada and the Canada Bank of Commerce involved in monetary control in Barbados. All this while, the currency bore the portrait of King George VI.

 

In 1973, the CBB circulated the currency in denominations of 1, 5, 10, 20 and 100 notes but the one-dollar bill was later replaced by a two-dollar one in 1980 while the 50-dollar note was released nine years later.  

 

Release of coins

 

The first time coins were issued was in 1973 when the CBB released them in denominations of 1c, 5c 10c, 25c, and $1. While different metals namely bronze, zinc, copper and brass, the Barbadian dollar coins now have a uniform plain-steel look since 2007.

 

Currently, there is a new modern design of the Bsd, launched in 2013 although it has maintained all portraits initially in place.

 

Controversy and other currencies 

 

One row that has recently made headlines is the call for a review of the fact that since 1975, it has been valued at 2:1 against the USD and is not adjusted against the constant changes to the USD value. 

 

Of course, the US dollar is accepted as a legal medium of exchange although it is advisable for one to use the Bsd to pay bills because when preferring the former, they would usually be varied to their disadvantage. 

 

 

Convert Pound to Barbadian dollar

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