The East Caribbean Dollar is the currency used by the eight members of the Organization of Eastern Caribbean States that include Antigua and Barbuda¸ Dominica¸ Grenada¸ Saint Kitts and Nevis¸ Saint Lucia¸ and Saint Vincent and the Grenadines and the British overseas territories of Anguilla and Montserrat.
The sign used to denote East Caribbean Dollar is $ while the ISO 4217 code used to denote is XCD. There is also an alternative sign for the East Caribbean dollar¸ - EC$¸ to distinguish the East Caribbean dollar from other dollar denominated currencies. 1 EC$ can be subdivided into 100 cents. Queen Elizabeth II¸ who is regarded as the Head of state appears on obverse of the coins in all states and territories using the EC$.
The currency history of British colony of Grenada follows the history of the currency of the Eastern Caribbean territories in general making it difficult to consider the history of Grenada dollar alone.
In 1949¸ when the British West Indies dollar was introduced¸ the currency of Grenada got officially tied up to the Eastern Caribbean dollars and Grenada started to use the new coinage system. A new decimal coinage replaced the existing British sterling coinage in the year 1955. The new cent was equal in value to one half of the old penny. The East Caribbean Dollar officially replaced the British West Indies Dollar in 1965.
Currency Exchange Rate to other World Famous Currencies like US¸ UK etc
As of March 1st¸ 2011¸ the currency exchange rates of East Caribbean Dollar to the currencies of US and UK are:
1.00 USD = 2.70000 XCD
1.00 GBP = 4.39059 XCD
However¸ the values are floating¸ and the exchange rates always tend to change according to the money market trends.
Official website details of East Caribbean Dollar
You can check the official website for East Caribbean Dollar at www.eccb-centralbank.org for more details on the currency.