Certainly! Here is the comprehensive financial history report of Antigua and Barbuda in International English, as requested:

Comprehensive Financial History Report of Antigua and Barbuda

Basic Information

• Country ISO Code: AG

• Official Language: English

• Language ISO Code: en

• Current Official Currency: East Caribbean Dollar

• Currency ISO Code: XCD

Monetary History of Antigua and Barbuda

Antigua and Barbuda is a sovereign nation comprising two main islands, operating as one country in the Eastern Caribbean. Like many Caribbean nations, it uses the East Caribbean dollar as its official currency.

Early Currency and Colonial Period

• During the colonial era, Spanish silver dollars (“pieces of eight”) and Mexican dollars circulated widely alongside British sterling coins.

• Britain formally adopted the gold standard in 1821, and Antigua officially adopted sterling currency on 13 January 1847.

• Despite sterling coinage circulation, Spanish silver dollars continued in use until the international silver crisis of 1873, after which silver dollars were demonetized.

• The British sterling coins circulated but were reckoned in dollar accounts at a fixed conversion rate of 1 dollar = 4 shillings 2 pence.

British West Indies Dollar (1949–1965)

• In 1949, the British West Indies dollar (BWI$) was introduced to unify currency among British Eastern Caribbean territories, including Antigua.

• The BWI$ replaced British sterling coinage with decimal coins in 1955, where 1 cent equaled half of the old penny.

• The fixed exchange rate of $4.80 = £1 sterling continued until 1976.

• The British Caribbean Currency Board (BCCB), established in 1950, issued the currency and maintained full foreign exchange cover.

East Caribbean Dollar (1965–Present)

• In 1965, the East Caribbean dollar (XCD) replaced the British West Indies dollar at par.

• The Eastern Caribbean Currency Authority (ECCA) was established to issue the currency, later replaced by the Eastern Caribbean Central Bank (ECCB) in 1983.

• The East Caribbean dollar is pegged to the US dollar at a fixed rate of 2.7 XCD = 1 USD since 1976.

• Coins initially included 1, 2, 5, 10, and 25 cents, with the $1 coin introduced in 1981.

• Coins have evolved in shape and composition, with cupro-nickel and aluminum used.

• Banknotes have featured Queen Elizabeth II’s portrait since 2002 (Ian Rank-Broadley design).

• The 1 and 2 cent coins were withdrawn from circulation in July 2015.

Economic and Monetary Context

• Antigua and Barbuda’s economy relies heavily on tourism, offshore financial services, and agriculture.

• The use of the East Caribbean dollar facilitates economic integration with other member states of the Organisation of Eastern Caribbean States (OECS).

• The ECCB regulates monetary policy, ensuring currency stability and convertibility.

• The fixed peg to the US dollar provides exchange rate stability, which supports trade and investment.

Additional Information

• Issuing Authority: Eastern Caribbean Central Bank (ECCB)

• Security Features: Modern banknotes include embedded security threads, watermark profiles of the Queen, lithographic and intaglio printing techniques.

• Signatures on Banknotes: The ECCB Governor’s signature appears on currency notes, with country codes indicating member territories (Antigua and Barbuda’s code is “A”).

• Commemorative Issues: The first ECCB banknotes were issued in 1984 to commemorate the bank’s first anniversary.

• Currency Symbols: The East Caribbean dollar is commonly symbolized by $ or EC$.

Summary Table

This report provides a detailed overview of Antigua and Barbuda’s monetary history and current financial context, emphasizing the use of the East Caribbean dollar as the official currency under the Eastern Caribbean Central Bank.