1 Dollar – Eastern Caribbean States
Non-circulating coins
Commemoration: The Queen's Golden Jubilee
Context
Year: 2002
Issuer: Eastern Caribbean States
Issuing organization: Eastern Caribbean Central Bank
Ruler: Elizabeth II
Currency:
(since 1965)
Total mintage: 5,000
Material
References
KM: #Click to copy to clipboard44
Numista: #78088
Value
Exchange value: 1 XCD
Obverse
Description:
Bust of Elizabeth II
Inscription:
ELIZABETH II · EAST CARIBBEAN STATES
2002
RDM
ONE DOLLAR
2002
RDM
ONE DOLLAR
Translation:
ELIZABETH II · EAST CARIBBEAN STATES
2002
RDM
ONE DOLLAR
2002
RDM
ONE DOLLAR
Script: Latin
Language: English
Engraver: Raphael David Maklouf
Reverse
Description:
Portrait of King George III.
Inscription:
THE GOLDEN JUBILEE
GEORGE III 1760-1810
THE QUEEN'S GOLDEN JUBILEE 2002
GEORGE III 1760-1810
THE QUEEN'S GOLDEN JUBILEE 2002
Script: Latin
Edge
Milled
Mints
| Name | Mark |
|---|---|
| Royal Mint | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2002 | — | 5,000 | BU |
Historical background
In 2002, the eight member states of the Eastern Caribbean Currency Union (ECCU)—Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, along with the non-independent territories of Anguilla and Montserrat—operated under a long-established and stable monetary framework. Their common currency, the Eastern Caribbean dollar (EC$), had been pegged to the US dollar at a fixed rate of EC$2.70 to US$1 since 1976. This arrangement was managed by the Eastern Caribbean Central Bank (ECCB), headquartered in St. Kitts, which served as both a central bank and a monetary authority, ensuring currency stability and facilitating economic integration.
The regional economy in 2002 was navigating a period of significant challenge and transition. Key traditional sectors, particularly banana exports, were under severe pressure due to the loss of preferential trade agreements with the European Union. Concurrently, the tourism industry—increasingly the economic linchpin for most islands—was still recovering from the sharp downturn following the September 11, 2001 attacks, which had severely disrupted travel. These external shocks exposed structural vulnerabilities, including high public debt burdens and concerns over economic diversification, all within the constraints of the fixed exchange rate regime which limited independent monetary policy.
Despite these pressures, the ECCB maintained a firm commitment to the peg, which was widely viewed as a critical anchor for price stability and investor confidence in small, open economies vulnerable to external shocks. The Bank's foreign reserves, while under watch, were deemed adequate to defend the parity. The overarching narrative of 2002 was thus one of resilience within a tested system; the ECCU prioritized the preservation of its hard-won monetary stability—a cornerstone of regional identity and cooperation—even while grappling with the urgent need for fiscal consolidation and economic restructuring to address underlying weaknesses.
The regional economy in 2002 was navigating a period of significant challenge and transition. Key traditional sectors, particularly banana exports, were under severe pressure due to the loss of preferential trade agreements with the European Union. Concurrently, the tourism industry—increasingly the economic linchpin for most islands—was still recovering from the sharp downturn following the September 11, 2001 attacks, which had severely disrupted travel. These external shocks exposed structural vulnerabilities, including high public debt burdens and concerns over economic diversification, all within the constraints of the fixed exchange rate regime which limited independent monetary policy.
Despite these pressures, the ECCB maintained a firm commitment to the peg, which was widely viewed as a critical anchor for price stability and investor confidence in small, open economies vulnerable to external shocks. The Bank's foreign reserves, while under watch, were deemed adequate to defend the parity. The overarching narrative of 2002 was thus one of resilience within a tested system; the ECCU prioritized the preservation of its hard-won monetary stability—a cornerstone of regional identity and cooperation—even while grappling with the urgent need for fiscal consolidation and economic restructuring to address underlying weaknesses.
✨ Legendary