Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

End Notes 301 26 The first addition to the Barbados currency came in 1976, when a new $5 note, featuring the image of Sir Frank Worrell, was issued. In 1980, a $2 bill was introduced and carried the likeness of John Redman Bovell, a scientist who had made an important contribution to sugar cane breeding. The $50 note with Errol Barrow’s image went into circulation during 1989. 27 The designation "Bds$" was chosen for the Barbados dollar because the Bahamian dollar was already designated by "B$". 28 The designs of the Barbados coins were sculpted by internationally known artist, Philip Nathan, who lived for some time in Barbados. Brian Greene was present when the first photographs were taken of the Morgan Lewis windmill and the Ragged Point lighthouse that are featured on the 25c and 5c coins, respectively. 29 These were the Canadian Imperial Bank of Commerce, the Royal Bank of Canada, the Bank of Nova Scotia, First National Citibank, the Bank of America, Chase Manhattan Bank and Barclays Bank DCO. 30 There had also been a view that a rate of 2.05 should be considered since, in the very likely event that Trinidad and Tobago adopted a rate of 2.10 and the ECCA countries remained tied to Sterling, Barbados would be in a more competitive position. 31 In October when the Guyana dollar was linked to the US dollar, the rate between the Barbados dollar and Guyana dollar was fixed at Bds$1 to GY$1.275. 32 The change in parity resulted in a 9.2 per cent revaluation of the Barbados dollar. 33 For reasons unknown, the letter of appointment for the 1977 to 1982 term was dated July 1978, over a year after the Governor’s first contract had expired. 34 By 1979, all management positions had been filled for the first time. 35 The remainder helped to finance government infrastructural projects, the IDC Industrial Estates project and the World Bank Education project. 36 Among the first members of staff were Janice Marshall, Ava Pilgrim, Deveda Deane, Angela Smith, Kenneth Best and Arlette Hurley. 37 At an earlier stage, the intention had been to call this latter division the "Intelligence" Division or simply the "Research" Division. 38 At first it was intended that Mexico would be part of this arrangement but local importers had concerns about the quality of Mexican crude oil.