Fifty Marks the Spot

• Author: Marie Boursiquot

Fifty Marks the Spot Finance & Development, March 2017, Vol. 54, No. 1

Marie Boursiquot

Trinidad and Tobago’s new $50 bill is dressed for a celebration

Trinidad and Tobago got its first nationalcurrency in 1964, two years after obtaining independencefrom Great Britain. In denominations of$1, $5, $10, and $20, each a different color, the billsfeatured Queen Elizabeth II, Trinidad and Tobago’s coat ofarms, its central bank, and an illustration representing a localindustry—an offshore oil rig, for example.

Introducing the fiftyIn 1977, a year after becoming a republic, the country’s coatof arms took center stage on the notes, replacing QueenElizabeth, and $50 and $100 notes entered the scene. But thefifty was pulled from circulation just two years later, after ashipment of unissued bills was stolen.

To mark Trinidad and Tobago’s 50th year of independencein 2012, the central bank reintroduced the $50 bill. But itwasn’t readily accepted by the public. Senior citizens hadtrouble distinguishing the new olive-green billfrom the green $5 and gray $10 bills. Some peopleconsidered the banknotes collector’s itemsand were reluctant to spend them. And banksand stores were not prepared for the change:cash drawers had no slot for the new bill. Peopleweren’t using the fifty.

But they were using the $20 and $100 notes,both to save and to make payments—so muchso that the central bank had to print more ofthem. According to the central bank, Trinidadand Tobago had more banknotes in circulationper capita than any other country in theyears after the olive-green bills came out. Thecentral bank decided it was time for a new andimproved $50 banknote.

Crowning gloryIn December 2014 the new note debuted. It wasproduced by the central bank of Trinidad andTobago and UK currency printer De La Rue.Part of the reason for problems with the $50note issued in 2012 was insufficient consultationwith stakeholders; the central bank in 2014engaged in strong consultation with such keystakeholders as banks, businesses, and expertsin history and art.

The new $50 note is rich in color and highlights the country’snatural beauty and cultural heritage. The bill’s goldencolor celebrates the central bank’s 50-year jubilee. Its dramaticdesign includes a red hibiscus flower, a young womanin carnival attire, and a red-capped cardinal. The bird, whosecolors are those of the country’s flag, is poised for...