The Trinidad and Tobago dollar (currency code TTD) is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. Cents are abbreviated with the cent sign ¢, or TT¢ to distinguish from other currencies that use cents. Its predecessor currencies are the Trinidadian dollar and the Tobagonian dollar. History The history of currency in the former British colony of Trinidad and Tobago closely follows that of the British Eastern Caribbean territories in general. The first currency used was the Spanish dollar, also known as "pieces of eight", which began circulating in the 16th century. Proposals for establishing banks in the West Indies, targeted at landowners, were made in 1661 by the British government, and in 1690 by Sir Thomas Dalby. Despite this, and Queen Anne's proclamation of 1704 that brought the pound sterling currency system to the West Indies, silver pieces of eight (Spanish dollars and later Mexican dollars) continued to form a major portion of the circulating currency right into the latter half of the nineteenth century. The abolition of slavery in the West Indies was the catalyst which led to the establishing of the first bank. The Colonial Bank was established on 1 June 1836, and opened its first branch in Trinidad in 1837 under the management of Anthony Cumming. Its initial mandate was to use Spanish and Mexican dollars as its official currency, and it was required to make all payments in those currencies, but incoming payments could be made in any currency, and the bank often found that it was short of dollars. The bank therefore lobbied the government, seeking permission to issue money in other currencies. This resulted in an imperial order-in-council in 1838, in which Trinidad and Tobago formally adopted the sterling currency, although the Spanish, Mexican and Colombian currencies were also declared legal tender. A second bank, the West India Bank, was granted a Royal Charter in 1840, and opened its first branch in 1843. The loss of its monopoly had a profound effect on the Colonial Bank, which was also at a disadvantage due to not being permitted to pay interest on deposits, as the West India Bank did. The two banks pursued opposite strategies, with the Colonial Bank maintaining a conservative stance, including removing currency from circulation, while the West