of eight. Both of these currencies ended this relationship within a few weeks of each other in 1976. After VAT was introduced in 1989, the dollar was switched from a fixed rate to a managed float regime on Easter Weekend, 1993. For a wider outline of the history of currency in the region, see Currencies of the British West Indies. Coins In 1966, coins were introduced in denominations of 1¢, 5¢, 10¢, 25¢ & 50¢. A large sized coin was first released for circulation in 1969 and again in 1979 before being replaced with a smaller sized version in 1995 more regularly minted. The 5¢ is struck in bronze, with the other denominations in cupro-nickel. The obverses all feature Trinidad and Tobago's coat of arms, with the reverse designs solely featuring the denomination until 1976, when they were replaced by either a national bird or flower in addition to the denomination after the declaration of a republic. The 50¢ & coins are scarcely seen in circulation, but can be purchased from banks if requested. There are also coins minted in , , and denominations as well. These coins are not in circulation, and can only be obtained from the Central Bank of Trinidad and Tobago, either as part of a special 'eight-coin proof set' collection (in the case of the and coins) or individually (in the case of the and coins.) Notably, the and coins are minted in sterling silver, whereas the and are minted in gold. The price of the gold coins fluctuate depending on the current state of the market for gold. In 2014 the government stopped minting the 1¢ coin. On 3 July 2018 cash rounding was implemented as 1¢ coins ceased being legal tender for cash payments, but the Central Bank will redeem them indefinitely in multiples of 5¢. Banknotes In the nineteenth century, the British gold sovereign was valued at four Spanish silver dollars and eighty cents. When the sterling coinage was finally accepted as the main circulating coinage in the British West Indies, the Eastern Caribbean colonies continued nevertheless to use the dollar unit for accounting purposes. The West Indian dollar was therefore equivalent to four shillings and two pence. This Royal Bank of Canada note reflects this state of affairs with its overt mention of the fact that one hundred dollars is equal to twenty pounds, sixteen shillings, and eight pence sterling. This