In 1949, the British government formalized the dollar system of accounts in British Guiana and the Eastern Caribbean territories by introducing the British West Indies dollar (BWI$) at the already existing conversion rate of per pound sterling (or = 4 shillings 2 pence). It was one of the many experimental political and economic ventures tested by the British government to form a uniform system within the British West Indies territories. The symbol "BWI$" was frequently used and the currency was known verbally as the "Beewee" (slang for British West Indies) dollar. Shortly thereafter in 1950, the British Caribbean Currency Board (BCCB) was set up in Trinidad with the sole right to issue notes and coins of the new unified currency and given the mandate of keeping full foreign exchange cover to ensure convertibility at .80 per pound sterling. In 1951, the British Virgin Islands joined the arrangement, but this led to discontent because that territory was more naturally drawn to the currency of the neighbouring U.S. Virgin Islands. In 1961, the British Virgin Islands withdrew from the arrangement and adopted the U.S. dollar.
In 1949 the Br.itish government formalized the dollar system of accounts in British Guiana and the Eastern Caribbean terri.tories by introducing the British West Indies dollar (BWI$) at the already existing conversion rate of per pound sterling (or = 4 shillings 2 pence). It was one of the many experimental political and economic ventures tested by the British government to form a uniform system within the British West Indies territories. The symbol "BWI$" was frequently used and the currency was known verbally as the "Beewee" (slang for British West Indies) dollar Shortly thereafter in 1950, the British Caribbean Currency Board (BCCB) was set up in Trinidad with the sole right to issue notes and coins of the new unified currency and given the mandate of keeping full foreign exchange cover to en,sure convertibility at .80 per pound sterling. In 1951, the British Virgin Islands joined the arrangement, but this led to discontent because that territory was more naturally drawn to the currency of the neighbouring U.S Virgin Islands. In 1961, the British Virgin Islands withdrew from the arrangement and adopted the U.S. dollar.