DEFINITION of 'TTD (Trinidad and Tobago Dollar)'
The currency abbreviation for the Trinidad and Tobago dollar (TTD), the currency for Trinidad and Tobago. The Trinidad and Tobago dollar is made up of 100 cents and is often presented with the symbol TT$ to differentiate it from other currencies that are also denominated in dollars.
BREAKING DOWN 'TTD (Trinidad and Tobago Dollar)'
When first introduced in 1898, the dollar was used alongside the Great Britain pound at an exchange rate of TT$1 = 4 shillings and 2 pence. From 1935 to 1950, the Trinidad and Tobago dollar had the same value as the British West Indies dollar, and in 1951 the TTD was replaced with notes of the British Caribbean Territories, Eastern Group.
The East Caribbean dollar was replaced at par in 1964 with the Trinidad and Tobago dollar in use today. Unlike in many other Caribbean countries, the Trinidad and Tobago dollar is not pegged, and is allowed to float freely against other currencies.