Currencies/Grenadian bit
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Introduction
The Grenadian Bit was a fractional currency unit once used in Grenada during the period of colonial trade before the mid-19th century. It represented a subdivision of the Grenadian dollar, itself derived from the Spanish dollar system widely used across the Caribbean.
History
During the 18th and early 19th centuries, Grenada’s economy operated largely on Spanish and colonial silver coins, particularly the piece of eight (8 reales). To simplify transactions, these coins were cut or valued in smaller parts called bits, following a standard pattern across the British Caribbean. In Grenada, 1 dollar = 8 bits, and this unit became the basic accounting measure in daily trade, salaries, and taxation.
The Grenadian bit circulated alongside other Caribbean issues such as the Barbadian bit and Jamaican bit, with similar valuations tied to silver content.
In 1840, the British pound sterling was formally introduced in Grenada, phasing out the Spanish-based dollar and its subdivisions, including the bit.
Coins
There were no separate coins exclusively minted as “Grenadian bits.” Instead, existing Spanish 8-real pieces were physically cut into segments or countermarked to indicate local value in bits. Later, imported colonial coins carried equivalent fractional denominations (1 bit, 2 bits, etc.), standardized through regional trade practices rather than local minting.
Currency
1 Dollar = 8 Bits
1 Bit ≈ 12½ cents (U.S. equivalent)
This structure simplified commerce in an era when coin shortages were common and foreign silver dominated Caribbean circulation. By the 1850s, the bit-based system had disappeared entirely as Grenada adopted British sterling as the sole legal tender.
Legacy
The Grenadian Bit reflects the transition from Spanish silver trade systems to British colonial monetary policy. Though no physical “bit” coins were unique to Grenada, the term persisted in local commerce and speech for decades, symbolizing a practical, adaptive colonial economy.