Barbados is located in the southeastern Caribbean Sea. Because of its geographic location, the history, culture and economic life of Barbados revolve around being an island country. It is not part of the nearby archipelago of the Lesser Antilles, although most people typically associate them. Barbados has served as a major link between western Europe, eastern Caribbean territories, and parts of the South American mainland since the late 17th century. From then on, the island became a British colony until 1966, when it attained independence. Due to its Britain connection, the culture of Barbados is perhaps more British compared to other Caribbean islands, mixed with some elements of the African culture.
Since 1935, the Barbados Dollar (BBD) has been the currency of Barbados. The symbol used for the dollar is the same as the US Dollar ($), although BDs$ is sometimes used to distinguish the BBD from other dollar currencies. The first dollar-denominated currency issued in Barbados was in the form of private banknotes introduced in 1882. The present dollar was created after the Central Bank of Barbados (CBB) was established, which was founded by an Act of parliament in May, 1972. Meanwhile, Barbados had its own coinage for the first time in 1973, and coins were introduced in denominations of 1¢, 5¢, 10¢, 25¢, and $1.