Grenada, which is also known as the Island of Spice, lies in the West Indies in the Caribbean Sea. It comprises the island of Grenada, Carriacou, Petite Martinique, and several small islands. It neighbors Trinidad and Tobago, Venezuela, and Saint Vincent and the Grenadines. This oval-shaped island is about 34-kilometer long and 19-kilometer wide. Grenada possesses a ridge of mountains, valleys, and forests that form scenic landscapes.
Because of hurricanes in 2004 and 2005, the agricultural sector, specifically the cultivation of cocoa and nutmeg, has been severely impacted. Although Grenada has bounced back from the natural disasters, it is burdened with debt incurred during the reconstruction process. The country’s debt-to-GDP has reached nearly 110% which limited the engagement of social spending and public investments.
Since the opening of an international airport in 1985, tourism has been the major source of Grenada’s foreign exchange. With the development of tourism and offshore financial servicing industries along with the construction and manufacturing sectors, national production has increased. Despite the increase in national output, economic growth was still slow-moving from 2010 until 2012 due to the decline in tourism and remittances caused by the global economic crisis.
In 1920, the Government of Grenada also issued Grenadan pound banknotes in 2 shillings 6 pence, 5 shillings, and 10 shillings denomination. These paper bills bear a profile of King George V and floral designs on the obverse while the reverse depicts palm fronds and a sailing ship.
Currently, as part of the Organization of Eastern Caribbean States, Grenada’s official currency is the Eastern Caribbean Dollar which replaced the British West Indies dollar in 1965. East Caribbean dollar banknotes use country codes to indicate the territory where the banknote was issued. Earlier banknotes of Grenada have a “G” suffix on their serial number while recent paper bills use bar codes to distinguish the country of origin.