It’s all about the money

Some people store their coins away for years and years without considering its worth; but consider this — it costs this government 17 cents to make one cent. This should be enough to cause you to be mindful of the value of your cents. And if you are still not convinced, a visit at the Central Bank Money Museum in Port-of-Spain, would surely make you realise that every cent counts.

Objects like knives and spades and various shapes and sizes of coins and banknotes have all served as money in different times and places. These items, as well as a wealth of historical information can be obtained at the Central Bank Money Museum.

Visitors to the museum hear fascinating stories about money, from barter to modern times, learn about money’s history and see examples of rare coins and currency.

According to Central Bank Senior Manager, Nicole Crooks, as money continues to evolve, so does the museum, which was launched six years ago, to mark the Central Bank’s 40th anniversary.

“The museum provides an alternative learning experience for students and adults. It tells a story through a mix of showcases, graphics, multi media and interactive elements. We are always upgrading the museum to keep it fresh and informative,” Crooks said.

“Our aim is to make the museum more interactive and we are putting things in place to facilitate this. We have a lot of tourists and students who visit the museum. We have had over 18,000 visitors.”

There are interactive games which allow visitors to learn the fundamentals of investing. There are touch screen computer monitors which allow visitors to test their knowledge of this country’s financial history. The Central Bank is currently upgrading the museum with additional features and artifacts.

One interesting point is that this country doesn’t make its own money. The coins are made at the British Royal Mint and the bank notes are made at Del la Rue, also in Britain. This country’s

banknotes are actually made from processed cotton fibres. Although the TT currency is made elsewhere, this country is responsible for the design, as well as the security and integrity and security of the currency in circulation. The ingredients used for the ink on which the banknotes are printed are kept secret.

A tour of the museum, led by museum technician Cynthia Stephenson, covers world money, the history of TT’s money and the Central Bank. There is a display on the birth of the coin, with a vast showcase of coins made in the shape of knives and spades. There are coins from places like China, as well as centuries old Greek and European coins and the smallest coin in the world, which came from India.

Stephenson said this country frequently updates its bank notes to avoid counterfeit. She said although statistics on the prevalence of counterfeiting in this country are not readily available, during Carnival and Christmas cases of forgery are prevalent.

“Money goes through a lot of changes, but when it comes back to the Central Bank, we destroy the money, which helps us to keep a track of the money in circulation at different points.

We update our banknotes frequently and whenever we do this, we ensure that the public is properly informed and educated, through community seminars throughout the country and various advertisements.” Stephenson said people need to know their rights when it comes to money, as most people throw away money once it is ripped or damaged. She said such currency can be replaced at any bank and it is illegal for shops to refuse damaged money.

The Central Bank Money Museum is open to the public Tuesdays to Fridays from 10 am to 2pm.