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Background First inhabited by Arawak and later by Carib Indians, the Virgin Islands were settled by the Dutch in 1648 and then annexed by the English in 1672. The islands were part of the British colony of the Leeward Islands from 1872-1960; they were granted autonomy in 1967. The economy is closely tied to the larger and more populous US Virgin Islands to the west; the US dollar is the legal currency. Population 24,939 (July 2010 est.) Government type none (overseas territory of the UK) Administrative divisions NA Independence Territory Day, 1 July (1956) International organization participation blue, with the flag of the UK in the upper hoist-side quadrant and the Virgin Islander coat of arms centered in the outer half of the flag; the coat of arms depicts a woman flanked on either side by a vertical column of six oil lamps above a scroll bearing the Latin word VIGILATE (Be Watchful); the islands were named by COLUMBUS in 1493 in honor of Saint Ursula and her 11 virgin followers (some sources say 11,000) who reputedly were martyred by the Huns in the 4th or 5th century; the figure on the banner holding a lamp represents the saint, the other lamps symbolize her followers Economy - overview Market value of publicly traded shares tourism, light industry, construction, rum, concrete block, offshore financial center Agriculture - products NA% Industries 45 million kWh (2007 est.) Industrial production growth rate 41.85 million kWh (2007 est.) Electricity - production 0 kWh (2008 est.) Internet country code 4,000 (2002)