BANKNOTES OF BERMUDA
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Design: Queen Elizabeth II and "Commissioners
Reverse Design: Divers
The history of the currency of
Bermuda has issued its own currency for over 300 years. The Bermuda dollar was established in 1970 replacing the Bermuda Pound at a rate of one Bermuda dollar is equal to eight shilling and four pence in old money. Previously the Bermuda pound was traded at par with the British pound sterling, when the dollar replaced the pound, the rate of £-/8/4d was chosen as this was the value of the American dollar in pounds at the time of changeover in 1970. Currently the value of the Bermuda dollar is pegged to the American dollar at a rate of one to one.
Prior to converting to the dollar, British coinage was used although Bermuda printed its own banknotes. Currently the Bermuda Monetary Authority issues all coins and banknotes in Bermuda. Banknotes in circulation come in denominations of $2, $5, $10, $20, $50 and $100, the one dollar note has been replaced by a coin, although it remains legal tender. Coins are issued in 1, 5, 10, 25 cents and $1 denominations. The Bermuda dollar's ISO 4217 code is BMD and like other dollar based currencies, prices are expressed using the $ sign. As the Bermuda dollar is valued at the same as American dollars, all businesses in Bermuda will accept either currency. All older banknotes issued by the Currency Board, the Government of Bermuda and the Bermuda Monetary Authority remain redeemable indefinatly.
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Page created: 1 July 2006
Last Update: 1 July 2006
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