Everything about Bermudian Dollar totally explained
The
dollar (
ISO 4217 code:
BMD) is the
currency of
Bermuda. It is normally abbreviated with the
dollar sign $ or, alternatively,
BD$ to distinguish it from other
dollar-denominated currencies. It is subdivided into 100
cents. The Bermudian dollar isn't traded outside of Bermuda.
History
The dollar was introduced in 1970, replacing the
Bermudian pound at the rate of 1 dollar = 8
shillings 4
pence (that is, 100 pence). This rate was chosen so as to facilitate the
pegging of the Bermuda dollar to the
U.S. dollar at par, since the exchange rate between the pound (equal to
sterling) and U.S. dollar was 2.4 dollars = 1 pound.
Coins
In 1970, coins were introduced in denominations of 1, 5, 10, 25 and 50 cents. The 1 cent was bronze, with the other coins struck in cupro-nickel. In 1983, nickel-brass 1 and 5 dollars coins were issued, although the 5 dollars coin wasn't issued again. In 1988, copper-plated steel replaced bronze, a larger 1 dollar coin was introduced and production of the 50 cents coins ceased. In 1991, copper-plated zinc replaced copper-plated steel in the 1 cent.
Coins in circulation are:
- 1 cent
- 5 cents
- 10 cents
- 25 cents
- 1 dollar
Banknotes
In 1970, the government introduced notes in denominations of 1, 5, 10, 20 and 50 dollars. From 1974, the Bermuda Monetary Authority took over paper money production, introducing 100 dollars notes in 1982 and 20 dollars in 1988, when the 1 dollar was replaced by a coin.
Banknotes in circulation are:
2 dollars
5 dollars
10 dollars
20 dollars
50 dollars
100 dollarsFurther Information
Get more info on 'Bermudian Dollar'.
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