| ISO 4217 | |
|---|---|
| Code | BMD (numeric: 060) |
| Subunit | 0.01 |
| Unit | |
| Symbol | $ |
| Denominations | |
| Subunit | |
| 1⁄100 | cent |
| Banknotes | $2, $5, $10, $20, $50, $100 |
| Coins | |
| Freq. used | 1, 5, 10, 25 cents, $1 |
| Demographics | |
| Date of introduction | 6 February 1970 (1970-02-06) |
| User(s) |  Bermuda (alongside theUS dollar) |
| Issuance | |
| Monetary authority | Bermuda Monetary Authority |
| Website | bma |
| Printer | De La Rue |
| Mint | Royal Mint |
| Valuation | |
| Inflation | 1.9% |
| Source | The World Factbook, 2017 |
| Pegged with | United States dollar (at par) |
TheBermudian dollar orBermuda Dollar (symbol:$;code:BMD; also abbreviatedBD$) is the official currency of theBritish Overseas Territory ofBermuda. It is subdivided into 100 cents. The Bermudian dollar is not normally traded outside Bermuda, and ispegged to theUnited States dollar at a one-to-one ratio. Both currencies circulate in Bermuda on an equal basis.
For nearly four hundred yearsSpanish dollars, known as "pieces of eight" were in widespread use on the world's trading routes, including the Caribbean region.[1] However, following the revolutionary wars in Latin America, the source of these silver trade coins dried up.[2] The United Kingdom had adopted a very successful gold standard in 1821, and so the year 1825 was an opportune time to introduce the Britishsterling coinage into all the British colonies.[2] An imperialOrder in Council was passed in that year for the purposes of facilitating this aim by making sterling coinage legal tender in the colonies at the specified rate of 1 Spanish dollar to 4 shillings, 4 pence sterling.[3] As the sterling silver coins were attached to a gold standard, this exchange rate did not realistically represent the value of the silver in the Spanish dollars as compared to the value of the gold in the Britishgold sovereign.[4] Because of this, the order had the effect in many colonies of driving sterling coinage out of circulation, rather than encouraging its use.[5]
Remedial legislation had to be introduced in 1838 so as to change over to the more realistic rating of $1 = 4s 2d. However, inJamaica,British Honduras, Bermuda, and later in theBahamas also, the official rating was set aside in favour of what was known as the 'Maccaroni' tradition in which a British shilling, referred to as a 'Maccaroni', was treated as one quarter of a dollar. The common link between these four territories was theBank of Nova Scotia which brought in the 'Maccaroni' tradition, resulting in the successful introduction of both sterling coinage and sterling accounts.[6] It wasn't however until 1 January 1842 that the authorities in Bermuda formally decided to make sterling the official currency of the colony to circulate concurrently withDoubloons (64 shillings) at the rate of $1 = 4s 2d.[6] Contrary to expectations, and unlike in the Bahamas where US dollars circulated concurrently with sterling, the Bermudans did not allow themselves to be drawn into the U. S. currency area. The Spanish dollars fell away in the 1850s but returned again in the 1870s following the international silver crisis of 1873. In 1874, the Bermuda merchants agreed unanimously to decline to accept the heavy imports of US currency except at a heavy discount, and it was then exported again.[6] And in 1876, legislation was passed to demonetise the silver dollars for fear of them returning. In 1882, the local 'legal tender act' demonetised the gold doubloon, which had in effect been the real standard in Bermuda, and this left pounds, shillings, and pence as the sole legal tender.[6]
The pound sterling remained the official currency of Bermuda until 1970, though the Government of Bermuda did issue its own pound banknotes.[7] With US andCanadian coins regularly appearing in circulation in Bermuda and the possibility of the devaluation of the pound sterling, Bermuda was compelled to adopt its own decimal currency.[8] On 6 February 1970, Bermuda introduced a new decimal currency in the form of a dollar. The nascent Bermudian dollars circulated in conjunction with the new British decimal coinage a year before it wasintroduced in the United Kingdom.[9] By adopting decimalisation early, Bermuda was also able to place orders for the coinage from theRoyal Mint before otherCommonwealth countries seeking to decimalise could.[8] The link between the Bermudian dollar and the pound sterling was not broken until 31 July 1972, which allowed Bermuda to align to a one-to-one exchange rate with the US dollar.[10] The decision for Bermuda to peg its dollar to the US dollar added convenience for the multitude of American tourists and businesses upon whom Bermuda largely relied.[11]
Since 1972, Bermudian law has required that local businesses charge prices in Bermudian dollars which, if paid in US dollars, must be accepted at a rate of 1:1.[6] Only banks are legally allowed to exchange Bermudian dollars into US dollars or other currencies, subject to a 1.25% Foreign Currency Purchase Tax (some banks also charge an exchange fee).[12]
Prior to decimalisation and conversion to the dollar, theGovernment of Bermuda did not issue its own coins, other than thecommemorative Bermudiancrowns, since the 19th Century at the latest. In 1970, the Bermuda Monetary Authority introduced coinage with denominations of 1, 5, 10, 25, and 50 cents. From its inception, the 1-cent coin was struck out ofbronze until 1988, when it was replaced with copper-plated steel. The composition of the 1-cent coin was changed to copper-plated zinc in 1991.[10] All other denominations, at the time, were minted fromcupronickel. Nickel-brass 1-dollar and 5-dollar coins were issued in 1983; neither were very popular, with the 5-dollar coin eventually being withdrawn from circulation on 1 January 1990.[13] New 1-dollar coins that were thinner and one-third lighter than the 1983 issue were produced in 1988.[14] The 50-cent denomination was also phased out, with the coins being called in on 1 May 1990.[15] All denominations of Bermuda coinage depict themonarch of the United Kingdom on the obverse. From 1970 through 1985, the royal effigy byArnold Machin was used, followed by an effigy byRaphael Maklouf from 1986 through 1998.[10] The current obverse, introduced in 1999, is the royal effigy sculpted byIan Rank-Broadley.
Bermuda has occasionally released commemorative coins to celebrate certain events, historical milestones, flora, and fauna. These coins bear a face value, but are generally seen more ascollector's items orstores of value. Notable among these are the so-called "Bermuda triangles", which are pressed on special lobed triangularplanchets, are minted in gold and silver, and come in denominations divisible by three.
| Value | Composition | Mass | Diameter | Edge | Obverse[16] | Reverse[16] | Date of first minting | Date of Withdrawal | Date of Lapse |
|---|---|---|---|---|---|---|---|---|---|
| 1 cent | Bronze | 3.11 g | 19.0 mm | Plain | Elizabeth II | Wild hog | 1970 | 1987 | — |
| Copper-plated steel | 2.80 g | 1988 | 1990 | ||||||
| Copper-platedzinc | 2.50 g | 1991 | — | ||||||
| 5 cents | Cupronickel | 5.00 g | 21.2 mm | Plain | Elizabeth II | Angelfish | 1970 | — | — |
| 10 cents | 2.45 g | 17.9 mm | Milled | Bermuda Easter lilies | — | — | |||
| 25 cents | 5.92 g | 25.0 mm | Longtail in flight | — | — | ||||
| 50 cents | 12.60 g | 30.5 mm | Coat of arms of Bermuda | 1 May 1990[15] | 30 April 2000[15] | ||||
| 1 dollar | Nickel–brass | 9.50 g | 22.5 mm | Milled and inscribed with "Bermuda Monetary Authority" | Elizabeth II | Bermuda map andcahow | 1983 | — | — |
| 7.56 g | 26.0 mm | Alternating plain and milled | Bermuda-fitteddinghy | 1988 | — | — | |||
| 5 dollars | 12.5 g | 25.5 mm | Milled and inscribed with "Bermuda Monetary Authority" | Bermuda map andonion | 1983 | 1 January 1990[13] | 31 December 1999[13] |
In the 20th century, its pound notes were issued in all denominations (and the only coins used were UK ones). In 1970, the government introduced dollar notes in denominations of 1, 5, 10, 20 and 50 dollars. From 1974, the Bermuda Monetary Authority took over paper money production, introducing 100-dollar notes in 1982 and 2 dollars in 1988, when the 1 dollar was replaced by a coin. 1970 dollar notes are all printed withBermuda Government across the top. Later notes substituteBermuda Monetary Authority. All of the "legacy" banknotes were withdrawn from circulation on 1 January 2014, but still able to be exchanged for new banknotes for 10 years.[17][18] Including the original 1970 series, all horizontal-style banknotes will be phased out in favour of the vertical, 2009 series.[19]
| 2000 series | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pick No. | Image | Value | Dimensions[20] | Main Colours[21] | Description[20][22] | Date of | ||||
| Obverse | Reverse | Obverse | Reverse | Watermark | First printing | Withdrawal | ||||
| 50 | [1] | [2] | $2 | 140 × 68 mm | Blue and green on multicolour | Elizabeth II andseahorse | Map of Bermuda andRoyal Naval Dockyard | Tuna fish | 24 May 2000 | 1 January 2014 |
| 51 | [3] | [4] | $5 | Purple and burgundy on multicolour | Elizabeth II andConch shell | St. David's Lighthouse and town ofSt. George's | ||||
| 52 | [5] | [6] | $10 | Dark blue and mauve on multicolour | Elizabeth II andOleander flowers | Flatt's Inlet,cahow, and seashell | ||||
| 53 | [7] | [8] | $20 | Green and red on multicolour | Elizabeth II and Burnaby House | Ely's Harbour andSomerset Bridge | ||||
| 54 | $50 | Bluish black, red and brown on multicolour | Elizabeth II and Commissioner's House | Map of Bermuda andScuba divers exploring shipwreck | ||||||
| 55 | [9] | [10] | $100 | Red-orange and brown on multicolour | Elizabeth II and Bermudiana flowers | House of Assembly of Bermuda and Camden House | ||||
| These images are to scale at 0.7 pixel per millimetre (18 pixel per inch). For table standards, see thebanknote specification table. | ||||||||||
| Commemorative series | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pick No. | Image | Value | Dimensions[20] | Main colour | Description[20][22] | Date of | ||||
| Obverse | Reverse | Obverse | Reverse | Watermark | Printing | Withdrawal | ||||
| 40 | [11] | [12] | $50 | 140 × 68 mm | Multicolour | Elizabeth II and Commissioner's House Christopher Columbus Quincentenary 1492–1992 | Map of Bermuda andscuba divers exploring shipwreck | Tuna fish | 12 October 1992 | 1 January 2014 |
| 46 | [13] | [14] | $100 | Elizabeth II and Bermudiana flowers 25th Anniversary Bermuda Monetary Authority 1969–1994 | House of Assembly of Bermuda and Camden House | 20 February 1994 | ||||
| 47 | [15] | [16] | $20 | Elizabeth II and Burnaby House To commemorate the opening of the 'Burnaby House' by the Bermuda Monetary Authority | Ely's Harbour andSomerset Bridge | 17 January 1997 | ||||
| 56 | [17] | [18] | $50 | Elizabeth II and Commissioner's House To Commemorate theCoronation of Queen Elizabeth II 1953–2003 | Map of Bermuda and scuba divers exploring shipwreck | 2 June 2003 | ||||
| These images are to scale at 0.7 pixel per millimetre (18 pixel per inch). For table standards, see thebanknote specification table. | ||||||||||
In 2008, it was announced thatbanknotes would be redesigned in celebration of Bermuda's 400th anniversary, the first redesign since the launch of the dollar.[23] The new designs were described as "distinctly Bermudian",[24] with Queen Elizabeth II being relegated to a minor position,[25] using a royal effigy by Machin.[26] They feature themes and scenes of maritime Bermuda, and like their predecessors are coloured by value. The serial number prefix on the first million notes is that of a Bermuda onion; subsequent notes will bear a conventional prefix. The series was issued on 9 March 2009.[27] The Bermuda Monetary Authority was awarded "Bank Note of the Year" by the International Banknote Society for the design of the new $2 banknote.[28] The 2009-series $50 banknote was modified in August 2012 to depict the correct species of longtail native to Bermuda.[29] Originally, it erroneously depicted thered-billed tropicbird and was changed to the indigenouswhite-tailed tropicbird.
Polymer versions of the $2 and $5 notes were issued in 2024. The design was based on the existing notes but included an image ofKing Charles III and new security features.[30][31]
| 2009 series | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pick No. | Image | Value | Dimensions[32] | Main Colour | Description[33] | Date of | |||||
| Obverse | Reverse | Obverse | Reverse | Watermark | First printing | Issue | |||||
| 57 |  | [19] | $2 | 140 × 68 mm | Turquoise | Bluebird (Sialia sialis) | Dockyard Clock Tower and statue ofNeptune | Hibiscus flower | 1 January 2009 | 9 March 2009[27] | |
| 58 |  |  | $5 | Pink | Blue marlin (Makaira nigricans) | Horseshoe Bay Beach andSomerset Bridge | |||||
| 59 | [20] | [21] | $10 | Purple | Blue angelfish (Holacanthus bermudensis) | Deliverance and Commissioner's House | |||||
| 60 | [22] | [23] | $20 | Green | Whistling frog (Eleutherodactylus johnstonei) | Gibbs Hill Lighthouse and St. Mark's Church | |||||
| 61 | [24] | [25] | $50 | Yellow | Longtail (Phaethon lepturus) | St. Peter's Church | |||||
| 62 | [26] | [27] | $100 | Red | Red cardinal (Cardinalis cardinalis) on a branch ofloquat (Eriobotrya japonica) | House of Assembly of Bermuda andBermuda petrel (Pterodroma cahow) | |||||
| These images are to scale at 0.7 pixel per millimetre (18 pixel per inch). For table standards, see thebanknote specification table. | |||||||||||
| Current BMD exchange rates | |
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