Bermuda's history of currency notes is closely tied to its status as a British Overseas Territory and its currency, the Bermudian dollar (BMD). Here is an overview of Bermuda's currency note history:
- British Pound: Prior to the introduction of its own currency, Bermuda used the British pound as its official currency. British banknotes were in circulation in Bermuda, and they remained legal tender.
- Introduction of the Bermuda Pound: In 1970, Bermuda introduced its own currency, the Bermuda pound, which was pegged to the British pound at a 1:1 ratio. The Bermuda pound had the same value and could be used interchangeably with the British pound.
- Currency Notes: The currency notes of Bermuda were first issued in 1970 upon the introduction of the Bermuda pound. These notes featured designs that showcased local landmarks, flora and fauna, historical figures, and cultural symbols significant to Bermuda.
- Transition to the Bermudian Dollar: In 1970, Bermuda decimalized its currency, replacing the Bermuda pound with the Bermudian dollar. The exchange rate remained fixed at a 1:1 ratio with the U.S. dollar, which became the new benchmark currency.
- Designs and Security Features: Bermuda's currency notes have undergone several design changes over the years. They feature various denominations, including $2, $5, $10, $20, $50, and $100 notes. The designs often highlight important landmarks, such as the Bermuda Maritime Museum, flora and fauna unique to Bermuda, and notable figures from the island's history.
- Commemorative Issues: Bermuda has also released commemorative currency notes on special occasions or to honor significant events or individuals. These special edition notes often have unique designs and limited production numbers.
Today, Bermuda's currency notes, denominated in Bermudian dollars, serve as legal tender on the island. They reflect the island's cultural heritage, natural beauty, and historical significance, while maintaining a strong connection to the British currency system.