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| Bermudian dollar | |||||
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| ISO 4217 Code | BMD | ||||
|---|---|---|---|---|---|
| User(s) | Bermuda | ||||
| Inflation | 2.8% | ||||
| Source | The World Factbook, November 2005 | ||||
| Pegged with | U.S. dollar at par | ||||
| Subunit | |||||
| 1/100 | cent | ||||
| Symbol | BD$ | ||||
| Coins | |||||
| Freq. used | 1, 5, 10, 25 cents, $1 | ||||
| Rarely used | 50 cents | ||||
| Banknotes | $2, $5, $10, $20, $50, $100 | ||||
| Central bank | Bermuda Monetary Authority | ||||
| Website | www.bma.bm | ||||
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 is not normally traded outside of Bermuda.
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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.
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 was not issued again. The original Bermuda dollar coin was modelled on the
pound coin. These coins were unpopular, due to their size and weight, and-with the one dollar note not being removed from ciculation-many Bermudians refused to use them. The original one dollar coin was replaced in 1988 by a new coin, similar to the Canadian dollar coin. This was larger, but thinner. Having learnt from its experience with the first coin, the Bermudian government first fixed a date when the one dollar note would cease to be legal tender, obliging adoption of the new coin, the original one and five dollar coins ceasing to be legal tender. Also in 1988, copper-plated steel replaced bronze, 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:
Prior to changing to the dollar, the Government of Bermuda had not issued its own coins, other than commemorative ones (the Bermuda Crowns), since the 19th Century, at the latest. In the 20th centuries, 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 dollars notes in 1982 and 2 dollars in 1988, when the 1 dollar was replaced by a coin. 1970 dollar notes are all printed with Bermuda Government across the top. Later notes substitute Bermuda Monetary Authority. In 2008, it was announced that banknotes would be redesigned in celebration of Bermuda's 400th anniversary, the first redesign since the launch of the dollar.[1] The new designs were described as "distinctly Bermudian",[2] with Queen Elizabeth II being relegated to a minor position.[3]
The designs are said to feature themes and scenes of maritime Bermuda, and like their predecessors are coloured by value:[4]
The first $1 million batch of new notes has been slated for release in early 2009.[7]
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