Bermudian dollar
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| Bermudian dollar | |||
| |||
| 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 traded outside of Bermuda.
Contents |
[edit] 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.
[edit] 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 was not 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
[edit] 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 dollars
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[edit] See also
[edit] References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
[edit] External links
- Don's World Coin Gallery - Bermuda
- Ron Wise's World Paper Money - Bermuda Mirror site
- The Global History of Currencies - Bermuda
- Global Financial Data currency histories table (Image:Crystal 128 kspread.png Microsoft Excel format)
- Bermuda Monetary Authority
- Essential facts about the Bermuda dollar (geared toward overseas visitors)
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