Bermudian dollar


Bermudian dollar

Infobox Currency
image_1 =
image_title_1 = Bermudian pound and dollar banknotes
iso_code = BMD
using_countries = Bermuda
inflation_rate = 2.8%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", November 2005
pegged_with = U.S. dollar at par
subunit_ratio_1 = 1/100
subunit_name_1 = cent
symbol = BD$
frequently_used_coins = 1, 5, 10, 25 cents, $1
rarely_used_coins = 50 cents
used_banknotes = $2, $5, $10, $20, $50, $100
issuing_authority = Bermuda Monetary Authority
issuing_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.

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 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

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 2 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

ee also

* Economy of Bermuda

References

*numis cite SCWC|date=1991
*numis cite SCWPM|date=1994

External links

Standard numismatics external links
world_coin_gallery_1_url = Bermuda
world_coin_gallery_1_name = Bermuda
banknote_world_1_url = bermuda
banknote_world_1_name = Bermuda
dollarization_1_url =
dollarization_1_name =
gfd_1_url = Bermuda
gfd_1_name = Bermuda
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y

* [http://www.bma.bm Bermuda Monetary Authority]
* [http://www.bermuda-online.org/money.htm Essential facts about the Bermuda dollar] (geared toward overseas visitors)


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