Currencies/Bermudian dollar

Introduction

The Bermudian dollar (ISO code BMD) is the official currency of Bermuda. It is subdivided into 100 cents and has been in circulation since 1970, replacing the Bermudian pound.

History

Before 1970, Bermuda used the Bermudian pound, which was equivalent to British sterling. On 6 February 1970, Bermuda introduced the Bermudian dollar, replacing the pound at a rate of 1 dollar = 8 shillings 4 pence, thereby decimalizing the currency. Soon after, the dollar was pegged to the U.S. dollar, and today the Bermudian dollar circulates at par (1 BMD = 1 USD).

Coins

At the time of introduction, coins were issued in 1, 5, 10, 25, and 50 cents. The 1 cent coin was originally struck in bronze, later in copper-plated steel (1988), and then in copper-plated zinc (1991). Other denominations are struck in cupronickel or similar alloys, with designs that include Bermuda’s wildlife and maritime heritage. The obverse traditionally carries the effigy of the British monarch.

Banknotes

Banknotes are issued in denominations of 2, 5, 10, 20, 50, and 100 dollars by the Bermuda Monetary Authority. The notes incorporate images of Bermuda’s culture, natural environment, and history. The Bermudian dollar is not widely traded abroad, but U.S. dollars circulate alongside it within Bermuda at equal value.

Currency

The Bermudian dollar is pegged to the U.S. dollar at a fixed rate

1970 1 BMD = 8 shillings 4 pence (replacement of pound).

1972 1 BMD = 1 USD (parity established).

Present 1 BMD = 1 USD (maintained).

The Bermudian dollar remains the sole legal tender of Bermuda and circulates interchangeably with the U.S. dollar.

Replacement

The Bermudian dollar has not been replaced and continues to function as Bermuda’s only legal tender, supported by its fixed peg with the U.S. dollar.