Bermudian pound
From Wikipedia, the free encyclopedia
| Bermudian pound | |
| ISO 4217 Code | BMD |
|---|---|
| User(s) | Bermuda |
| Pegged with | British pound at par |
| Subunit | |
| 1/20 | shilling |
| 1/240 | penny |
| Symbol | £ |
| Coins | 5 shillings (British coins also circulated) |
| Banknotes | 5, 10 shillings, £1, £5, £10 |
| Central bank | Bermuda Government |
The pound was the currency of Bermuda until 1970. It was equivalent to the British pound, alongside which it circulated, and was similarly divided into 20 shillings each of 12 pence. Bermuda decimalized in 1970, replacing the pound with the Bermudian dollar at a rate of 1 dollar = 8 shillings 4 pence (i.e., 100 pence), equal to the U.S. dollar.
Contents |
[edit] Coins
The first Bermudian currency issue was the so-called "hogge money", 2, 3 and 6 pence, and 1 shilling coins issued between 1612 and 1624. Their name derives from the appearance of a pig on the obverse. At this time, Bermuda was known as Somers Island (which is still an official name) and this name appears on the coins. The next coins to be issued were pennies in 1793. No further issues were made until 1959 and 1964, when silver 1 crown (five shillings) coins were issued for. These were commemorative coins, similar to the British crown coins. They followed the UK coins in appearance, but featured Bermudian designs on the obverses (after Bermuda switched to the Bermuda dollar in 1970, no further Bermuda crowns were issued, though similar commemorative dollar coins have been).
[edit] Banknotes
In 1914, the government introduced 1 pound notes. In 1920, 5 shilling notes were introduced, followed by 10 shillings in 1927 and 5 pounds in 1941. The 5 shilling note ceased production in 1957, with 10 pound notes introduced in 1964.
[edit] References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
- 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.
