Bermuda is not one, but several islands in the Western Atlantic. This is a small island chain of some 138 linked islands of various sizes. The economy is one of tourism and offshore banking. The currency is the Bermudian Dollar. It is listed as BMD and is set at 100 cents per dollar. It is on par in country with the American dollar.
History
The name of Bermuda comes from Juan de Burmudey, a Spanaird who first set eyes on the country in 1503. Settlement did not follow immediately. In fact, the first settlers were actually British. There ship wrecked in1609 when they were on the way to Virginia. The leader at the time was Sir Georges Somers resulting in the early name of Somer Islands.
The first coins appeared on the island in 1616. British made, they were the first coinage made specifically for a British overseas possession. They came in 2, 3, 6 and 12 pence. A pig was on the obverse, a ship on the reverse. The local called it “hogg money.” It was a slur. As a result, the money found little favor and fell into disuse.
The 17th century saw different forms of currency. Tobacco was popular. There were also Spanish coins. By the end of the century, Britain decided to try again. In 1793, they minted a Bermuda specific coin. The head of the monarch, George III appeared on the obverse. A sailing ship was on the back. Again, the coinage did not take.
The major change took place in 1842. The only currency allowed was United Kingdom currency. All other money was demonetized. This lasted until 1970. At this time, Bermuda adopted the dollar standard. The decimal system included 1, 5, 10, 25 and 50-cent coins as well as 1, 5, 10, 20 and 50-dollar banknotes. In 1974, the paper production of money shifted to the Bermuda Monetary Authority. They produced a $100 bill in 1982 and a $2 bill to replace the ill-fated $1 bill.
In 1983, the $5 and $1 coins made their appearance. For the $5 coin, it was a one-off. In 1986, the $1-coin grew physically in stature while the 50-cent coin vanished. Today, you have 1, 5, 10 and 25-cent coins as well as a 1-dollar coin. There are also 2, 5, 10, 20 50 and 100-dollar banknotes in circulation.
Obtaining Bermuda Dollars
It is not difficult to locate a source of exchange in Bermuda. There is the Bank of Bermuda, Ltd. and the Butterfield Bank with outlets and on-island ATMs. You can also locate ATMs at various hotels, gas stations and even convenience stores.
Protecting Your Currency
The usual precautions for tourists apply in Bermuda. Watch for pickpockets and wallet or purse-snatchers. Do not flash inordinate amounts of money. Use your common sense and keep your money from vanishing along with your passport and other valuables, ruining your vacation or business trip.
Using Your Bermuda Dollars
The American dollar and the Bermudian dollar are on par in stores and shops on Bermuda. This does not mean you do need local currency. In fact, the change you get back for purchases will almost always be in Bermudian money.
Travel Tips and Warnings
- There are few warnings about Bermuda. Only the usual precautions re: money and weather apply.
- A passport is required for those who visit Bermuda. This dates only from 2007.
- Bermuda is an expensive place to both visit and live. The cost of living is high. There are no taxes on items, but the hotels add a surcharge.
- While in Bermuda, be sure to enjoy the sun, surf and sand.
- Take a dive down 50 feet to the wreck of the Cristobal colon. Dating from 1923, this Spanish liner took a Norwegian Cargo ship beneath the waves in 1937, before the navy split it in two.
- Do not ignore the many fortresses. Be sure to include the Royal Navy Dockyard on Ireland Island north. Here, you can visit the Bermuda Maritime Museum as well as go shopping in some of the restored and converted buildings. There are also the 19th century ramparts of Fort Hamilton and Gates Fort (1620) overlooking Town Cut and the sea.
Overview
Bermuda
is a group of small islands and islets comprising a British Territory.
It has high standard of living. It is an offshore financial center as
well as a tourist destination.
For travel information, see www.Bermudatourism.com.
Currency Summary
Current Currency: Bermuda dollar
100 Bermuda cents are equal to 1 Bermuda dollar.
Coins: 1, 5, 10 and 25-cents as well as 1-dollar.
Banknotes: 2, 5, 10, 20, 50 and 100-dollars.
In Bermuda, the Bermudan dollar and the American dollar are on par.