Bermudian pound
It was equivalent to sterling and divided into 20 shillings of 12 pence each. Decimalisation occurred at a rate of $1 = 8s.4d., making the new dollar equal to the US dollar.
Quick Facts
- Using countries
- Bermuda
- Pegged with
- sterling at par
- Used banknotes
- 5/–
- 10/–
- £1
- £5
- £10
- Date of withdrawal
- 1970
- Replaced by currency
- Bermudian dollar
Facts from the source article.
Coins
These coins bore the name Somers Island. Both remain readily available to collectors.
History
Because sterling was on a gold standard, this rate did not reflect the silver value of the Spanish dollar, and in many colonies the order drove sterling coinage out rather than encouraging its use. In Bermuda, however, the official rating was set aside in favour of the 'Maccaroni' tradition, where a sterling shilling (called a 'Maccaroni') was treated as one quarter of a dollar. This tradition, brought by the Bank of Nova Scotia, was also adopted in Jamaica, British Honduras, and later the Bahamas, and it successfully introduced both sterling coinage and sterling accounts.
More in Currencies of the British Empire
Spotted an error? Know more?
Reader corrections go straight into our review queue. Suggest an edit · How this site is sourced