Juan de Bermudez first sighted the islands in 1503. British colonists bound for Virginia shipwrecked on the islands in July 1609, led by Sir George Somers. A permanent settlement was founded in 1612 and the islands were also referred to as the Sommer Islands. Bermuda became a British crown colony in 1684 and achieved representative government in 1968.
Coins were struck for Bermuda in 1616, the first British coins for an overseas possession; however, Spanish dollars and tobacco were the primary media of exchange. Pound Sterling coins were also issued for Bermuda (BMP) in 1793, and banknotes were issued for Bermuda beginning in 1914, though British (GBP), Canadian (CAD) and US currency (USD) also circulated. In 1842 all locally-circulating coinage was demonetized and British currency became the standard.
The Bermuda Dollar (BMD) was introduced on February 6, 1970 with 1 Bermuda Pound equal to 2.4 Bermuda Dollars equal to 2.4 US Dollars. The Pound was divisible into 20 Shillings and 240 Pence, and the Dollar is divisible into 100 Cents. Bermuda has used a currency board since 1915. Banknotes were issued by the Government of Bermuda until 1974, and by the Bermuda Monetary Authority since then.
|
