Time Period: 1600-1915

Timeline

  • 15.02.1616
  • Somers Isles Company ordinance on the production of base metal subsidiary coins denominated at 1 Penny Sterling and referred to as "hog money"; they were issued from May 1616 onward and demonetised again during 1624.
  • 1650-1750
  • Rating of Spanish trade coins in the accounting currency:
    - 26.04.1653: Spanish Dollar (8 Spanish Reals in silver) at 54 Pennies
    - 15.06.1658: Spanish Dollar (8 Spanish Reals in silver) at 60 Pennies
    - ??.??.1707: Spanish Dollar (8 Spanish Reals in silver) at 60 Pennies; Spanish Doubloon (8 Spanish Escudos in gold) at 96 shillings
  • ??.??.1787
  • Law ["Act for settling a value on all foreign gold coin current in these islands", No. 3] on the introduction of an effective gold currency:
    - Any gold coin was rated at 3 Pennies (accounting currency) per English troy grain gross weight, e.g. the Spanish Doubloon (8 Spanish Escudos in gold) at 104.42 Shillings
    - Silver was subsidiary coinage, the Spanish Dollar (8 Spanish Reals in silver) was rated at around 80 Pennies.
  • 01.02.1793
  • Royal assent for the production of a copper subsidiary coin; was issued as 1 Penny (accounting currency) by governor's proclamation of 24.04.1793
  • 22.06.1841
  • Law [Currency Act] on the devaluation of the accounting currency at a ratio of 64 : 104.42 (i.e. by 38.7%) and new rating of Spanish trade coins in Sterling currency; effective 01.01.1842:
    - Spanish Dollar (8 Spanish Reals in silver) at 50 Pence Sterling
    - Spanish Doubloon (8 Spanish Escudos in gold) at 64 Shillings Sterling.
  • 24.06.1861
  • Law [No. 3] on the demonetization of the Spanish Doubloon; effective 01.07.1861
  • 05.07.1876
  • Law [Currency Act (1841) Amendment Act, No. 3] on the demonetization of the Spanish Dollar; effective immediately
  • 23.08.1882
  • Law [Legal Tender Act] on the legal tender status of British gold and silver coins; effective immediately
  • 03.02.1898
  • Ordinance [Order in Council] on the proclamation of the British Coinage (Amendment) Act 1891; effective 22.04.1898; effective 10.11.1898


Time Period: 1915-1970

Currency: Bermudian Pound


Timeline

  • 19.02.1915
  • Law [Government Notes Act, No. 5] on the establishment of the Bermuda Currency Commission and the issuance of government paper money; effective 01.03.1915
    - 03.08.1915: Law [Government Notes Redemption Act, No. 22] on the issuance of the government notes (which were back-dated as 02.12.1914); effective immediately
  • 03.08.1915
  • Law [Currency Act, No. 21] on the legal tender status of British paper money; effective immediately
  • 04.08.1965
  • Law [Currency (Bermuda Coin) Act, No. 172] on the issuance of subsidiary coins; effective immediately
    - It was foreseen to issue coins of 2½, 2, 1 Shillings, 6, 3 Pence, but only a commemorative coin of 3 Shillings was produced.

Valuation Regimes

  • 1915-1970
  • Fixed rate against British Pound

Rate Arrangements

  • 03.08.1915
  • Fixed
  • British Pound at 1 : 1
  • -


Time Period: 1970-

Currency: Bermudian Dollar


Timeline

  • 20.02.1969
  • Law [Monetary Authority Act, No. 57] on the establishment of the Bermuda Monetary Authority and the creation of the decimal currency; effective immediately
  • 06.02.1970
  • Start of currency exchange:
    - 06.02.1970: Start of issuance of the new banknotes and coins
    - 30.06.1970: Demonetization of the former (local and British) currency.

Valuation Regimes

  • 1970-
  • Fixed rate against US Dollar

Rate Arrangements

  • 06.02.1970
  • Fixed
  • US Dollar at 1 : 1
  • ±0.0%


End-year Forex Rates (Units per US Dollar)