Bermuda Triangle; from pound to dollar

Have you ever been reading about urban legend The Bermuda Triangle? The Bermuda Triangle, also known as the Devil's Triangle, is a region of the northwestern Atlantic Ocean in which a number of aircraft and surface vessels have disappeared or are alleged to have disappeared. Some people have claimed that these disappearances fall beyond the boundaries of human error or acts of nature. Bermuda have one of the most beautiful Queen Elizabeth II paper money in this world.

The Parliamentary British Colony of Bermuda, situated in the western Atlantic Ocean 660 miles (1,062 km.) east of North Carolina, has an area of 20.6 sq. mi. (53 sq. km.) and a population of 61,600. Capital: Hamilton. Concentrated essences, beauty preparations, and cut flowers are exported. Most Bermudians derive their livelihood from tourism. The British monarch is the head of state and is represented by a governor.

Bermuda was discovered by Juan de Bermudez, a Spanish navigator, in about 1503. British influence dates from 1609 when a group of Virginia-bound British colonists under the command of Sir George Somers was shipwrecked on the islands for 10 months. The islands were settled in 1612 by 60 British colonists from the Virginia Colony and became a crown colony in 1684. The earliest coins issued for the island were the ”Hogge Money” series of 2, 3, 6 and 12 pence, the name derived from the pig in the obverse design, a recognition of the quantity of such animals then found there. The next issue for Bermuda was the Birmingham coppers of 1793; all locally circulating coinage was demonetized in 1842, when the currency of the United Kingdom became standard.

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. 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.

Prior to changing to the dollar, the Government of Bermuda had not issued its own coins, other than commemorative ones (the Bermuda Crowns), since the 19th Century, at the latest. In the 20th centuries, its pound notes were issued in all denominations (and the only coins used were UK ones). In 1970, the government introduced dollar notes in denominations of 1, 5, 10, 20 and 50 dollars. From 1974, the Bermuda Monetary Authority took over paper money production, introducing 100 dollars notes in 1982 and 2 dollars in 1988, when the 1 dollar was replaced by a coin. 1970 dollar notes are all printed with Bermuda Government across the top. Later notes substitute Bermuda Monetary Authority. In 2008, it was announced that banknotes would be redesigned in celebration of Bermuda's 400th anniversary, the first redesign since the launch of the dollar. The new designs were described as "distinctly Bermudian", with Queen Elizabeth II being relegated to a minor position. This new banknote will be out in 2009.

Source: wikipedia, Krause Publication

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