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Bermuda / 4 Products

Bermuda is a British overseas territory in the western part of the North Atlantic Ocean. This archipelago of 7 main islands and about 170 islets is named after its discoverer, Spanish explorer Juan de Bermúdez.

The Bermudian dollar is the archipelago’s official currency, subdivided into 100 cents and is pegged to the US dollar at par. For almost four centuries, Spanish dollars, colloquially known as "pieces of eight," were the currency of choice on global trading routes, including the Caribbean.

However, after the Latin American revolutionary wars, the availability of these silver coins dwindled. In 1825, the United Kingdom introduced British sterling coinage across its colonies, setting the exchange rate at 1 Spanish dollar to 4 shillings, 4 pence sterling. The valuation, tethered to the gold standard, led to the decline of sterling coinage in many colonies, necessitating remedial legislation in 1838.

While Bermuda officially embraced sterling in 1842, it wasn't until 1970 that the pound sterling was replaced by the new decimal currency, the Bermudian dollar. 

Before decimalization in 1970, Bermuda's coins were limited to commemorative crowns. In 1970, the Bermuda Monetary Authority introduced denominations of 1, 5, 10, 25, and 50 cents. The obverse of Bermuda's coins consistently features the monarchs of the United Kingdom, Queen Elizabeth II, engraved by Arnold Machin, Raphael Maklouf, and Ian Rank-Broadley. Over the years, changes in coin composition and denominations occurred, with certain coins being withdrawn due to lack of popularity. 

Bermuda has also issued commemorative coins, such as the unique "Bermuda triangles," minted in gold and silver with face values divisible by three. These commemorative coins, often collectors' items, celebrate Bermuda’s events, historical milestones, and the island's flora and fauna.

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