What Is The Currency Used In The Bahamas

Budgetary currency of the Commonwealth of the bahamas

Bahamian dollar
ISO 4217
Code BSD (numeric:
044)
Subunit
0.01
Unit
Symbol $, B$
Denominations
Subunit

one100

cent
Banknotes
 Freq. used $
12
,

$i
,

$3
,

$5
,

$10
,

$20
,

$50
,

$100
Coins
 Freq. used 5, 10, 15, 25 cents
 Rarely used 50 cents,

$1
,

$2
Demographics
User(s)
The Bahamas
Issuance
Central bank Central Bank of The Bahama islands
 Website www.centralbankbahamas.com
Printer De La Rue, Giesecke+Devrient, Oberthur Technologies, Orell Füssli, Canadian Banking concern Note Company
Valuation
Inflation 2.four%
 Source The World Factbook, (2007 est.)
Pegged with United states dollar at par

The
dollar
(sign:
$; code:
BSD) has been the currency of The Bahamas since 1966. It is ordinarily abbreviated with the dollar sign
$, or alternatively
B$
to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

On twenty October 2020, the Commonwealth of the bahamas became the first land to have a legal digital currency, introducing the
Sand Dollar
as an culling to the traditional Bahamian dollar.

Human relationship with the US dollar

[edit]

The Bahamian dollar is pegged to the US dollar on a one-to-one basis. The Primal Depository financial institution of The Bahamas states that it uses reserve requirements, changes in the Bank disbelieve rate and selective credit controls, supplemented by moral suasion,[ane]
as master instruments of budgetary policy. The Key Banking concern’south objective is to keep stable atmospheric condition, including credit, in order to maintain the parity betwixt the US dollar and the Bahamian dollar while allowing economic development to proceed.[1]

Although the US dollar (as any other foreign currency) is subject to commutation control laws in The Bahamas, the parity between Bahamian dollars and Usa dollars ways that any business will accept either US or Bahamian currency and many of the businesses that serve tourists have extra US dollars on hand for the convenience of American tourists.

History

[edit]

The dollar replaced the pound at a charge per unit of i dollar = 7 shillings (US$0.98) in 1966, 7 years before independence. This rate allowed the establishment of parity with the US dollar, due to the sterling/dollar rate then beingness stock-still at £1 = $2.80, after a slight revaluation of ii%. To aid in decimalisation, iii-dollar bills and xv-cent coins were created, equally 3 dollars was roughly equivalent to one pound, and fifteen cents to a shilling, at the time of transition.

On xx October 2020, the Commonwealth of the bahamas became the outset state to accept a legal digital currency,[2]
introducing the
Sand Dollar
as an alternative to the traditional Bahamian dollar.[iii]
[4]
[5]

Coins

[edit]

5 cent coin – 1968
Two sides of a coin. Bahamas: 5 cents 1968
Queen Elizabeth Ii Pineapple

In 1966, coins were introduced in denominations of 1, 5, 10, xv, 25, 50 cents, 1 and 2 dollars. The ane cent was struck in nickel-brass, the v, 10, and xv cent in cupronickel, the 25 cent in nickel, and the fifty cent and ane dollar in silvery. The x cent was scallop shaped, whilst the 15 cent was square. Silver coins were not issued for circulation after 1966. Bronze replaced nickel-brass in the one cent in 1970, followed by brass in 1974 and copper-plated zinc in 1985. In 1989, cupro-nickel fifty cent and 1 dollar coins were issued for circulation, although they did non replace the corresponding banknotes.

The at present-obsolete ane cent coin is about the size of a US dime, and the 5 and 25 cent coins are about the aforementioned size as their The states counterparts but with different metal compositions. The 15 cent coins are still produced by the Central Bank.[6]
All coins now bear the Bahamian Coat of Arms on one side with the words “Republic of The Commonwealth of the bahamas” and the date. The reverses of the coins testify objects from Bahamian culture with the value of the coins in words. The ane cent has three starfish, the 5 cent a pineapple, the x cent two bonefish, the 15 cent a hibiscus, and the 25 cent a native sloop.

The ane cent was demonetised at the stop of 2020. All cash transactions in the Bahama islands are at present rounded to the nearest v cents.

Coins of the Bahamian dollar
Image Value Technical parameters Description Date of start minting
Bore Thickness Mass Composition Edge Obverse Reverse
1 cent 17 mm 1 mm 1.lxx g Copper-plated steel Smooth Coat of artillery of The Commonwealth of the bahamas Three starfish 2014
v cents 21 mm 1.53 mm 3.5 g Nickel-plated steel Shine Coat of arms of The Bahamas Pineapple 2015
10 cents 23.5 mm ane.8 mm 5.two m Nickel-plated steel Smooth Glaze of artillery of The Bahamas Two bonefish 2007
15 cents 25 mm 2 mm 6.48 g Nickel-plated steel Smooth Coat of arms of The Bahamas 3 Hibiscus flowers 2018
25 cents 24.three mm 1.7 mm v chiliad Nickel-plated steel Reeded Glaze of arms of The Bahamas Bahamian sloop 2007
fifty cents 29 mm 10.51 g Copper-nickel Reeded Glaze of arms of The Bahamas Blueish marlin 1974
one dollar 32 mm eighteen.30 1000 Copper-nickel Reeded Coat of arms of The Commonwealth of the bahamas Conch beat 1981
2 dollars 40 mm 2.5 mm 26.9 g Copper-nickel Reeded Coat of arms of The Bahamas Ii flamingos 1974

Banknotes

[edit]

In 1966, the regime introduced notes in denominations of

1ii
, 1, 3, 5, ten, xx, 50 and 100 dollars. The Bahama islands Monetary Authorization took over the issuance of paper money in 1968, issuing the same denominations. The Central Bank of the Bahamas was established on 1 June 1974 and took over note issuance from that point forrad.[seven]
Its start issue of notes did not include the

ane2

and iii dollar denominations just these were reintroduced in 1984.

The dollar has undergone several revisions in the last twenty years, one of the more notable beingness an extremely colourful redesign in celebration of the quincentennial of the landing of Christopher Columbus on a Bahamian island he named San Salvador.

All banknotes other than the fifty cent note have been undergoing blueprint changes to foil forgery in recent years, although the notes implemented more stringent security long before the US’due south recent redesign of their notes. All banknotes are the same physical size, like the The states dollar but different the euro. The latest counterfeit-proof formula is the “Apocryphal Resistant Integrated Security Product”, or CRISP.[eight]
[9]
[10]
[eleven]
[12]
[13]
The new

$10

banknote was released on 5 Baronial 2005, while the

$20

banknote was released on 6 September 2006. In October 2005, someone counterfeited i of the new CRISP

$10

bills, serial number A161315. Bahamian government warned merchants to expect for banknotes that lacked the distinctive watermark.[14]

Until 1992,[15]
all notes displayed a portrait of Queen Elizabeth 2 (Head of State) only notes began to brandish portraits of prominent deceased Bahamian politicians. This policy is at present beingness reversed, with the return of the Queen’southward portrait to the

$ten

note. The $
1two

shows an older Queen Elizabeth Two and the dorsum shows a picture of Sister Sarah in the Nassau Straw Marketplace; the

$1

shows Sir Lynden Pindling and on the back the Imperial Bahama islands Police Band; the

$3

has a young Queen Elizabeth Ii and on the dorsum shows a Family Island Regatta with native sloops; the

$5

– Sir Cecil Wallace-Whitfield and the back shows a Junkanoo group ‘rushing’ in the Junkanoo parade; the

$10

– an older Queen Elizabeth II (replacing Sir Stafford Sands) and the dorsum shows the Hope Boondocks Lighthouse and settlement in Abaco, the

$20

– Sir Milo Butler; the

$50

– Sir Roland Symonette; the

$100

– an older Queen Elizabeth II and the back shows a jumping bluish marlin, the national fish of The Bahamas. For this reason, the Bahamian

$100

beak is ofttimes referred to by locals as “a blueish marlin”.

Banknotes of the Bahamian dollar (2005 CRISP serial)
Value Master Color Obverse Opposite Watermark
$
one2
Moss greenish, charcoal grey, and night turquoise Queen Elizabeth Two Sister Sarah in the Nassau Market Spanish Galleon (non a CRISP Series notation)[16]

$1
Dark green, mint light-green and dark-brown Sir Lynden O. Pindling Royal Commonwealth of the bahamas Law forcefulness ring Sir Lynden O. Pindling with an electrotype 1

$3
Red, orange and purple Queen Elizabeth 2 Sailing boats Spanish Galleon (not a Well-baked Series note)[xvi]

$5
Orange, brown and blue Sir Cecil Wallace-Whitfield Junkanoo dance Sir Cecil Wallace-Whitfield with an electrotype 5

$10
Dark blue, dark green and maroon Queen Elizabeth II Hope Boondocks, Abaco Island Queen Elizabeth II with an electrotype 10

$10
Dark blue, nighttime green and maroon Sir Stafford Lofthouse Sands Hope Town, Abaco Isle Stafford Sands with an electrotype 10

$xx
Charcoal, red and green Sir Milo B. Butler Nassau Harbour Sir Milo B. Butler with an electrotype 20

$l
Orange, dark-brown and green Sir Roland T. Symonette The Key Banking concern of Bahamas building Sir Ronald T. Symonette with an electrotype 50

$100
Purple, blue, green and mauve Queen Elizabeth II A bluish marlin Queen Elizabeth II with an electrotype 100

Since 2016, a new series called
CRISP Evolution
has been progressively introduced, maintaining the subjects and motifs of the previous banknotes while updating the security features and color schemes. The series began with the

$10

on 28 September 2016
[17]
and includes the

$i

from 27 September 2017,[18]
the

$20

from September 2018,[19]
the $
12

from 24 January 2019,[20]
the

$3

notation from 28 March 2019,[21]
the

$fifty

note from 3 October 2019,[22]
the

$5

note from 23 September 2020[23]
and the

$100

note on half dozen Oct 2021.[24]

Banknotes of the Bahamian dollar (Crisp Evolution series, 2016–present)
Value Primary Colour Size Obverse Reverse Introduction
$
12
Gray 156 × 67 mm Queen Elizabeth II Sister Sarah in the Nassau Market 24 January 2019

$one
Green 156 × 67 mm Sir Lynden O. Pindling Regal Bahamas Police force force band 27 September 2017

$3
Fuchsia 156 × 67 mm Queen Elizabeth 2 Sailing boats 28 March 2019

$five
Yellow and Orangish 156 × 67 mm Sir Cecil Wallace-Whitfield Junkanoo dance 23 September 2020

$10
Blueish 156 × 67 mm Sir Stafford Lofthouse Sands Hope Boondocks, Abaco Island 28 September 2016

$20
Magenta 156 × 67 mm Sir Milo B. Butler Nassau Harbour 26 September 2018

$50
Low-cal blue 156 × 67 mm Sir Roland T. Symonette The Central Banking concern of Bahama islands edifice 3 Oct 2019

$100
Light brown Arthur Dion Hanna Blueish marlin half-dozen Oct 2021
Current BSD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD TRY EUR JPY
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD Effort EUR JPY
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD TRY EUR JPY
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD TRY EUR JPY

See besides

[edit]

  • Primal banks and currencies of the Caribbean
  • Economic system of the Bahamas

References

[edit]

  1. ^


    a




    b




    “Budgetary Policy in The Commonwealth of the bahamas”. The Central Bank of The Bahamas. 2002–2016. Retrieved
    12 July
    2016
    .
    The key objective of monetary policy in The Bahamas has always been to maintain stable credit and other conditions to back up the stock-still parity between the Bahamian and Usa dollars that has prevailed since 1973, while simultaneously assuasive the economic development objective to be pursued. Over the years, the Primal Bank has relied mainly on interest charge per unit controls in combination with moral suasion and other policies to meet its monetary objectives.



  2. ^

    Mathias Müller:
    China verabschiedet sich langsam vom Bargeld.
    Neue Zürcher Zeitung online, 2021-01-28. Retrieved February 27, 2021.

  3. ^


    Digital Bahamian Dollar. sanddollar.bs. Retrieved 2021-01-28.

  4. ^


    Public Update on the Bahamas Digital Currency Rollout.
    Fundamental Bank of the Commonwealth of the bahamas, 2020-12-31. Retrieved 2021-01-28.

  5. ^

    Wilson, Tom “Analysis: Fundamental bankers comb for crypto clues as Bahamas launches ‘Sand Dollar'”
    Reuters
    Dec. eighteen, 2020

  6. ^


    “Centralbankbahamas.com”. Archived from the original on 2007-09-27. Retrieved
    2007-07-fourteen
    .



  7. ^


    Linzmayer, Owen (2012). “Bahama islands”.
    The Banknote Book. San Francisco, CA: www.BanknoteNews.com.



  8. ^


    “A brochure explaining the security features on the CRISP

    $i

    notation”
    (PDF).



  9. ^


    “A leaflet explaining the security features on the Well-baked

    $five

    annotation”
    (PDF).



  10. ^


    “A leaflet explaining the security features on the Crisp

    $10

    note”
    (PDF).



  11. ^


    “A leaflet explaining the security features on the CRISP

    $20

    note”
    (PDF).



  12. ^


    “A leaflet explaining the security features on the Well-baked

    $fifty

    notation”
    (PDF).



  13. ^


    “A leaflet explaining the security features on the CRISP

    $100

    annotation”
    (PDF).



  14. ^


    “It has come to our attention that the CRISP

    $10

    banknote serial No. A161315 has been counterfeited”
    (PDF)
    (Printing release). The Fundamental Bank of The Bahamas. October seven, 2005. Archived from the original
    (PDF)
    on Oct 31, 2006.



  15. ^


    “Bahamas”. Banknote.ws. Retrieved
    2019-10-25
    .


  16. ^


    a




    b




    “Bahamian Banknotes – The Key Bank of The Bahamas”. Fundamental Banking concern of The Bahama islands. Archived from the original on 2008-09-13. Retrieved
    2017-10-07
    .



  17. ^


    “News – The Primal Depository financial institution of The Bahamas”. Centralbankbahamas.com. 2016-09-28. Retrieved
    2019-10-25
    .



  18. ^


    “Info”
    (PDF).
    www.centralbankbahamas.com
    . Retrieved
    2019-ten-25
    .



  19. ^


    “News – The Fundamental Depository financial institution of The Bahamas”. Centralbankbahamas.com. 2018-09-26. Retrieved
    2019-ten-25
    .



  20. ^


    “Info”
    (PDF).
    www.centralbankbahamas.com
    . Retrieved
    2019-10-25
    .



  21. ^


    “Info”
    (PDF).
    www.centralbankbahamas.com
    . Retrieved
    2019-x-25
    .



  22. ^


    “Info”
    (PDF).
    world wide web.centralbankbahamas.com
    . Retrieved
    2019-10-25
    .



  23. ^


    “Bahamas new 5-dollar note (B351a) confirmed introduced on 23.09.2020 – BanknoteNews”.


  24. ^


    “Bahamas new 100-dollar annotation (B355a) reported for introduction on 06.10.2021 – BanknoteNews”.

Sources

[edit]

  • Krause, Chester L.; Clifford Mishler (1991).
    Standard Catalog of World Coins: 1801–1991
    (18th ed.). Krause Publications. ISBN0873411501.

  • Pick, Albert (1994).
    Standard Itemize of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN0-87341-207-9.

External links

[edit]

  • The Central Bank of The Bahamas
  • Historical exchange rates of AUD/BSD (from the year 1800 to present fourth dimension).
  • Historical chart of AUD/BSD (from the year 1800 to present time).
  • Historical exchange rates of CAD/BSD (from the year 1800 to nowadays time).
  • Historical nautical chart of CAD/BSD (from the year 1800 to nowadays time).
  • Historical commutation rates of CHF/BSD (from the yr 1800 to present time).
  • Historical chart of CHF/BSD (from the year 1800 to present fourth dimension).
  • Historical exchange rates of EUR/BSD (from the yr 1800 to nowadays time).
  • Historical nautical chart of EUR/BSD (from the yr 1800 to present time).
  • Historical substitution rates of GBP/BSD (from the yr 1800 to present time).
  • Historical chart of GBP/BSD (from the year 1800 to present fourth dimension).
  • Historical exchange rates of JPY/BSD (from the twelvemonth 1800 to nowadays time).
  • Historical chart of JPY/BSD (from the year 1800 to present time).
  • Historical exchange rates of NZD/BSD (from the year 1800 to present time).
  • Historical chart of NZD/BSD (from the year 1800 to present time).
  • Historical exchange rates of USD/BSD (from the year 1800 to nowadays fourth dimension).
  • Historical nautical chart of USD/BSD (from the twelvemonth 1800 to present time).



Source: https://en.wikipedia.org/wiki/Bahamian_dollar

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