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5 Bermudian Dollar
The Bermudian dollar (symbol: $; code: BMD; also abbreviated BD$; informally called the Bermuda dollar) is the official currency of the British Overseas Territory of Bermuda. It is subdivided into 100 cents.
The Bermudian dollar is not normally traded outside Bermuda, and is pegged to the United States dollar at a one-to-one ratio. Both currencies circulate in Bermuda on an equal basis.
The United Kingdom had adopted a very successful gold standard in 1821, and so the year 1825 was an opportune time to introduce the British sterling coinage into all the British colonies.
On 6 February 1970, Bermuda introduced a new decimal currency in the form of a dollar.
Since 1972, Bermudian law has required that local businesses charge prices in Bermudian dollars which, if paid in US dollars, must be accepted at a rate of 1:1.
Only banks are legally allowed to exchange Bermudian dollars into US dollars or other currencies, subject to a 1% Foreign Currency Purchase Tax (some banks also charge an exchange fee).
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