1 Dollar - Elizabeth II

The Bermuda Monetary Authority was established in 1969, replacing the Bermuda Government as the issuing body, but the transition to fully independent monetary management was gradual. This P#28 series ran for over a decade with minimal design revision — unusual longevity for a small-island authority that would otherwise have had incentive to update its currency more frequently.

De La Rue's watermark security on this series is relatively modest by the standards of what the printer was capable of producing at the time. Bermuda's geographic position and hard-currency peg to the US dollar at 1:1 made counterfeiting largely pointless, which may explain the conservative approach to security upgrades throughout the series run.