The Bermuda Monetary Authority has issued its own currency since 1970, when Bermuda decoupled from the pound sterling and pegged the new dollar one-to-one with the US dollar — a parity it has maintained without interruption. That fixed rate is not managed by a central bank in the conventional sense; the BMA holds US dollar reserves equal to 100% of the currency in circulation, making devaluation structurally impossible under current law.
Effigy changes on Commonwealth coinage typically track Ian Rank-Broadley's fourth portrait introduction in 1998, and Bermuda adopted it promptly. The run through 2019 reflects the portrait's replacement by Jody Clark's fifth effigy in subsequent issues.
The Bermuda Monetary Authority has issued its own currency since 1970, when Bermuda decoupled from the pound sterling and pegged the new dollar one-to-one with the US dollar — a parity it has maintained without interruption. That fixed rate is not managed by a central bank in the conventional sense; the BMA holds US dollar reserves equal to 100% of the currency in circulation, making devaluation structurally impossible under current law.
Effigy changes on Commonwealth coinage typically track Ian Rank-Broadley's fourth portrait introduction in 1998, and Bermuda adopted it promptly. The run through 2019 reflects the portrait's replacement by Jody Clark's fifth effigy in subsequent issues.