10 Dollars - Elizabeth II

The Bermuda Monetary Authority replaced the Bermuda Government as the issuing authority in 1969, bringing central bank functions to an island that still had no commercial banking legislation of its own at the time. The 1989 series continued the Authority's long relationship with De La Rue, which had printed Bermudian currency without interruption since the transition.

By 1989, the BMA had quietly become one of the more conservative issuers in the Caribbean basin — no polymer experiments, no radical redesigns, no security overhaul until well into the 1990s. The watermark security on this note reflects that cautious posture.