10 Dollars - Elizabeth II

The Bermuda Monetary Authority was established in 1969 specifically to replace the Bermuda Currency Board, giving the island independent control over its money supply without full central bank status — an arrangement tailored to Bermuda's unusual constitutional position as a British Overseas Territory with significant financial autonomy. The 1978 series, of which this note is part, was the BMA's first full redesign since that transition.

De La Rue's work on Bermuda issues from this period is reliable but unremarkable by the printer's own standards. The watermark is the primary security feature — relatively modest for the era, when other territories were already receiving more sophisticated protection on their higher denominations.