20 Dollars - Elizabeth II

The Bermuda Government's 1970 note issues coincided with the territory's conversion to decimal currency on 6 February 1970, when the Bermuda dollar replaced the pound at a rate of one dollar to one shilling — making this a transitional series with real monetary significance. De La Rue had printed Bermuda's colonial issues for decades prior, and the continuity of printer through decimalization meant the design language shifted gradually rather than abruptly.

P#26 sits at the high end of the 1970 series, and high-denomination notes from small-population territories like Bermuda typically saw far lower print runs than comparable Caribbean issues. Watermark security was standard for De La Rue at this period; the firm would not introduce more sophisticated features into Bermuda's notes until the following series.