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20 Dollars Horizontal ships

Issuer Central Bank of the Bahamas
Year 1993
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Printer Thomas De La Rue & Company, London, United Kingdom
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Obverse description Red and black intaglio print on a multicolour guilloche underprint; a three-quarter left-facing portrait vignette of Sir Milo B. Butler occupies the centre-right, flanked at left by a horse-and-carriage vignette and a see-through registration device incorporating the bank logo. An outline map of the Bahamas Islands is positioned at centre, with the watermark window reserved at right. Black serial numbers are printed in letterpress.
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Protection description Sailing ship watermark visible in the reserved window area
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Comments

Pick 54 belongs to the Bahamas' second major definitive series, introduced following the country's shift away from the imagery-heavy notes of the 1970s toward a cleaner, more internationally legible design language. Thomas De La Rue had been the Bahamas' printer of choice across multiple series by this point, and the relationship showed — the registration on these notes is tight, the color separation precise.

For a $20 denomination, the security specification is notably lean. A watermark alone, with no security thread, places this issue behind contemporaneous regional peers. Whether that reflected a budget decision or an assessment of local counterfeiting risk is not documented in the Bank's published record.

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