The Bermuda Monetary Authority issued this series following the 1970 decimalization, which replaced the Bermuda pound at a one-to-one rate with the US dollar — an unusual peg that has held firm ever since. The $5 denomination in nickel brass was a practical response to the high cost of small-denomination note replacement in a high-humidity island environment where paper currency deteriorates rapidly.
Raphael Maklouf's third portrait of Elizabeth II, introduced across Commonwealth territories from 1985, first appeared on Bermudian coinage the following year.
The Bermuda Monetary Authority issued this series following the 1970 decimalization, which replaced the Bermuda pound at a one-to-one rate with the US dollar — an unusual peg that has held firm ever since. The $5 denomination in nickel brass was a practical response to the high cost of small-denomination note replacement in a high-humidity island environment where paper currency deteriorates rapidly.
Raphael Maklouf's third portrait of Elizabeth II, introduced across Commonwealth territories from 1985, first appeared on Bermudian coinage the following year.