5 Dollars - Elizabeth II

The Bermuda Monetary Authority was established in 1969, replacing the Bermuda Currency Board and taking on broader regulatory functions alongside note issuance. By the 1989 series, De La Rue had held the Bermuda printing contract for decades — a relationship dating to the earliest Currency Board issues — and the security specification for this note reflects late-1980s standard practice: a metallic thread and watermark, without the windowed thread technology De La Rue would introduce to other clients in the early 1990s.

Bermuda's dollar has been pegged to the US dollar at par since 1970, which kept demand for circulating notes relatively stable and predictable — these were working currency, not reserve instruments.