Bermuda Banknotes: History, Notable Notes & Collecting Guide
The Bermudian dollar is pegged one for one to the US dollar, yet its notes are unmistakably local: bright, vertical, and full of Bermuda's birds, fish, and colonial architecture. That mix of a familiar value and a distinctive design is what makes Bermuda a favorite small-island collecting country.
Last updated: July 2026
The Bermudian dollar is the official currency of Bermuda, a British Overseas Territory, and it has been pegged one for one to the US dollar since 1972. Its banknotes are issued by the Bermuda Monetary Authority, the island's central financial regulator. Collectors are drawn to Bermuda for two reasons: the current notes are among the most colorful in circulation anywhere, and two different Bermuda designs have been named the International Bank Note Society's Bank Note of the Year, first the 2009 two dollar Bluebird note and then the 2024 five dollar polymer note. Because the currency mirrors the US dollar in value, it is also an easy country for American collectors to relate to.
What is the history of the Bermudian dollar?
Bermuda used the pound until 1970, when it decimalised and adopted the Bermudian dollar. The new dollar was soon pegged one for one to the US dollar, and it has stayed there ever since under the Bermuda Monetary Authority.
For most of the twentieth century Bermuda's money was the Bermuda pound, and the Government of Bermuda issued its own pound notes bearing a portrait of Queen Elizabeth II. According to catalogue records on Numista, these pre-decimal notes ran from five shillings up to ten pounds and were issued in dates through the 1950s and 1960s. On 6 February 1970 Bermuda decimalised, replacing the pound with the Bermudian dollar at a rate of eight shillings and four pence to the dollar, according to Wikipedia.
At first the new dollar remained tied to sterling. That link was broken on 31 July 1972, which allowed Bermuda to align its dollar one for one with the US dollar, the currency of the American tourists and businesses the island depended on. The two currencies now circulate side by side in Bermuda at par, and the Bermudian dollar is not normally traded outside the island. The Bermuda Monetary Authority, established under the Bermuda Monetary Authority Act 1969, issues the currency and is charged with keeping the peg stable.
Which Bermuda banknotes are most collectible?
The most sought-after Bermuda notes are the award-winning modern designs and the older Queen Elizabeth II issues. The 2009 vertical series and the 2024 polymer notes stand out, and the pre-decimal pound notes anchor the historical end of a collection.
Bermuda's paper money divides into clear eras, and most collectors organise a set around these landmarks. The table below is a general guide to the periods rather than a price list, since condition and rarity drive value within each one.
| Era / series | Period | What defines it | Why collectors want it |
|---|---|---|---|
| Bermuda pound notes | 1950s to 1966 | Government of Bermuda pound notes with a Queen Elizabeth II portrait | Pre-decimal history; some dates are scarce in uncirculated grades |
| First dollar issues | From 1970 | Decimal dollar notes replacing the pound at 8s 4d per dollar | The first Bermudian dollars, marking decimalisation |
| Horizontal dollar series | 1970 to 2000 | Traditional landscape-format Queen Elizabeth II notes on cotton paper | Classic designs; the 2000 series was withdrawn in 2014 |
| 2009 vertical series | From 2009 | De La Rue redesign in a vertical layout, with pastel flora, fauna, and architecture | The colorful modern Queen Elizabeth II notes; the $2 won Bank Note of the Year 2009 |
| Polymer $2 and $5 | From 2024 | Bermuda's first polymer notes, carrying a King Charles III portrait | The newest chapter; the $5 won Bank Note of the Year 2024 |
The 2009 series is what most people picture when they think of Bermuda money. Printed by De La Rue and released in 2009, it was the island's first major redesign in about forty years, and it is unusual for being printed vertically rather than in the usual landscape format. Denominations run $2, $5, $10, $20, $50, and $100, each in a bright pastel keyed to the colours of Bermuda's houses, with local wildlife on one side and heritage buildings on the other. The reduced Queen Elizabeth II portrait is a Machin-style effigy, the same likeness used on British postage stamps.
Individual designs have their own following. The $2 note pairs the Bermuda Bluebird with the Dockyard Clock Tower and a statue of Neptune, and the International Bank Note Society named it Bank Note of the Year for 2009. The $5 carries a blue marlin, the $20 a whistling frog and the Gibbs Hill lighthouse, and the $100 a red cardinal with the House of Assembly. In late 2024 the Bermuda Monetary Authority issued new polymer $2 and $5 notes, the first to show King Charles III, and the redesigned $5 marlin note went on to win the International Bank Note Society's Bank Note of the Year for 2024, an award announced in April 2025. Within any series, collectors watch condition, low serial numbers, and replacement notes closely.
How do you start collecting Bermuda banknotes?
Pick a lane that appeals to you, decide whether you want raw or certified notes, and buy from a source-first dealer that authenticates every note. Bermuda works well as a small, complete country set.
Because Bermuda has a compact catalogue, it is one of the easier countries to collect in full. A popular goal is a complete 2009 vertical series, all six denominations from $2 to $100, which shows off the colour range in a single frame. Others build backward into the pre-decimal pound notes, or forward into the new King Charles III polymer notes. If you are new to the hobby, our guide on how to collect world banknotes walks through choosing a focus and making a safe first purchase.
Condition is most of a note's value, so learn the grading ladder early. Higher-value or award-winning Bermuda notes are often independently graded by PMG or PCGS on a 1 to 70 scale, and our banknote grading guide explains what those grades mean and how they affect price. If a term is unfamiliar, our banknote glossary defines the words dealers and catalogues use.
Where can you buy Bermuda banknotes?
Buy Bermuda notes from an established, source-first dealer that authenticates every note, offers independent grading on higher-value pieces, and includes a Certificate of Authenticity.
The safest way to build a Bermuda collection is to choose where you buy as carefully as what you buy. Look for a dealer that sources notes directly from central banks, authorized distributors, and trusted consignors rather than reselling anonymous lots, and that stands behind each note in writing.
Watch for these warning signs. Prices far below every other seller, no stated provenance or sourcing, no returns accepted, and pressure to buy quickly. Genuine dealers are transparent about where a note came from and how it is authenticated.
Every note in Planet Banknote's Bermuda banknotes collection is inspected through the Planet Banknote Verified process and ships with a free Certificate of Authenticity, so you can start or complete a Bermuda set with confidence.
Related guides
- How to Collect World Banknotes: choosing a focus, raw versus graded notes, and a safe first purchase.
- Banknote Grading Guide: how the PMG and PCGS 1 to 70 scale works, and what UNC and EPQ mean.
- Banknote Glossary: plain-language definitions of the terms used in catalogues and listings.
Frequently asked questions
What currency does Bermuda use?
Bermuda uses the Bermudian dollar, symbol $ and code BMD, which is divided into 100 cents. It is the official currency of Bermuda, a British Overseas Territory, and it is pegged one for one to the US dollar. In practice the two currencies circulate side by side on the island at par, though the Bermudian dollar is not normally traded outside Bermuda. Banknotes are issued by the Bermuda Monetary Authority.
Is the Bermudian dollar pegged to the US dollar?
Yes. The Bermudian dollar has been pegged one for one to the US dollar since 1972, when Bermuda broke the older link to the pound sterling on 31 July of that year. Because the peg holds at par, one Bermudian dollar always equals one US dollar, and both currencies are accepted in Bermuda. The Bermuda Monetary Authority is responsible for maintaining the peg.
Who issues Bermuda's banknotes?
Bermuda's banknotes are issued by the Bermuda Monetary Authority, the island's central financial regulator, which was established under the Bermuda Monetary Authority Act 1969. The notes themselves are printed in the United Kingdom by De La Rue. The Authority manages the currency, keeps it pegged to the US dollar, and has issued the modern 2009 vertical series and the newer polymer notes.
What makes the 2009 Bermuda banknotes special?
The 2009 series was Bermuda's first major redesign in about forty years and is printed vertically rather than in the usual landscape format. Each denomination, from $2 to $100, uses a bright pastel colour and shows local wildlife on one side and Bermuda architecture on the other, with a Queen Elizabeth II portrait. The two dollar note, featuring the Bermuda Bluebird, was named Bank Note of the Year for 2009 by the International Bank Note Society, which helped make the series a collector favorite.
Does Bermuda have King Charles III banknotes?
Yes. In late 2024 the Bermuda Monetary Authority issued new polymer $2 and $5 notes that were the first Bermuda banknotes to carry a portrait of King Charles III, printed by De La Rue. The redesigned $5 note, which features a blue marlin, was later named Bank Note of the Year for 2024 by the International Bank Note Society, an award announced in April 2025. The existing 2009 notes remain legal tender, so both circulate together.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.