Old Bermuda Banknotes To Be Retired This Year
[Updated with video] The Bermuda Monetary Authority advised that 2013 will be the last year for old Bermuda banknotes, and they will no longer be considered legal tender as of 1st January 2014.
First introduced into circulation in 1970, the horizontal “legacy” banknotes in denominations of $2, $5, $10, $20, $50 and $100 are being removed from circulation. and will be replaced with the vertical banknote series introduced in 2009.
Shanna Lespere, Director of Operations at the Authority explained, “As was outlined in our 2013 Business Plan, the Authority is following through with its plans to call in the legacy banknotes. Currently Bermuda’s legacy notes and the vertical banknotes the Authority issued in 2009 are both in circulation.
“When we introduced the vertical series our long-range plan was to eventually remove the old banknotes from circulation. That time has come.”
The Authority is set to start an island-wide public awareness campaign today to ensure the general public is informed about the calling in process. The campaign outlines important dates for the process as follows:
30th June – 31st December
- The public may use the legacy banknotes to purchase goods and services
- The public may also exchange legacy banknotes at their bank or at the Bermuda Industrial Union Member’s Credit Union [if they are a member]
As of 1st January 2014
- The legacy banknotes will no longer be legal tender [i.e. they cannot be used to purchase goods and services]
- The public may continue to exchange legacy banknotes at their bank or at the Credit Union
During the exchange period ATM machines and retailers will still have legacy banknotes. However, the volumes of these notes will gradually decrease as time passes.
Preparations for the calling process have been underway for several months. A Working Committee comprising representatives from the Authority, Bermuda’s banks and Credit Union, the Bermuda Police Service and Shield Security, was convened to address the project details. The team has been working on various matters, such as ensuring that there is a sufficient supply of new banknotes for the exchange period and beyond.
Terry Pitcher, Deputy Director of Finance and Currency Operations at the Authority who is leading the Working Committee said, “We are very grateful to the Committee members for their work on this important initiative for Bermuda. All groups are ready and we are looking forward to a smooth transition.”
The Authority reiterated that while all banks and the Credit Union will exchange legacy banknotes, they are only required to do so for their existing customers. The banks will also exchange legacy banknotes for visitors, up to specified limits determined by each institution. The Authority also advised that the BMA and local retailers will not be exchanging legacy banknotes for the public.
For more information visit the Authority’s website.
next printing can we at least get the Queen and “Quo Fata Ferunt” on there!
My view is that the new notes are yet another PLP/Ewart Brown inspired disgrace – the picture of the Queen was deliberately made so small as to offend those many thousands of Bermudians who hold her in high esteem. This is a clear cut case of lese-majeste and those responsible should be held to account. In the meantime, perhaps there should be a petition to bring back the old notes and get rid of the politically appointed Jeremy Cox at the BMA.
@ Victor: There’s two side to every coin. I think there should be more history decorated on the notes in memory of the slaves who helped put this little country on the map. The beauty of Bermuda has always been its people… Don’t forget that…
Well said – and plenty of space remaining for HM too.
You have a problem with Jeremy?? Why?
There are many people in position of authority here in Bermuda and around the world who don’t have a clue.
Jeremy is NOT one of those people!!
Yes I do and for very good reasons which I am not at liberty to discuss. I will say that it has been under his and his sister’s direction that all this kowtowing to EU Brussels bureaucrats began; it has always been my view that both (but especially she) were setting themselves up for future employment.
So sad to see that we will be stuck with these Canadian designed banknotes for some time. Particularly bad is the fact that the person who designed them did not use Bermudian animals in some cases, very similar colours in others- these new notes are pretty awful overall. Maybe one day a Bermudian will be allowed to design our money- or at least someone who is a Bermudian will oversee the development of them to make sure they have a more obvious relevance to our country throughout the design of all the notes!
When will people learn not to speak unless they know all the facts?? The BMA was very much involved in the design of the new note (Bermudian employees included) and the production company’s headquarters operates in the UK NOT Canada; there isnt even a Canadian office (not to mention they produce over 150 national currencies). If you don’t like the colors or images that’s your choice – you still have to use the money…
I am sure Ewart Brown would consider this one his greatest accomplishments…shrinking the Queen to the point where you have to search hard to find her at all. Apart from that I don’t like the new money from a design point of view. Overall design needs to be bolder and vertical orientation is a gimmick.
Bring back the OLD NOTES!!!
I have yet to meet anyone that likes these things.
if fully agree! these notes r trash! they dont last and look horrible, there easy to confuse for other value bills. keep the oldie goldies!
No problem…I’ll take all you’ve got off your hands!
the new notes don’t last 5 minutes..
neither did the old notes in my wife’s purse either!!!
Good one! LOL
Anyone else notice that the new notes are already torn, faded and havent lasted the test of time?? On the other hand, the older notes have!!
Were corners cut for the Wart’s premium? In the old days (before Bermuda was ever settled by English men and women), such debasement was known as coin clipping and the punishment was execution.
With time comes change and with change there’s always someone who is unhappy about it. The reality is that change will continue whether we flow with it or not. In a few years we may not even be using ‘money’ as we know it anymore. If you want to hold on to a legacy note as a memory then by all means do so but there is really no need to complain about the new notes or turn this into a political topic – it’s just not that serious. *yawn* -_-
Be on the lookout for huge amounts of cash…..you know the “gangs” will be wanting the new notes for business! Jus sayin…..
The way Ewart and the Gang left things, Gangs only want hard currency, that would be the green money.
So true…
Well the fact is that it occured under Ewart Brown’s Leadership and there can he no doubt he had an influence on such a major change of the design if no was the reason for in the first place. That the Queen was shrunk as she was on the new notes did not go unnoticed by many in the Community.
I believe the reason in which the notes were designed in such a way was to prevent forgery. Yes I do agree they should use more of Bermuda’s Endemic and Native animals and plants along with our history as it is Bermudian Money. They should also change the colors so as different notes are not mixed up. They are not user friendly for those with poor eye sight or rushing clients/staff which can easily mistaken a $100 for a $5. BMA need to really look at how they would consider changing a note style next time only to avoid confusion and frustration as BDA uses colorful money instead of a standard color which should take a little extra thought. Just Saying!!!
Have we ever really had a problem with forgery? What would be the pay off? You have to spend a lot to set up a top notch currency forgery operation. Bermuda isn’t a big enough economy to allow sufficient use of the forgeries to cover the cost of making good forgeries.
The only forgery issues I can recall are folks photocopying bills and coloring them in with highlighters. Better designed currency won’t foil forgeries like that. You’d have to outlaw idiocy for that. And how could you possibly enforce that?
Can anyone tell me how the changing of old notes to newer notes is taking place at the same time in different jurisdictions? Is something going on Globally, or within world governments that insists when its time to change currency construction?
I find it very strange how many jurisdictions are in the process of redesigning their currency.
Hhhhhhmmmmmmmmmmmmmmm………..
waste of time i think keep both currency as legal tender and bring back the old sturdy notes
talk to the SAGE commission if you think that spending a fortune to keep the flimsy monopoly money in circulation is a good idea…go to your wallet and look at the condition of the old notes versus the new…..
the new notes are so flimsy.
Bermuda to me gives off an arrogant, self-centered, immature and even dictatorial vibe. Regarding the new banknotes, they are colourful okay, but they so easily bend in half just holding at one end, because of that plastic window. Just plain weird.