Deadline Approaching For Old Bermuda Currency
The Bermuda Monetary Authority is reminding the public that they will no longer be able to use legacy, horizontal Bermuda banknotes to purchase goods and services after 31st December 2013.
Shanna Lespere, Director of Operations at the Authority explained, “Back in June, the Authority announced that the legacy banknote series will no longer be legal tender after 31st December 2013.
“So the deadline is fast approaching. We have successfully been reducing circulation of these notes since that time, in conjunction with Bermuda’s banks. We strongly encourage everyone to visit their bank to exchange any legacy banknotes they may still have.”
Joanne MacPhee and Shanna Lespere:
Important dates for the calling in period include:
Up to 31st December 2013
- The public may use the legacy banknotes to purchase goods and services.
- The public may also exchange legacy banknotes at their bank [i.e. the banks will exchange banknotes for their existing customers] or atthe Bermuda Industrial Union Member’s Credit Union [if they are a member].
“It is very important to note that the public cannot exchange notes at retail shops or any other cash business,” added Mrs. Lespere. “They also cannot exchange the notes at the Bermuda Monetary Authority.”
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 has ten years to exchange legacy banknotes at their bank or at the Credit Union.
- The Authority enlisted the assistance of the Bermuda Chamber of Commerce to raise awareness of the cutoff date among retailers and the local business sector.
“Businesses should note that if they have legacy banknotes after 31st December their bank will credit them for face value,” Mrs. Lespere said. Preparations for the calling in process were conducted over several months by a Working Committee comprising representatives from the Authority, Bermuda’s banks and Credit Union, the Bermuda Police Service and Shield Security.
More information is available on the Authority’s website.
How nice…new prettier paper for old pretty paper.
I’d like to have any currency this Christmas!
Everyone sitting on hoards of cash better start spending it or figuring out how they’re going to change it…
So, as I understand this…..
Not legal after December 31, 2013
but…………
Will be accepted at face value for the next ten years.
This basically means that it can be used Willy Nilly for ANY REASON, for the next 10 years, legal or not.
The only way they will be taken out is when the bank gets them.
Perhaps we should take advantage of this with the old $20 bills as the new ones are absolutely terrible!!!!!!!!!!
Just thinking ,,,,,,,,,,,,
I still don’t understand why BMA didn’t go with the same type of currency as Australia or Canada…
Plastic money MAKES so much more SENSE (for a slew of reasons that you can Google). I mean 90% of US currency has cocaine residue on it…(http://finchin.com/plastic-gains-currency-polymer-mone/)
The main reasons I like:
1) Can’t be counterfeited
2) Can’t rip
3) Can’t get wet and damaged
4) Cost a CRAP Loads less!!
Oh well next time I guess!