Bahamian dollar

The dollar (sign: $; code: BSD) has been the currency of The Bahamas since 1966. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

Bahamian dollar
ISO 4217
CodeBSD
Denominations
Subunit
 1/100cent
Symbol$
Banknotes
 Freq. used$1, $5, $10, $20, $50
 Rarely used$​12, $3, $100
Coins
 Freq. used1, 5, 10, 25 cents
 Rarely used15 cents, 50 cents, $1, $2, $5
Demographics
User(s) The Bahamas
 Turks and Caicos Islands (alongside the United States dollar from 25 May 2013)
Issuance
Central bankCentral Bank of The Bahamas
 Websitewww.centralbankbahamas.com
Valuation
Inflation2.4%
 SourceThe World Factbook, (2007 est.)
Pegged withUS dollar at par

Relationship with the US dollar

The Bahamian dollar is pegged to the US dollar on a one-to-one basis. The Central Bank of The Bahamas states that it uses reserve requirements, changes in the Bank discount rate and selective credit controls, supplemented by moral suasion,[1] as main instruments of monetary policy. The Central Bank's objective is to keep stable conditions, including credit, in order to maintain the parity between the US dollar and the Bahamian dollar while allowing economic development to proceed.[1]

Although the US dollar (as any other foreign currency) is subject to exchange control laws in The Bahamas, the parity between Bahamian dollars and US dollars means that any business will accept either US or Bahamian currency and many of the businesses that serve tourists have extra US dollars on hand for the convenience of American tourists.

History

The dollar replaced the pound at a rate of 1 dollar = 7 shillings in 1966, 7 years before independence. This rate allowed the establishment of parity with the US dollar, due to the sterling/dollar rate then being fixed at £1 = $2.80. To aid in decimalisation, three-dollar bills and fifteen-cent coins were created, as three dollars was roughly equivalent to one pound, and fifteen cents to a shilling, at the time of transition.

Coins

Centcentdimecomp
The 2014 Bahama one cent coin is closer in size to a US dime rather than a US cent and, like the larger 2006 one cent coin, features three starfish rather than one.
Bahacenttype
The Bahama one cent coin has had two distinct colours, three different sizes and three different reverse styles.
5 cent coin - 1981
BHS004
Bahamian Coat of arms Pineapple
5 cent coin - 1968
BHS003
Queen Elizabeth II Pineapple

In 1966, coins were introduced in denominations of 1, 5, 10, 15, 25, 50 cents, 1 and 2 dollars. The 1 cent was struck in nickel-brass, the 5, 10, and 15 cent in cupronickel, the 25 cent in nickel, and the 50 cent and 1 dollar in silver. The 10 cent was scallop shaped, whilst the 15 cent was square. Silver coins were not issued for circulation after 1966. Bronze replaced nickel-brass in the 1 cent in 1970, followed by brass in 1974 and copper-plated zinc in 1985. In 1989, cupro-nickel 50 cent and 1 dollar coins were issued for circulation, although they did not replace the corresponding banknotes.

The current 1 cent coin is about the size of a US dime, the 5 and 25 cent coins are about the same size as their US counterparts but with different metal compositions. The 15 cent coins are still produced by the Central Bank[2] but are not commonly used. All coins now bear the Bahamian Coat of Arms on one side with the words "Commonwealth of The Bahamas" and the date. The reverses of the coins show objects from Bahamian culture with the value of the coins in words. The 1 cent has three starfish, the 5 cent a pineapple, the 10 cent two bonefish, the 15 cent a hibiscus, and the 25 cent a native sloop.

Banknotes

In 1966, the government introduced notes in denominations of ½, 1, 3, 5, 10, 20, 50 and 100 dollars. The Bahamas Monetary Authority took over the issuance of paper money in 1968, issuing the same denominations. The Central Bank of The Bahamas was established on 1 June 1974 and took over note issuance from that point forward.[3] Its first issue of notes did not include the ½ and 3 dollar denominations but these were reintroduced in 1984.

The dollar has undergone several revisions in the last twenty years, one of the more notable being an extremely colourful redesign in celebration of the quincentennial of the landing of Christopher Columbus on a Bahamian island he named San Salvador.

All banknotes other than the fifty cent note have been undergoing design changes to foil forgery in recent years, although the notes implemented more stringent security long before the US's recent redesign of their notes. All banknotes are the same physical size, like the US dollar but unlike the euro. The latest counterfeit-proof formula is the "Counterfeit Resistant Integrated Security Product", or CRISP.[4][5][6][7][8][9] The new $10 banknote was released on August 5, 2005, while the $20 banknote was released on September 6, 2006. In October 2005, someone counterfeited one of the new CRISP $10 bills, serial number A161315. Bahamian authorities warned merchants to look for banknotes that lacked the distinctive watermark.[10]

Until 1992,[11] all notes displayed a portrait of Queen Elizabeth II (Head of State) but notes began to display portraits of prominent deceased Bahamian politicians. This policy is now being reversed, with the return of the Queen's portrait to the $10 note. The $½ shows an older Queen Elizabeth II and the back shows a picture of Sister Sarah in the Nassau Straw Market; the $1 shows Sir Lynden Pindling and on the back the Royal Bahamas Police Force Band; the $3 has a young Queen Elizabeth II and on the back shows a Family Island Regatta with native sloops; the $5 – Sir Cecil Wallace-Whitfield and the back shows a Junkanoo group 'rushing' in the Junkanoo parade; the $10 – an older Queen Elizabeth II (replacing Sir Stafford Sands) and the back shows the Hope Town Lighthouse and settlement in Abaco, the $20 – Sir Milo Butler; the $50 – Sir Roland Symonette; the $100 – an older Queen Elizabeth II and the back shows a jumping blue marlin, the national fish of The Bahamas. For this reason, the Bahamian $100 bill is often referred to by locals as "a blue marlin".

Banknotes of the Bahamian dollar (2005 CRISP series)
Value Main Colour Obverse Reverse Watermark
Moss green, charcoal grey, and dark turquoise Queen Elizabeth II Sister Sarah in the Nassau Market Spanish Galleon (not a CRISP Series note)[12]
$1 Dark green, mint green and brown Sir Lynden O. Pindling Royal Bahamas Police force band Sir Lynden O. Pindling with an electrotype 1
$3
$5 Orange, brown and blue Sir Cecil Wallace-Whitfield Junkanoo dance Sir Cecil Wallace-Whitfield with an electrotype 5
$10 Dark blue, dark green and maroon Queen Elizabeth II Hope Town, Abaco Island Queen Elizabeth II with an electrotype 10
$10 Dark blue, dark green and maroon Sir Stafford Lofthouse Sands Hope Town, Abaco Island Stafford Sands with an electrotype 10
$20 Charcoal, red and green Sir Milo B. Butler Nassau Harbor Sir Milo B. Butler with an electrotype 20
$50 Orange, brown and green Ronald T. Symonette The Central Bank of Bahamas building Sir Ronald T. Symonette with an electrotype 50
$100 Purple, blue, green and mauve Queen Elizabeth II A blue marlin Queen Elizabeth II with an electrotype 100

Since 2016, a new series called CRISP Evolution has been progressively introduced, maintaining the subjects and motifs of the previous banknotes while updating the security features and color schemes. The series began with the $10 in September 2016 [13] and includes the $1 from September 2017[14], the $20 from September 2018[15], the $½ starting in January 2019[16], and the $3 note from March 2019[17].

Current BSD exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD TRY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD TRY
From XE: AUD CAD CHF EUR GBP HKD JPY USD TRY
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD TRY
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD TRY

See also

Notes

  1. ^ a b "Monetary Policy in The Bahamas". The Central Bank of The Bahamas. 2002–2016. Retrieved 12 July 2016. The fundamental objective of monetary policy in The Bahamas has always been to maintain stable credit and other conditions to support the fixed parity between the Bahamian and US dollars that has prevailed since 1973, while simultaneously allowing the economic development objective to be pursued. Over the years, the Central Bank has relied mainly on interest rate controls in combination with moral suasion and other policies to meet its monetary objectives.
  2. ^ "Centralbankbahamas.com". Archived from the original on 2007-09-27. Retrieved 2007-07-14.
  3. ^ Linzmayer, Owen (2012). "Bahamas". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  4. ^ A brochure explaining the security features on the CRISP $1 note
  5. ^ A leaflet explaining the security features on the CRISP $5 note
  6. ^ A leaflet explaining the security features on the CRISP $10 note
  7. ^ A leaflet explaining the security features on the CRISP $20 note
  8. ^ A leaflet explaining the security features on the CRISP $50 note
  9. ^ A leaflet explaining the security features on the CRISP $100 note
  10. ^ "It has come to our attention that the CRISP $10 banknote serial No. A161315 has been counterfeited" (PDF) (Press release). The Central Bank of The Bahamas. October 7, 2005. Archived from the original (PDF) on October 31, 2006.
  11. ^ http://www.banknote.ws/COLLECTION/countries/AME/BAH/BAH.htm
  12. ^ "Bahamian Banknotes - The Central Bank of The Bahamas". Central Bank of The Bahamas.
  13. ^ https://www.centralbankbahamas.com/news.php?cmd=view&id=16191
  14. ^ https://www.centralbankbahamas.com/download/022160300.pdf
  15. ^ https://www.centralbankbahamas.com/news.php?cmd=view&id=16469
  16. ^ https://www.centralbankbahamas.com/download/084111900.pdf
  17. ^ https://www.centralbankbahamas.com/download/016197600.pdf

References

External links

Antigua dollar

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Cent (currency)

In many national currencies, the cent, commonly represented by the cent sign (a minuscule letter "c" crossed by a diagonal stroke or a vertical line: ¢; or a simple "c") is a monetary unit that equals ​1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin worth one cent.

In the United States, the 1¢ coin is generally known by the nickname penny, alluding to the British coin and unit of that name.

In the European Union, coins designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank (ECB).

In Canada, production of the 1¢ coin was ended in 2012.

Central Bank of The Bahamas

The Central Bank of the Bahamas is the reserve bank of the Bahamas based in the capital Nassau.

The bank was established in 1974 but traces its origins to the currency board established in 1919. The bank carries out the independent monetary policy and supervision of the financial sector of the Bahamas.

Central banks and currencies of the Caribbean

This is a list of the central banks and currencies of the Caribbean.

There are a number of currencies serving multiple territories; the most widespread are the East Caribbean dollar (8 countries and territories), the United States dollar (5) and the euro (4).

Surrounding countries and territories

Economy of the Bahamas

The Bahamas is the richest country in the West Indies and the third wealthiest country in the Americas. It is a stable, developing nation in the Lucayan archipelago with a population of 391,232 (2016) and an economy heavily dependent on tourism and offshore banking. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth for many years, but the slowdown in the US economy and the attacks of September 11, 2001 held back growth in these sectors in 2001-03. Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% of GDP. However, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left the Bahamas. Manufacturing and agriculture together contribute approximately 10% of GDP and show little growth, despite government incentives for those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the US, the source of more than 80% of the visitors. In addition to tourism and banking, the government supports the development of a "2nd-pillar", e-commerce.

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Member states of the Organization of American States

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Mongolian dollar

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Royal Bahamas Police Force Band

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Stafford Sands

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He has been dubbed the "Father of Tourism" in The Bahamas.Sands was a lawyer who, from 1946, represented Wallace Groves and other Americans who sought to establish casinos, resorts, free-trade areas, and other developments in the islands, primarily at Freeport. From 1958, when party politics began, Sands had a prominent role in the United Bahamian Party (UBP), which was in power until 1967. The 1967 Royal Commission of Inquiry reported that Sands and the UBP received large payments, represented by Groves as "consulting fees," from the casino interests. Sands then left the islands for exile in Spain, along with his considerable fortune.

His portrait appeared on the 10 Bahamian dollar note from 2001 until 2005, and again since 2010, while it was replaced by that of Queen Elizabeth II.

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