The history of the currency of Bahamas
The Bahamas used the British pound sterling as its currency from the beginning of the eighteen hundreds until 1936. The Bahamas began issuing its own banknotes denominated in pound sterling in 1869. The Bahamas pound was issued at par with the British pound. Like the British pound the Bahamian pound was divided into 240 pennies or 20 shillings, with 12 pence equaling one shilling.
In 1966, the Bahamas Government replaced the pound with the Bahamas Dollar at a rate of one Bahamian dollar is equal to 7 shillings or $2.86 was equal to one pound. The conversion rate of seven shillings was chosen due to the large number of American tourists coming to the Bahamas, and seven shillings at the time was US$0.98. Like other dollars, the Bahamas dollar is divided into 100 cents. Prior to 1968 banknotes were issued by the Bahamas Currency Board. From 1968 until 1974 banknotes were issued by the Bahamas Monetary Authority, and from 1974 onwards by the Central Bank of the Bahamas.
The Bahamas dollar’s ISO 4217 is BSD. Banknotes are issued in denominations of $0.50, $1, $3, $5, $10, $20, $50 and $100. Coins come in denominations of 1, 5, 10, 15 and 25 cents. 15 cent coins, issued due to their approximate value to a shilling are rarely seen anymore as are three dollar notes becoming rare.
Currently the Bahamas dollar trades at par to the U.S. Dollar. Because of this relationship to the U.S. Dollar, anywhere in the Bahamas, one can use both American and Bahamas dollars, and often businesses keep lots of U.S. Dollars on hand for the convenience of American tourists who are there on short trips.
Central Bank Act of 1974 -
Central Bank Act of 2000 -
2005 - C.R.I.S.P "Counterfeit Resistant Integrated Safety Product" Series