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Bahamian dollar
From Wikipedia, the free encyclopedia
| Bahamian dollar | |||
|
|||
| ISO 4217 Code | BSD | ||
|---|---|---|---|
| User(s) | The Bahamas | ||
| Inflation | 1.2% | ||
| Source | The World Factbook, 2004 | ||
| Pegged with | U.S. dollar at par | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | BS$ | ||
| Coins | |||
| Freq. used | 1, 5, 10, 25 cents | ||
| Rarely used | 15, 50 cents, $1, $2 | ||
| Banknotes | |||
| Freq. used | $1, $5, $10, $20, $50, $100. | ||
| Rarely used | $½, $3 | ||
| Central bank | The Central Bank of The Bahamas | ||
| Website | www.centralbankbahamas.com | ||
The dollar (currency code BSD) has been the currency of The Bahamas since 1966. It is normally abbreviated with the dollar sign $, or alternatively BS$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
Contents |
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 as main instruments of monetary policy, the objective of which is to keep stable conditions, including credit, in order to maintain the parity between the US dollar and the Bahamanian dollar while allowing economic development to proceed.
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 (who prefer receiving their change in US dollars since most are on short visits).
The dollar replaced the pound at a rate of 1 dollar = 7 shillings in 1966. This rate allowed the establishment of parity with the US dollar, due to the sterling/dollar rate then being fixed at £1 = $2.80. It may also explain the unusual 15-cent denomination, since this is roughly equivalent to 1 shilling.
The June 2003 banknotes and coins issued by the Central Bank were:
| 5 cent | |
|---|---|
 |
|
| Pineapple | Coat of arms |
1 cent, 5 cents, 10 cents, 15 cents (rare), 25 cents
50 cents, $1, $2 (usage unknown)
The 1-cent, 5-cents, and 25-cents coins are about the same size as their US counterparts, but with differences in metal composition. The 10-cents and 15-cents pieces are more exotic, the 10-cents piece having scallop-like smooth ridges on its circumference and the 15-cents piece being square with rounded corners. All coins bear the Bahamian Coat-of-Arms on one side with the words "Commonwealth of The Bahamas" forming a crown around the Coat-of-Arms and the year of issue beneath the Coat-of-Arms. The flip side of the coins show objects from Bahamian culture with the value of the coins in words. The 1-cent has a starfish, the 5-cents a pineapple, the 10-cents two bone-fish, the 15-cents a Hibiscus, and the 25-cents a native sloop.
$½ (rare), $1, $3 (rare), $5, $10, $20, $50, and $100.
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 quincentanial celebrations of the 'discovery' of The Bahamas (and by extension the West) by Christopher Columbus when he landed on an island he dubbed San Salvador.
All banknotes 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. Note: 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. The new $10 banknote was released on August 5, 2005, while the $20 banknote was released on September 6, 2006. [1] Ironically, in October 2005, someone attempted to counterfeit one of the new CRISP $10 bills, serial number A161315. Bahamian authorities warned merchants to look for banknotes that lacked the distinctive watermark. [2]
Until a few years ago all notes displayed a portrait of Queen Elizabeth II (state figurehead) but notes began to display portraits of prominent Bahamian politicians who have died. This policy is now being reversed, with the return of the Queen's portrait to the $10 note. The $1/2 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.
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