Bahamian dollar facts for kids

Quick facts for kids Bahamian dollar
ISO 4217 Code	BSD
User(s)	The Bahamas
Inflation	2.4%
Source	The World Factbook, (2007 est.)
Pegged with	US dollar at par
Subunit
1⁄100	cent
Symbol	$, B$
Coins
Freq. used	5, 10, 15, 25 cents
Rarely used	50 cents, $1, $2
Banknotes
Freq. used	$1⁄2, $1, $3, $5, $10, $20, $50, $100
Printer	De La Rue, Giesecke+Devrient, Oberthur Technologies, Orell Füssli, Canadian Bank Note Company

The Bahamian dollar (sign: $; code: BSD) is the money used in The Bahamas. It has been the official currency since 1966. People usually shorten it to $, or sometimes B$ to show it's different from other types of dollars. Each Bahamian dollar is made up of 100 cents.

On October 20, 2020, The Bahamas made history by becoming the first country to have a legal digital currency. They introduced the Sand Dollar as a new way to pay, alongside the regular Bahamian dollar.

How the Bahamian Dollar Works with the US Dollar

The Bahamian dollar is directly linked to the US dollar. This means that one Bahamian dollar is always worth exactly one US dollar. This is called being "pegged" to another currency.

The Central Bank of The Bahamas works hard to keep this link strong. They use different methods to make sure the Bahamian dollar stays stable. Their main goal is to keep the value of their money the same as the US dollar. This helps the country's economy grow.

Even though there are rules about foreign money in The Bahamas, most businesses will accept both Bahamian and US dollars. This is especially true in places where tourists visit often. It makes things easier for visitors from the United States.

History of the Bahamian Dollar

Before 1966, The Bahamas used the Bahamian pound as its money. When the dollar was introduced, it replaced the pound. One Bahamian dollar was worth about seven shillings, which was almost the same as 98 US cents. This change happened seven years before The Bahamas became an independent country.

To make the change to dollars easier, special three-dollar banknotes and fifteen-cent coins were created. This was because three dollars was roughly equal to one pound, and fifteen cents was about one shilling at that time.

As mentioned, on October 20, 2020, The Bahamas introduced the Sand Dollar. This made it the first country to have a legal digital currency, offering a new option for payments.

Bahamian Coins

5 cent coin - 1968
Queen Elizabeth II	Pineapple

In 1966, the first Bahamian coins were made. These included values of 1, 5, 10, 15, 25, 50 cents, and 1 and 2 dollars. The 1-cent coin was made of nickel-brass, while the 5, 10, and 15-cent coins were made of cupronickel. The 25-cent coin was nickel, and the 50-cent and 1-dollar coins were silver.

Some coins had unique shapes: the 10-cent coin was scallop-shaped, and the 15-cent coin was square. After 1966, silver coins were no longer made for everyday use. Over the years, the metal used for the 1-cent coin changed from bronze to brass and then to copper-plated zinc.

In 1989, new 50-cent and 1-dollar coins made of cupronickel were released for circulation. These coins did not replace the banknotes of the same value.

Today, all Bahamian coins feature the Bahamian Coat of Arms on one side. The words "Commonwealth of The Bahamas" and the date are also shown. The other side of each coin shows something important from Bahamian culture, along with the coin's value in words. For example, the 1-cent coin has three starfish, the 5-cent coin shows a pineapple, and the 10-cent coin features two bonefish. The 15-cent coin has a hibiscus flower, and the 25-cent coin shows a native sloop (a type of sailboat).

The 1-cent coin was last made on January 31, 2020, and it stopped being used at the end of 2020. Now, when you pay with cash in The Bahamas, the total amount is usually rounded to the nearest five cents.

Bahamian Banknotes

In 1966, the government started printing banknotes in values of $1⁄2, 1, 3, 5, 10, 20, 50, and 100 dollars. The Bahamas Monetary Authority took over printing notes in 1968. Then, the Central Bank of The Bahamas was created in 1974 and has been in charge of printing money ever since. They stopped making the $1⁄2 and 3-dollar notes for a while but brought them back in 1984.

Over the years, the Bahamian dollar banknotes have been updated many times. One special redesign was very colorful and celebrated 500 years since Christopher Columbus landed on a Bahamian island.

New designs have been added to most banknotes to prevent forgery. These security features were put in place even before the US updated its own banknotes. All Bahamian banknotes are the same physical size, similar to the US dollar. The newest security system is called "CRISP," which stands for "Counterfeit Resistant Integrated Security Product."

For example, a new $$10 banknote was released in 2005, and a new $$20 banknote came out in 2006. Even with new security, a fake $$10 CRISP bill was found in 2005. Authorities warned businesses to check for the special watermark on the notes.

Until 1992, all banknotes showed a picture of Queen Elizabeth II, who is the Head of State. After that, notes started to feature pictures of important Bahamian politicians who had passed away. However, this policy is now changing, and the Queen's portrait is back on the $$10 note.

Here's what you can find on some of the banknotes:

• The $1⁄2 note shows an older Queen Elizabeth II on the front and a picture of Sister Sarah in the Nassau Straw Market on the back.
• The $$1 note features Sir Lynden Pindling on the front and the Royal Bahamas Police Force Band on the back.
• The $$3 note has a young Queen Elizabeth II on the front and a Family Island Regatta with native sloops on the back.
• The $$5 note shows Sir Cecil Wallace-Whitfield on the front and a Junkanoo group dancing in a parade on the back.
• The $$10 note features an older Queen Elizabeth II on the front and the Hope Town Lighthouse and settlement in Abaco on the back.
• The $$20 note shows Sir Milo Butler.
• The $$50 note features Sir Roland Symonette.
• The $$100 note has an older Queen Elizabeth II on the front and a jumping blue marlin on the back. The blue marlin is the national fish of The Bahamas, which is why locals sometimes call the $$100 bill "a blue marlin."

Since 2016, a new series of banknotes called CRISP Evolution has been introduced. These notes keep the same pictures and themes as the older ones but have updated security features and new colors. This series started with the $$10 note in 2016 and has gradually included all other denominations. For example, the $$1 note came out in 2017, and the $$100 note was released in 2021.

Because the $$10 banknote in this new series looked a bit too much like the $$1 banknote, its color was changed to grey on December 15, 2022.

See also

In Spanish: Dólar bahameño para niños

• Central banks and currencies of the Caribbean
• Economy of the Bahamas
• Jamaican dollar