Bahamian pound facts for kids

The pound was the money used in the Bahamas until 1966. It was just like the pound sterling used in Britain. One pound was split into 20 shillings, and each shilling was worth 12 pence. Regular British coins were used in the Bahamas. The only special Bahamian coin was a penny made in 1806.

What Was the Bahamian Pound?

The Bahamian pound was the official money of the Bahamas for a long time. It worked exactly like the British pound. This meant that if you had a Bahamian pound, it was worth the same as a British pound.

How the Pound Was Divided

Just like how a dollar is divided into 100 cents, the pound was divided into smaller parts:

• One pound was equal to 20 shillings.
• Each shilling was equal to 12 pence.

So, one pound was worth 240 pence in total!

History of Money in the Bahamas

For many years, different types of money were used in the British West Indies, including the Bahamas.

British Money Comes to the Colonies

In 1825, the British government made a rule to start using British money, called sterling coinage, in all its colonies. This rule didn't work perfectly at first. So, another rule was made in 1838 to fix things. By the mid-1800s, British coins had replaced the Spanish dollar in many places, including the British West Indies.

Pound vs. Dollar in the Colonies

Even though British coins were used everywhere, some places still used the "pound" as their main way to count money. This included the Bahamas, Bermuda, and Jamaica. Other places, like the Eastern Caribbean and British Guiana, kept using the "dollar" as their main unit, even with British coins. In the Bahamas, the US dollar was also commonly used alongside British money.

When the Pound Changed to the Dollar

The Bahamian pound was replaced by the Bahamian dollar in 1966. This change happened at a rate where 7 shillings became 1 Bahamian dollar. This meant that one British pound was worth about 2.86 Bahamian dollars. The new Bahamian dollar was worth a little less than the US dollar at that time.

Coins of the Bahamian Pound

Only one special coin was ever made just for the Bahamas. This was a 1 penny coin, which was minted in 1806. After that, people in the Bahamas mostly used regular British coins until 1966 when the currency changed.

Banknotes of the Bahamian Pound

Paper money, or banknotes, were also used in the Bahamas.

Early Banknotes

The first banknotes were issued by a bank called the Bank of Nassau. They made notes in amounts of 5 shillings, 10 shillings, and 1 pound. Later, in 1906, they also started making 4 shilling notes. The Bank of Nassau closed down in 1917.

Government Banknotes

After the Bank of Nassau closed, the government of the Bahamas took over making banknotes.

• In 1868, the Public Treasury (which manages government money) issued 1 pound notes.
• In 1869, the government started issuing 1 pound and 5 pound notes.
• A new series of notes for 4 shillings, 10 shillings, and 1 pound was introduced in 1919.
• The 5 pound notes were brought back after 1936.