What Currency Does Bahamas Use?

What Currency Does Bahamas Use?

The official currency of the Bahamas is the Bahamian dollar. It is also the official currency of the Caicos Islands and the Turks.

The ISO 4217 code for the Bahamian dollar is BSD. However, to distinguish it from the other dollars, it is also sometimes represented by B$.

Aside from the Bahamian dollars, US dollars are also accepted in the Bahamas.

It might also be useful to know that the Bahamas dollar is divided into 100 cents.

History of the Bahamian Dollar

The Bahamas was another colony of the British Empire.

After World War II, due to changed circumstances, England’s government started losing power over its colonies worldwide.

Hence, in 1964, the Bahamas became independent and self-governing. Soon after this, in 1966, they issued the Bahamian dollar.

However, the Bahamas were not fully independent until then. Hence, the British currency was still in use.

In 1973, after becoming fully independent, the Bahamian government replaced the pound with the Bahamian dollar at a rate of one dollar to seven shillings.

At first, coins were introduced. In 1974, the Central Bank of Bahamas started issuing the Bahamian banknotes officially.

What Are the Denominations of the Bahamian Currency?

You can get bills of the Bahamian dollar in the following amounts: B$½, B$1, B$3, B$5, B$10, B$20, B$50, and B$100.

The Central Bank of Bahamas has been changing these banknotes over the years to avoid forgeries. Hence, make sure to get the updated ones at the foreign exchange.

You can also get some change. The Bahamian currency is available in coins of one cent, five cents, 10 cents, 25 cents, and B$ 1.

Is Bahamian Dollar Pegged to Any Other Currency?

Yes, the Bahamian dollar is pegged to the US Dollar. Hence, all businesses in the Bahamas accept US currency.

However, if you are holding any other currency, you might want to exchange it before landing in the Bahamas.

Features and Landmarks on the Bahamian Dollars

Since the Bahamas was under significant influence of the British Empire, various Bahamian banknotes feature Queen Elizabeth II.

You will find her portrait on B$0.5, B$10, and B$100.

Other banknotes feature the famous political leaders of the Bahamas, including Milo Butler and Roland Theodore Symonette.

Similarly, each banknote has an engraved watermark of a national landmark, such as the Central Bank of Bahamas and Nassau Harbor.

These watermarks are printed as electrotypes. The B$ 100 has an engravement of blue marlin, the national animal of the Bahamas.

Value of the Bahamian Dollar

The Central Bank of the Bahamas intends to keep parity between the Bahamian dollar and the US dollar.

The Bahamian economy is mostly dependent on tourism and the fishing industry. They manage to stabilize their dollar by trading.

The Bahamian gross national product (GNP) is one of the highest in the regions. Hence, its currency value is high.