In 1970 the country switched its currency from the Bermudian pound to the Bermudian dollar, which is pegged at par with the US dollar. US notes and coins are used interchangeably with Bermudian notes and coins within the islands for most practical purposes; however, banks levy an exchange rate fee for the purchase of US dollars with Bermudian dollars. Bermudian notes carry the image of Queen Elizabeth II. The Bermuda Monetary Authority is the issuing authority for all banknotes and coins, and regulates financial institutions. The Royal Naval Dockyard Museum holds a permanent exhibition of Bermuda notes and coins. COUNT 5
QSN1 What was the new currency in Bermuda as of 1970? ANS1 Bermudian dollar QSN2 The Bermudian dollar is equal to what other currency and can be used interchangeably? ANS2 US dollar QSN3 Who is pictured on Bermudian dollars? ANS3 Queen Elizabeth II. QSN4 Where can you see a permanent exhibition of Bermuda currency? ANS4 Royal Naval Dockyard Museum QSN5 Who regulates all financial institutions as well as the issuing of money? ANS5 Bermuda Monetary Authority