Old style bank notes to be retired
This year marks the last for Bermuda’s old-style horizontal-print bank notes, which cease to be legal tender come January 1, 2014.
Starting June 30, the vertical note series introduced in 2009 is to replace the “legacy” notes of $2, $5, $10, $20, $50 and $100 over the course of the year.
As old currency gets taken out of circulation, members of the public can exchange them for fresh notes at their own bank or credit union.
Banks will also switch notes for visitors — up to a cut-off date to be set by each institution.
ATMs and retailers will continue to dispense legacy tender — but the amount of old notes will steadily decrease.
Although the old notes will no longer be accepted in stores after the start of 2014, they will still be accepted by banks for exchange.
The Bermuda Monetary Authority yesterday announced the launch of an Island-wide public awareness campaign on the switch.
However, neither the BMA nor retailers will be exchanging the legacy banknotes for the public.
For details, visit the Authority’s website at www.bma.bm.