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World Banknotes : Auction 165 : Lot 862

Date Sold Category Lot Description Sale Price

Auction 165
World Banknotes Lot
862
Government Administration 1 Pound dated 2nd December 1914, serial number in red 008547, P1, 25 VERY FINE. An extremely rare piece, black on green underprint with arms at left on obverse. This is the first ever 1 Pound note issued in Bermuda and the only one to be printed by the n Banknote Company, Ottawa as the following later denominations were printed by British printers, mostly Waterlow & Sons and & Wilkinson & Co. In 1882, the local 'legal tender act' demonetized the gold doubloon, which had in effect been the real standard in Bermuda, and this left pounds, s, and pence as the sole legal tender. The British pound sterling then red the official currency of Bermuda until 1970. In 1920, 5 shilling notes were introduced, followed by 10 shillings in 1927 and in 1941. The 5 shilling note ceased production in 1957, with 10 pound notes introduced in 1964. It was finally decided to take the action that British had already done 85 years earlier. In line with the international trend towards decization, Bermuda introduced a new currency in the form of a that was fixed at an equal value to the US dollar. The new Bermuda dollars operated in conjunction with decimal fractional coinage, hence ending the pounds, shillings, and pence system in that colony in the year before it was ended in the United Kingdom itself. The decision to finally align with the US dollar was at least in part influenced by the devaluation of sterling in 1967 and Bermuda's increasing tendency to keep its reserves in US dollars. Although Bermuda changed to a U.S. based currency and changed the bulk of its reserves from sterling to U.S. dollars in 1970, it still nevertheless remained a member of the sterling area since at that time, the pound sterling and the US dollar had a fixed exchange rate of £1 = $2.40. The design makes it a bit of an outlier as it does not feature any royal portraits.
£2,600
Bermuda Government British Administration 1 Pound dated 2nd December 1914, serial number in red 008547, P1, PMG 25 VERY FINE. An extremely rare piece, black on green underprint with arms at left on obverse. This is the first ever 1 Pound note issued in Bermuda and the only one to be printed by the American Banknote Company, Ottawa as the following later denominations were printed by British printers, mostly Waterlow & Sons and Bradbury & Wilkinson & Co. In 1882, the local 'legal tender act' demonetized the gold doubloon, which had in effect been the real standard in Bermuda, and this left pounds, shillings, and pence as the sole legal tender. The British pound sterling then remained the official currency of Bermuda until 1970.  In 1920, 5 shilling notes were introduced, followed by 10 shillings in 1927 and 5 pounds in 1941. The 5 shilling note ceased production in 1957, with 10 pound notes introduced in 1964. It was finally decided to take the action that British Honduras had already done 85 years earlier. In line with the international trend towards decimalization, Bermuda introduced a new currency in the form of a dollar that was fixed at an equal value to the US dollar. The new Bermuda dollars operated in conjunction with decimal fractional coinage, hence ending the pounds, shillings, and pence system in that colony in the year before it was ended in the United Kingdom itself. The decision to finally align with the US dollar was at least in part influenced by the devaluation of sterling in 1967 and Bermuda's increasing tendency to keep its reserves in US dollars. Although Bermuda changed to a U.S. based currency and changed the bulk of its reserves from sterling to U.S. dollars in 1970, it still nevertheless remained a member of the sterling area since at that time, the pound sterling and the US dollar had a fixed exchange rate of £1 = $2.40. The design makes it a bit of an outlier as it does not feature any royal portraits.  : World Banknotes : Auction 165 : Lot 862
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Bermuda Government British Administration 1 Pound dated 2nd December 1914, serial number in red 008547, P1, PMG 25 VERY FINE. An extremely rare piece, black on green underprint with arms at left on obverse. This is the first ever 1 Pound note issued in Bermuda and the only one to be printed by the American Banknote Company, Ottawa as the following later denominations were printed by British printers, mostly Waterlow & Sons and Bradbury & Wilkinson & Co. In 1882, the local 'legal tender act' demonetized the gold doubloon, which had in effect been the real standard in Bermuda, and this left pounds, shillings, and pence as the sole legal tender. The British pound sterling then remained the official currency of Bermuda until 1970.  In 1920, 5 shilling notes were introduced, followed by 10 shillings in 1927 and 5 pounds in 1941. The 5 shilling note ceased production in 1957, with 10 pound notes introduced in 1964. It was finally decided to take the action that British Honduras had already done 85 years earlier. In line with the international trend towards decimalization, Bermuda introduced a new currency in the form of a dollar that was fixed at an equal value to the US dollar. The new Bermuda dollars operated in conjunction with decimal fractional coinage, hence ending the pounds, shillings, and pence system in that colony in the year before it was ended in the United Kingdom itself. The decision to finally align with the US dollar was at least in part influenced by the devaluation of sterling in 1967 and Bermuda's increasing tendency to keep its reserves in US dollars. Although Bermuda changed to a U.S. based currency and changed the bulk of its reserves from sterling to U.S. dollars in 1970, it still nevertheless remained a member of the sterling area since at that time, the pound sterling and the US dollar had a fixed exchange rate of £1 = $2.40. The design makes it a bit of an outlier as it does not feature any royal portraits.  : World Banknotes : Auction 165 : Lot 862
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