The Bermuda Monetary Authority has launched a campaign ‘Deposit It or Exchange It’ to remind the public that, from December 31, they will have one year to deposit or exchange the horizontal Bermuda dollars legacy banknotes.

Effective January 1, 2024, these notes will be retired and no longer have value as legal tender.

Removing old banknotes from circulation is a common practice by monetary authorities and is usually done to exchange worn notes for newly printed ones, to improve anti-counterfeiting security features or because of redesign, as the BMA did in 2009.

The BMA shared this long-range plan in its 2012 Business Plan and, soon after, announced the ten-year exchange period commencing on January 1, 2014, per the Bermuda Monetary Authority Act 1969.

Next year will mark the end of the period during which the public may exchange or deposit their legacy banknotes at a Bermuda-based bank or the Bermuda Credit Union.

The BMA chief executive officer, Craig Swan, said: “The banknote redesign the BMA undertook in celebration of Bermuda’s 400th anniversary was a substantial achievement, earning the BMA the International Banknote Society’s ‘Bank Note of the Year’ for its $2 banknote design.

“The close of our ‘calling in’ of legacy notes marks the close of Bermuda’s transition from the horizontal to the distinctly Bermudian, vertical notes.”

Residents will receive a postcard with visual aids to help them identify any legacy banknotes they may still possess and guide them through depositing or exchanging these notes.

Members of the public may also refer to BMA’s social media platforms for additional information and regular reminders. InstagramLinkedInTwitter