The Bermuda Monetary Authority has been awarded Bank Note of the Year for the $2 bill, beating out competition from new currency in countries like South Korea, Jamaica and Mexico.

Accepting the award from the International Banknote Society yesterday, BMA chairman Alan Cossar said the Authority was proud the note had been recognised not only for its design, but also for its advanced security features.

"The Authority is honoured to have our $2 banknote acknowledged by the International Banknote Society," said Mr. Cossar. "One of the objectives of the redesigned banknotes was to develop a series that not only showcased Bermudian flora, fauna and places of historical interest, but which also incorporate the latest in banknote security and anti- counterfeiting features.

"The new banknotes have made a great impression in Bermuda. They are distinctive, modern and secure; and we are very proud that they are now being recognised internationally. On behalf of the Authority I would like to congratulate our Currency Team — Marcia Woolridge-Allwood, Terry Pitcher, Tawana Butterfield, Tamera Smith and Vera Burgess — on this significant accomplishment."

The note was part of a total redesign of the Island's currency — the first since 1970 — commissioned by the Authority to mark the 400th year of settlement last year. The series was designed by De La Rue Currency, which was also represented at yesterday's presentation.

Peter Symes, president of the International Banknote Society, said the Bermuda note had been a "clear favourite" among the society's members.

"The IBNS Board was very impressed with, among other matters, the fact that such a low denomination note has such comprehensive security features," said Mr. Stymes, "but principally it was the design that interested us…they are very busy notes, there's always something else to be discovered."

The Society, which represents some 1800 collectors from across the world, also considered notes such as Botswana's 200 Pula, Yemen's 250 Rials and Scotland's 10 Pounds — with our two-dollar bill eventually receiving the lion's share of the vote.