BERMUDA 5 shillings 20.10.1952


BERMUDA, 5 shillings, 20.10.1952, Back: ship, P18a, VF

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Bermudan banknotes got started in the colonial period. Interesting thing about the current arrangement is that the Bermuda dollar is tied to the USA dollar.

Bermuda is a British Overseas Territory in the North Atlantic Ocean off the coast of North Carolina. It voted to remain with the United Kingdom in a referendum in 1995.

Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.

Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.