1 Crown – Bermuda

In 1964, Bermuda was a British colony operating under a distinctive and somewhat complex currency system. The official currency was the Bermudian pound, which was pegged at par with the British pound sterling. This meant that British coins and banknotes circulated freely alongside locally issued Bermudian government notes. The system was effectively a sterling area currency board arrangement, where the local currency was fully backed by sterling reserves, ensuring stability and confidence in its value.

The year 1964, however, fell within a period of significant monetary transition. Discussions about decimalization and moving away from the pound-shilling-pence system were underway, influenced by broader changes in the British Commonwealth. Furthermore, the existing system faced practical challenges. The reliance on British coinage, which was often in short supply, and the desire for greater monetary identity and control prompted local authorities to consider reform. The Bermuda Monetary Authority had been established just two years prior, in 1962, laying the institutional groundwork for a more autonomous financial system.

Consequently, the currency situation in 1964 was one of stability on the surface but poised for imminent change. The peg to sterling provided economic reliability, which was crucial for Bermuda's growing tourism and international business sectors. Yet, the groundwork was being actively laid for the major reforms that would follow, culminating in the introduction of a decimalized Bermudian dollar in 1970, which was pegged to the US dollar—a reflection of the island's shifting economic ties.