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The Bermuda Monetary Authority (Authority or BMA) launched its campaign ‘Deposit It or Exchange It’ to remind the public that, from 31 December 2022, they will have one year to deposit or exchange the horizontal Bermuda Dollars legacy banknotes. Effective 1 January 2024, these notes will be retired and no longer have value as legal tender.


Removing banknotes from circulation is a common practice by monetary authorities. They do this periodically for various reasons, e.g., as banknotes deteriorate from everyday wear and tear, as technologies in anti-counterfeiting security features improve and as new banknotes are introduced.

The Authority started the call-in process in 2013 and will end it on 31 December 2023. We currently have vertical banknotes in circulation, with Legacy banknotes being exchanged at banks. When we introduced the vertical banknote series in 2009, our long-range plan was to eventually remove the Legacy banknotes from circulation. We outlined this intention in our 2013 Business Plan, stating that the Authority is removing the old ‘Legacy‘ banknotes from circulation and therefore is ‘calling in’ all denominations of these banknotes.

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