Old Bermuda banknotes won't be legal tender

Bermuda’s horizontal banknotes will no longer be legal tender at December 31^st, 2013.

The Bermuda Monetary Authority urged people to be aware of the upcoming deadline.

Shanna Lespere, director of operations at the Authority said in a press release: “Back in June, the Authority announced that the legacy banknote series will no longer be legal tender after December 31, 2013.

“So the deadline is fast approaching. We have successfully been reducing circulation of these notes since that time, in conjunction with Bermuda’s banks. We strongly encourage everyone to visit their bank to exchange any legacy banknotes they may still have.”

Prior to December 31, the horizontal notes are still legal and may be used to purchase goods and services.

The public also has the option of exchanging the horizontal notes at their bank or at the Bermuda Industrial Union Member’s Credit Union, if they are a member.

Ms Lespere said: “It is very important to note that the public cannot exchange notes at retail shops or any other cash business. They also cannot exchange the notes at the Bermuda Monetary Authority.”

As of January 1, 2014 the horizontal banknotes will no longer be legal tender — they cannot be used to purchase goods and services.

There then is a ten year grace period to exchange the horizontal notes at their bank or at the Credit Union.

The Authority enlisted the assistance of the Bermuda Chamber of Commerce to raise awareness of the cutoff date among retailers and the local business sector.