The pound was the currency of Bermuda until 1970. It was equivalent to sterling, alongside which it circulated, and was similarly divided into 20 shillings each of 12 pence. Bermuda decimalised in 1970, replacing the pound with the Bermudian dollar at a rate of $1 = 8s.4d. (i.e., $1 = 100d), equal to the US dollar. Coins The first Bermudian currency issue was the so-called "hogge money", 2d, 3d and 6d, and 1/– coins issued between 1612 and 1624. Their name derives from the appearance of a pig on the obverse. At this time, Bermuda was known as Somers Island (which is still an official name) and this name appears on the coins. The next coins to be issued were copper pennies in 1793. When Bermuda adopted the sterling currency system in the first half of the nineteenth century, the coinage that circulated was exactly the standard sterling coinage that circulated in the United Kingdom. No special varieties of coinage were ever issued for general use in Bermuda. However, special silver crowns (five shillings) were issued in 1959 and again in 1964. These commemoratives were similar in appearance to the British crowns, but featured Bermudian designs on their reverses. The first issue has a map of the islands to mark their 350th anniversary of settlement. The second coin shows the islands' coat of arms. Because of the rising price of precious metals, the diameter of the 1964 issue was reduced from 38 to 36 millimeters and the silver content dropped from 92.5% to 50%. Their respective mintages were 100,000 and 500,000 (30,000 of the latter being issued in proof). Both coins remain readily available to collectors. Banknotes In 1914, the government introduced £1 notes. In 1920, 5/– notes were introduced, followed by 10/– in 1927 and £5 in 1941. The 5/– note ceased production in 1957, with £10 notes introduced in 1964. History For nearly four hundred years Spanish dollars, known as pieces of eight, were in widespread use on the world's trading routes, including the Caribbean Sea region. However, following the revolutionary wars in Latin America, the source of these silver trade coins dried up. The last Spanish dollar was minted at the Potosi mint in 1825. The United Kingdom had adopted a very successful gold standard in 1821, and so the year 1825 was an opportune time to introduce the British sterling coinage into all the British colonies.