The International Bank Note Society (IBNS) has announced the results of its annual "Bank Note of the Year 2024" competition. Following the vote of its members, the prestigious award has been given for the second time to the 5-dollar banknote issued by the Bermuda Monetary Authority (BMA). This year, around 100 new banknotes were released worldwide, but only 21 were nominated for their unique designs. From the very start, the Bermuda $5 note emerged as the clear favorite and confidently secured the victory.

A Design That Impresses

The 5-dollar Bermuda banknote, printed by De La Rue on a polymer substrate (Safeguard), stands out with its vibrant and thoughtful design. The front, predominantly pink with purple accents, features a blue marlin, dolphins, tuna, and a profile of the new British monarch, King Charles III. The back, designed in a vertical orientation, showcases butterflies, local flora, Horseshoe Bay, and a boat passing under Somerset Bridge.

This banknote is part of the BMA’s “Same Look, Smarter Design” campaign, which highlights the enhanced durability and security of Bermuda’s currency. While it lacks a watermark or security thread, the note incorporates advanced security features, such as an Argentum tuna fish image and Gemini patterns visible under UV light. Tactile markings assist the visually impaired in identifying the note. The signatures on the banknote belong to BMA Chairman Donald Scott and Director Karel Van Hulle.

Technical Specifications

  • Denomination: 5 Bermuda dollars (equivalent to 5 USD, 4.63 EUR, or 3.87 GBP as of the announcement date).
  • Material: Polymer.
  • Size: 136 × 69 mm (slightly shorter than U.S. dollars but similar in height).
  • Year of Issue: 2024.
  • Printer: De La Rue, United Kingdom.

Why Bermuda?

The banknote’s design beautifully blends sport fishing with an island motif, reflecting the natural beauty and culture of Bermuda. Vivid colors, detailed depictions of marine life, and local landscapes make it not only a functional currency but also a true work of art. The polymer base ensures durability, while modern security features protect against counterfeiting.

Competitors and Trends

The competition included banknotes from 21 countries across four continents (Africa, Asia, Europe, South America), Central America, the Middle East, and three island nations. The runner-up was Japan’s 1,000 yen note, featuring bacteriologist Kitasato Shibasaburo and “The Great Wave off Kanagawa.” The second runner-up was China’s 20 yuan note, showcasing dragons and children. Rounding out the top five were the Philippines’ 500 peso note (with a deer and parrot) and the UK’s 50 pound note (featuring Charles III and Alan Turing).

Recent years show that polymer banknotes are favorites among IBNS members, frequently winning awards. Vertical orientation is also gaining popularity, with eight of the last ten winners adopting this format.

Significance of the Award

Winning the IBNS competition is not only recognition of a banknote’s aesthetic value but also its innovation and functionality. Award-winning banknotes, like Bermuda’s 5-dollar note, set an example for other countries aiming to create modern, secure, and visually appealing currencies. They reflect national identity while meeting global design and security standards.

The 2024 Bermuda banknote is a small masterpiece that combines art, technology, and cultural heritage. Its victory in the IBNS competition proves that even in the digital age, paper (or rather polymer) money can remain relevant and captivate the imagination.

Vitalii Cherniuk (IBNS 13299-R)

CEO World Banknote Store