The Bermuda dollar, also known as the Bermudian dollar, is the official currency of Bermuda. It is denoted by the code BMD or BD$. While there aren't many synonyms for the term Bermuda dollar, it may be referred to as the dollar or BMD in informal settings. It is also sometimes called the Bermuda pound, which was the previous currency used on the island until it was replaced by the Bermuda dollar at a 1:1 exchange rate in 1970. Some may also simply refer to it as the currency of Bermuda. Regardless of its name, the Bermuda dollar is a valuable commodity and widely accepted throughout the island.