Location
The Bahamas is an archipelago of over 700 islands, cays, and islets in the western Atlantic Ocean, located 50 miles off the coast of Florida. The capital city is Nassau, located on New Providence Island.
History
The Bahamas was first inhabited by the Lucayan people, a branch of the Arawaks, who arrived in the region around 500 AD. The Lucayans were conquered by the Spanish in 1492, and their population was decimated by disease and slavery. The Bahamas remained uninhabited for over 200 years, until it was settled by British colonists in the early 17th century. The Bahamas became an independent Commonwealth realm in 1973.
Present Status
The Bahamas is a popular tourist destination, known for its beautiful beaches, clear water, and warm weather. The country is also a major offshore financial center.
Currency
The official currency of the Bahamas is the Bahamian dollar (BSD). The BSD is pegged to the US dollar at a rate of 1:1. Bahamian dollar banknotes are available in denominations of $1, $5, $10, $20, $50, and $100. Bahamian dollar coins are available in denominations of $1, 5 cents, 10 cents, 25 cents, and 50 cents.
Old Currency
The Bahamas used to use the British pound sterling as its currency. However, the Bahamian dollar was introduced in 1966. The old currency was exchanged at a rate of 2:1.
