The dollar has been the currency of The Bahamas since 1966. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies and it is divided into 100 cents. The Bahamian dollar is pegged to the U. S. dollar on a one-to-one basis, the dollar replaced the pound at a rate of 1 dollar =7 shillings in 1966. This rate allowed the establishment of parity with the U. S. dollar, to aid in decimalization, three-dollar bills and fifteen-cent coins were created, as three dollars was roughly equivalent to one pound, and fifteen cents to a shilling, at the time of transition. In 1966, coins were introduced in denominations of 1,5,10,15,25,50 cents,1 and 2 dollars. The 1 cent was struck in nickel-brass, the 5,10, and 15 cent in cupronickel, the 25 cent in nickel, the 10 cent was scallop shaped, whilst the 15 cent was square. Silver coins were not issued for circulation after 1966, bronze replaced nickel-brass in the 1 cent in 1970, followed by brass in 1974 and copper-plated zinc in 1985. In 1989, cupro-nickel 50 cent and 1 dollar coins were issued for circulation, although they did not replace the corresponding banknotes. The current 1 cent coin is about the size of a U. S. dime, the 15 cent coins are still produced by the Central Bank but are not commonly used. All coins now bear the Bahamian Coat of Arms on one side with the words Commonwealth of The Bahamas, the reverses of the coins show objects from Bahamian culture with the value of the coins in words. The 1 cent has three starfish, the 5 cent a pineapple, the 10 cent two bonefish, the 15 cent a hibiscus, and the 25 cent a native sloop. In 1966, the government introduced notes in denominations of ½,1,3,5,10,20,50 and 100 dollars, the Bahamas Monetary Authority took over the issuance of paper money in 1968, issuing the same denominations. The Central Bank of The Bahamas was established on 1 June 1974 and its first issue of notes did not include the ½ and 3 dollar denominations but these were reintroduced in 1984. All banknotes have been undergoing changes to foil forgery in recent years. All banknotes are the physical size, like the U. S. dollar. The latest counterfeit-proof formula is the Counterfeit Resistant Integrated Security Product, the new $10 banknote was released on August 5,2005, while the $20 banknote was released on September 6,2006. In October 2005, someone counterfeited one of the new CRISP $10 bills, Bahamian authorities warned merchants to look for banknotes that lacked the distinctive watermark. Until a few years ago all notes displayed a portrait of Queen Elizabeth II and this policy is now being reversed, with the return of the Queens portrait to the $10 note
The 2014 Bahama one Cent coin is closer in size to a U.S. dime rather than a U.S. Cent and, like the larger 2006 one cent coin, features three starfish rather than one.
The Bahama one cent coin has had two distinct colors, three different sizes and three different reverse styles.