2 Dollars - Elizabeth II

The Bermuda Monetary Authority replaced the Bermuda Government as the issuing body in 1969, and by the 1996–1997 series De La Rue had been the island's printer of record for decades — a relationship built on geographic convenience as much as reputation. What makes this particular series worth noting is the transition it straddles: Bermuda was quietly moving toward more sophisticated security substrates during this period, and the watermark-only specification on P#40A looks thin compared to what the authority was simultaneously demanding on higher denominations.

The 2 Dollar note historically saw heavy circulation in Bermuda's tourism-dependent cash economy, which means worn survivors are common and genuinely fresh examples less so.