The Commonwealth of The Bahamas is a country located on the Lucayan Archipelago north of Cuba and east of Florida. It has an advanced economy based on financial offshoring and tourism. The Bahamas became a British Crown Colony in 1718, after the islands mainly served as a hideout for pirates the century before. It became self-ruling in 1964 and fully independent in 1973. The Bahamas replaced the British Pound with its own Dollar at par with the U.S. Dollar in 1966. Because the exchange rate was set at 7 Shillings per Dollar, coins of 15 Cents and banknotes of 3 Dollars were introduced because they were roughly worth a Shilling and a Pound respectively. The Bahamas have a population of 400,000.
See also: Eastern Caribbean States