Bermuda is a British Overseas Territory in the North Atlantic north of Puerto Rico and east of the USA. It was first sighted in 1503 by Spanish captain Juan de Bermudez, after whom the islands are named. For over 100 years no one settled Bermuda except for shipwrecked sailors and a large number of pigs released by Europeans, which is why the Bermudian 1 Cent coin depicts a hog. British settlement began in 1609. In 1968 Bermuda became self-governing. Two years later it replaced the British Pound with the Bermudian Dollar which is at par with the US Dollar. Earlier occasional Bermudian coins do exist, with the 1793 Penny being famous for its design. In 1959 and 1964 commemorative silver Crowns were issued for the islands. Bermuda has a population of 64,000.