The locomotive was built as a standard Jubilee Class in 1935 by the North British Locomotive Company for the London Midland & Scottish Railway (LMS). In May 1961, under the ownership of British Railways, Bahamas was the recipient of several experimental modifications aimed at improving the steam engine. In July 1966, Bahamas was withdrawn from traffic. A preservation society was founded and raised the money to purchase it from British Rail to prevent it from being scrapped. After repairs by the Hunslet Engine Company in Leeds Bahamas was transported to Dinting Railway Museum, near Glossop, Derbyshire.
After British Rail's ban on steam locomotives ended, Bahamas was permitted to run on the national rail network. In October 1972, Bahamas hauled its first excursion special, proving there was public demand. A year later, it was removed from service when its boiler certificate expired. In 1988, it returned to steam after overhaul. It was withdrawn from mainline use after its ticket expired. Between 1997 and 2013, Bahamas alternated between public displays and storage. Another overhaul began during 2013 and the locomotive returned to mainline operations in early 2019.