The Jamaican dollar (
sign:
$;
code
In communications and information processing, code is a system of rules to convert information—such as a letter, word, sound, image, or gesture—into another form, sometimes shortened or secret, for communication through a communicati ...
: JMD) has been the
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general ...
of
Jamaica
Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
since 1969. It is often abbreviated to J$, the J serving to distinguish it from other
dollar-denominated currencies. It is divided into 100
cent
Cent may refer to:
Currency
* Cent (currency), a one-hundredth subdivision of several units of currency
* Penny (Canadian coin), a Canadian coin removed from circulation in 2013
* 1 cent (Dutch coin), a Dutch coin minted between 1941 and 1944
* ...
s, although cent denominations are no longer in use as of 2018. Goods and services may still be priced in cents, but cash transactions are now rounded to the nearest dollar.
Exchange rate
History
The history of currency in
Jamaica
Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispa ...
should not be considered in isolation of the wider picture in the
British West Indies as a whole. See
British West Indies dollar
The British West Indies dollar (BWI$) was the currency of British Guiana and the Eastern Caribbean territories of the British West Indies from 1949 to 1965, when it was largely replaced by the East Caribbean dollar, and was one of the currencies us ...
. The peculiar feature about Jamaica was the fact that it was the only British West Indies territory to use special issues of the
sterling coinage, apart from the four-pence
groat coin which was specially issued for all the British West Indies, and later only for
British Guiana.
The earliest money in Jamaica was
Spanish copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pink ...
coins called ''
maravedí
The ''maravedí'' () or ''maravedi'' (), (from ''Almoravid dinar''), was the name of various Iberian coins of gold and then silver between the 11th and 14th centuries and the name of different Iberian accounting units between the 11th and 19th ce ...
es''. This relates to the fact that for nearly four hundred years
Spanish dollars, known as
pieces of eight were in widespread use on the world's trading routes, including the Caribbean Sea region. However, following the revolutionary wars in Latin America, the source of these silver trade coins dried up. The last Spanish dollar was minted at the
Potosí
Potosí, known as Villa Imperial de Potosí in the colonial period, is the capital city and a municipality of the Department of Potosí in Bolivia. It is one of the highest cities in the world at a nominal . For centuries, it was the location o ...
mint in 1825. The
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...
had adopted a very successful
gold standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from th ...
in 1821, so 1825 was an opportune time to introduce the British sterling coinage into all the British colonies.
An imperial order-in-council was passed in that year for the purposes of facilitating this aim by making sterling coinage legal tender in the colonies at the specified rating of = 4s 4d (one Spanish dollar to four
shilling
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence ...
s and four
pence sterling). As the sterling silver coins were attached to a gold standard, this exchange rate did not realistically represent the value of the
silver
Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...
in the Spanish dollars as compared to the value of the
gold
Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile ...
in the British gold sovereign, and as such, the order-in-council had the reverse effect in many colonies. It had the effect of actually driving sterling coinage out, rather than encouraging its circulation.
Remedial legislation had to be introduced in 1838 so as to change over to the more realistic rating of = 4s 2d. However, in Jamaica,
British Honduras,
Bermuda
)
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, song_type = National song
, song = "Hail to Bermuda"
, image_map =
, map_caption =
, image_map2 =
, mapsize2 =
, map_caption2 =
, subdivision_type = Sovereign state
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, and later in the
Bahamas
The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to 88% of the a ...
also, the official rating was set aside in favour of what was known as the 'Maccaroni' tradition in which a British shilling, referred to as a 'Maccaroni', was treated as one quarter of a dollar. The common link between these four territories was the
Bank of Nova Scotia which brought in the 'Maccaroni' tradition, resulting in the successful introduction of both sterling coinage and sterling accounts.
In 1834, silver coins of
threepence and
three halfpence ( pence) were introduced, valued at
real and real. The three-halfpence coins came to be called "quartiles" or "quatties". These in particular were used in church collections due to a feeling by the black population that copper coins were inappropriate for that purpose. Hence, they came to be called "Christian quatties".
In 1839, an act was passed by
Parliament
In modern politics, and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: representing the electorate, making laws, and overseeing the government via hearings and inquiries. Th ...
declaring that as of December 31, 1840, only British coinage would be
legal tender in Jamaica, demonetizing all of the Spanish coins, with the exception of the gold
doubloon
The doubloon (from Spanish ''doblón'', or "double", i.e. ''double escudo'') was a two-''escudo'' gold coin worth approximately $4 (four Spanish dollars) or 32 '' reales'',
and weighing 6.766 grams (0.218 troy ounce) of 22-karat gold (or 0.917 fi ...
which was valued at £3 4s. Coins in use were thus the
farthing
Farthing or farthings may refer to:
Coinage
*Farthing (British coin), an old British coin valued one quarter of a penny
** Half farthing (British coin)
** Third farthing (British coin)
** Quarter farthing (British coin)
*Farthing (English co ...
(d),
halfpenny,
penny, three halfpence (d), threepence,
sixpence,
shilling
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence ...
,
florin
The Florentine florin was a gold coin struck from 1252 to 1533 with no significant change in its design or metal content standard during that time. It had 54 grains (3.499 grams, 0.113 troy ounce) of nominally pure or 'fine' gold with a purc ...
(2s),
half crown (2s 6d), and
crown (5s).
The emancipation of the slaves in 1838 increased the need for coinage in Jamaica, particularly low-denomination coins, but the blacks were still reluctant to use copper. The solution was to use
cupronickel
Cupronickel or copper-nickel (CuNi) is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. The copper content typically varies from 60 to 90 percent. ( Monel is a nickel-copper alloy that contains a mi ...
, adopted in 1869. Pennies and halfpennies were minted for use in Jamaica, becoming the first truly Jamaican coins. Beginning in 1880, the farthing was also minted in cupronickel.
In 1904, the first government-authorized
banknote
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Banknotes w ...
s were produced in the denomination of 10s. Banknotes of £1 and £5 were also being circulated by chartered banks. In 1918, denominations of 2s 6d and 5s were authorized. The 2s 6d note proved to have a short life, being withdrawn in 1922. In 1940, the government bank began producing £1 and £5 notes.
In October 1960, the Bank of Jamaica was given the sole right to mint coins and produce banknotes in Jamaica. Their notes were released on May 1, 1961, in the denominations of 5s, 10s, £1, and £5.
On January 30, 1968, the
Jamaican House of Representatives voted to decimalize the currency by introducing the dollar, worth 10 shillings, to replace the
Jamaican pound. Coins and banknotes went into circulation on September 8, 1969. The introduction of a decimal currency provided the opportunity for the introduction of a complete Jamaican coinage as formerly, the coins (with the exception of the penny and halfpenny), were the same as those used in the United Kingdom. The reverse of the decimal coinage was designed by
Christopher Ironside
Christopher Ironside OBE, FRBS (11 July 1913, London – 13 July 1992, Winchester, Hampshire) was an English painter and coin designer, particularly known for the reverse sides of the new British coins issued on decimalisation in 1971.
Life an ...
. These coins were in circulation from 1969 to about 1990.
From its introduction, as a result of elevated levels of inflation during the 1980s and especially the early 1990s, the Jamaican dollar has fallen from a peak of J$0.77 to in its first few years of circulation to around J$131 to as of July 2018.
The new Jamaican dollar (and the
Cayman Islands dollar
The Cayman Islands Dollar (currency code ''KYD'') is the currency of the Cayman Islands. It is abbreviated with the dollar sign ''$'', or alternatively ''CI$'' to distinguish it from other dollar-denominated currencies. It is subdivided into 1 ...
), differed from all the other dollars in the British West Indies in that it was essentially a half-pound sterling. All the other dollars in the vicinity either began on the US dollar unit, in the case of Belize, Bermuda, and the Bahamas, or the Spanish dollar unit in the case of the Eastern Caribbean territories, Barbados and Guyana. The Spanish dollar unit at any rate was approximately the same value as the US unit.
Coins
At the time of the currency's introduction, 1969, coins of 1 cent (1.2 pence), 5 cents (6 pence), 10 cents (1 shilling), 20 cents (2 shillings), and 25 cents (2 shillings 6 pence) were produced. With the exception of a smaller
bronze
Bronze is an alloy consisting primarily of copper, commonly with about 12–12.5% tin and often with the addition of other metals (including aluminium, manganese, nickel, or zinc) and sometimes non-metals, such as phosphorus, or metalloids suc ...
1 cent, the compositions, sizes, and shapes of the coins were identical to those they replaced.
The 1-cent coin was changed in 1975 to a
twelve-sided shape and
aluminium
Aluminium (aluminum in American and Canadian English) is a chemical element with the symbol Al and atomic number 13. Aluminium has a density lower than those of other common metals, at approximately one third that of steel. It ha ...
composition.
Decagonal 50-cent coins were introduced in 1976 to replace the 50 cent banknote, but production for circulation ceased in 1989, along with that of the 20 cents. In 1990,
nickel
Nickel is a chemical element with symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel is a hard and ductile transition metal. Pure nickel is chemically reactive but large pieces are slow t ...
-
brass
Brass is an alloy of copper (Cu) and zinc (Zn), in proportions which can be varied to achieve different mechanical, electrical, and chemical properties. It is a substitutional alloy: atoms of the two constituents may replace each other wi ...
1 dollar coins were introduced to replace the banknote of the same denomination. Nickel-plated
steel
Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistan ...
replaced copper-nickel in the 5, 10, and 25 cent coins in 1991 with a smaller size and
seven-sided shape for the 25 cent coin. In 1994, a round nickel-plated steel 5 dollar coin replaced its corresponding banknote, a smaller, seven-sided nickel-plated steel 1 dollar coin was introduced, and the 5 cent coin was abandoned. 1995 saw smaller, round copper-plated steel 10 and 25 cent coins. All non-current coins were demonetized in January 1997. A scalloped nickel-plated steel 10 dollar coin replaced the 10 dollar note in 1999 and a bimetallic 20 dollar coin with a nickel-brass ring and copper-nickel center was introduced in place of a 20 dollar banknote in 2000. All nickel-plated or copper-plated steel coins are magnetic.
All coins have the Jamaican coat of arms on their reverse.
Coins currently in circulation are as follows:
*$1 (18.5 mm; 2.9 g; nickel-plated steel; seven-sided) Reverse: Rt. Excellent
Sir Alexander Bustamante
Sir William Alexander Clarke Bustamante (born William Alexander Clarke; 24 February 1884 – 6 August 1977) was a Jamaican politician and labour leader, who, in 1962, became the first prime minister of Jamaica.
Early life and education
He was ...
*$5 (21.5 mm; 4.3 g; nickel-plated steel; round) Reverse: Rt. Excellent
Norman Manley
*$10 (24.5 mm; 6 g; nickel-plated steel; scalloped or round) Reverse: Rt. Excellent
George William Gordon
George William Gordon (1820 – 23 October 1865) was a wealthy mixed-race Jamaican businessman, magistrate and politician, one of two representatives to the Assembly from St. Thomas-in-the-East parish. He was a leading critic of the colonia ...
*$20 (23 mm; 7.1 g; bimetallic copper-nickel center in nickel-brass ring; round) Rt. Excellent Marcus Garvey
Coins no longer in circulation:
*1 cent (21.08 mm; 1.22 g; aluminium; dodecagon) Reverse:
Ackee (demonetized on 15 February 2018)
*5 cents (19.4 mm; 2.83 g; copper-nickel; round) Reverse:
American crocodile (demonetized in 1994)
*10 cents (23.6 mm; 5.75 g; copper-nickel; round) Reverse: Plant leaves (demonetized on 15 February 2018)
*10 cents (17 mm; 2.4 g; copper-plated steel; round) Reverse: Rt. Excellent
Paul Bogle (demonetized on 15 February 2018)
*20 cents (29 mm; 11.3 g; copper-nickel; round) Reverse: Three
Blue mahoe trees (demonetized in 1990)
*25 cents (32.3 mm; 14.55 g; copper-nickel; round) Reverse: Streamer-tailed
Hummingbird (demonetized on 15 February 2018)
*25 cents (20 mm; 3.6 g; copper-plated steel; round) Reverse: Rt. Excellent
Marcus Garvey (demonetized on 15 February 2018)
*50 cents (31.37 mm; 12.43 g; copper-nickel; decagon) Reverse: Rt. Excellent Marcus Garvey (demonetized in 1990)
Banknotes
On 8 September 1969, banknotes of 50 cents (5 shillings), (10 shillings), (£1), and (£5) were introduced. The note was introduced on 20 October 1970, followed by the in June 1976, when the 50 cent note was replaced by a coin. notes were added on 2 December 1986, followed by notes on 27 July 1988. The note was dropped in 1994, whilst the note was replaced by a coin in 1990. In 1994, coins replaced the notes and notes were introduced. In 1999, coins replaced notes, whilst, in 2000, coins replaced the notes and notes were introduced.
Banknotes currently in circulation are:
*$50 (Front: The Right Excellent
Samuel Sharpe, National Hero; Back:
Doctor's Cave Beach,
Montego Bay
Montego Bay is the capital of the parish of St. James in Jamaica. The city is the fourth-largest urban area in the country by population, after Kingston, Spanish Town, and Portmore, all of which form the Greater Kingston Metropolitan Area, h ...
)
*$100 (Front:
Sir Donald Sangster; Back:
Dunn's River Falls
Dunn's River Falls is a famous waterfall near Ocho Rios, Jamaica and a major Caribbean tourist attraction that receives thousands of visitors each year.
Appearance
At about high and long, the waterfalls are terraced like giant natural stairs t ...
)
*$500 (Front: The Right Excellent
Nanny of the Maroons; Back: Old Map of Jamaica highlighting
Port Royal
Port Royal is a village located at the end of the Palisadoes, at the mouth of Kingston Harbour, in southeastern Jamaica. Founded in 1494 by the Spanish, it was once the largest city in the Caribbean, functioning as the centre of shipping and ...
)
*$1000 (Front: The Honourable
Michael Norman Manley
Michael Norman Manley (10 December 1924 – 6 March 1997) was a Jamaican politician who served as the fourth Prime Minister of Jamaica from 1972 to 1980 and from 1989 to 1992. Manley championed a democratic socialist program, and has been d ...
,
ON OCC LL.D. (Honorary); Back: Jamaica House)
The Bank of Jamaica introduced a bill into Jamaica's monetary system on 24 September 2009. It bears the portrait of former Prime Minister of Jamaica, The Honourable
Hugh Lawson Shearer. On May 18, 2009, a specimen note was presented to the former Prime Minister's widow, Dr. Denise Eldemire-Shearer. Finance Minister
Audley Shaw
Audley Shaw (born 13 June 1952) is a Jamaican politician. He currently serves as Minister of Transport & Mining since January 2022. Prior to this appointment he served as the Minister of Industry, Investment and Commerce from September 2020 - J ...
criticized the decision to introduce the banknote, saying that the introduction of such a banknote is a sign that the Jamaican dollar is losing value.
On 15 November 2010, the Bank of Jamaica issued a commemorative note to celebrate its founding. The note is similar to its regular issue in design and security features, but the bank's logo printed in blue, with the words "50th anniversary" and "1960–2010" printed above and below the logo. The back of the commemorative note features the Bank of Jamaica headquarters building in Nethersole Place set against a background of morning glory blossoms. Both the commemorative and the regular issue note circulate in parallel.
In 2012, the Bank of Jamaica introduced a new family of banknotes commemorating the country's Golden Jubilee. The commemorative banknotes are similar to its regular issue banknotes, but on the obverse it features the "Jamaica 50" logo superimposed on the watermark on the front of each note. The unique image, which is normally on the reverse side of each note, has been replaced by a photograph of a group of children from Central Branch Primary School, from 1962. It formerly appeared on the note, which was in circulation from 1969 to 1994.
Currently, the Jamaican banknotes are printed on a cotton material which has a relatively short life in the country's tropical climate and other circulation conditions, but the new notes will come on enhanced substrates.
The note is printed on a material called "
hybrid", a combination of a protected polyester film layered on a cotton fiber core. The , , and notes are printed on a varnished cotton substrate, that is, the traditional cotton treated with a varnish after the notes have been printed.
Varnishing creates a moisture-proof layer to protect the banknotes against surface soiling and reduces the extent to which they will absorb moisture, contaminant particles and microorganisms. The note remains on a regular cotton substrate as the main security thread, "Optiks", is compatible only with the cotton based material.
The commemorative notes are released into circulation on 23 July 2012 and the new notes will circulate alongside the regular issue banknotes.
On 24 March 2014, the Bank of Jamaica issued a note printed on the "Hybrid" substrate. In 2015, the Bank of Jamaica issued a note dated 1 January 2014 on the "Hybrid" substrate.
Jamaica new 100-dollar Hybrid note confirmed
BanknoteNews.com. June 4, 2015. Retrieved on 2015-06-13.
The note features an image of the Jamaican Swallowtail, the largest butterfly in the western hemisphere which is also endemic to Jamaica.
Use outside Jamaica
The Jamaican dollar was used not only by Jamaica, but also by the Cayman Islands
The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...
and Turks and Caicos Islands, former dependencies of Jamaica, until 1972 and 1973 respectively. In 1972, the Cayman Islands stopped using the Jamaican dollar and adopted its own currency, the Cayman Islands dollar
The Cayman Islands Dollar (currency code ''KYD'') is the currency of the Cayman Islands. It is abbreviated with the dollar sign ''$'', or alternatively ''CI$'' to distinguish it from other dollar-denominated currencies. It is subdivided into 1 ...
, while in 1973 the Turks and Caicos Islands replaced the Jamaican dollar as legal tender with the United States dollar legal tender.
Half Pounds
In adopting the Jamaican dollar, Jamaica followed the pattern of South Africa
South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring coun ...
, Australia
Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by ...
, and New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island coun ...
in that when it adopted the decimal system, it decided to use the half pound unit as opposed to the pound unit of account. The choice of the name dollar was motivated by the fact that the reduced value of the new unit corresponded more closely to the value of the US dollar than it did to pound sterling.
See also
* Central banks and currencies of the Caribbean This is a list of the central banks and currencies of the Caribbean.
There are a number of currencies serving multiple territories; the most widespread are the East Caribbean dollar (8 countries and territories), the United States dollar (5) and ...
* Economy of Jamaica
References
External links
Bank of Jamaica History of Jamaican Currency
Bank of Jamaica Banknotes
Bank of Jamaica Coins
{{Portal bar, Caribbean, Jamaica, Money, Numismatics
Circulating currencies
Currencies of the Caribbean
Currencies of the Commonwealth of Nations
Dollar
Economy of Jamaica
Currencies introduced in 1969
Currencies of Jamaica