Jamaican dollar facts for kids
Quick facts for kids Jamaican dollar |
|
|---|---|
| ISO 4217 Code | JMD |
| User(s) |  Jamaica |
| Inflation | 4.64% |
| Source | [1], Nov 2019 |
| Subunit | |
| 1⁄100 | cent |
| Symbol | $ |
| Coins | |
| Freq. used | $1, $5, $10, $20 |
| Banknotes | |
| Freq. used | $50, $100, $500, $1000,
$2000, $5000 |
The Jamaican dollar (sign: $; code: JMD) is the official money of Jamaica. It has been used there since 1969. People often shorten its name to J$ to show it's different from other currencies called "dollar." It used to be divided into 100 cents. However, cent coins are no longer used since 2018. Even though prices might still show cents, when you pay with cash, the amount is rounded to the nearest dollar.
Contents
A Look Back: History of Jamaican Money
The story of money in Jamaica is part of a bigger picture. It connects to how money was used across the whole British West Indies. Jamaica was special because it used unique versions of British money. This was different from other British islands.
Early Money in Jamaica
The very first money in Jamaica was Spanish copper coins called maravedíes. For nearly 400 years, Spanish dollars, also known as pieces of eight, were widely used. These coins traveled on trade routes all over the world, including the Caribbean Sea.
However, after wars in Latin America, the supply of these silver coins stopped. The last Spanish dollar was made in 1825. At this time, the United Kingdom had a strong money system based on gold. So, in 1825, Britain decided to bring its own money into all its colonies.
British Money Arrives
A special rule was made in 1825. It said that British money would be legal to use in the colonies. One Spanish dollar was set to be worth 4 shillings and 4 pence in British money. But this exchange rate didn't quite match the real value of the coins. Because of this, British money actually left many colonies instead of staying there.
In 1838, a new rule was made to fix this. The exchange rate was changed to one Spanish dollar equaling 4 shillings and 2 pence. But in Jamaica, British Honduras, Bermuda, and later the Bahamas, they used a different system. It was called the 'Maccaroni' tradition. Here, a British shilling, called a 'Maccaroni', was treated as one-quarter of a dollar. The Bank of Nova Scotia helped bring this system to these places. This helped British money and British bank accounts become popular.
New Coins for a Changing Society
In 1834, smaller silver coins were introduced. These were the threepence and three halfpence (1½ pence). The three-halfpence coins were nicknamed "quartiles" or "quatties." People, especially the black population, felt that copper coins were not suitable for church collections. So, these silver "quatties" became known as "Christian quatties" for church use.
By 1839, the British Parliament passed a law. It said that after December 31, 1840, only British coins would be legal in Jamaica. All Spanish coins were stopped, except for the gold doubloon. It was valued at £3 and 4 shillings. The coins used then included the farthing (¼d), halfpenny, penny, three halfpence, threepence, sixpence, shilling, florin (2 shillings), half crown (2 shillings 6 pence), and crown (5 shillings).
When slavery ended in 1838, more coins were needed in Jamaica. Especially small coins. But people still didn't like using copper coins. The solution was to use a metal called cupronickel, starting in 1869. Pennies and halfpennies were made specifically for Jamaica. These were the first truly Jamaican coins. Later, in 1880, farthings were also made in cupronickel.
Banknotes and the Modern Dollar
In 1904, the first official banknotes were made for 10 shillings. Other banks also circulated £1 and £5 notes. In 1918, notes for 2 shillings 6 pence and 5 shillings were allowed. The 2 shillings 6 pence note didn't last long and was stopped in 1922. By 1940, the government bank started making £1 and £5 notes.
In October 1960, the Bank of Jamaica got the sole right to make all coins and banknotes in Jamaica. Their first notes came out on May 1, 1961. These were for 5 shillings, 10 shillings, £1, and £5.
On January 30, 1968, the Jamaican House of Representatives decided to change the currency to a decimal system. They introduced the dollar, which was worth 10 shillings. This new dollar would replace the Jamaican pound. The new coins and banknotes started circulating on September 8, 1969. This change allowed Jamaica to have its own unique coins. Before, most coins were the same as those in the United Kingdom. The back of the new decimal coins was designed by Christopher Ironside. These coins were used from 1969 until about 1990.
Since it was introduced, the Jamaican dollar's value has changed. Due to rising prices in the 1980s and early 1990s, its value against the US dollar has decreased. For example, it went from about J$0.77 to US$1 in its early years to around J$131 to US$1 by July 2018.
The new Jamaican dollar was different from other dollars in the British West Indies. It was basically worth half a pound sterling. Other dollars in the area were either based on the US dollar or the Spanish dollar.
Jamaican Coins Today
When the Jamaican dollar was first introduced in 1969, coins were made for 1 cent, 5 cents, 10 cents, 20 cents, and 25 cents. The 1-cent coin was later changed in 1975 to a twelve-sided shape and made of aluminium.
In 1976, Decagonal 50-cent coins were made to replace the 50-cent banknote. However, these coins stopped being made for everyday use in 1989. The 20-cent coin also stopped production then. In 1990, nickel-brass 1 dollar coins were introduced. They replaced the 1 dollar banknote.
In 1991, the 5, 10, and 25 cent coins changed. They became smaller and were made of nickel-plated steel instead of copper-nickel. The 25-cent coin also became seven-sided. In 1994, a round nickel-plated steel 5 dollar coin replaced its banknote. A smaller, seven-sided nickel-plated steel 1 dollar coin was also introduced. The 5-cent coin was stopped completely. In 1995, smaller, round copper-plated steel 10 and 25 cent coins were made. All old coins were no longer valid money in January 1997.
A scalloped nickel-plated steel 10 dollar coin replaced the 10 dollar note in 1999. A special bimetallic 20 dollar coin was introduced in 2000. It has a nickel-brass ring and a copper-nickel center. This coin replaced the 20 dollar banknote. All coins made of nickel-plated or copper-plated steel are magnetic.
All Jamaican coins have the country's coat of arms on their back side.
Coins You Can Use Now
- $1 (seven-sided, nickel-plated steel) – Shows Rt. Excellent Sir Alexander Bustamante
- $5 (round, nickel-plated steel) – Shows Rt. Excellent Norman Manley
- $10 (scalloped or round, nickel-plated steel) – Shows Rt. Excellent George William Gordon
- $20 (round, bimetallic) – Shows Rt. Excellent Marcus Garvey
Coins No Longer Used
- 1 cent (twelve-sided, aluminium) – Showed Ackee (stopped February 15, 2018)
- 5 cents (round, copper-nickel) – Showed American crocodile (stopped 1994)
- 10 cents (round, copper-nickel) – Showed Plant leaves (stopped February 15, 2018)
- 10 cents (round, copper-plated steel) – Showed Rt. Excellent Paul Bogle (stopped February 15, 2018)
- 20 cents (round, copper-nickel) – Showed Three Blue mahoe trees (stopped 1990)
- 25 cents (round, copper-nickel) – Showed Streamer-tailed Hummingbird (stopped February 15, 2018)
- 25 cents (round, copper-plated steel) – Showed Rt. Excellent Marcus Garvey (stopped February 15, 2018)
- 50 cents (decagon, copper-nickel) – Showed Rt. Excellent Marcus Garvey (stopped 1990)
Jamaican Banknotes Today
On September 8, 1969, the first banknotes for the new dollar were released. These were for 50 cents, $1, $2, and $10. A $5 note was added in October 1970. Then, a $20 note came out in June 1976, when the 50-cent note was replaced by a coin.
Higher value notes were added later. $100 notes came out in December 1986. $50 notes followed in July 1988. The $2 note was stopped in 1994. The $1 note was replaced by a coin in 1990. In 1994, coins replaced the $5 notes, and $500 notes were introduced. In 1999, $10 coins replaced notes. In 2000, $20 coins replaced notes, and $1000 notes were introduced.
Banknotes You Can Use Now
- $50 (Front: The Right Excellent Samuel Sharpe, National Hero; Back: Doctor's Cave Beach, Montego Bay)
- $100 (Front: Sir Donald Sangster; Back: Dunn's River Falls)
- $500 (Front: The Right Excellent Nanny of the Maroons; Back: Old Map of Jamaica highlighting Port Royal)
- $1000 (Front: The Honourable Michael Norman Manley; Back: Jamaica House)
On September 24, 2009, the Bank of Jamaica introduced a $5000 bill. It features the portrait of former Prime Minister, The Honourable Hugh Lawson Shearer. Some people, like Finance Minister Audley Shaw, worried that introducing such a high-value note meant the Jamaican dollar was losing its value.
Special Edition Banknotes
On November 15, 2010, the Bank of Jamaica released a special $50 note. This was to celebrate its 50th birthday. It looked like the regular note but had the bank's logo with "50th anniversary" and "1960–2010" printed on it. The back showed the Bank of Jamaica building. Both the special and regular notes are used.
In 2012, the Bank of Jamaica made new banknotes to celebrate Jamaica's 50th anniversary of independence. These notes also looked like the regular ones. But on the front, they had a "Jamaica 50" logo. The unique image on the back of each note was replaced. Instead, it showed a photo of children from Central Branch Primary School from 1962. This picture used to be on the old $2 note.
Jamaican banknotes are usually printed on cotton. But in Jamaica's warm climate, they don't last very long. So, new notes are being made on stronger materials. The $100 note is printed on "hybrid" material. This is a mix of polyester film and cotton. The $50, $500, and $1000 notes are printed on varnished cotton. This varnish protects them from dirt and moisture. The $5000 note still uses regular cotton.
These special notes were released on July 23, 2012. They are used alongside the regular banknotes. In 2014 and 2015, more $50 and $100 notes were printed on the "Hybrid" material.
The $1000 note features an image of the Jamaican Swallowtail. This is the largest butterfly in the western hemisphere. It is only found in Jamaica.
In 2022, new banknotes were announced to celebrate Jamaica's 60th anniversary. These include a new $2000 note. They were shown on March 8, 2022.
Where Else Was the Jamaican Dollar Used?
The Jamaican dollar was not only used in Jamaica. It was also the money for the Cayman Islands and Turks and Caicos Islands. These were once linked to Jamaica. But in 1972, the Cayman Islands started using its own money, the Cayman Islands dollar. In 1973, the Turks and Caicos Islands began using the United States dollar instead.
Why "Dollar" and Not "Pound"?
When Jamaica switched to the decimal system, it chose the "dollar" name. This was similar to how South Africa, Australia, and New Zealand changed their money. They decided to make their new money unit worth half of their old pound. The name "dollar" was chosen because its value was closer to the US dollar than to the British pound sterling.
Images for kids
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New 5000 dollars design
New 5000 dollars design
