Jamaican pound facts for kids

Quick facts for kids Jamaican pound
1d of 1937
User(s)	Jamaica
Subunit
1⁄20	shilling
1⁄240	penny
Symbol	£
shilling	s or /–
penny	d
Coins	1⁄2d, 1d, 1+1⁄2d, 3d, 6d, 1/–, 2/–, 2/6, 5/–
Banknotes	5/–, 10/–, £1, £5

The pound was the main money used in Jamaica from 1840 to 1969. It was made up of both British money (called sterling) and special coins and banknotes made just for Jamaica. The Jamaican pound was always worth the same as the British pound. This money was also used in the Cayman and Turks and Caicos Islands.

A Look Back: How Jamaica's Money Changed

A Jamaican 6 pence stamp from around 1860.

The story of money in Jamaica is part of a bigger picture. It connects to how money was used across all the British West Indies islands. Jamaica was special because it was the only British West Indies place to have its own unique versions of British money.

Early Money in Jamaica

The very first money used in Jamaica was a Spanish copper coin called the maravedí. For almost 400 years, Spanish dollars, also known as pieces of eight, were very common. They were used for trading all over the world, including the Caribbean Sea.

However, after wars in Latin America, new Spanish dollars stopped being made. The last one was minted in 1825. Around this time, the United Kingdom decided to use gold as the basis for its money. So, in 1825, they wanted to bring British money into all their colonies.

British Money Comes to Jamaica

A new rule was made to help British money spread. It said that one Spanish dollar was worth four shillings and four pence of British money. But this didn't quite work out. The rule actually made British money disappear from some colonies. This is because the value of silver in Spanish dollars didn't match the value of gold in British money.

So, in 1838, a new rule was made. It said one dollar was worth four shillings and two pence. This was a more realistic value. In Jamaica, British Honduras, Bermuda, and later the Bahamas, they used a different system. It was called the 'Maccaroni' tradition. In this system, a British shilling was treated as one quarter of a dollar. This helped British money and banking accounts become popular in these places.

In 1834, new silver coins were made: a threepence and a three halfpenny (1½ pence). The three halfpenny coin was often called a "quartile" or "quatty." People, especially black Jamaicans, used these smaller silver coins for church collections. They believed copper coins were not suitable for this purpose. Because of this, the three halfpenny coins became known as "Christian quatties."

New Laws for Jamaican Currency

In 1839, the British Parliament passed a law. It stated that after December 31, 1840, only British money would be legal in Jamaica. All Spanish coins, except for the gold doubloon, were no longer valid. The doubloon was valued at £3 and 4 shillings.

The coins used then included the farthing (¼d), halfpenny (½d), penny (1d), three halfpenny (1½d), threepence (3d), sixpence (6d), shilling (1/–), florin (2/–), half-crown (2/6), and crown (5/–).

Coins for Everyone

After slavery ended in 1838, more coins were needed in Jamaica, especially small ones. But many black Jamaicans still didn't want to use copper coins. The solution was to use a metal called cupronickel, starting in 1869. Penny and halfpenny coins were made from cupronickel just for Jamaica. These were the first truly Jamaican coins. Later, in 1880, the farthing was also made from cupronickel.

Paper Money Appears

In 1904, a law was passed to create paper money. It allowed a group of people called the "Board of Commissioners" to print notes worth 10 shillings each. However, no notes were printed right away.

This law was changed in 1918. It allowed notes of any approved value to be printed. On March 15, 1920, the Commissioners of Currency finally issued the first notes. These were for 2/6, 5/–, and 10/–. Each note said it was issued under the authority of the 1904 and 1918 laws. Only these three smaller notes were issued by the Commissioners. Larger notes, like £1 and £5, were issued by private banks in Jamaica. However, in 1940, the government started printing £1 and £5 notes too.

The Bank of Jamaica Takes Over

In October 1960, the Bank of Jamaica was given the sole power to make all coins and banknotes in Jamaica. Their first notes were issued on May 1, 1961. These were in values of 5/–, 10/–, £1, and £5.

Switching to the Jamaican Dollar

On January 30, 1968, the Jamaican House of Representatives decided to change the currency to a decimal system. This meant introducing a new dollar that was worth 10 shillings. This dollar was divided into 100 cents. So, 1 cent was equal to exactly 1 and 1/5 pence.

New coins were made: 1 cent (1 and 1/5d), 5 cents (6d), 10 cents (1/–), 20 cents (2/–), and 25 cents (2/6). New banknotes were also created: 50 cents (5/–), $1 (10/–), $2 (£1), and $10 (£5). These new coins and banknotes started being used on September 8, 1969.

The new Jamaican dollar (and the Cayman Islands dollar) was different from other dollars in the British West Indies. It was based on the British 10-shilling unit. This was similar to how countries like Australia, New Zealand, and South Africa changed their money. Other dollars in the West Indies were based on the US dollar or the old Spanish dollar.

Jamaican Pound Banknotes

Here are some of the banknotes that were used during the time of the Jamaican Pound: