Jamaican dollar

Infobox Currency
image_1 = Jamaican Dollar.jpg
image_title_1 = 1 dollar coin
image_width_1 = 100
image_2 =
image_title_2 =
iso_code = JMD
using_countries = flag|Jamaica
inflation_rate = 9.3%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2007 est.
subunit_ratio_1 = 1/100
subunit_name_1 = cent
symbol = $
frequently_used_coins = $1, $5, $10, $20
rarely_used_coins = 1, 10, 25 cents
used_banknotes = $50, $100, $500, $1000
issuing_authority = Bank of Jamaica
issuing_authority_website = www.boj.org.jm

The dollar (sign: $; code: JMD) has been the currency of Jamaica since 1969. It is normally abbreviated with the dollar sign, $, or, alternatively, J$ or JA$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

History

On 30 January 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 8 September 1969. From its introduction, the Jamaican dollar has fallen from a peak of J$0.77 to US$1 in its first few years of circulation to a series of new lows exceeding J$71 to US$1 during the first half of 2008. [http://www.boj.org.jm/uploads/excel/Historic_rates.xls]

Coins

At the time of its introduction, 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 1 cent, the compositions, sizes, and shapes of the coins were identical to those they replaced.

The 1 cent coin was changed in 1975 a twelve-sided shape and aluminum composition. Decogonal 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-brass 1 dollar coins were introduced to replace the banknote of the same denomination. Nickel-plated steel 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 of 1997. A scalloped nickel-plated steel 10 dollar coin replaced the 10 dollar note in 1999 and a bimetallic 20 coin with a nickel-brass ring and copper-nickel center was introduced in favor of a 20 dollar banknote in 2000. [ [http://www.boj.org.jm/currency_history.php Bank of Jamaica | Currency Structure Policy ] ] All nickel-plated or copper-plated steel coins are magnetic.

Coins currently in circulation are: [ [http://www.boj.org.jm/currency_coins.php Bank of Jamaica | Coins ] ]
*1 cent (21.08mm; 1.22g; aluminium; twelve-sided)
*10 cent (17mm; 2.4g; copper-plated steel; round)
*25 cent (20mm; 3.6g; copper-plated steel; round)
*$1 (18.5mm; 2.9g; nickel-plated steel; seven-sided)
*$5 (21.5mm; 4.3g; nickel-plated steel; round)
*$10 (24.5mm; 6g; nickel-plated steel; scalloped)
*$20 (23mm; 7.1g; bimetallic copper-nickel center in nickel-brass ring; round)

Banknotes

In 1969, banknotes of 50 cents (5 shillings), $1 (10 shillings), $2 (£1), and $10 (£5) were introduced. The $5 note was introduced in 1970, followed by the $20 in 1976, when the 50 cents note was replaced by a coin. $100 notes were added in 1986, followed by $50 notes in 1988. The $2 note was dropped in 1989, whilst 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, whilst, in 2000, $20 coins replaced the notes and $1000 notes were introduced.

Banknotes currently in circulation are: [ [http://www.boj.org.jm/currency_banknotes.php Bank of Jamaica | Banknotes ] ]
*$50 (Front: The Rt. 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 Rt. Excellent Nanny of the Maroons; Back: Old Map of Jamaica highlighting Port Royal)
*$1000 (Front: The Honourable Michael Norman Manley, O.M. O.C.C. LL.D. (Hon.); Back: Jamaica House)

Use outside of Jamaica

The Jamaican dollar was used not only by Jamaica, but also by the Cayman Islands, a former dependency of Jamaica, until 1972. In that year, the territory stopped using the Jamaican dollar and adopted its own currency, the Cayman Islands dollar.

ee also

* Central banks and currencies of the Caribbean
* Economy of Jamaica

References

External links

Standard numismatics external links
world_coin_gallery_1_url = Jamaica
world_coin_gallery_1_name = Jamaica
banknote_world_1_url = jamaica
banknote_world_1_name = Jamaica
dollarization_1_url =
dollarization_1_name =
gfd_1_url = Jamaica
gfd_1_name = Jamaica
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y
* [http://www.boj.org.jm/currency_history.php Bank of Jamaica History]
* [http://www.boj.org.jm/currency_banknotes.php Bank of Jamaica Banknotes]
* [http://www.boj.org.jm/currency_coins.php Bank of Jamaica Coins]