The official currency of Jamaica is the Jamaican Dollar. In 1968 the Jamaican government elected to change the national currency of Jamaica from the Jamaican Pound (1840-1869) linked to the British Pound at equal value to the Jamaican Dollar. Banknotes are in denominations of $1, $2, $5, $10, $20, $50, $100, $500, $1000 and $5000. Coinage currently being circulated is 1c, 5c, 10c, 25c, 50c, $1, $5, $10 and $20.
Following liberation of the slaves in Jamaica in 1838, the need for low denomination coinage increased, so the Penny and Halfpenny were minted and circulated. These coins are now regarded as the first truly Jamaican currency.
Alongside the widely traded Spanish Dollar, Liberian coins made from gold and silver known as Spanish Maravedi were used as legal tender in Jamaica. Spanish Dollars also known as pieces of eight ceased to be minted in 1825. The British colonists saw this as an opportunity to introduce British Sterling to all its colonies at a value of one Spanish Dollar to four Shillings and four Pence. From 31st December 1840 it was decreased via an act of parliament passed in 1839 that only British Sterling would be legal tender in Jamaica with the exception of the gold doubloon worth 3 Pounds 4 Shillings.
- January 30
- Bank of Jamaica