Jamaican dollar
From Wikipedia, the free encyclopedia
| Jamaican dollar | |||
|
|||
| ISO 4217 Code | JMD | ||
|---|---|---|---|
| User(s) |  Jamaica |
||
| Inflation | 9.3% | ||
| Source | The World Factbook, 2007 est. | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | $ | ||
| Coins | |||
| Freq. used | $1, $5, $10, $20 | ||
| Rarely used | 10, 25 cents | ||
| Banknotes | |||
| Freq. used | $50, $100, $500, $1000 | ||
| Rarely used | $5000 | ||
| Central bank | Bank of Jamaica | ||
| 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.
Contents |
[edit] 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$88 to US$1 during early 2009. It was a huge setback to their economy.[1]
[edit] 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 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 favor of a 20 dollar banknote in 2000.[2] All nickel-plated or copper-plated steel coins are magnetic.
Coins currently in circulation are:[3]
- 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)
[edit] 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:[4]
- $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)
The Bank of Jamaica announced that a $5000 bill will be introduced to Jamaica's monetary system in September 2009. It will bear the portrait of former Prime Minister of Jamaica, The Honourable Hugh Shearer. On May 18, 2009,a specimen note was presented to the former Prime Minister's widow, Dr. Denise Eldemire-Shearer. However, some have criticized the Bank of Jamaica's measure to introduce this banknote. Among the critics are Finance Minister Audley Shaw,who says that the introduction of such a banknote is a sign that the Jamaican Dollar is losing value.
[edit] 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.
[edit] See also
[edit] References
- ^ http://www.boj.org.jm/uploads/excel/Historic_rates.xls
- ^ Bank of Jamaica | Currency Structure Policy
- ^ Bank of Jamaica | Coins
- ^ Bank of Jamaica | Banknotes
[edit] External links
|
||||||||||||||
