The Jamaican dollar (sign: $; code: JMD) has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents, although cent denominations are no longer in use as of 2018. Goods and services may still be priced in cents, but cash transactions are now rounded to the nearest dollar.
JMD Coins
At the time of the currency’s introduction, 1969, 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 to a twelve-sided shape and aluminium composition. Decagonal 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 place of a 20 dollar banknote in 2000.[2] All nickel-plated or copper-plated steel coins are magnetic.
All coins have the Jamaican coat of arms on their reverse.
Coins currently in circulation are as follows:
1 cent (21.08 mm; 1.22 g; aluminium; dodecagon) Reverse: Ackee (demonetized on 15 February 2018)
$1 (18.5 mm; 2.9 g; nickel-plated steel; seven-sided) Reverse: Rt. Excellent Sir Alexander Bustamante
$5 (21.5 mm; 4.3 g; nickel-plated steel; round) Reverse: Rt. Excellent Norman Manley
$10 (24.5 mm; 6 g; nickel-plated steel; scalloped or round) Reverse: Rt. Excellent George William Gordon
$20 (23 mm; 7.1 g; bimetallic copper-nickel center in nickel-brass ring; round) Rt. Excellent Marcus Garvey
Coins no longer in circulation:
5 cents (19.4 mm; 2.83 g; copper-nickel; round) Reverse: American crocodile (demonetized in 1994)
10 cents (23.6 mm; 5.75 g; copper-nickel; round) Reverse: Plant leaves (demonetized on 15 February 2018)
10 cents (17 mm; 2.4 g; copper-plated steel; round) Reverse: Rt. Excellent Paul Bogle (demonetized on 15 February 2018)
20 cents (29 mm; 11.3 g; copper-nickel; round) Reverse: Three Blue mahoe trees (demonetized in 1990)
25 cents (32.3 mm; 14.55 g; copper-nickel; round) Reverse: Streamer-tailed Hummingbird (demonetized on 15 February 2018)
25 cents (20 mm; 3.6 g; copper-plated steel; round) Reverse: Rt. Excellent Marcus Garvey (demonetized on 15 February 2018)
50 cents (31.37 mm; 12.43 g; copper-nickel; decagon) Reverse: Rt. Excellent Marcus Garvey (demonetized in 1990)
JMD Banknotes
On 8 September 1969, banknotes of 50 cents (5 shillings), $1 (10 shillings), $2 (£1), and $10 (£5) were introduced. The $5 note was introduced on 20 October 1970, followed by the $20 in June 1976, when the 50 cent note was replaced by a coin. $100 notes were added on 2 December 1986, followed by $50 notes on 27 July 1988. The $2 note was dropped in 1994, 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:
$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, ON OCC LL.D. (Honorary); Back: Jamaica House)
The Bank of Jamaica introduced a $5000 bill into Jamaica’s monetary system on 24 September 2009. It bears the portrait of former Prime Minister of Jamaica, The Honourable Hugh Lawson Shearer. On May 18, 2009, a specimen note was presented to the former Prime Minister’s widow, Dr. Denise Eldemire-Shearer. Finance Minister Audley Shaw criticized the decision to introduce the banknote, saying that the introduction of such a banknote is a sign that the Jamaican dollar is losing value.
On 15 November 2010, the Bank of Jamaica issued a $50 commemorative note to celebrate its founding. The note is similar to its regular issue in design and security features, but the bank’s logo printed in blue, with the words “50th anniversary” and “1960–2010” printed above and below the logo. The back of the commemorative note features the Bank of Jamaica headquarters building in Nethersole Place set against a background of morning glory blossoms. Both the commemorative and the regular issue note circulate in parallel.
In 2012, the Bank of Jamaica introduced a new family of banknotes commemorating the country’s Golden Jubilee. The commemorative banknotes are similar to its regular issue banknotes, but on the obverse it features the “Jamaica 50” logo superimposed on the watermark on the front of each note. The unique image, which is normally on the reverse side of each note, has been replaced by a photograph of a group of children from Central Branch Primary School, from 1962. It formerly appeared on the $2 note, which was in circulation from 1969 to 1994.
Currently, the Jamaican banknotes are printed on a cotton material which has a relatively short life in the country’s tropical climate and other circulation conditions, but the new notes will come on enhanced substrates.
The $100 note is printed on a material called “hybrid”, a combination of a protected polyester film layered on a cotton fiber core. The $50, $500, and $1000 notes are printed on a varnished cotton substrate, that is, the traditional cotton treated with a varnish after the notes have been printed. Varnishing creates a moisture-proof layer to protect the banknotes against surface soiling and reduces the extent to which they will absorb moisture, contaminant particles and microorganisms. The $5000 note remains on a regular cotton substrate as the main security thread, “Optiks”, is compatible only with the cotton based material.
The commemorative notes are released into circulation on 23 July 2012 and the new notes will circulate alongside the regular issue banknotes.
On 24 March 2014, the Bank of Jamaica issued a $50 note printed on the “Hybrid” substrate. In 2015, the Bank of Jamaica issued a $100 note dated 1 January 2014 on the “Hybrid” substrate.
The $1000 note features an image of the Jamaican Swallowtail, the largest butterfly in the western hemisphere which is also endemic to Jamaica.