The history of the Jamaican dollar traces back to the period before its introduction in 1969 when the official currency in Jamaica was the pound sterling. The transition to the Jamaican dollar was initiated on January 30, 1968, when the House of Representatives of Jamaica unanimously approved the replacement of the Jamaican pound with the new currency.
During this transition, the Committee recommended maintaining continuity in the public's familiarity by ensuring that the new coins matched the size and weight of the denominations in pounds, shillings, and pennies. Additionally, it was proposed that portraits of national figures should replace the queen's portrait on tickets, and the national motto should be incorporated into the design of the new banknotes. Uniformity in size and basic colors for the new banknotes was also deemed convenient.
In June 1994, the Council of Ministers approved a revised monetary structure, leading to the replacement of the $5 bill with a coin, the $1 bill with a 25-cent coin, a redesign of the 10-cent coin, and the discontinuation of the 5-cent coin. The updated structure included coins in denominations of 1, 10, and 25 cents, as well as 1 and $5, while bills were issued in denominations of 10, 20, 50, 100, and 500 $.
Further developments occurred in 1999, with the introduction of a new banknote and a 10-dollar coin. In March 2000, a $1000 bill was introduced, and in July of the same year, the $20 bill was replaced by a coin featuring the portrait of national hero Marcus Garvey. This coin was noteworthy as the first bimetallic coin produced by Jamaica.
What currency is used in Jamaica?
Jamaica employs the Jamaican Dollar as its official currency.
Jamaican currency: name, code, symbol
The official name of currency of Jamaica is the Jamaican Dollar (JMD). Its currency code is JMD, and its symbol is "$" or "J$" to denote Jamaican Dollars.‘jamaican currency name‘
Current Jamaican dollar coins and banknotes
Jamaican banknotes are available in denominations of $50, $100, $500, $1000, and $5000, all sharing the identical dimensions of 145 x 68 mm. Each banknote features a distinct watermark, showcasing the portrait associated with that specific denomination. In addition to banknotes, coins are also in circulation, ranging from 1 cent to 20 Jamaican dollars, encompassing values of 1, 10, and 25 cents, as well as 1, 5, 10, and 20 dollars.
Can US dollars be used in Jamaica?
US Dollars (USD) are commonly accepted in all-inclusive resorts and major tourist areas in Jamaica. Additionally, credit and debit cards are widely welcomed in these tourist hotspots, and ATMs allow for the withdrawal of Jamaican Dollars.
Cryptocurrency in Jamaica
As of July 2021, the Bank of Jamaica issued reminders to the public about the potential risks of investing in cryptocurrency due to its inherent volatility. Despite these warnings, Bitcoin remains legal in Jamaica for buying and selling, as long as it is not used for illicit purposes.
In an interesting move, Jamaica has decided to launch its own cryptocurrency called JAM-DEX. However, this initiative has faced criticism even before its release, as 'DEX' stands for decentralized, yet the coin is set to be government-controlled. The government's offer of crediting the first 100,000 citizens with 2,500 JAM-DEX (approximately $16) upon setting up wallets has been met with skepticism, viewed by some as an attempt to garner acceptance through financial incentives.
Comparatively, Bitcoin is considered by many as a more attractive investment option than the government-issued JAM-DEX. Unfortunately, there are no Bitcoin ATMs in Jamaica, and popular exchanges like Coinmama and eToro require identity verification before facilitating trades. For those concerned about privacy, LocalBitcoins is recommended, as it facilitates private peer-to-peer transactions without the need for centralized exchanges or identity verification.
Despite the ease of buying Bitcoin in Jamaica, the nation, like others, faces potential risks related to criminal activities. To safeguard investments, storing Bitcoin in a secure cold storage hardware wallet, such as the Ledger Nano X, is advised, as opposed to leaving it on an exchange susceptible to hacking and theft.