Note: Prices in this guide quoted in Jamaican dollars are for general guidance. The Jamaican dollar sometimes fluctuates wildly. In general, it has been in a long decline against the Yankee dollar since the early s.
All Jamaican cities and most large towns on the island have banks with a foreign exchange bureau. If you're heading into the remote countryside, make sure you have solved your cash problem before setting out. Banks give far better exchange rates than your hotel will. Because of inadequate ATMs, traveler's checks are still a popular means of currency to take to Jamaica.
They are widely accepted, but you should always inquire about the fee before cashing them. Sometimes there's a high surcharge, which can vary from place to place. Relying on ATMs is a bit risky in Jamaica. You are, however, given Jamaican dollars -- not U.
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Tags currency Jamaica. Search for:. In , the range of denominations was extended when a farthing was introduced. In , when the worn coins were being replaced, the metal content was changed to nickel-brass. By this time, old fears and distrust had disappeared and there were no problems associated with this change. The farthing, first issued in was issued for the last time in Alterations in the designs of these first Jamaican coins were made when British sovereigns changed, the sizes were reduced in and an up-dated version of the coat of arms was used in following independence in The first banknotes used in Jamaica were issued by private commercial banks in the mid 19th century.
The Bank of Jamaica no relation to the present central bank , the first commercial bank to operate in Jamaica was established in May but did not issue any notes. The first notes issued by this bank were payable in British pounds, Spanish dollars and local currency. Another bank, the London and Colonial Bank started operations in January but by April it was closed. With the failure of the London and Colonial Bank in , the Colonial Bank enjoyed a monopoly in the banking system.
In , it was incorporated with Barclays Bank in London and in there was a further amalgamation with the Anglo Egyptian Bank Ltd. Following this merger, notes were issued in the name of Barclays Bank, D.
During the late s, with the increasing trade between Jamaica and Canada, branches of Canadian banks were established in Jamaica. The Bank of Nova Scotia was the first to begin operating here.
Although the first branch was established in August , it did not issue currency notes until These banks also issued their own notes. These chartered banks continued to issue their own notes in denominations of 1 and 5 pounds until when they were demonetised and withdrawn from circulation.
They bore the portrait of King George V and the signature of C. Anderson, who was the Island Treasurer. It was the scarcity of silver coins of the lower denominations which made it necessary for these notes to be issued. Only the smaller denominations were issued as the chartered banks operating in Jamaica were still issuing 1 and 5 pound notes.
The Currency Notes Law of gave additional responsibilities to the Board of Commissioners and in they began issuing 1 and 5 pound notes. Although Queen Elizabeth II became the British monarch in , the first note to bear her portrait was the 5-pound note issued on 17 March and which carried the signature of E. Richardson, chairman of the Commissioners of Currency. Be cautious of airport exchange rates. We use cookies to provide you with a better experience.
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