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Monday, April 1, 2019

4 Remarkable Facts about the Jamaican Dollar

4 Remarkable Facts about the Jamaican Dollar
Source: www.boj.org.jm

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Ready for a getaway to Jamaica? Before you dive in, get to know their currency! Keep in mind that you can pick up the currency you need for your trip with CXI. For now, let's dive into four remarkable facts about the Jamaican dollar.

History of the Jamaican Dollar

Maravedis, Spanish copper coins, was the first currency in Jamaica. Eventually, the Jamaican pound became the currency, only to be replaced by the Jamaican dollar in January of 1968. 

The Jamaican dollar was the first dollar to be based on the half-pound sterling, instead of the United States dollar or the Spanish dollar. Check out the full currency history and currency timeline of the Jamaican dollar.  

The Jamaican Dollar and the Economy

The main sectors of the Jamaican economy are tourism and mining, which mostly contribute to foreign exchange in the country.

Other sectors that contribute the most dollars to their economy are agriculture, manufacturing, insurance, and financial services.

The Bank of Jamaica has recently been working to combat inflation that their dollar is facing. They have a campaign focused on controlling their inflation.

What it's Known As

The symbols used for this currency are $, J$, and JA$. These are used to differentiate between American dollars and other dollars. Different bills have nicknames as well. The JA$100 bill are simply referred to as "bills".

The JA$500 bill is called a "nanny", while the JA$1,000 bill is called a "grand", similar to other currencies.

The Banknotes

JOD are printed by De La Rue Currency Ltd. in England since 1920. However, the banknotes are issued by the Bank of Jamaica. There are denominations of 50, 100, 500, 1,000, and 5,000.

The JA$100 bill features Donald Sangster, the second Prime Minister of Jamaica, while the JA$1,000 bill has Michael Manley on it, who was fourth and sixth prime minister.

Nanny of the Maroons, Jamaica's only National Heroine is showcased on the JA$500 bill. The Jamaican coat of arms is on all Jamaican currency.

 

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Posted By Isabella Guevara at 09:00 AM
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