Currency Rates for Jamaica
Bank Exchange Rates for Jamaica - JMD - Jamaican Dollar – J$. The foreign exchange rates for Jamaica also known as the ISO code JMD or the Jamaican Dollar currency and as a symbol J$.
Send Money Transfer to Jamaican Dollar. Banknotes in denominations of $50, $100, $500 and $1000 are frequently used, but denominations of $1, $2, $5, $10, $20 and $5,000 are not used regularly.
Jamaica has been using the dollar as the main currency for the longest time. Jamaican dollar, which is abbreviated as J$, has been in circulation in Jamaica since 1969 and is divided into 100 cents. It comes in various denominations of coins and banknotes. The currency adopted the J$ in order to be well distinguished with the US Dollar and other Dollar currencies globally.
History of Jamaican Dollar
When the Spaniards colonized Jamaica in 1494, they used items like glass, beads, and trinkets to act as currency. The Spanish copper was later adopted before coins were introduced in 1838. Banknotes began operation in 1904 and the Bank of Jamaica was later granted a mandate in 1960 to produce coins and banknotes. Banknotes were released on May 1961and came in various denominations. The Jamaican House of Representatives decided in 1968 to introduce the dollar to replace the pound in order to decimalize the currency. This provided an opportunity for the introduction of a complete Jamaican coinage. The coins which were designed by Christopher Ironside O.B.E, were in circulation between 1969 and 1990. The new Jamaican dollar is unique from the rest of the British Dollars because it is a half-pound sterling whereas the others began on either the Spanish dollar unit or the US dollar unit.
Jamaican Coins Denomination
Jamaican dollar is available in coins of 1, 5, 10, 20, and 25 cents. 50 cent coin was introduced in 1976 to replace the 50 cent banknote but its production was later stopped with those of 20 cents. Coin denominations in circulation include 1, 10, and 25 cents. It also includes, $1, $5,$10 and $20 coin denominations.
Banknotes currently in circulation in Jamaican dollars include $50, $100, $500, and $100. In 2009, the Bank of Jamaica introduced $5000 into the monetary system with the portrait of former prime minister Hon. Hugh Lawson Shearer despite many people including the, Finance Minister criticizing the addition claiming that it will bring down the value of the Jamaican Dollar.
GBP to JMD
As with many currencies using the dollar sign to depict it, the Jamaican dollar uses a ‘J’ before the dollar symbol to differentiate it from other currencies called ‘Dollar’.
The Jamaican dollar was introduced in 1969 when a vote was held to decimalise the countries’ currency.
Coins are available in the denominations of 25c, $1, $5, $10 and $20, and whilst 1c, 10c, and 50c coins have been issued, they are no longer used. Bank Exchange Rates for Jamaica . The foreign exchange rates for Jamaican Dollar also known as the ISO code JMD. Send money transfer online with us with the cheapest options.