Jamaican pound

Infobox Currency
image_1 = JAM008.jpg
image_title_1 = 1 penny of 1937
iso_code =
using_countries = Jamaica
inflation_rate =
subunit_ratio_1 = 1/20
subunit_ratio_2 = 1/240
subunit_name_1 = shilling
subunit_name_2 = penny
symbol = £
symbol_subunit_1 = s
symbol_subunit_2 = d
used_coins = ½d, 1d
used_banknotes = 5/-, 10/-, £1, £5
issuing_authority = Bank of Jamaica
issuing_authority_website = www.boj.org.jm
obsolete_notice = YThe pound was the official currency of Jamaica between 1840 and 1969. It circulated as a mixture of British currency and local issues and was always equal to the British pound. The Jamaican pound was also used by the Cayman Islands and Turks and Caicos Islands.

The earliest money in Jamaica were Spanish copper coins called "maravedíes". In later years, as the island became increasingly important to the British Empire, various other silver coins showed up, including Spanish pesos and reales and British pounds, shillings and pence. The Spanish coins were the most common, in denominations ranging from ½ real (or 1/16 dollar) to 1 dollar (peso). The exchange rate between peso and shilling was set at 1 peso = 4 shillings. In 1834 silver coins of threepence and three half penny (1½ pence) were introduced, valued at ½ real and ¼ real. The three halfpenny came to be called "quartile" or "quatties." These in particular were used in church collections due to a feeling by the black population that copper coins were inappropriate for that purpose. Hence, they came to be called "Christian quatties".

In 1839 an act was passed by Parliament declaring that as of December 31, 1840, only British coinage would be legal tender in Jamaica, demonitizing all of the Spanish coins, with the exception of the gold doubloon which was valued at £3 4s. Coins in use were thus the farthing (¼d), halfpenny, penny, three halfpenny (1½d), threepence, sixpence, shilling, florin (2s), half crown (2s6d), and crown (5s).

The emancipation of the slaves in 1838 increased the need for coinage in Jamaica, particularly low denomination coins, but the blacks were still reluctant to use copper. The solution was to use cupronickel, adopted in 1869. Penny and halfpennies were minted for use in Jamaica, becoming the first truly Jamaican coins. Beginning in 1880, the farthing was also minted in cupronickel.

In 1904, the first government-authorized banknotes were produced in the denomination of 10s. Banknotes of £1 and £5 were also being circulated by chartered banks. In 1918 denominations of 2s6d and 5s were authorized. The 2s6d note proved to have a short life, being withdrawn in 1922. In 1940, the government bank began producing £1 and £5 notes.

In October 1960, the Bank of Jamaica was given the sole right to mint coins and produce banknotes in Jamaica. Their notes were released on May 1, 1961 in the denominations of 5s, 10s, £1 and £5.

On January 30, 1968, the Jamaican House of Representatives voted to decimalize the currency, introducing a new dollar worth 10s, and divided into 100 cents (1 cent thus being equal to 1.2d). At the time, coins of 1 cent (1.2d), 5 cents (6d), 10 cents (1s), 20 cents (2s) and 25 cents (2s6d) were produced and banknotes of 50 cents (5s), $1 (10s), $2 (£1), and $10 (£5). These coins and banknotes went into circulation on September 8, 1969.