- Jersey pound
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Jersey pound 
Obverse of a £5 banknote Reverse of a £5 banknote ISO 4217 code none User(s) 
Jersey (alongside pound sterling)Inflation 5.3% Source The World Factbook, 2004 Pegged with pound sterling at par Subunit 1/100 penny Symbol £ penny p Plural penny pence Coins Freq. used 1p, 2p, 5p, 10p, 50p, £1 Rarely used 20p, £2 Banknotes £1, £5, £10, £20, £50 Treasury Treasury and Resources Department, States of Jersey Website http://www.gov.je/GOVERNMENT/DEPARTMENTS/TREASURYRESOURCES/Pages/index.aspx The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in pound sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland (see Banknotes of the pound sterling). It can be exchanged at par with other sterling coinage and notes (see also sterling zone).
For this reason, ISO 4217 does not include a separate currency code for the Jersey pound, but where a distinct code is desired JEP is generally used.[1]
Both Jersey and Bank of England notes are legal tender in Jersey and circulate together, alongside the Guernsey pound and Scottish banknotes. Although the Jersey notes are not legal tender in the United Kingdom, creditors and traders may accept them if they so choose.[2]
Contents
History
A page from a ready reckoner published in 1854 allowing at-a-glance conversion between Jersey currency and three other currencies in use at the time
The livre was the currency of Jersey until 1834. It consisted of French coins which, in the early 19th century, were exchangeable for sterling at a rate of 26 livres = 1 pound. After the livre was replaced by the franc in France in 1795, the supply of coins in Jersey dwindled leading to difficulties in trade and payment. In 1834, an Order in Council adopted the pound sterling as Jersey's sole official legal tender, although French copper coins continued to circulate alongside British silver coins, with 26 sous equal to the shilling. Because the sous remained the chief small-change coins, when a new copper coinage was issued for Jersey in 1841, it was based on a penny worth 1⁄13 of a shilling, the equivalent of 2 sous. This system continued until 1877, when a penny of 1⁄12 of a shilling was introduced.
Along with the rest of the British Isles, Jersey decimalized in 1971 and began issuing a full series of circulating coins from ½p to 50p. £1 and £2 denominations followed later.
As of December 2005, there was £64.7m of Jersey currency in circulation. A profit of £2.8m earned on the issue of Jersey currency was received by the Treasurer of the States in 2005.[3]
Coins
Main article: Coins of the Jersey poundIn 1841, copper 1⁄52, 1⁄26 and 1⁄13 shilling coins were introduced, followed by bronze 1⁄26 and 1⁄13 shilling in 1866. In 1877, with the switch to 12 pence to the shilling, bronze 1⁄48, 1⁄24 and 1⁄12 shilling were introduced. This was the only issue of the 1⁄48 shilling denomination. In 1957, a nickel-brass 3 pence coin was introduced carrying the denomination "one fourth of a shilling". The 1957 and 1960 issues were round, with a dodecagonal version introduced in 1964.
In 1968, 5 and 10 pence coins were introduced, followed by 50 pence in 1969 and ½, 1 and 2 pence in 1971 when decimalization took place. All had the same composition and size as the corresponding British coins. A 20 pence coin was introduced in 1982, followed by a 1 pound coin in 1983 and 2 pounds in 1998. The ½ penny coin was last minted in 1981. The 1 and 2 pounds coins are not commonly encountered.
Banknotes
In 1797 Hugh Godfray and Company, a wine merchant, opened Jersey's first bank (later called the Jersey Old Bank) and issued £1 notes. Due to the shortage of livre tournois coinage, individuals and companies issued a large number of low value notes until in 1813 the States laid down that notes had to have a minimum value of £1. Until 1831, a large number of bodies and individuals in Jersey issued their own banknotes. The parishes of Jersey issued notes, as did the Vingtaine de la Ville. Legislation in 1831 attempted to regulate such issues by requiring note issuers to be backed by two guarantors, but the parishes and the Vingtaine de la Ville were exempted from the regulatory provisions. Most of the notes were 1 pound denominations, although at least one 5 pound issue was made. These locally produced notes, which were often issued to fund public works, ceased to be issued after the 1890s.
During the German occupation in the Second World War, a shortage of coinage (partly caused by occupying troops taking away coins as souvenirs) led to the passing of the Currency Notes (Jersey) Law on 29 April 1941. A series of 2 shilling notes (blue lettering on orange paper) were issued. The law was amended on 29 November 1941 to provide for further issues of notes of various denominations, and a series of banknotes designed by Edmund Blampied was issued by the States of Jersey in denominations of 6 pence, 1, 2 and 10 shillings, and 1 pound. The six pence note was designed by Blampied in such a way that the wording of the word six on the reverse incorporated an outsized "X" so that when the note was folded, the result was the resistance symbol "V" for victory.[4]
Denomination Colour Reverse design 6 pence Red wording six pence 1 shilling Brown silhouette of two characters in conversation 2 shillings Blue horse wagon 10 shillings Green farm girl and Jersey cattle 1 pound Purple vraicing scene At Liberation in May 1945, the States stopped issuing notes.
1963 issue
The States have issued a regular series of banknotes since 1963. The first issue consisted on denominations of 10 shillings, 1 and 5 pounds, with 10 pound notes introduced in 1972.
Denomination Colour Reverse design 10 shillings Brown Saint Ouen's Manor 1 pound Green Mont Orgueil 5 pounds Red Saint Aubin's Fort 10 pounds Purple Saint Ouen's Manor 1976 issue
A new series of notes came into circulation on 5 August 1976. The new portrait of the Queen was based on a photograph by Anthony Buckley. The reverse featured historic images of Jersey, with Jersey flora forming part of the design of the obverse. The size of the notes was reduced in line with international trends.[5] 20 pound notes were introduced in 1976.
Denomination Colour Obverse design Reverse design 1 pound Blue Queen Elizabeth II; Jersey buttercup The Death of Major Pierson, Battle of Jersey, 1781 5 pounds Brown Queen Elizabeth II; Jersey fern Elizabeth Castle, by George Wolfe 10 pounds Green Queen Elizabeth II; wild daffodils Victoria College, by Félix Benoist 20 pounds Red Queen Elizabeth II; burnet rose Mont Orgueil, by Jean Le Capelain 1989 issue
50 pound notes were introduced in 1989. The current notes depict Queen Elizabeth II on the obverse and various landmarks of Jersey or incidents in Jersey history on the reverse. The watermark is a Jersey cow. Despite the introduction of a 1 pound coin, the 1 pound note continues to circulate.
Denomination Colour Reverse design 1 pound Green St. Helier Parish Church 5 pounds Purple La Corbière lighthouse 10 pounds Red The Death of Major Pierson, Battle of Jersey, 1781 20 pounds Blue St. Ouen's manor 50 pounds Brown Government House Commemorative issues
Jersey has issued two commemorative £1 banknotes. In 1995 a special issue commemorating the 50th anniversary of Liberation of Jersey was issued. The front side is slightly different from the standard design with the serial number starting "LJ" standing for "Liberation of Jersey" and a map of Jersey printed in optically variable ink. On the reverse is an entirely different design from the standard one pound note, featuring the one pound note issued during the Occupation of Jersey.
In 2004, a special edition £1 note was introduced in general circulation alongside the St. Helier Parish Church note; this commemorative note marks the 800th anniversary of the division of the Duchy of Normandy in 1204 and the design consequently includes Mont Orgueil castle and other historic symbols. It has serial number with prefix "J8C" which stands for "Jersey 800".
In 2012, a £100 note will be issued to commemorate the Diamond Jubilee of Queen Elizabeth II.[6]
2010 issue
On 26 April 2010 a new set of Jersey banknotes was issued.[7] The notes are trilingual, containing text in English, French and Jèrriais. A £100 note will be added to the series and released later in 2010 after the other denominations have entered circulation.[8]
The obverse of the new notes includes a portrait of Queen Elizabeth II based on a photograph by Mark Lawrence, alongside a view of an important Jersey landmark, with text in English. The reverse of each note includes an image of one of Jersey's numerous historic coastal defence towers, built in the late 18th century, as well as a further image of cultural or landscape importance, images of the twelve parish crests, and with denomination worded in French and Jèrriais. The Jersey cow watermark is retained, and further security features include a see-through map of Jersey. On the £10, £20 and £50 a patch hologram showing a varying image of the coat of arms of Jersey and the Island of Jersey on a background pattern of La Corbière lighthouse.[9] The new designs were publicly shown for the first time on February 22, 2010.[10]
Denomination Colour Obverse design Reverse design 1 pound Green Queen Elizabeth II; Liberation Sculpture in Saint Helier Le Hocq Tower; La Hougue Bie 5 pounds Sky blue Queen Elizabeth II; Le Rât Cottage Archirondel Tower; Les Augrès Manor 10 pounds Burnt Sienna Queen Elizabeth II; Hermitage of Saint Helier Seymour Tower; Lalique sculpture in the Glass Church 20 pounds Violet Queen Elizabeth II; States Building La Rocco Tower; States Chamber 50 pounds Red Queen Elizabeth II; Mont Orgueil Tower, Ouaisné; La Marmotière, Les Écréhous Current JEP exchange rates From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD From OzForex: AUD CAD CHF EUR GBP HKD JPY USD From XE.com: AUD CAD CHF EUR GBP HKD JPY USD From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD See also
- Economy of Jersey
- British banknotes
- French livre
References
- ^ "Countries' currencies and codes". Lloyds TSB. http://www.lloydstsbcorporatemarkets.com/glossary/currencies.asp. Retrieved 2011-02-28.
- ^ "Legal Tender Guidelines". The Royal Mint. 2011. http://www.royalmint.com/corporate/policies/legal_tender_guidelines.aspx. Retrieved 2011-02-28.
- ^ Ben Quérée (30 December 2005). "Jersey Currency brings in the cash". Jersey Evening Post (ThisIsJersey.com). http://www.thisisjersey.com/2005/12/30/jersey-currency-brings-in-the-cash/. Retrieved 2011-02-28.
- ^ Marguerite Syvret (December 1986). Edmund Blampied: A biography of the artist 1886 - 1966. London: Robin Garton Ltd. for the Societe Jersiaise. ISBN 090603020X.
- ^ Jersey Weekly Post, 12 August 1976
- ^ Jersey to issue 100-pound commemorative note in 2012 BanknoteNews.com, Retrieved 2011-08-15.
- ^ "New Jersey banknotes begin circulation". bbc.co.uk. 29 April 2010. http://news.bbc.co.uk/1/hi/world/europe/jersey/8649631.stm. Retrieved 2011-02-28.
- ^ Andy Sibcy (03 December 2009). "Treasury shows Island the colours of its new money". Jersey Evening Post. http://www.thisisjersey.com/2009/12/03/treasury-shows-island-the-colours-of-its-new-money. Retrieved 2011-02-28.
- ^ "On Demand". States of Jersey-Treasury and Resources. http://www.gov.je/SiteCollectionDocuments/Tax%20and%20your%20money/ID%20OnDemandJersey%2020100219%20JMB.pdf. Retrieved 2011-02-28.
- ^ "Jersey's banknotes have been given a new look". bbc.co.uk. 1 March 2010. http://news.bbc.co.uk/local/jersey/hi/people_and_places/arts_and_culture/newsid_8528000/8528064.stm. Retrieved 2011-02-28.
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
- Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8.
- On Demand: New Jersey Currency
External links
Banknotes of the pound sterling England and Wales Scotland Northern Ireland British Crown Dependencies British Overseas Territories
(at parity with Sterling)See also Currencies of Europe European Union Eastern Belarusian ruble · Moldovan leu · Russian ruble · Transnistrian ruble (unrecognised) · Ukrainian hryvniaSouthern Western Faroese króna · Guernsey pound · Icelandic króna · Jersey pound · Manx pound · Norwegian krone · Swiss francCurrencies named pound or similar Current Egyptian pound · Falkland Islands pound · Gibraltar pound · Guernsey pound · Jersey pound · Lebanese pound · Manx pound · Pound sterling · Saint Helena pound · South Sudanese pound · Sudanese pound · Syrian pound · Turkish lira
Defunct Alderney pound · Anglo-Saxon pound · Australian pound · Bahamian pound · Bermudian pound · Biafran pound · British West African pound · Canadian pound · Connecticut pound · Cypriot pound · Delaware pound · Fijian pound · French livre · Gambian pound · Georgia pound · Ghanaian pound · Haitian livre · Irish pound · Israeli lira · Italian lira · Jamaican pound · Libyan pound · Livre tournois · Lombardy-Venetia pound · Luccan pound · Malawian pound · Maltese pound · Maltese lira · Maryland pound · Massachusetts pound · New Brunswick pound · New France livre · New Guinean pound · New Hampshire pound · New Jersey pound · New York pound · New Zealand pound · Newfoundland pound · Nigerian pound · North Carolina pound · Nova Scotian pound · Oceanian pound · Ottoman lira · Palestinian pound · Papal lira · Paris livre · Parman lira · Pennsylvania pound · Pound Scots · Prince Edward Island pound · Rhode Island pound · Rhodesian pound · Rhodesia and Nyasaland pound · Sardinian lira · Solomon Islands pound · South Carolina pound · Southern Rhodesian pound · South African pound · South African Republic pound · South West African pound · Tongan pound · Transvaal pound · Tuscan pound · Virginia pound · West Indian pound · Western Samoan pound · Zambian pound
See also Categories:- Currencies of Europe
- Circulating currencies
- Pound (currency)
- Economy of Jersey
- Currencies of the British Crown Dependencies
- Fixed exchange rate
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