Currencies/Jamaican pound

Introduction

The Jamaican pound (symbol: £, subdivided into 20 shillings and 240 pence) was the official currency of Jamaica prior to the introduction of the Jamaican dollar in 1969. It followed the British £–s–d (pounds, shillings, and pence) monetary system and served as the island’s legal tender throughout most of its colonial history.

History

The Jamaican pound became the official currency of Jamaica in 1840, when British sterling coinage was declared legal tender, replacing the earlier use of Spanish and other foreign coins. It remained in circulation for over a century as Jamaica’s primary currency, reflecting the island’s close economic ties with the United Kingdom. The Jamaican pound was maintained at parity with the British pound sterling. After Jamaica gained independence in 1962, plans were made to adopt a decimal currency system. On 8 September 1969, the Jamaican dollar was introduced, replacing the Jamaican pound at a rate of £1 = J$2, marking the end of the pre-decimal era.

Coins

Coins denominated in farthings, halfpennies, pennies, threepence, sixpence, shillings, and florins circulated alongside higher-value crowns. Most coins bore the portrait of the reigning British monarch on the obverse and the Jamaican coat of arms on the reverse. These coins were minted in copper, nickel, and silver alloys, following British standards but with Jamaican inscriptions and local symbolism in later issues.

Currency

The Jamaican pound followed the traditional £–s–d system used throughout the British Empire

1 pound = 20 shillings

1 shilling = 12 pence

This structure remained unchanged until decimalization in 1969. During its use, the Jamaican pound circulated widely across all sectors of the economy, serving both domestic and trade purposes.

Banknotes

Banknotes denominated in pounds, shillings, and pence were issued by the Bank of Jamaica and earlier by private and colonial banks such as the Colonial Bank and Barclays Bank. Common denominations included 5 shillings, 10 shillings, £1, and £5. The notes typically featured Jamaica’s coat of arms, royal portraits, and designs representing local agriculture and trade. After the introduction of the Jamaican dollar, these notes were gradually withdrawn and replaced by decimal banknotes starting in 1969.

Legacy

The Jamaican pound represents an important part of Jamaica’s financial and colonial history. It served as the island’s monetary foundation for more than a century, linking Jamaica’s economy to Britain’s. Its replacement by the Jamaican dollar marked the country’s transition to a modern, independent, and decimalized monetary system.