The history of currency in
Jamaica should not be considered in isolation of the wider picture in the
British West Indies as a whole; see
British West Indies dollar. The peculiar feature about Jamaica was that it was the only British West Indies territory to use special issues of the
sterling coinage, apart from the four-pence
groat coin which was specially issued for all the British West Indies, and later only for
British Guiana. The earliest money in Jamaica was Spanish copper coins called
maravedíes. This relates to the fact that for nearly four hundred years
Spanish dollars, known as
pieces of eight were in widespread use on the world's trading routes, including the Caribbean Sea region. However, following the revolutionary wars in Latin America, the source of these silver trade coins dried up. The last Spanish dollar was minted at the
Potosí mint in 1825. The United Kingdom had adopted a very successful
gold standard in 1821, so 1825 was an opportune time to introduce the British sterling coinage into all the British colonies. An imperial order-in-council was passed in that year for the purposes of facilitating this aim by making sterling coinage legal tender in the colonies at the specified rating of = 4s 4d (one Spanish dollar to four
shillings and four
pence sterling). As the sterling silver coins were attached to a gold standard, this exchange rate did not realistically represent the value of the silver in the Spanish dollars as compared to the value of the gold in the British gold sovereign, and as such, the order-in-council had the reverse effect in many colonies. It had the effect of actually driving sterling coinage out, rather than encouraging its circulation. Remedial legislation had to be introduced in 1838 so as to change over to the more realistic rating of = 4s 2d. However, in Jamaica,
British Honduras,
Bermuda, and later in the
Bahamas also, the official rating was set aside in favour of what was known as the 'Maccaroni' tradition in which a British shilling, referred to as a 'Maccaroni', was treated as one quarter of a dollar. The common link between these four territories was the
Bank of Nova Scotia which brought in the 'Maccaroni' tradition, resulting in the successful introduction of both sterling coinage and sterling accounts. In 1834, silver coins of
threepence and
three halfpence ( pence) were introduced, valued at
real and real. The three-halfpence coins came to be called "quartiles" 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 31 December 1840, only British coinage would be
legal tender in Jamaica, demonetising 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 (d),
halfpenny,
penny, three halfpence (d), threepence,
sixpence,
shilling,
florin (2s),
half crown (2s 6d), 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. Pennies 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 2s 6d and 5s were authorised. The 2s 6d 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 1 May 1961, in the denominations of 5s, 10s, £1, and £5. On 30 January 1968, the
Jamaican House of Representatives voted to decimalise the currency by introducing the dollar, worth 10 shillings, to replace the
Jamaican pound. Coins and banknotes went into circulation on 8 September 1969. The introduction of a decimal currency provided the opportunity for the introduction of a complete Jamaican coinage as formerly, the coins (with the exception of the penny and halfpenny), were the same as those used in the United Kingdom. The reverse of the decimal coinage was designed by
Christopher Ironside. These coins were in circulation from 1969 to about 1990. From its introduction, as a result of elevated levels of inflation during the 1980s and especially the early 1990s, the Jamaican dollar has fallen from a peak of J$0.77 to in its first few years of circulation to around J$160 to as of October 2025. The new Jamaican dollar (and the
Cayman Islands dollar), differed from all the other dollars in the British West Indies in that it was essentially a half-pound sterling. All the other dollars in the vicinity either began on the US dollar unit, in the case of Belize, Bermuda, and the Bahamas, or the Spanish dollar unit in the case of the Eastern Caribbean territories, Barbados and Guyana. The Spanish dollar unit at any rate was approximately the same value as the US unit. ==Coins==