#Jamaica57 (Part Four): Money ... the root of the currency

In recognition of Independence Day, The Gleaner presents #Jamaica57. Part four of our four-part series, takes a quick look at the roots of the Jamaican currency:

Like many cultures, the first Jamaicans, the Taino Indians, used the barter system trading commodities for other commodities. Although there was some gold on the island, the Tainos used it for decorative purposes.

When the Spanish arrived in the 1490s and began to trade with the Tainos, they tended to use glass beads and other trinkets.

By the early 1500s coins were in use on the island. They were very thin and light, made from copper and called maravedis.

In the 17th century, Jamaica had become an English colony and received a large supply of coins, the most popular of which were the familiar Spanish silver dollars or eight-real coins, or pieces of eight as they were more commonly known, first circulated in the 16th century.

In the early 19th century the British tried to introduce a single form of currency for all of its colonies. They minted special silver coins called anchor money due to the inclusion of an anchor design on their reverse sides. On December 31, 1840, British currency became that of Jamaica by law. 

In 1960 the Bank of Jamaica Act came into effect, giving the Bank the sole right to issue notes and coins on the island.

Bank of Jamaica notes made their first appearance in 1961. The front bore a portrait of Queen Elizabeth II, the Jamaican Coat of Arms and the signature of the first governor of the Bank, Stanley W. Payton.

On the back, appeared different images of Jamaican life.

When Jamaica became independent in 1962 no change was initially made to the coins and notes in circulation.

They remained the British threepence, sixpence, shilling, florin (two shillings) and half crown (two shillings, six pence) along with the Jamaican penny and ha'penny.

The notes retained the same colours as the notes issued by the Government of Jamaica in 1940 with five shilling being red, the 10 shilling, purple; the 1 pound, green and the 5 pound, blue. 

In 1969 Jamaica switched to a decimal system of currency.

The name of major units was to be dollar and minor units, cents.

All pounds, shillings and pence were called in and replaced by notes and coins many of which were in colours as similar as possible to those held previously by the British denominations. 

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