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Jersey pound
Obverse of a £20 banknote Reverse of a £20 banknote
Obverse of a £20 banknote Reverse of a £20 banknote
ISO 4217 Code JEP
User(s)  Jersey
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 www.gov.je/TreasuryResources

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 113 of a shilling, the equivalent of 2 sous. This system continued until 1877, when a penny of 112 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

In 1841, copper 152, 126 and 113 shilling coins were introduced, followed by bronze 126 and 113 shilling in 1866. In 1877, with the switch to 12 pence to the shilling, bronze 148, 124 and 112 shilling were introduced. This was the only issue of the 148 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.

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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

20 pound notes were introduced in 1976.

Denomination Colour Reverse design
1 pound Blue The Death of Major Pierson, Battle of Jersey, 1781
5 pounds Brown Elizabeth Castle
10 pounds Green Victoria College
20 pounds Red Mont Orgueil

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.

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".

2010 issue

In 2010 a new set of Jersey banknotes will start to be issued. 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.[5]

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, and 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.[6] The new designs were publicly shown for the first time on 22 February 2010.[7]

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 XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

External links


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