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Author Topic: Jamaica: 1c, 10c and 25c Coins to be Withdrawn from Circulation  (Read 158 times)

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Offline Bimat

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Jamaica: 1c, 10c and 25c Coins to be Withdrawn from Circulation
« on: September 15, 2017, 08:28:47 AM »
One, 10 and 25 Cent Coins to be Withdrawn from Circulation

By Chris Patterson September 14, 2017

Cabinet has approved a proposal to withdraw the one-cent, 10-cent and 25-cent coins from circulation.

Making the announcement at today’s (September 13) post-Cabinet press briefing, Minister of Education, Youth and Information, Senator the Hon. Ruel Reid said the move is pursuant to subsections 16 (1) and 16 (3) of the Bank of Jamaica Act.

He said the coin denominations that would exist, thereafter, subject to Bank of Jamaica’s timeline for implementation, would be the $1, $5, $10, and $20.

Senator Reid said the proposal and approval come against the background of an assessment showing that the use of the lower-three denominations has been decreasing since 2005.

He added that details of a cost-efficiency assessment also showed that manufacturing costs consistently exceeded the face value of the coins.

Source: Jamaica Information Center
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Figleaf

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Re: Jamaica: 1c, 10c and 25c Coins to be Withdrawn from Circulation
« Reply #1 on: September 24, 2017, 08:55:50 AM »
Nothing on the 5, 20 and 50 cents, so I suppose they were withdrawn earlier? That would make the $1 the lowest value; a sad comment on inflation.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Bimat

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Jamaica: 1c, 10c and 25c Coins to be Withdrawn from Circulation
« Reply #2 on: September 24, 2017, 09:03:53 AM »
Nothing on the 5, 20 and 50 cents, so I suppose they were withdrawn earlier?

They were demonetized in January 1997...

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.