Jersey pound
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| ISO 4217 Code | none |
| 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 | 1, 2, 5, 10, 50 pence |
| Rarely used | 1, 2 pounds |
| Banknotes | 1, 5, 10, 20, 50 pounds |
| Treasury | Tresury and Resources Department, States of Jersey |
| Website | www.gov.je/TreasuryResources |
The Jersey pound is the currency issued by the States 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 Sterling banknotes). 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 notes and Bank of England notes are legal tender in Jersey and circulate together, alongside the Guernsey pound and Scottish banknotes. The Jersey notes are not legal tender in the mainland of England, Scotland and Wales.
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[edit] History
The livre tournois had been used as the legal currency in Jersey for centuries. However, it was abolished during the French Revolutionary period. Although the coins were no longer minted, it remained the legal currency in Jersey until 1837 when dwindling supplies of livres tournois and consequent difficulties in trade and payment obliged the adoption of the pound sterling as legal tender. The livre tournois circulated officially alongside British currency in Jersey until 1834 (when an Order in Council adopted the pound sterling as Jersey's sole official legal tender), and unofficially thereafter. The rate of exchange between the two currencies was 1 livre 4 sous = 1 shilling (i.e., 1 sou = ½ penny) during the 18th century but changed to 1 livre 6 sous = 1 shilling in the early 19th century. Because French 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 1/13 of a shilling, the equivalent of 2 sous. Coins were issued in denominations (as written on the coins) of 1/13, 1/26 and 1/52 shilling.
In 1867 Jersey copper coinage was replaced by bronze coinage.
In 1877, a penny of 1/12 of a shilling was introduced. However, denominations continued to be written as fractions of a shilling, with threepence coins issued in 1957 carrying the denomination "one fourth of a shilling".
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, but the parishes and the Vingtaine de la Ville were exempted from the regulatory provisions.
During the German occupation in the Second World War, a series of banknotes designed by Edmund Blampied was issued by the States of Jersey. The States have issued a regular series of banknotes since 1963.
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.
[edit] Jersey coinage
Jersey coinage portrays the Queen's profile on the obverse, with the following designs on the reverse:
- 1p Le Hocq Tower (coastal defence)
- 2p L'Hermitage (site where Saint Helier lived)
- 5p Seymour Tower (offshore defence)
- 10p La Pouquelaye de Faldouet (dolmen)
- 20p La Corbière lighthouse
- 50p Grosnez Castle (ruins)
Pound coins are issued, but are much less widely used than pound notes. Designs on the reverse of Jersey pound coins include series of crests of the 12 parishes, and historic Jersey-built ships. The motto round the milled edge of Jersey pound coins is: Insula Caesarea ("Island of Jersey" in Latin). Two pound coins are issued also, but in small quantities and are rarely encountered.
[edit] States of Jersey notes
The current notes depict Queen Elizabeth II on the front and various landmarks of Jersey or incidents in Jersey history on the reverse. The watermark is a Jersey cow
- 1 pound note, green, St. Helier Parish Church (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)
- 5 pound note, purple, La Corbière lighthouse
- 10 pound note, red, The Death of Major Pierson, Battle of Jersey, 1781
- 20 pound note, blue, St. Ouen's manor
- 50 pound note, brown, Government House
As at 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. [2]
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[edit] See also
[edit] References
- ^ [1]
- ^ Jersey Evening Post 30 December 2005
