Information AboutJersey Pound |
| CATEGORIES ABOUT JERSEY POUND | |
| economy of jersey | |
| pound | |
| fixed exchange rate | |
| SHOPPER'S DELIGHT | |
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HISTORY The Livre Tournois had been used as the legal Currency in Jersey for centuries. However, it was abolished during the French Revolution ary 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 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 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". During the German occupation in the Second World War , a series of banknotes 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. JERSEY COINAGE Jersey Coinage portrays the Queen's profile on the obverse, with the following designs on the reverse:
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 ). Two pound coins are issued also, but in small quantities and are rarely encountered. STATES OF JERSEY NOTES The Treasurer of the States of Jersey holds £1.10 in Bank of England notes for each £1 issued, making the Jersey Pound a very strong currency. 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
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. SEE ALSO REFERENCES |