Jamaica Makes the Change

The Bank of Jamaica’s new banknote series has now gone into circulation, marking a complete transition to polymer for the country’s currency.

The denominational structure remains unchanged with banknotes of $50, $100, $500, $1,000 and $5,000, but with the addition of a new $2,000 to help ease cash settlements and relieve pressure on the $500 and $1,000 notes.

The overall design is more modern (the designs of some of the notes in the current series date back to the 1980s), but the portraits have changed. The front of each denomination features two individuals, paired according to their contribution to Jamaica (other than the $100, which features one). The reverse continues to feature the same Jamaican themes and scenes as the current series.

According to the Bank, the objectives of the new series are to enhance security, better meet the needs of the visually impaired, save on replacement costs (the Bank states that the new notes will last 50% longer in circulation), and honour the country’s national heroes and deceased prime ministers.

The notes were designed and printed by De La Rue on SAFEGUARD® (bringing to 100 the number of notes now printed on the substrate around the world). The higher-value denominations feature a holographic stripe with photo-realistic dual portraits, DEPTH™ and PUREIMAGE™ effects. This is one of the first times a dual portrait has appeared on SAFEGUARD®. The lower-value denominations make use of large windows with high-resolution portrait images within the windows.

The notes also feature ARGENTUM™, ILLUMINATE, TACTILE EMBOSS, and Enhanced GEMINI™. The front of the banknotes utilises the Enhanced GEMINI™ feature to depict vivid pattern work.

In a related development, the Bank will shortly be rolling out Jam-Dex, its CBDC. It says that the introduction of the $2,000 banknote and the redesign of the banknote family are not incongruent as it is anticipated that both Jam-Dex and physical cash will co-exist in the payment space in the near to medium term. Therefore, a cost-effective option is required for those wishing to still use cash as a means of payment.