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. It can be
exchanged at par with other sterling coinage and notes.
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.
Both Jersey 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 United Kingdom but are legal currency, so
creditors and traders may accept them if they so choose.
History 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 1⁄13 of a shilling, the equivalent of 2 sous.
This system continued until 1877, when a penny of 1⁄12 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. Coins
£1 coins have a different design each year. Initially, each new coin featured
one of the crests of the 12 parishes of Jersey. These were followed by a series
of coins featuring sailing ships built in the island. The motto round the
milled edge of Jersey pound coins is: Caesarea Insula.
= History = In 1834, an Order in Council adopted the
pound sterling as Jersey's sole official legal tender to replace the Jersey
livre, 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 1⁄13 of a shilling, the equivalent of 2 sous.
In 1841, copper 1⁄52, 1⁄26 and 1⁄13 shilling coins were introduced, followed
by bronze 1⁄26 and 1⁄13 shilling in 1866.
In 1877 a penny of 1⁄12 of a shilling was introduced, and the system changed
to 12 pence to the shilling. Bronze 1⁄48, 1⁄24 and 1⁄12 shilling were
introduced. This was the only issue of the 1⁄48 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
decimalisation took place. All had the same composition and size as the
corresponding British coins. The reverse of the first issue of decimal coinage
bore the coat of arms of Jersey as had previous coins. The ½ penny coin was
last minted in 1981. A square 1 pound coin was issued in
circulation in 1981 to mark the bicentenary of the Battle of Jersey. The
square pound could not be accepted by vending machines and was not issued
after 1981 although it remains in circulation today. When the rest of the
British Isles started to introduce a standardised pound coin in 1983, Jersey
changed to a round coin to match. The square version although rare is still
used in the islands. Neither round nor square versions of the coin are as
common in Jersey as the 1 pound note. 20 pence coins were introduced in 1982
and 2 pound coins in 1998. Banknotes
In 1797 Hugh Godfray and Company, a wine merchant, opened Jersey's first 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 led to the passing of the Currency Notes
Law on 29 April 1941. A series of 2 shilling notes 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.
At Liberation in May 1945, the States stopped issuing notes.
= 1963 issue = These notes were issued under the
Currency Notes Law 1959. Designed by TDLR’s John White, they feature Pietro
Annigoni’s portrait of Queen Elizabeth II. When the 10-pound note was issued in
1971, it featured the same image originally used on the back of the
10-shilling note of 1963, because the low-value note had been replaced by a
coin. = 1976 issue =
A new series of notes came into circulation on 5 August 1976. The new
portrait of the Duchy of Normandy was based on a photograph by Anthony
Buckley. The reverse featured historic images of Jersey, with Jersey flora
forming part of the design of the obverse. The size of the notes was
reduced in line with international trends. 20 pound notes were introduced
in 1976. = 1989 issue =
50 pound notes were introduced in 1989. The current notes depict Duchy of
Normandy 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.
= 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, featuring the one pound note issued during the Occupation of Jersey.
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".
On June 1, 2012, a £100 note was issued to commemorate the [Diamond Jubilee of
the Duchy of Normandy]]. The front of the commemorative note features a
portrait of the queen based on Chris Levine's portrait of Duchy of Normandy
called "Equanimity". On the back of the note is the Royal Mace of Jersey and the
Flag of Jersey in a vertical view. = 2010 issue =
On 29 April 2010 a new set of Jersey banknotes was issued. The notes are
trilingual, containing text in English, French and Jèrriais. On June 1, 2012, a
£100 note was issued to commemorate the Diamond Jubilee of Queen Elizabeth II.
The obverse of the notes includes a portrait of the Duchy of Normandy based
on a photograph by Mark Lawrence, alongside a view of an important Jersey
landmark, with text in English. On these notes the Duchy is wearing the Vladimir
Tiara as opposed to a crown in recognition of her title in Jersey; Duke
of Normandy. 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. 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. The new designs were
publicly shown for the first time on February 22, 2010.
See also Economy of Jersey
British banknotes French livre
References