Jersey pound

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Jersey pound
Jersey five pound sterling.jpg Jersey five pound sterling reverse.jpg
Obverse of a £5 banknote Reverse of a £5 banknote
ISO 4217 code none
Treasury Treasury and Resources Department, States of Jersey
(website)
User(s)  Jersey (alongside pound sterling)
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 1p, 2p, 5p, 10p, 20p, 50p
 Rarely used £1, £2
Banknotes
 Freq. used £1, £5, £10, £20, £50
 Rarely used £100

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[citation needed] 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 Banknotes of the pound sterling). 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 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.[2]

History[edit]

A page from a ready reckoner published in 1854 allowing at-a-glance conversion between Jersey currency and three other currencies in use at the time

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 113 of a shilling, the equivalent of 2 sous. This system continued until 1877, when a penny of 112 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.[3]

Coins[edit]

Depiction of Jersey coinage | Reverse side
1p 2p 5p
Jersey Pound - penny coin.png
Jersey Pound - 2 Pence coin.png
Jersey Pound - Five Pence Coin.png
Le Hocq Tower
(coastal defence)[4]
L'Hermitage of
Saint Helier, St Helier[4]
Seymour Tower
(offshore defence)[4]
10p 20p 50p
Jersey Pound - 10 pence coin.png
Jersey Pound - 20 pence coin.png
Jersey Pound - 50 pence coin.png
Faldouet Dolmen,
St Martin[4]
Lighthouse of
La Corbière[4]
Grosnez Castle[4]
£1 £2 £2 edge
Jersey pound - one pound coin.png
Jersey Pound - 2 pound coin.png
Schooner 12 Parish Crests[5]

£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.[5] The motto round the milled edge of Jersey pound coins is: Caesarea Insula ("island of Jersey" in Latin).[5]

History[edit]

1858 States of Jersey 1/13 Shilling. (KM#3, 34.10mm, Copper)
The 1981 square pound

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 113 of a shilling, the equivalent of 2 sous. In 1841, copper 152, 126 and 113 shilling coins were introduced, followed by bronze 126 and 113 shilling in 1866.

In 1877 a penny of 112 of a shilling was introduced, and the system changed to 12 pence to the shilling. Bronze 148, 124 and 112 shilling were introduced. This was the only issue of the 148 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[edit]

In 1797 Hugh Godfray and Company, a wine merchant, opened Jersey's first bank (later called the Jersey Old 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 (partly caused by occupying troops taking away coins as souvenirs) led to the passing of the Currency Notes (Jersey) Law on 29 April 1941. A series of 2 shilling notes (blue lettering on orange paper) 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.[6]

Denomination Colour Reverse design
6 pence Red wording six pence
1 shilling Brown silhouette of two characters in conversation
2 shillings Blue horse wagon
10 shillings Green farm girl and Jersey cattle
1 pound Purple vraicing scene

At Liberation in May 1945, the States stopped issuing notes.

1963 issue[edit]

These notes were issued under the Currency Notes (Jersey) 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.[7]

Image Denomination Colour Reverse design
[1] 10 shillings Brown Saint Ouen's Manor
1 pound Green Mont Orgueil
[2] 5 pounds Red Saint Aubin's Fort
10 pounds Purple Saint Ouen's Manor

1976 issue[edit]

A new series of notes came into circulation on 5 August 1976. The new portrait of the Queen 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.[8] 20 pound notes were introduced in 1976.

Image Denomination Colour Obverse design Reverse design
1 pound Blue Queen Elizabeth II; Jersey buttercup The Death of Major Pierson, Battle of Jersey, 1781
[3] 5 pounds Brown Queen Elizabeth II; Jersey fern Elizabeth Castle, by George Wolfe
[4] 10 pounds Green Queen Elizabeth II; wild daffodils Victoria College, by Félix Benoist
20 pounds Red Queen Elizabeth II; burnet rose Mont Orgueil, by Jean Le Capelain

1989 issue[edit]

50 pound notes were introduced in 1989. The current notes depict Queen Elizabeth II 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.

Image Denomination Colour Reverse design
1 pound Green St. Helier Parish Church
5 pounds Purple La Corbière lighthouse
[5] 10 pounds Red The Death of Major Pierson, Battle of Jersey, 1781
20 pounds Blue St. Ouen's manor
50 pounds Brown Government House

Commemorative issues[edit]

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 Queen Elizabeth II. The front of the commemorative note features a portrait of the queen based on Chris Levine's portrait of Queen Elizabeth II called "Equanimity". On the back of the note is the Royal Mace of Jersey and the Flag of Jersey in a vertical view.[9]

2010 issue[edit]

On 26 April 2010 a new set of Jersey banknotes was issued.[10] 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.[11][12]

The obverse of the notes (£1-£50) includes a portrait of Queen Elizabeth II based on a photograph by Mark Lawrence, alongside a view of an important Jersey landmark, with text in English. On these notes the Queen 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.[13] The new designs were publicly shown for the first time on February 22, 2010.[14][15]

Denomination Colour Obverse design Reverse design
1 pound Green Queen Elizabeth II; Liberation Sculpture in Saint Helier Le Hocq Tower; La Hougue Bie
5 pounds Sky blue Queen Elizabeth II; Le Rât Cottage Archirondel Tower; Les Augrès Manor
10 pounds Burnt Sienna Queen Elizabeth II; Hermitage of Saint Helier Seymour Tower; Lalique sculpture in the Glass Church
20 pounds Violet Queen Elizabeth II; States Building La Rocco Tower; States Chamber
50 pounds Red Queen Elizabeth II; Mont Orgueil Tower, Ouaisné; La Marmotière, Les Écréhous
100 pounds Purple Queen Elizabeth II; map of Jersey and Cotentin peninsula Royal mace of Jersey; Flag of Jersey
Current JEP exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also[edit]

References[edit]

  1. ^ "Countries' currencies and codes". Lloyds TSB. Retrieved 2011-02-28. [dead link]
  2. ^ "Legal Tender Guidelines". The Royal Mint. 2011. Retrieved 2011-02-28. 
  3. ^ Ben Quérée (30 December 2005). "Jersey Currency brings in the cash". Jersey Evening Post (ThisIsJersey.com). Retrieved 2011-02-28. 
  4. ^ a b c d e f "Coinage of Jersey: Decimal Coinage". jerseycoins.com. Retrieved 2010-07-01. 
  5. ^ a b c "Jersey Pounds". jerseycoins.com. Retrieved 2010-07-02. 
  6. ^ Marguerite Syvret (December 1986). Edmund Blampied: A biography of the artist 1886 - 1966. London: Robin Garton Ltd. for the Societe Jersiaise. ISBN 0-906030-20-X. 
  7. ^ Linzmayer, Owen (2012). "Jersey". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 
  8. ^ Jersey Weekly Post, 12 August 1976
  9. ^ Jersey new 100-pound commemorative note confirmed - BanknoteNews.com. Retrieved 2012-06-02.
  10. ^ "New Jersey banknotes begin circulation". bbc.co.uk. 29 April 2010. Retrieved 2011-02-28. 
  11. ^ Jersey to issue 100-pound commemorative note in 2012 BanknoteNews.com, Retrieved 2011-08-15.
  12. ^ Jersey new 100-pound note unveiled, due 1 June 2012 BanknoteNews.com. Retrieved 2012-04-19.
  13. ^ "On Demand". States of Jersey-Treasury and Resources. Retrieved 2011-02-28. 
  14. ^ "Jersey's banknotes have been given a new look". bbc.co.uk. 1 March 2010. Retrieved 2011-02-28. 
  15. ^ "Hologram Jersey £100 banknotes go on sale". Retrieved 3 June 2012.