Jamaican Dollar - JMD

Overview

The Jamaican Dollar is the official currency of Jamaica. Jamaica is an island nation of the Greater Antilles. The new Jamaican Dollar differs from all other dollars in the British West Indies because it was based on the half-pound sterling. All other dollars were founded on either the US Dollar or the Spanish Dollar.

Economy

• Jamaica is a mixed economy with state enterprises and private sector companies.
• The main sectors of the Jamaican economy are agriculture, mining, manufacturing, tourism, and financial services and insurance.
• Tourism and mining are the main sources of foreign exchange.
• Half of Jamaica's economy is based on services, and half of its revenues are from services such as tourism. An estimated 1.3 million foreign tourists visit Jamaica each year.

History

• The history of the Jamaican Dollar should not be seen in isolation from the British West Indies as a whole. Its unique feature was that it was the only territory in the British West Indies to use special issues of the British Pound Sterling, except for the four pence groat coin issued for all the British West Indies.
• Replacement coins valued at 1 cent (for 1.2 pence), 5 cents (for 6 pence), 10 cents (for1 shilling), 20 cents (for 2 shillings), and 25 cents (for 2 shillings 6 pence) were produced. With the exception of the United Nations small bronze penny, the compositions, sizes, and shapes of the coins were identical to those they replaced.
• The Jamaican Dollar value fluctuates, but in January 2011 it was at approximately 85 USD.

General Information