Jamaica Dropping Low Value Coins

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One-cent coins as well as 10-cent and 25-cent coins will soon no longer be legal tender in Jamaica. (Photo: Jamaica Gleaner)

 

KINGSTON, Jamaica, Thursday September 14, 2017 – Jamaica’s one-cent, 10-cent and 25-cent coins will soon be no more.

Information Minister Ruel Reid has announced that the coins will be pulled from circulation.

Speaking to reporters at yesterday’s post-Cabinet press briefing, he said Cabinet took the decision in keeping with the Bank of Jamaica (BOJ) Act which stipulates that the BOJ shall have the power, on giving three months’ notice in the Gazette, to call in any notes and coins on payment of the face value. On the expiration of the notice, such notes or coins shall cease to be legal tender.

Reid explained that the decision was taken after an assessment showed that the use of coins had been decreasing since 2005.

He added that details of a cost-efficiency assessment also showed that manufacturing costs consistently exceeded the face value of the coins.

Once the coins are withdrawn from circulation, the only other coin denominations would be the $1, $5, $10, and $20.

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