BANK OF JAMAICA ACT (01 October 1960)

(2)  The monetary unit, or unit of currency, of the island is the
      dollar

(3)  The denominations of money in the currency of the island
      are the 
      dollar and cent.

(4) A cent is one-hundredth  part of a dollar.

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31/1966
S. 2.

31/1966
S. 2.

11.

(2) An order made under subsection (1) may contain such
     consequential, supplemental or ancillary provisions (including
     modifications of this Act) as the Minister may consider
     necessary or expedient for the purposes of this order.

(3) An order made under subsection (1) shall be subject to
     negative resolution.

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(2) No person other than the Bank shall issue in Jamaica notes
     or coins or tokens payable to bearer on demand, having the
     appearance of, or purporting to be, or which are likely to
     pass or be confused with notes or coins issued by the Bank.

(3) Any person who contravenes subsection (2) shall be guilty
     of an offence and liable -

1. On summary conviction in a Resident Magistrates Court to a fine not exceeding fifty thousand dollars or to imprisonment for a term not exceeding two years or both fine and imprisonment;
2. On conviction in a Circuit Court to a fine or imprisonment for a term not exceeding five years or to both such fine and imprisonment

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18/1973
S. 8 (c).

1. approve ,subject to subsection (2), the denominations, form and design of the notes and coins to be issued by the Bank.
2. (b) By order determine the standard weight and composition of coins to be issued by the Bank and the amount of remedy (or variation from the standard weight or composition ) which may be allowed in the making of such coins.

(2) The power of the Minister under paragraph (a) of subsection
     shall be exercised on the recommendation of the Bank, so,
     however, that where on any occasion the Minister disagrees
     with a recommendation of the Bank he shall require the bank
     to reconsider that recommendation.

     If a recommendation acceptable to him is thereafter
     furnished by the Bank, exercise the power aforesaid on that
     occasion otherwise than on the recommendation of the
     Bank.

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12/1971 S. 2.
18/1973 S. 9 (a).

12/1971 S. 2.

18/1973 S. 9 (d).

1. in the case of notes, for the payment of any amount
2. subject to paragraph (e) in the case of coins of a denomination of not less than one dollar, for the payment of an amount not exceeding twenty dollars;
3. in the case of coins of a denomination of less than one dollar but not less than five cents, for the payment of an amount not exceeding twenty cents ;and
4. in the case of coins of a denomination of less than five cents, for the payment of an amount not exceeding twenty cents; and
5. in the case of coins of a denomination exceeding twenty dollars for the amount of the face value.

(2) A coin that is bent, mutilated or defaced, or that has been
     reduced in weight otherwise than by abrasion through
     ordinary use shall not be legal tender.

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21/1978 S. 2.

(2) A person shall not be entitled to recover from the Bank the
     value of any last stolen, mutilated, or imperfect note or
     coin. The circumstances in which, and the conditions and
     limitations subject to which, the value of lost,stolen,
     mutilated or imperfect notes or coins may be refunded as of
     grace shall be within the absolute discretion of
     the Bank.

(3) If the Minister considers it necessary or expedient to do he  
     may, by order published in the Gazette, direct that such
     notes and coin! as may be specified in the order shall cease
     to be legal tender as from dates so specified shall not be
     redeemed by the Bank unless the Bank is satisfied that any
     omission to redeem those notes or coins prior to that date,
     arose from circumstances which, in the opinion of the Bank,
     in their absolute discretion, were to excuse the omission.

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7/1969
1st Sch.

1. arrange for the printing of notes and the minting of
   coins for circulation in Jamaica;
2. issue, re-issue and redeem such notes and coins;
3. arrange for the safe custody of unissued notes and coins and for the preparation, safe custody and destruction of plates and paper for the printing of notes and dies for the minting or coins.

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(2) Repealed

(3) For the purposes of subsection (1) such assets shall
     include -

1. gold coin or gold bullion
2. foreign currency notes or coins
3. money at call or on deposit with banks outside Jamaica
4. securities including Treasury bills, issued or guaranteed by any government other than the Government of Jamaica
5. securities issued by international financial institutions of which Jamaica is a member and which are denominated in a currency other than the currency of Jamaica.
6. any other foreign assets which are denominated in currencies which are readily converted into gold or approved foreign currency
7. Special Drawing Rights allocated to Jamaica pursuant to section 1 of Article XXI of the Fund Agreement.

(4) For the purposes of this section-

1. the value of the coins in circulation shall be such
   portion, not less than seventy-five per centum, of
   value of coins issued by the Bank and not redeemed
   as the Minister shall specify by order.
2. Fund Agreement has the meaning assigned to it in
   section 2 of the Bretton Woods Agreement Act.

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1. prescribing anything required to be prescribed under
   this part or paragraph (b) of section 30.
2. (b) with respect to any matter relative to currency and
   coinage not provided for in this Act.

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