Demonetisation of Coins

Photo: JIS Photographer

As of February 15, 2018, the one, ten and twenty-five cent coins will be demonetised and no longer be legal tender.

This action will be applicable to cash transactions only.

Therefore, where the total amount of a transaction is not a whole number, this total should be rounded up or down according to the following guidelines:

• A cash transaction ending in .01 to .49 should be rounded down to the nearest dollar. For example, $40.01 – $40.49 should be rounded down to $40.00.

• A cash transaction ending in .50 to .99 should be rounded up to the nearest dollar. For example, $40.50 – $40.99 should be rounded up to $41.00.

The one, ten, and twenty-five cent coins may be combined and redeemed indefinitely at the Bank of Jamaica for other legal tender of equal value.

JIS Social