Bottoms Up: Jamaicans with old cotton currency notes in storage should exchange before expiry


Jamaicans with old currency saved in dulcimineas or old suitcases and other self-styled saving receptacles being used to store old currency in the form of cotton notes are being advised by the Bank of Jamaica that the deadline is near for the expiry of these notes is approaching.

By Gazette on April 1, 2025, the BOJ gave notice of the demonetization of the old cotton banknotes comprised of the $5000, $1000, $500, $100 and $50 denominations.

The central bank states, " Please be advised that three months after the Effective Date, that is on 1 July 2025, the old cotton banknotes will no longer be legal tender, in that, they cannot be used for transactions for goods and services. 

Still, it gives the assurance, "Notwithstanding, Bank of Jamaica will continue to redeem the old cotton banknotes for face value indefinitely."

 Following the demonetization of the old cotton banknotes, cash transactions should be conducted using the new polymer banknotes, comprised of the $5000, $2000, $1000, $500 $100, and $50 denominations, that have been in circulation since June 2023, and the existing coin denominations of $20, $10, $5 and $1.


Caribbean Money Daily

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