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The pound was the official currency of Jamaica between 1840 and 1969. It circulated as a mixture of sterling coinage and locally issued coins and banknotes and was always equal to the pound sterling. The Jamaican pound was also used in the Cayman and Turks and Caicos Islands.
The 1825 order-in-council was largely a failure because it made sterling silver coinage legal tender at the unrealistic rate in relation to the Spanish dollar of $1 = 4 shillings and 4 pence. In 1838, remedial legislation was introduced for the British West Indies , with a new and more realistic rate of $1 = 4s 2d.
The new Jamaican dollar (and the Cayman Islands dollar), differed from all the other dollars in the British West Indies in that it was essentially a half-pound sterling. All the other dollars in the vicinity either began on the US dollar unit, in the case of Belize, Bermuda, and the Bahamas, or the Spanish dollar unit in the case of the Eastern ...
After the Second World War, the Bretton Woods system of fixed exchange rates to the US dollar (convertible to gold) gave the sterling area a second lease of life as Commonwealth of Nations kinship and trading loyalties were maintained after Britain's withdrawal from Empire by keeping a sterling peg and staying in the sterling area, rather than ...
The exchange rate of $4.80 = £1 sterling (equivalent to the old $1 = 4s 2d) continued right into up until 1976 for the new Eastern Caribbean dollar. For a wider outline of the history of currency in the region see Currencies of the British West Indies .
The dollar was pegged to sterling at a rate of 1 dollar = 4 shillings 2 pence. Spain : the Spanish dollar was used from 1497 to 1868. It is closely related to the dollars (Spanish dollar was used in the US until 1857) and euros used today.
International dollar – hypothetical currency pegged 1:1 to the United States dollar; Jamaican ... Peruvian pound – Peru; Pound sterling ... by exchange rate regime;
Through periodic intervention in the market, the central bank also has prevented any abrupt drop in the exchange rate. The Jamaican dollar has been slipping, despite intervention, resulting in an average exchange rate of J$73.40 per US$1.00 and J136.2 per €1.00 (February 2011). [21]