The Bank of Jamaica (BOJ) announced that cotton-based banknotes will cease to be legal tender effective July 1, 2025.
After that date, the old notes will no longer be accepted for transactions involving goods and services. However, the BOJ said it will continue to redeem the cotton notes at face value indefinitely.
Following the demonetization, cash transactions must be conducted using the new polymer banknotes, which have been in circulation since June 2023. The new series includes denominations of $5,000, $2,000, $1,000, $500, $100, and $50, along with the existing coins of $20, $10, $5, and $1.
The polymer notes were officially introduced on June 15, 2023, marking only the second time Jamaica has launched a new banknote series since its currency was established in 1969.
Polymer substrate is being used in place of cotton due to its superior durability, which is expected to significantly reduce production and replacement costs.
In addition to durability, the new banknotes feature design enhancements aimed at improving accessibility for the visually impaired. These include larger numbers, raised printing, and tactile features that allow users to distinguish denominations by touch. The redesign also ensures greater visual distinction among the various denominations.
When the notes were unveiled in 2022, BOJ Governor Richard Byles said at the time: “All in all, the new banknotes are a true representation of Jamaica’s history, culture, major economic activities and the best traditions and aspirations of its people.”
“In this new series, we have sought to modernise and upgrade the banknotes, ensuring that while they are representative, relevant and forward-looking, every Jamaican can and will be proud of the final product.”
