Bank of Jamaica launches coin collection drive

The Bank of Jamaica (BOJ) has launched a drive to collect millions of coins that are yet to be exchanged following a decision to take the 1,10 and 25 cent coins out of circulation.

With over J$800,000 (One Jamaica dollar =US$0.008 cents) in one cent coins, $31.6 million in ten cent coins and $68 million in 25 cent coins, yet to be exchanged,  the bank has partnered with GraceKennedy Payment Services Limited (GKPS) to urge the public to bring in the demonetized coins for redemption.

In September 2017, the government announced that the coins were being taken out of circulation by the BOJ due to the downward trend in their use since 2005.

Effective July 23

According to a press release from the BOJ, the coin collection agency arrangement becomes operational on July 23, and will continue for an initial period of one year.

This means that in addition to redeeming all Jamaican coin denominations at BOJ, these coins can also be redeemed via special coin machines at specific GKPS locations island-wide, the central bank said.

BOJ said that coins redeemed at the bank are always redeemed at full face value, while GKPS normally imposes an eight per cent service charge on coins redeemed through its machines.

“Thanks to this arrangement, however, GKPS will, for the duration of this agency arrangement, effective Monday 23 July, redeem coins at their coin machines at full face value with no charge to people redeeming the coins; all related charges are being covered by BOJ,” the bank stated.