Small Coins to be Demonetized February 15

The Bank of Jamaica will officially demonetize one, ten and 25 cents coins on February 15.

That’s according to an advisory from the BOJ which was issued to Commercial banks.

Nationwide News has obtained a copy of the advisory. It says the coins will no longer be legal tender.

However, these coins will be redeemed indefinitely at the BOJ or otherwise as may be advised. The central bank says the demonetization will only affect cash payments and will only apply to the total amount of the bill or transaction.

This means that cash transactions ending $0.01 to $0.49 should be rounded down to the near dollar. For example, a transaction of $40.49 should be rounded down to $40.

Cash transactions ending in $0.50 to $0.99 cents will be rounded up to the next dollar. For example, a transaction of $40.50 should be rounded up to $41.

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