1 Penny – Jamaica

In 1904, Jamaica's currency situation was a complex colonial system in transition. The island operated on a sterling-based currency, but not with British coinage alone. The official medium of exchange was a hybrid system of British gold sovereigns and silver coins, alongside Jamaican government-issued notes and fractional currency. These local notes, denominated in pounds, shillings, and pence, were not legal tender in Britain but were fully convertible with sterling, creating a dependent colonial monetary structure.

A significant feature was the widespread use of the "anchor coin," a distinctive Jamaican silver fourpence (4d) or groat, first introduced in the 1750s. By 1904, these coins remained vital for everyday small transactions, especially among the working population, as British silver coinage was often in short supply. This created a practical, two-tiered system where high-value trade and government accounts were conducted in sterling, while the local economy relied heavily on these familiar Jamaican subsidiary coins and notes.

This period also saw Jamaica on the cusp of formalizing its currency system within the broader British Empire. The year 1904 fell just before the establishment of the West Indian Currency Board in 1912, which would eventually standardize currency across several British Caribbean territories. Therefore, the situation in 1904 represented the final phase of a distinct, island-specific system, managing the daily challenges of maintaining parity with sterling while facilitating local commerce with its own unique coinage, all under the ultimate financial control of the British Crown.