5 Shillings – Jamaica

In 1966, Jamaica stood on the cusp of a significant monetary transition, operating under the framework of the British Caribbean Currency Board (BCCB). This system, established in 1950, issued a common currency—the British Caribbean dollar (BWI$)—that was pegged to sterling and used across several Eastern Caribbean territories. While this provided stability and facilitated trade within the region, it was increasingly seen as an anachronism for a nation that had gained political independence from the United Kingdom in 1962. The BCCB system offered Jamaica little control over its own monetary policy, as currency issuance was strictly tied to foreign reserves, limiting the government's ability to manage the economy proactively.

The push for a distinct national currency was driven by both symbolic and economic imperatives. Symbolically, it was a key step in asserting full economic sovereignty and national identity. Economically, the post-independence government, led by Prime Minister Sir Alexander Bustamante and later by Donald Sangster, sought the tools to pursue independent development goals, manage balance of payments, and potentially finance growth through more flexible credit policies. Preparations were therefore well underway in 1966 for the establishment of the Bank of Jamaica as the central bank, which would assume control over monetary policy and currency issuance.

Consequently, 1966 was a final year of monetary continuity under the old colonial system, but one filled with imminent change. The British Caribbean dollar remained legal tender, but the institutional and legislative groundwork was being laid for its replacement. The following year, in 1967, the Bank of Jamaica would officially open, and the Jamaican dollar (J$) would be introduced, severing the formal currency link to other territories and marking a definitive step in Jamaica's post-colonial economic journey.