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Concept
Jersey pound
Summary
The pound (Livre de Jersey, Jèrriais: Louis de Jersey; abbreviation: JEP; sign: £) is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland (see Banknotes of the pound sterling). It can be exchanged at par with other sterling coinage and notes (see also sterling zone).
ISO 4217 does not include a separate currency code for the Jersey pound, the abbreviation "JEP" may be used if distinction from sterling is desired.
Both Jersey and Bank of England notes are legal tender in Jersey and circulate together, alongside the Guernsey pound and Scottish banknotes. The Jersey notes are not legal tender in the United Kingdom and unlike Scottish and Northern Irish banknotes are not authorised by the British Parliament as legal currency in the United Kingdom. That said, it will often be accepted by vendors in the UK with varying degrees of difficulty.
The livre was the currency of Jersey until 1834. It consisted of French coins which, in the early 19th century, were exchangeable for sterling at a rate of 26 livres = 1 pound. After the livre was replaced by the franc in France in 1795, the supply of coins in Jersey dwindled leading to difficulties in trade and payment. In 1834, an Order in Council adopted the pound sterling as Jersey's sole official legal tender, although French copper coins continued to circulate alongside British silver coins, with 26 sous equal to the shilling. Because the sous remained the chief small-change coins, when a new copper coinage was issued for Jersey in 1841, it was based on a penny worth of a shilling, the equivalent of 2 sous. This system continued until 1877, when a penny of of a shilling was introduced.
Along with the rest of the British Isles, Jersey decimalised in 1971 and began issuing a full series of circulating coins from p to 50p. £1 and £2 denominations followed later.
Official source
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