Effective today, Jamaica's old cotton-based banknotes, specifically the 5,000, 1,000, 500, 100, and 50 dollar bills will no longer be considered legal tender.
This means these older notes will no longer be accepted for the purchase of goods and services.
As the demonetization takes effect, all cash transactions should be carried out using the new polymer banknotes which have been in circulation since June 2023, along with the existing 20, 10, 5, and 1 dollar coins.
The Bank of Jamaica will continue to redeem demonetized cotton banknotes at their full face value, with no time limit on redemption.