As of July 1, 2025, Jamaica will officially withdraw all paper (cotton-based) banknotes from circulation. This move, led by the Bank of Jamaica, marks a major step in the country’s transition to a modern, polymer-based currency system.
The shift aims to improve the durability, security, and accessibility of the nation’s physical money.
A Nationwide Currency Overhaul
The demonetization will affect all denominations of the older cotton notes—specifically the $50, $100, $500, $1,000, and $5,000 bills.
After July 1, these notes will no longer be considered legal tender, meaning they cannot be used for purchases or financial transactions. However, these paper notes can still be exchanged for their full face value at the Bank of Jamaica itself, with no expiration on this redemption period. Discussions are underway to allow commercial banks to continue facilitating exchanges even after the deadline, making it easier for Jamaicans and tourists to transition smoothly.
Why Polymer Notes?
The move follows the June 2023 introduction of Jamaica’s new series of polymer banknotes, which include denominations of $50, $100, $500, $1,000, $2,000, and $5,000. These new notes were designed with several improvements over the cotton-based versions. Polymer banknotes are significantly more durable and incorporate advanced security features to deter counterfeiting. Additionally, the updated designs include tactile features to help visually impaired individuals more easily identify different denominations.
What This Means for Tourists
For tourists planning to visit Jamaica, the withdrawal of paper banknotes means they should ensure that any Jamaican currency they bring or exchange while on the island is in the new polymer format. After July 1, 2025, the older cotton-based banknotes will no longer be accepted for purchases, so visitors who happen to receive these notes in change or bring them from a previous trip may find themselves unable to use them. To avoid inconvenience, tourists are advised to exchange money at authorized financial institutions, which will issue the new, durable polymer notes.
Use or exchange your paper banknotes before July 1, 2025. After that date, although the notes will no longer be accepted in shops or for payments, they will still hold value and can be redeemed directly at the Bank of Jamaica.
DISCLAIMER: Global Currency Services is no longer buying or selling any Jamaican paper banknotes.