The official currency of Jamaica is the Jamaican dollar (ISO code JMD, symbol J$), issued by the Bank of Jamaica. It is divided into 100 cents, and as of 2026 one US dollar trades for roughly 155 to 157 Jamaican dollars. Although the Jamaican dollar is the only legal tender, the US dollar circulates so widely in resorts and tourist zones that visitors will often pay in both.
The Jamaican Dollar at a Glance
The Jamaican dollar is a floating currency managed by the Bank of Jamaica (BOJ), the country's central bank. Here are the essentials:
- Official name: Jamaican dollar
- ISO code: JMD
- Symbol: J$ (sometimes written simply as $ within Jamaica)
- Subunit: the cent, with 100 cents to one dollar
- Issuing authority: Bank of Jamaica, established in 1960
Coins in everyday use come in denominations of J$1, J$5, J$10, and J$20, while banknotes circulate as J$50, J$100, J$500, J$1,000, J$2,000, and J$5,000. The smallest physical coin most Jamaicans carry is the J$1, because decades of inflation have made the cent largely a notional unit rather than a coin people handle.
How the Dollar Replaced the Pound
Jamaica did not always use a dollar. For most of its colonial history the island used the Jamaican pound, which was pegged to the British pound sterling. On 8 September 1969 the country decimalised its money and introduced the Jamaican dollar at a conversion rate of one pound to two dollars. This shift away from the sterling system reflected a broader move toward economic independence after Jamaica gained full sovereignty from Britain in 1962.
For its first decade the Jamaican dollar held a relatively strong value, at times trading on near parity with — or even above — the US dollar. From the late 1970s onward, however, economic pressures, balance-of-payments difficulties, and high inflation caused the currency to depreciate substantially. By the 1990s and 2000s the exchange rate had weakened into the dozens and then hundreds of dollars per US dollar.
A Modern, More Stable Currency
In recent years the Bank of Jamaica has worked to bring greater discipline to monetary policy. The central bank formally adopted an inflation-targeting framework, aiming to keep annual inflation within a published target band, and it allows the dollar to float rather than defending a fixed rate. These reforms, combined with steady tourism earnings and remittances from the Jamaican diaspora, have helped stabilise inflation expectations even though the dollar continues to drift gradually weaker against the US dollar over the long term.
Jamaica has also been an early experimenter with digital money. The Bank of Jamaica launched a central bank digital currency known as JAM-DEX, making Jamaica one of the first countries in the world to roll out an officially issued digital version of its national currency for everyday retail use.
National Heroes on the Banknotes
Jamaican banknotes double as a gallery of the island's most celebrated figures. Many feature former prime ministers and national heroes who shaped the country's path to independence:
- J$5,000: Hugh Shearer, a former prime minister
- J$2,000: Michael Manley, prime minister and reformer
- J$1,000: Norman Manley, a National Hero and founding political figure
- J$500: Nanny of the Maroons, leader of anti-colonial resistance
- J$100: Sir Donald Sangster, a former prime minister
Among these, Nanny of the Maroons stands out. She is one of only a small number of women honoured as National Heroes of Jamaica and one of the very few women to appear on Caribbean currency. In the 18th century she led the Windward Maroons in their resistance against British colonial forces, and her image on the J$500 note keeps that legacy in everyday circulation.
Using Money as a Visitor
For travellers, Jamaica is unusually flexible about money. Large resorts, hotels, dive shops, and organised tours frequently quote prices in US dollars, and US cash is accepted readily across tourist areas such as Montego Bay, Negril, and Ocho Rios. Local businesses, route taxis, craft markets, and roadside jerk stands, however, deal in Jamaican dollars, and you will usually get better value paying in JMD when prices are listed that way. To learn more about the island itself, see our jamaica country guide.
A few practical tips: ATMs across the island dispense Jamaican dollars and are the simplest way to get local cash; licensed cambios (exchange bureaus) and banks generally offer fairer rates than airport counters; and carrying a mix of small JMD notes is handy for taxis, tipping, and markets where haggling is part of the experience. Major credit cards are accepted at hotels and larger establishments, but cash remains essential away from the resort strips.
Frequently Asked Questions
What is the currency symbol for Jamaica?
The Jamaican dollar uses the symbol J$, and its three-letter ISO currency code is JMD. Within Jamaica it is sometimes written simply as a dollar sign, so context matters when comparing prices with US dollars.
Can I use US dollars in Jamaica?
Yes. While the Jamaican dollar is the only legal tender, US dollars are widely accepted in tourist areas, resorts, and tours. For local shops, markets, and transport, however, you will generally pay in Jamaican dollars and often get a better deal doing so.
How many Jamaican dollars equal one US dollar?
As of 2026, roughly 155 to 157 Jamaican dollars equal one US dollar, though the rate floats and changes daily. Always check the current rate before exchanging larger sums.
Who controls Jamaica's currency?
The Bank of Jamaica, the country's central bank founded in 1960, issues the currency and sets monetary policy. It uses an inflation-targeting approach to help keep prices stable.