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JAM | May 14, 2025

BOJ issues reminder of July 1 demonetization of old cotton banknotes 

/ Our Today

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(Photo: pymnts.com)

The Bank of Jamaica (BOJ) is reminding the public that effective July 1, 2025, the old cotton banknotes comprising the $5000, $1000, $500, $100 and $50 denominations will no longer be legal tender. 

This means that they will no longer be able to be used for transactions for goods and services. Notwithstanding this, the BOJ will continue to redeem the old cotton banknotes for face value indefinitely. 

Following the demonetization of the old cotton banknotes, cash transactions should be conducted using the new polymer banknotes, comprised of the $5000, $2000, $1000, $500 $100, and $50 denominations that have been in circulation since June 2023, and the existing coin denominations of $20, $10, $5 and $1.

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