Jersey Pound (JEP)

Basic Concepts of the New Jersey Pound

The New Jersey Pound is the legal tender of the British Crown Dependency of Jersey, with the currency code JEP. It is pegged to the equivalent of the British Pound and circulates for use only in Jersey.

Countries and regions of use

The New Jersey Pound is primarily used in Jersey. Located in the English Channel, Jersey is a Crown Dependency of the United Kingdom and has independent currency issuing authority.

Units and Denominations

The monetary units of the New Jersey Pound are pounds and pence, with 1 pound equaling 100 pence. Bill denominations include 1, 5, 10, 20 and 50 pounds, while coin denominations are 1, 2, 5, 10, 20, 50 pence and 1 and 2 pounds.

Historical Background

The history of the New Jersey pound dates back to the 19th century, when the island began issuing local currency. Although pegged to the pound, the Jersey government retained the right to issue it in order to maintain the region's economic stability and to demonstrate its unique cultural identity.