Eritrean Nakfa in Jamaican Dollar

ERN Eritrean Nakfa

Country of application:
Eritrea

Coin denominations in circulation:
1, 5, 10, 25, 50 cents, 1 nakfa.

Denominations of banknotes in circulation:
1, 5, 10, 20, 50, 100 nakfa.

History reference:
The Eritrean nakfa is the national currency and fiat money of the State of Eritrea, a state in East Africa. Nakfa was introduced in 1997 when it replaced the Ethiopian Birr after the War of Independe...nce. The country went through seven years of stabilization, reconstruction and development before the start of a new border war with Ethiopia in 1998. In mid-2018, a turning point took place in the external environment of Eritrea. Ethiopia signed a peace treaty with Eritrea in July 2018. Eritrea has begun to normalize relations with neighboring countries. In November 2018, the UN Security Council lifted sanctions on Eritrea. The current account surplus will remain high in 2020, driven by Eritrean remittances from abroad (12% of GDP) and mining exports (25% of GDP).

JMD Jamaican Dollar

Country of application:
Jamaica

Coin denominations in circulation:
1, 5, 10, 20 dollars.

Denominations of banknotes in circulation:
50, 100, 500, 1000 dollars.

History reference:
The Jamaican dollar is the national currency of Jamaica. Until 1840, the British pound, Spanish reals and local coins circulated in Jamaica. Then the Jamaican pound was introduced, which in 1914 was ...equated to the pound sterling, and from 1955 to the West Indian dollars. The earliest money in Jamaica were Spanish copper coins called maravedi. This is due to the fact that for almost four hundred years, Spanish dollars, known as pieces of eight, were widely used on world trade routes, including the Caribbean region. However, after the revolutionary wars in Latin America, the source of these silver trade coins dried up. The last Spanish dollar was minted at the Potosi Mint in 1825. The United Kingdom adopted a very successful gold standard in 1821, so 1825 was the right time. to introduce the coinage of British sterling in all British colonies.