Currency Notes (Jersey) Law 1959

Official Consolidated Version

This is an official version of consolidated legislation compiled and issued under the authority of the Legislation (Jersey) Law 2021.

Showing the law from 1 January 2019 to 22 July 2019

Currency Notes (Jersey) Law 1959

Article

A1          Interpretation. 3

1             Power to issue currency notes. 3

2             Form and authentication of currency notes. 3

3             Currency notes to be legal tender. 3

4             Right to receive other notes in exchange for currency notes. 4

5             Power to recall currency notes. 4

6             Penalty for defacing bank notes and currency notes. 4

7             Consequential provisions. 4

8             Citation. 4

Table of Legislation History. 5

Table of Renumbered Provisions. 5

Table of Endnote References. 6

Currency Notes (Jersey) Law 1959[1]

A1     Interpretation

In this Law, “Minister” means the Minister for Treasury and Resources.

1        Power to issue currency notes

(1)     The Minister shall have power to issue notes (in this Law referred to as “currency notes”) of such denominations, not exceeding £100, as the Minister may determine, and to put such notes into circulation in Jersey:

Provided that –

(a)     no currency notes shall be issued without the authority of the States previously obtained; and

(b)     the amount of the currency note issue shall not at any time exceed £125 million.[2]

(2)     The States may by Regulations vary the maximum denomination of currency notes and the amount of the currency note issue in circulation at any one time.[3]

2        Form and authentication of currency notes

Currency notes shall be in such forms and of such designs and printed from such plates and on such paper as may be directed by the Minister, and shall be authenticated by the signature of the Treasurer of the States, which, if reproduced thereon by mechanical means, shall be as valid as if it had been subscribed by the Treasurer in the Treasurer’s proper handwriting.[4]

3        Currency notes to be legal tender

Subject to the provisions of Article 5, currency notes shall be legal tender in Jersey.

4        Right to receive other notes in exchange for currency notes

The holder of currency notes of any denomination shall be entitled, on a demand made by the holder during office hours at the States’ Treasury, to receive in exchange for the notes their equivalent face value in such bank notes or currency notes, being notes which at that time are legal tender in Jersey, as the holder may specify.

5        Power to recall currency notes

The Minister shall have power, on giving not less than one month’s notice in 2 newspapers circulating in Jersey, one being a publication in French and the other a publication in English, to call in any currency notes on payment of the face value thereof, and any such notes with respect to which a notice has been given under this Article shall on the expiration of the notice cease to be legal tender.

6        Penalty for defacing bank notes and currency notes

If any person prints or stamps or by any like means impresses on any bank note or currency note any words, letters or figures, the person shall, in respect of each offence, be liable to a fine of level 1 on the standard scale.[5]

7        Consequential provisions

The provisions of the Loi (1813) concernant le paiement de lettres de change, etc., shall not apply to notes which, by virtue of any enactment, are for the time being legal tender in Jersey.

8        Citation

This Law may be cited as the Currency Notes (Jersey) Law 1959.

Endnotes

Table of Legislation History

Table of Renumbered Provisions

Table of Endnote References