12th July 1963
Jersey gets its first ever local bank notes
When Jersey needed to raise funds, it came up with a profitable wheeze: it would issue its first ever peacetime banknotes.
Although it might sound like it was trying to create money out of thin air, the plan had a sound financial basis. It would, in effect, be producing a new product – a printed slip of paper that just happened to be a banknote – that locals would ‘buy’ with the existing mainland currency they held. This would happen quite naturally when shops and businesses gave them change in local currency after accepting mainland notes.
The banks would accept the mainland currency when the businesses paid it into their accounts and the States would swap it for more local currency, thus giving the States the funds it needed to invest in UK government securities which, over time, would earn a profit that would contribute to the island economy.
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Other events that occured in July
The British government offers St Catherine’s Breakwater to Jersey
- The States of Jersey officially accepted a ‘gift’ of St Catherine’s Breakwater from the British government in 1875.
- Read more…
St Saviour’s hospital’s foundation stone is laid
- St Saviour’s Hospital, on Prince’s Tower Road, was purpose built to care for patients’ mental health. It took three years to construct.
- Read more…
Jersey Football Association is established
- Jersey FA was founded at the headquarters of the Royal Jersey Agricultural and Horticultural Society in July 1905.
- Read more…
A dying man confesses to murder
- A dying man confessed to having killed a woman for which the victim's brother had earlier been tried, convicted, and hanged.
- Read more…