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
A boy is killed on the Jersey Railway
- An unnamed boy was killed on the Jersey Railway at Bel Royal when he was crossing the track from the beach to retrieve his towel.
- Read more…
The Prince of Wales visits Jersey to open Howard Hall
- The Prince of Wales came to Jersey by boat so he could open the recently finished Howard Hall at Victoria College.
- Read more…
Bergerac creator Robert Banks Stewart is born
- Edinburgh-born screenwriter and producer Robert Banks Stewart devised the Jersey-set BBC police drama, Bergerac.
- Read more…
The German Occupation of Jersey begins
- Exactly when the Channel Islands were occupied initially caused some confusion due to German activities in advance.
- Read more…