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 Royal Militia of Jersey is formed
- The Royal Militia of Jersey can trace its creation to a decree by King John in 1203.
- Read more…
Jersey bailiff who helped organise the St Malo evacuation is born
- Sir Robert Hugh Le Masurier was born in Jersey and would rise to become one of the island’s youngest ever bailiffs.
- Read more…
Courts declare widow mentally competent
- Fanny Radmall inherited a huge fortune but the Jersey courts were asked to rule on whether she was competent to manage it.
- Read more…
Author and actor Anthony Faramus is born
- Anthony Faramus, who became an author and actor, was working as a hairdresser in St Helier when arrested early in the occupation.
- Read more…