Sun | Nov 18, 2018

Calling all coins: BOJ joins forces with GKPS in redemption drive - More than $100m in one, 10 and 25 cents coins not exchanged

Published:Sunday | July 15, 2018 | 12:00 AM
After tomorrow, the Bank of Jamaica will continue to accept the demonetised coins for redemption at its Nethersole Place office in downtown Kingston.

The Bank of Jamaica (BOJ) has named GraceKennedy Payment Services Ltd (GKPS) as an official coin collection agent in the national coin redemption drive.

According to the BOJ, following efforts to identify agents to widen its coin redemption drive, it decided to partner with GKPS.

The coin collection agency arrangement becomes operational on July 23, and will continue for an initial period of one year.

This means that in addition to redeeming all Jamaican coin denominations at BOJ, the coins can also be redeemed via special coin machines at specific GKPS locations islandwide.

Coins redeemed at BOJ are always redeemed at full face value, while GKPS normally imposes an eight per cent service charge on coins redeemed through its machines.

But with the agreement with the BOJ, GKPS will, for the duration, redeem coins at their coin machines at full face value with no charge to persons redeeming the coins; all related charges are being covered by BOJ.

This arrangement makes it easier to redeem coins for those persons who do not live in the Corporate Area or do not otherwise find it convenient to take coins directly to BOJ for redemption.

There is also the added convenience that coins being redeemed at GKPS locations need not be presorted.

GKPS has nine locations across the island with coin machines to redeem coins, and has indicated plans to increase that number in the near future.

The current locations are Boulevard Super Centre, Pavillion Mall and Barbados Avenue in St Andrew; Sagicor Shopping Centre in St Catherine; Marville Pharmacy in Morant Bay, St Thomas; Heaven's Texaco in Mandeville, Manchester; DL Financial on Main Street, Santa Cruz, St Elizabeth; Church Street, Montego Bay, St James; and Main Street, Brown's Town, St Ann.

The BOJ also pointed out that this coin redemption agreement applies to both legal tender coins in circulation, which persons wish to exchange, as well as the recently demonetised one, 10, and 25 cent coins.

Although the recently demonetised coins are no longer legal tender, they still hold full face value on redemption. The BOJ is urging Jamaicans to take in the demonetised coins for redemption.

In relation to demonetised coins, more than $800,000 in one cent coins are yet to be exchanged, in addition to $31.6 million in 10 cent coins and $68 million in 25 cent coins have not been turned in to the BOJ.