From “The Gossiping Guide to Jersey” by J. Bertrand Payne, 1865.
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Before leaving this section, a numismatist might find the following from
The Gossiping Guide to Jersey by J. Bertrand Payne9 of 1865 of interest:
“The coinage and banking operations of Jersey offer some
salient points to the curious. At the present, Bank of England notes, English
and French gold and silver, and a local copper money form the staple
currency. Formerly, French silver and copper, among the former of which the
six-livre piece was prominent, were almost the only medium of exchange, and
these coins, at the best of times, were very scarce. To supply this
deficiency, early in this century the States of Jersey had three- shilling
and eighteen-penny pieces, of local value, coined at the Royal Mint, but
these were withdrawn in 1834. The insular currency was framed on the old
French system—the sol or sou being a
halfpenny, twenty sols one livre, and
twenty-four livres one Louis d'or. In
the Extentes, or Royal Rent Rolls, as well as in private
account books of the olden time, reference is made to
deniers and liards—one the
twenty-fourth, the other the quarter of a sol. In the
Guernsey special coinage the latter exists, and is almost as great a
curiosity in its way as the new French centime; the
former never was a coin, but merely a hair-splitting instrument of
computation. Monnoie d'ordre appears in the publication
of some fines in the last century. This had the effect of raising the
livre fifty per cent., by means of an order in Council,
dated 1729, and was iniquitously procured by certain local capitalists to
depreciate the value of real property. The term is used
in contradistinction to the livre tournois, or
cours de France. Before 1841, the numismatist
whose ambition did not rise higher than copper would have made hay
triumphantly in Jersey, for it seemed that the Island was the universal
refuge for all the “browns” of the universe. Imported wholesale, as a
profitable speculation, by the native sailors from every country in the
world, the Jersey people were so cosmopolitan in their ideas of what
constituted a penny or a halfpenny, that flat discs
of metal, innocent of die, passed freely in the ruck of this motley
circulation. However, in the year mentioned, the Crown waived its
prerogative, and permitted the States to issue its own pence,
halfpence, and farthings. These, in accordance with the local system of
calculation, were struck at the rate of thirteen pence to the English
shilling, being a premium of 8 1/3 per cent, in favour of the latter. With
the additional advantage of the Jersey pound avoirdupois, being 17 ½
ounces, money went far, but although the latter still remains as a boon to
the buyer, almost all articles of necessity and luxury are bought and sold
at English rates, or at so much “British!” as the Jersey Rothschildren
say.
From money itself, one naturally passes on to the trading in it, so
we come smoothly to the topic of banks. These are not of any old standing
here, for before the age of steam, local financial transactions were of a
very primitive and “penny-farthing” character. Today there are a half dozen
respectable ones in St. Helier, corresponding with English and foreign
houses, and apparently doing well. Besides these, there are other more
nondescript banks, the functions of which seem limited to the issue of
one-pound notes, and which, on any inquiries made touching payment, are found
to have no “local habitation,” only “a name.” It speaks well for the
honesty or simplicity of “the dwellers within this isle,” that no
gigantic abuse has ever grown out of the dangerous facility
that exists for issuing these notes. We say gigantic, because many a
humble rogue, with more brains than means, has “gone in and won” at this
exciting game. Still no one has reaped, and we hope never will, the
harvest a Paul, a Strachan, a Redpath, or a Durdin would have sickled, with
such advantages before them where to choose. Before 1813, the tag-rag and
bob-tail, anybody and everybody, issued paper money—coin being very
scarce—for paltry sums descending even to a shilling!
Then, and not before it was wanted, a law fixed the minimum of these
“kites” at one pound, Jersey or British, according to taste. Since this,
parish officers, merchants, directors of dissenting chapels,
tradesmen, and adventurers, have disseminated their autographs at this
price, usque ad nauseam. As no prohibitory law on the
subject exists, anyone who can afford to get a plate engraved can issue
notes, provided he can procure a clientele among which to pass them, and
can thus combine banking, trading, and, de facto, unlimited bill-drawing,
which would, in the opinion of many, render Jersey a real Commercial
Utopia.”
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