£100 note to mark Queen’s Jubilee
Wednesday 2nd November 2011, 3:00PM GMT.
The note will bear Jersey's holographic portrait of the Queen
A NEW £100 note is to be printed to mark the Queen’s Diamond Jubilee.
On the same day that one of Jersey’s oldest firms, Le Gallais, announced that it was going out of business, the States agreed by 34 votes to eight to print the commemorative bank note.
Treasury Minister Philip Ozouf said that the £256,000 project would pay for itself, and that the 2012 limited-edition note bearing Jersey’s holographic portrait of the Queen would create good publicity for the Island.
Members were told that cancelling the project would mean writing off £50,000 that the Treasury department had already spent on the project.
Read the full story in the Jersey Evening Post. Click here for subscription details. Individual editions are also available online.
Saturday 26 May
- Senator charged with grave assault
- J2: Your guide to what's on, including Jubilee Diary
- Queen's Jubilee: Win one of 60 diamonds
- Free cup of coffee for every reader
- More medals at Jeux des Iles
- Win tickets to family teddy concert
The Queen's Diamond Jubilee
JEP Jubilee Editions
Saturday 2 June: Guide to Celebrations
Wednesday 6 June: Souvenir of Events
View The Queen in Jersey supplement
Travel
To, from and around the Island
Airport Arrivals/Departures
Harbours Arrivals/Departures
Bus Information/Timetables
This is Jersey
Jersey Evening Post
Useful links
Please explain how this will create good publicity for the Island?
The notes are only legal tender here and you tell me anyone who can afford to carry a £100 note around in their wallet?
This man is completely out of touch with reality.
He broke existing rules by going ahead with this folly and then forced States Members to back it retrospectively rather than sting the taxpayer with the write off figure of £50K.
A very dangerous man to be in charge of the public purse.
Report abuse
I hope the new note is forgery proof !!!
Report abuse
Like there was nothing more important to do.
£256,000 project would pay for itself:
Thanks to tax payers money ,everything is possible and that is just a assumption.
I have a holographic image on my credit card and it doesn’t pay for itself… Doesn’t work for me but seems to work with the Treasury’s.
Report abuse
Oh god, my wallet will feel so much thinner now I can get rid of all them £50 notes.
Well, we know the idiot that came up with this, clearly the individual & department concerned didn’t read the memo about spending un -necessarily!!
Report abuse
He has to go.
This is another one of his, LOOK HOW IMPORTANT I AM.
Just how much of taxpayers money has he squandered, since he has been in office.
Report abuse
Is this the first of the extra-governmental decisions of the ‘New Regime’ that ‘might’(for the moment at least) be given retrospective validity if enough States ‘noddies’ can be bundled out of the assembly tea room ?
If people don’t see this as an erosion of the democratic process , when law change is required but circumvented, then I don’t know what is. But I do feel we are in for more of the same .
Why do I have the prevailing image of a ‘jobsworth’ security guard an airport insisting that I remove even more items of clothing ,with the patronising mantra ‘It’s for YOUR safety Sir!’.
Report abuse
It is common knowledge that the larger Euro notes are not readillly accepted, as they are subject to forgery and also the only people who need large notes these days have something to hide. (In case Mr Ozouf is unaware, there are now alternatives such as plastic cards and electronic banking)
Why oh why has this been suggested ? The only way it will make money fo rteh States is if they are bought by collectors and effectively taken out of circulation !!!!
Report abuse
When will they ever learn?
We are in a recession and they continue to spend spend spend!
If they were so hooked on buying this note,why didn’t they club together and buy it with their own money instead of tax-payers.
Wouldn’t even leave a dent on some of their bank balance.
Report abuse
It’s ridiculous that the JEP gets away with this sort of headline and lack of research.
“There is no ‘cost’ to the taxpayer, it is the opposite. The £256,000 will be an income-producing investment, which is made by a separate and profit making Currency Fund.” – Ozouf’s Blog.
In the UK they have just put out a new £50 note, with a positive tone.
I see no harm in a £100 note for Jersey, this all looks like a witch hunt of Ozouf to me.
Report abuse
Are the people in charge a bunch of muppets?…..£100 notes….will costs us £256.000 Do we really need these?……O broke the law and yet gets away with it yet again!!!!!!!! I would be happier losing £50,000 than loosing £256,000 just to make us look good in the eyes of the EGITS in the UK
Report abuse
I didn’t do very well in my Maths GCE and I find it hard to understand how printing £100 notes will pay for itself. Perhaps Mr. Ozouf would be kind enough to explain how this will happen.
Surely this money would have been better spent on creating jobs for the unemployed.
Report abuse
Don’t make too many will you as few of us can ever have the pleasure of having a £50 note, let alone a £100 still marvelous for historic purposes I am sure.
Jersey has got it’s priorities so right yet again…. let’s look after all our wealthy folk No change there then…
Report abuse
Anyone else think Liza looks really creepy in that photo…
Report abuse
The man’s clearly got his finger on the pulse of the nation. In a time of worldwide disillusionment with capitalism and corporate greed, on an island with rising unemployment and folding local businesses, with charities and the vulnerable struggling to make ends meet, let’s…let’s…
…let’s spend £250,000 on a brand new shiny £100 note for the ultra-rich to buy and stick on their walls.
That’ll make things better!
Report abuse
An outstanding idea from “Mr Spend It” … who needs Jersey to have £1/4M when you can have a few thousand banknotes for collectors. Thanks, Oz-Oaf. One of your best money-wasters since the Police HQ debacle.
Report abuse
Oh calm down everyone, it’s not a big deal.
The scheme will only cost the government upfront. Eventually it will make more money then it cost. Surely we should be glad the government is doing something to make money?
Report abuse
How on earth can it cost £250,000 to print a banknote with the printing technology available now? Rip off jersey again,a gimmick for the rich as no average family will be able to buy one in this climate.Ozouf-A man for the people.
Report abuse
I’m afraid we have another situation from Philip Ozouf costing the taxpayers thousands.
Just who does he think he is spending taxpayers money.
It amusing how is is trying to justify his actions:
A couple of points 1) apparantly the £100 is not out the reach of most people as the average wage is £630. As loads of people get paid in cash then he believes they would be happy to have £100 notes!. WHAT ON EARTH DO YOU DO WITH A £100 NOTE.
2) As for the £256k, then apparantly its not really a cost as the currency fund makes money from this new money!! Interesting, then lets issues loads more money and we can wipe away our annual deficits. Anybody believe this nonsense.
Now Mr Ozouf lets see if you can back up your statements with simple calculations that we can all understand.
The bottom line is Jersey does not need a £100 note. The UK does not have one.
Report abuse
Ben Q up to his old tricks again. You have to read into the inside pages to find out what really happened. The motion to allow the change in currency regulations was carried by a whopping 34 to 8. One of the eight gets to have his quote – “could be described as a little bit of a vanity project” – magnified into a front page, slimy article by BQ. “Treasury Minister under fire” it says. Not that the proposition was carried by what is, by States’ standards, a huge majority. Does the Editor of the JEP ask why the view of the minority gets exploded in this way? Perhaps the plan is to, one day, eventually, publish a couple of letters supporting the Treasury Minister and the JEP can then say it is balanced. Can the JEP not afford a better political correspondent, who can analyse and report in a fair and balanced way?
Report abuse
The issue of high demonination £100 notes has been long an area of serious contention within the EU,due to claims led by the USA, of potential money laundering.Is this a wise move in view of the above? I would ask what the closure of the Le Gallais furniture store has to do with it?
Report abuse
Be very useful to have in your pocket in Jersey, will save the local businesses requiring a lot of change in the till, think how often you will have the exact amount in one little note!!!
Report abuse
How on earth did 50k get spent on this ‘project’ before being put to the States?
Yet another Ozouf fait accompli.
Is this guy accountable to anybody?
So we will have £100 notes purely because we would lose the £50k already spent on development if it was voted against.
Usual suspects,usual result,the tax payer is screwed yet again.
Still it’s good to know that the guys’ at the top have got their priorities right at this time of recession and unemployment.
Report abuse
Good job, it wasn’t released on Halloween Night! Sorry Aunty Liz not doing you OR us any Justice!
Hope my corner shop has change from 100 for my box of matches!!!!
I Suppose if the shops get robbed, not so many money bags to carry !
Another “quack quack boom” idea !
Report abuse
“The bottom line is Jersey does not need a £100 note. The UK does not have one.”
Er… actually parts of the UK do. Both Scotland and Northern Ireland print £100 notes.
Report abuse
Just to comment that the states are willing to spend this on a pointless note that only the rich will ever see, but are cutting the support for local child care clubs that more local residents will see a benefit and use from.
I saw this in last nights paper, front cover reads the states spending £256.000 on this note, two pages in they are cutting £80.000ish from the support fund having already spent a non refundable £50.000 on a piece of paper.
No accountant qualifications for me to make out that this is a waste of our tax payers money!
Report abuse
At least the drug dealers will be pleased, the larger notes will be easier to transport ..
Report abuse
Absolutley ridiculous
WTF are we going to do with £100 note?
Who the hell comes up with these ideas?
Who decided to spend £50k without approval (where i work you would be fired for that sort of misconduct)
When you realise you have yet again spunked away tax payers money, thats not justification to spend a further £200k.
Every heard the expression “Cut your losses”
Report abuse
Why a £100 note out of interest – couldn’t they just have done a special edition £1 note?
Report abuse
OMG really £100 note. I don’t even have a £10 note so I won’t be seeing one that’s for sure. Why do they keep spending our money on this sort of project.
Lets hope our newly elected stop making these crap decisions
Report abuse
Mr Ozouf has kindly put some explanatory documents on his blog to support this marvellous idea.
Apparently, he expects some of these notes to enter in to general circulation because some people are still paid in cash! Yeh right.
I can just see the faces of minimum wage workers when there boss pays them their weekly wage in two of the new £100 notes and a couple of tenners.
Straight off to the pub on the way home with work colleague and barman is really going to love it when you pay for your two £3.50 pints of lager with a £100 note and clear out his till.
Half hour later and your mate returns the favour and buys you a pint with one of his £100 notes.
At this point they’ll probably both get barred from the pub!
Report abuse
I am making one or two assumptions here, but if it’s true that we only need to get 4750 notes in circulation to break even and that it’s true that the note will be collectable and therefore not in general circulation, isn’t a profit possible. If the notes cost on average less than £100 pounds each to produce, market, implement etc. and they cost £100 each to buy and we sell enough then don’t we make a profit.
I think the story may have been sensationalised somewhat and slapped on the JEP front page to sell the paper. It might have been better if the story could have carried details of the full calculations.
Report abuse
@31 Dave C. It doesn’t matter how much it costs to produce money. It costs the Jersey taxpayer the FACE value of every note, therefore a £100 note costs me and you £100.
Are you for real?
Report abuse
Mary,
I did say that I was making assumptions. You should have been able to imply from that, that I wasn’t actually making any claims, merely trying to understand. I don’t understand why you felt the need to be so rude.
Also, you state the opinion that each note will cost us £100, which may well be true, but you don’t say why.
Can you please explain ?
Report abuse
I often speak against P.O. but not on this occasion.
Report abuse
Hello mate! I fully agree with your thoughts. Many thanks for having written this.
Report abuse