2011 marks the 50th anniversary of Jersey’s modern financial services industry, when the Island first began to export its financial expertise and intellectual capital to the world and Jersey Post is pleased to celebrate the occasion with a £3 stamp set within a Miniature sheet issued on 12th September.
Philatelic Researcher, Mrs Melanie Gouzinis, explains “During the initial stages of planning this commemorative stamp issue, we liaised with Jersey Finance who provided us with a timeline of historical events.” Jersey Finance is a non-profit making organisation whose key objective is to promote and develop the benefits of Jersey as an international finance centre. According to David Vieira, Head of Marketing at Jersey Finance, “City merchant bank, M Samuel, a forerunner of the Hill Samuel Group, set up a branch in Jersey in 1961 and other banks followed soon after. They began to establish offshore operations in earnest during this time, to meet the growing demand of British customers living or working abroad.”
Since that time, Jersey has grown to become one of the leading global international finance centres. This reputation has been built on Jersey’s high standard of regulation and transparency, but also on the strength of the Island’s economy, its fiscal and political stability.
The Miniature Sheet was designed by local creative communications agency, Limegreen Ltd and it incorporates various elements to illustrate Jersey’s finance heritage: the basic monetary unit in the 18th century in Jersey was the livre tournois which was divided into 20 sous and further divided into liards. Island merchants were happy to trade with these copper coins in France as they were worth far more when they returned home to Jersey. The 1960 ‘Fourth of a Shilling’ coin was from the last Jersey coins minted prior to the events of 1961. The Jersey Lily represents growth whilst the crest of the States of Jersey symbolises authority.
The artwork for the Miniature Sheet has been designed to give the appearance of a bank note and includes silver-simili embossing to mimic the silver strip.
If you require any further information please contact Melanie Gouzinis, Philatelic Research & Marketing Executive on 616593 or email email@example.com
Notes to Editors:
· The products in this issue will be available to order now our online shop from 10August 2011 : www.jerseystamps.com
Specific milestones over the 50 year period include:
1962 – The States abolish the Code of 1771, whereby the maximum rate of interest chargeable in Jersey was 5% per annum – this led to the arrival of the other major merchant banks.
1970s – Jersey authorities decided that bank licences should be limited to those in the World’s top 500 banks. Jersey is now home to around 50 banks from the United Kingdom, Europe, North America, South Africa, India and elsewhere.
1979 – The ending of UK exchange controls removed a barrier to Jersey’s development as an international finance centre, making it more attractive to non-residents. The number of new companies being formed increased significantly.
1984 – Jersey has led the way in the trust industry with the introduction of the Jersey Trust Law 1984, and has been viewed as a shining example to other jurisdictions globally.
Jersey is celebrating its financial heritage this year through a range of community events and initiatives.