SOME $420 million worth of $5,000 bills are currently in circulation but they aren’t significantly affecting money in circulation according to just-released data from the Bank of Jamaica (BOJ).

The reason is that the total money in circulation increased more this year prior to its introduction (increasing $1.1 billion) than following its introduction (increasing $240 million).

There are 84,000 notes valued at $5,000 when it was introduced in late September through the BOJ.

The introduction of the note saw total money in circulation increase from $41.3 billion in June 2009 to $41.54 billion in September this year.

The new banknote complements the existing family of banknotes — $50, $100, $500

and $1,000.

The introduction of the new note coincided with reductions in the total value of $1,000 and $500 bills in the system by $120 million and $110 million respectively. However, there was an increase in the total value of $100 and $50 notes by $69 million and $17 million, respectively.

Jamaica had introduced and withdrawn a number of banknotes and coins since the country introduced its national currency in 1969. Among them are the $20, $10, $5, $2, $1 and 50-cent notes.

The portrait of the late former Prime Minster of Jamaica Hugh Lawson Shearer appears on the front of the $5,000 bill. The reverse features blossoms of the Frangipani and an aerial view of Highway 2000.

In addition to the standard security features on the existing banknotes — magnetic thread and ink, iridescence, florescence and watermark — the $5,000 banknote has a special security feature known as OptiksT. It is a wide security thread which features the Jamaica coat of arms. When held up to the light, the complete thread with “BOJ $5,000” will become visible.

The new note is dated 15.01.2009 and bears the signature of the former Governor of the Bank of Jamaica Derick Latibeaudiere