Up until the early 16th century, when the Spaniards colonised Jamaica, there had been little occasion for the use of a regular currency. Although there was a small amount of gold on the island, the Taino Indians, Jamaica's first inhabitants, used it for decorative purposes rather than for trade, which was conducted by barter.

The first units of exchange used by the Spaniards (who came with Columbus in 1494) in their dealings with the Tainos, were items such as glass beads and trinkets, scissors and mirrors.

Jamaica was not settled by the Spaniards until 1509. Very little attempt was made to develop the country's natural resources and it remained a poor country used chiefly as an agricultural supplier. It seems that the majority of the circulating coinage on the island at this time was made of copper. These coins, called maravedis, were very thin and light in weight and were apparently brought to Jamaica from Santo Domingo. Sometimes these coins were stamped with different marks such as an anchor or key, which was perhaps intended to vary their value according to the supply of money in the island.