The Jersey Treasury will issue a £100 bank note in 2012 to commemorate the Queen's diamond jubilee after the States voted in favour.
The Treasury and Resources Minister Senator Philip Ozouf said it was a fitting tribute and the notes would become collectors' items.
Deputy John le Fondre was concerned it would not be worth the £250,000 cost of producing the notes.
Senator Ozouf defended the project, saying it would make the States money.
A group of politicians said the £250,000 cost of production could not be justified.
The note will feature the holographic portrait of the Queen which was commissioned by Jersey Heritage Trust on behalf of the States of Jersey.
The portrait is called Equanimity and is by artist Chris Levine.
Jersey's Treasury said it estimated the cost of issuing a £100 commemorative note would be met by the income generated.