EDIT: I misread Robs explanation. As he stated -C collapses k-mers with its reverse complement.
>test1
AAAAATTTTT
jellyfish count -s 1M -k 5 -o withoutC.jf test.fa && jellyfish dump test.fa
>1
AAAAA
>1
AAAAT
>1
TTTTT
>1
AATTT
>1
AAATT
>1
ATTTT
jellyfish count -C -s 1M -k 5 -o withC.jf test.fa && jellyfish dump
>2
AAAAA
>2
AAAAT
>2
AAATT