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Gibraltar pound
Gibraltar £5 banknote Gibraltar coins reverse
Gibraltar £5 banknote Gibraltar coins reverse
ISO 4217 Code GIP
User(s)  Gibraltar (alongside pound sterling)
Inflation 2.9%
Source The World Factbook, 2005
Pegged with pound sterling at par
Subunit
1/100 Penny
Symbol £
Penny p
Plural Pounds
Penny Pence
Coins 1p, 2p, 5p, 10p, 20p, 50p, £1, £2
Banknotes £5, £10, £20, £50
Government Government of Gibraltar
Website www.gibraltar.gov.gi

The Gibraltar pound (currency sign: £; banking code: GIP) is the currency of Gibraltar. It is exchangeable with the UK pound sterling at par value.

Contents

History

Until 1898, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British, Spanish and Gibraltarian coins. From 1825, the real (actually the Spanish real de plata) was tied to the pound at a value of 6½ pence (1 Spanish dollar = 4 shillings 4 pence).

In 1898, the British pound was made sole legal tender. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 (new) pence.

Relationship with the British pound

The Currency Notes Act of 1934[1] confers on the Government of Gibraltar the right to print its own notes, and the obligation to back and exchange each printed note with sterling reserves at a rate of one pound to one pound sterling. Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender in the UK, but they are exchangeable at par for UK notes at banks. Gibraltar's coins are the same weight, size and metal as UK coins, although the designs are different, and they are occasionally found in circulation in the UK.

British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltar issues.

Tourists from the UK are strongly advised to change their unspent Gibraltar pounds into UK currency at parity in Gibraltar before departure as UK banks charge for exchanging the Gibraltar Pound.

Coins

1 pound
GIPobverse.pngGIPreverse.png
Obverse Reverse

In 1988, coins in denominations of 1, 2, 5, 10, 20 and 50 pence and 1 pound were introduced which bore specific designs for and the name of Gibraltar. They were the same sizes and compositions as the corresponding British coins, with 2 pound coins introduced in 1999.

Banknotes

£10 note

In 1914, the government introduced notes in denominations of 2 and 10 shillings, 1, 5 and 50 pounds. The 2 shilling and 50 pound notes were not continued when a new series of notes was introduced in 1927. The 10 shilling note was replaced by the 50 pence coin during the process of decimalization. In 1975, 10 and 20 pound notes were introduced, followed by 50 pounds in 1986. The 1 pound note was discontinued in 1988. In 1995, a new series of notes was introduced which, for the first time, bore the words "pounds sterling" rather than just "pounds".

Current GIP exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

References

  1. ^ Government of Gibraltar (June 1934). "Currency Notes Act" (PDF). http://www.gibraltarlaws.gov.gi/articles/1934-06o.pdf. Retrieved 2007-08-05. 

See also

External links

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