Gibraltar pound

Infobox Currency
image_1 = Gibraltar5pounds.jpg
image_title_1 = Gibraltar £5 banknote
image_2 = Gibr i.jpg
image_title_2 = Gibraltar coins reverse
iso_code = GIP
using_countries = "flag|Gibraltar"
inflation_rate = 2.9%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2005
pegged_with = pound sterling at par
subunit_ratio_1 = 1/100
subunit_name_1 = Penny
symbol = £
symbol_subunit_1 = p
plural = Pounds
plural_subunit_1 = Pence
used_coins = 1p, 2p, 5p, 10p, 20p, 50p, £1, £2
coin_article = Coins of the Gibraltar pound
used_banknotes = £5, £10, £20, £50
issuing_authority_title = Government
issuing_authority = Government of Gibraltar
issuing_authority_website = www.gibraltar.gov.gi

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

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 [cite web | author=Government of Gibraltar | date=June 1934 | url= http://www.gibraltarlaws.gov.gi/articles/1934-06o.pdf | title=Currency Notes Act | accessdate=2007-08-05] 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 can be 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.

Coins

Coin image box 2 singles
header = 1 pound
image_left =

image_right=

caption_left = Obverse
caption_right = Reverse
width_left = 92
width_right = 90
position = right
margin = 0In 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

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".

References

*numis cite SCWC|date=1991
*numis cite SCWPM|date=1994

ee also

* Economy of Gibraltar
* Coins of the Gibraltar pound
* Currency board
* Highest valued currency unit

External links

Standard numismatics external links
world_coin_gallery_1_url = Gibraltar
world_coin_gallery_1_name = Gibraltar
banknote_world_1_url = gibraltar
banknote_world_1_name = Gibraltar
dollarization_1_url =
dollarization_1_name =
gfd_1_url = Gibraltar
gfd_1_name = Gibraltar
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y