Gibraltar pound | |
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ISO 4217 | |
Code | GIP |
Unit | |
Plural | Pounds |
Symbol | £ |
Denominations | |
Subunit | |
1⁄100 | Penny |
Plural | |
Penny | Pence |
Symbol | |
Penny | p |
Banknotes | |
Freq. used | £5, £10, £20, £50 |
Rarely used | £100 |
Coins | 1p, 2p, 5p, 10p, 20p, 50p, £1, £2, £5 |
Demographics | |
Official user(s) | ![]() |
Unofficial user(s) | ![]() |
Issuance | |
Government | Government of Gibraltar |
Website | www |
Valuation | |
Inflation | 2.0% (2013 est.) |
Source | |
Pegged with | sterling at par |
The pound (sign: £ ; ISO code: GIP) is the currency of Gibraltar. It is pegged to – and exchangeable with – sterling at par value. Coins and banknotes of the Gibraltar pound are issued by the Government of Gibraltar. [2]
Until 1872, 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 the rate of 1 Spanish dollar to 4 shillings 4 pence (equivalent to 21.67 pence today). In 1872, however, the Spanish currency became the sole legal tender in Gibraltar. [3] In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar, initially in the form of British coins and banknotes.
In 1898, sterling coin was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. [3] 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.
The since repealed Currency Notes Act 1934, [4] conferred on the Government of Gibraltar the right to print its own notes.
Notes issued are either backed by Bank of England notes at a rate of one to one, or can be backed by securities issued by the Government of Gibraltar. [5] Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender anywhere in the United Kingdom. Gibraltar's coins are the same weight, size and metal as British coins, although the designs are different, and they are occasionally found in circulation across Britain.
Under the Currency Notes Act 2011 [5] the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes also circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues.[ citation needed ]
1 pound | |
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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. A new coin of 5 pounds was issued in 2010 with the inscription "Elizabeth II · Queen of Gibraltar". [6] This issue caused controversy in Spain, where the title of King of Gibraltar historically corresponds to the crown of Castile. [7]
£0.01 | £0.02 | £0.05 |
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£0.10 | £0.20 | £0.50 |
Europort | ||
£1.00 | £2.00 | |
The £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules.
In 2004 the Government of Gibraltar minted a new edition of its coins to commemorate the tercentenary of British Gibraltar (1704-2004).
£0.01 | £0.02 | £0.05 |
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£0.10 | £0.20 | £0.50 |
Operation Torch (1942) | Discovery of Neanderthal skull in Gibraltar (1848) | Battle of Trafalgar (1805) |
£1.00 | £2.00 | |
![]() | ![]() | |
Great Siege of Gibraltar (1779-1783) | Capture of Gibraltar (1704) |
£0.01 | £0.02 | £0.05 |
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Constitution Order (1969) | Operation Torch (1942) | Barbary ape |
£0.10 | £0.20 | £0.50 |
The Great Siege (1779-1783) | The Keys of Gibraltar | Our Lady of Europe |
£1.00 | £2.00 | £5.00 |
Discovery of the Neanderthal Skull in Gibraltar (1848) | Battle of Trafalgar (1805) | Rock of Gibraltar |
£0.01 | £0.02 | £0.05 |
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Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" | Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" | Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" |
£0.10 | £0.20 | £0.50 |
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" (1779-1783) | Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" | Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" |
£1.00 | ||
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" (1848) |
£0.01 | £0.02 | £0.05 |
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Commonwealth Park | Small Boats Marina | Windsor Bridge |
£0.10 | £0.20 | £0.50 |
Barbary Patridge | Dolphins | Skywalk |
£2.00 | ||
Sandy Bay |
At the outbreak of World War I, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold. These notes were issued under emergency wartime legislation, Ordinance 10 of 1914. At first, the typeset notes were signed by hand by Treasurer Greenwood, though he later used stamps. The notes bore the embossed stamp of the Anglo-Egyptian Bank Ltd. and circulated alongside British Territory notes. [8] The 1914 notes were issued in denominations of 2/-, 10/-, £1, £5 and £50. The 2/- and £50 notes were not continued when a new series of notes was introduced in 1927. The 10/- note was replaced by the 50p coin during the process of decimalization. In 1975, £10 and £20 notes were introduced, followed by £50 in 1986. The £1 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". The government of Gibraltar introduced a new series of banknotes beginning with the £10 and £50 notes issued on July 8, 2010. On May 11, 2011, the £5, £20 and £100 notes were issued. [9] In 2021, the government of Gibraltar introduced a new series of banknotes in a reduced size, closely matching that of the banknotes of the Bank of England. The first note, the £5 was issued into circulation in 2021.
Circulating banknotes (2010-2011 Issue) | ||||||
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Image | Denomination | Dimensions | Dominant colour | Description | ||
Obverse | Reverse | Obverse | Reverse | |||
£5 | 133 × 70 mm | Green | Queen Elizabeth II, Coat of Arms of Castle with Key | Upper Ward and Tower of Homage of the Moorish castle | ||
£10 | 141 × 75 mm | Blue | Queen Elizabeth II, Coat of Arms of Castle with Key | Artist John Trumbull’s “The Sortie Made by the Garrison of Gibraltar” depicting Spanish and English troops fighting and General George Eliott with officers attending to the dying Don José de Barboza during the Great Siege of Gibraltar, 1779–83; | ||
£20 | 150 × 80 mm | Orange | Queen Elizabeth II, Coat of Arms of Castle with Key | HMS Victory returning to Gibraltar being towed by HMS Neptune after the Battle of Trafalgar | ||
£50 | 157 × 85 mm | Red | Queen Elizabeth II, Coat of Arms of Castle with Key | Casemates Square buildings | ||
£100 | 164 × 90 mm | Purple | Queen Elizabeth II, Coat of Arms of Castle with Key | King's Bastion |
Circulating banknotes (2021 Issue) | ||||||
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Image | Denomination | Dimensions | Dominant colour | Description | ||
Obverse | Reverse | Obverse | Reverse | |||
£5 | 125 × 65 mm | Green | Queen Elizabeth II, Coat of Arms of Castle with Key | Windsor Bridge | ||
Current GIP exchange rates | |
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The Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has existed since 1965, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since 7 July 1976, at the exchange rate of US$1 = EC$2.70.
The Kwacha is the currency of Zambia. It is subdivided into 100 Ngwee.
Sterling is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling.
The pound was the currency of the Republic of Ireland until 2002. Its ISO 4217 code was IEP, and the symbol was £. The Irish pound was replaced by the euro on 1 January 1999. Euro currency did not begin circulation until the beginning of 2002.
The Ghanaian cedi is the unit of currency of Ghana. It is the fourth historical and only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas (Gp).
The British West Indies dollar (BWI$) was the currency of British Guiana and the Eastern Caribbean territories of the British West Indies from 1949 to 1965, when it was largely replaced by the East Caribbean dollar, and was one of the currencies used in Jamaica from 1954 to 1964. The monetary policy of the currency was overseen by the British Caribbean Currency Board (BCCB). It was the official currency used by the West Indies Federation The British West Indies dollar was never used in British Honduras, the Cayman Islands, the Turks and Caicos Islands, the Bahamas, or Bermuda.
The pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. As with other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.
The pound is the currency of Guernsey. Since 1921, Guernsey has been in currency union with the United Kingdom and the Guernsey pound is not a separate currency but is a local issue of sterling banknotes and coins, in a similar way to the banknotes issued in Scotland, England and Northern Ireland. It can be exchanged at par with other sterling coinage and notes.
Australian coins refers to the coins which are or were in use as Australian currency. During the early days of the colonies that formed Australia, foreign as well as British currency was used, but in 1910, a decade after federation, Australian coins were introduced. Australia used pounds, shillings and pence until 1966, when it adopted the decimal system with the Australian dollar divided into 100 cents. With the exception of the first Proclamation Coinage and the holey dollars, all Australian coins remain legal tender despite being withdrawn from circulation.
The Bermudian dollar is the official currency of the British Overseas Territory of Bermuda. It is subdivided into 100 cents. The Bermudian dollar is not normally traded outside Bermuda, and is pegged to the United States dollar at a one-to-one ratio. Both currencies circulate in Bermuda on an equal basis.
The Jamaican dollar has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents, although cent denominations are no longer in use as of 2018. Goods and services may still be priced in cents, but cash transactions are now rounded to the nearest dollar.
The Trinidad and Tobago dollar is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. Cents are abbreviated with the cent sign ¢, or TT¢ to distinguish from other currencies that use cents. Its predecessor currencies are the Trinidadian dollar and the Tobagonian dollar.
The Guyanese dollar has been the unit of account in Guyana since 29 January 1839. Originally it was intended as a transitional unit to facilitate the changeover from the Dutch guilder system of currency to the British pound sterling system. The Spanish dollar was already prevalent throughout the West Indies in general, and from 1839, the Spanish dollar unit operated in British Guiana in conjunction with British sterling coins at a standard conversion rate of one dollar for every four shillings and twopence. In 1951 the British sterling coinage was replaced with a new decimal coinage which was simultaneously introduced through all the British territories in the Eastern Caribbean. When sterling began to depreciate in the early 1970s, a switch to a US dollar peg became increasingly attractive as an anti-inflationary measure and the Eastern Caribbean Currency Authority made the switch in October 1975. The Guyanese dollar is normally abbreviated with the dollar sign $, or alternatively G$ to distinguish it from other dollar-dominated currencies.
The dollar has been the currency of Barbados since 1935. Globally its currency has the ISO 4217 code BBD, however, unofficially in Barbados the International vehicle registration code code BDS is also commonly used, a currency code that is otherwise reserved for Bangladesh outside Barbados. As such the present dollar has the ISO 4217 code BBD. The Barbadian dollar is divided into 100 cents.
The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland. It can be exchanged at par with other sterling coinage and notes.
The pound is the currency of the Isle of Man, at parity with sterling. The Manx pound is divided into 100 pence. Notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government.
The pound is the currency of the Atlantic islands of Saint Helena and Ascension, which are constituent parts of the British Overseas Territory of Saint Helena, Ascension and Tristan da Cunha. It is fixed at parity with sterling, and so both currencies are commonly accepted and circulated within Saint Helena. It is subdivided into 100 pence.
The pound is the currency of the Falkland Islands, a British Overseas Territory in the South Atlantic Ocean. The symbol is the pound sign, £. The ISO 4217 currency code is FKP.
The pound was the official currency of Jamaica between 1840 and 1969. It circulated as a mixture of sterling coinage and locally issued coins and banknotes and was always equal to the pound sterling. The Jamaican pound was also used in the Cayman and Turks and Caicos Islands.
The real was the official currency of Gibraltar until 1825 and continued to circulate alongside other Spanish and British currencies until 1898.