Gibraltar pound

Last updated
Gibraltar pound
ISO 4217
CodeGIP
Unit
PluralPounds
Symbol £
Denominations
Subunit
1100Penny
Plural
PennyPence
Symbol
Pennyp
Banknotes
Freq. used£5, £10, £20, £50
Rarely used£100
Coins 1p, 2p, 5p, 10p, 20p, 50p,
£1, £2, £5
Demographics
Official user(s)Flag of Gibraltar.svg  Gibraltar (alongside sterling)
Unofficial user(s) Flag of Spain.svg La Línea, Spain (local businesses) [1]
Issuance
Government Government of Gibraltar
Website www.gibraltar.gov.gi
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]

Contents

History

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.

Relationship with the British pound

The since repealed Currency Notes Act 1934, [4] conferred on the Government of Gibraltar the right to print its own notes.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 ]

Coins

1 pound
GIPobverse.png One pound coin (Gibraltar) reverse.png
ObverseReverse

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]

Depiction of Gibraltar coinage | Reverse side
£0.01£0.02£0.05
One pence coin (Gibraltar).jpg
Two pence coin (Gibraltar).jpg
Five pence coin (Gibraltar).jpg
£0.10£0.20£0.50
Ten pence coin (Gibraltar).jpg
Twenty Pence coin (Gibraltar).jpg
Fifty pence coin (Gibraltar).jpg
Europort
£1.00£2.00
One pound coin (Gibraltar) reverse.png
Two pound coin (Gibraltar).jpg

The £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules.

Tercentenary edition

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
Gibraltar Tercentenary 1p coin.jpg
Gibraltar Tercentenary 2p coin.jpg
Gibraltar Tercentenary 5p coin.jpg
£0.10£0.20£0.50
Gibraltar Tercentenary 10p coin.jpg
Gibraltar Tercentenary 20p coin.jpg
Gibraltar Tercentenary 50p coin.jpg
Discovery of Neanderthal
skull in Gibraltar (1848)
£1.00£2.00
Gibraltar Tercentenary PS1 coin.jpg
Gibraltar Tercentenary PS2 coin.jpg
Third series of Gibraltar coinage | Reverse side
£0.01£0.02£0.05
Blank.png
Blank.png
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Constitution Order (1969)
Operation Torch (1942)
Barbary ape
£0.10£0.20£0.50
Blank.png
Blank.png
Blank.png
The Great Siege (1779-1783)
The Keys of Gibraltar
Our Lady of Europe
£1.00£2.00£5.00
Blank.png
Blank.png
Blank.png
Discovery of the Neanderthal Skull in Gibraltar (1848)
Battle of Trafalgar (1805)
Rock of Gibraltar
Fourth series of Gibraltar coinage | Reverse side
£0.01£0.02£0.05
Blank.png
Blank.png
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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
Blank.png
Blank.png
Blank.png
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
Blank.png
Blank.png
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" (1848)
Seventh series of Gibraltar coinage | Reverse side
£0.01£0.02£0.05
Blank.png
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Commonwealth Park
Small Boats Marina
Windsor Bridge
£0.10£0.20£0.50
Blank.png
Blank.png
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Barbary Patridge
Dolphins
Skywalk
£2.00
Blank.png
Sandy Bay

Banknotes

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)
ImageDenominationDimensionsDominant colourDescription
ObverseReverseObverseReverse
£5133 × 70 mmGreen Queen Elizabeth II,
Coat of Arms of Castle with Key
Upper Ward and Tower of Homage of the Moorish castle
£10141 × 75 mmBlue 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;
£20150 × 80 mmOrange 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
£50157 × 85 mmRed Queen Elizabeth II,
Coat of Arms of Castle with Key
Casemates Square buildings
£100164 × 90 mmPurple Queen Elizabeth II,
Coat of Arms of Castle with Key
King's Bastion
Circulating banknotes (2021 Issue)
ImageDenominationDimensionsDominant colourDescription
ObverseReverseObverseReverse
£5125 × 65 mmGreen Queen Elizabeth II,
Coat of Arms of Castle with Key
Windsor Bridge
Current GIP exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD GBP JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD GBP JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD GBP JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD GBP JPY USD

See also

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References

  1. "Comercios de La Línea aceptan el pago en libras". ELMUNDO. 6 November 2017.
  2. "GIP". Investopedia.com. Retrieved 19 January 2015.
  3. 1 2 Bond, Peter (2003). 300 Years of British Gibraltar 1704-2004. Peter-Tan Publishing Co. p. 89.
  4. Government of Gibraltar (June 1934). "Currency Notes Act" (PDF). Archived from the original (PDF) on 2008-10-29. Retrieved 2007-08-05.
  5. 1 2 "CURRENCY NOTES ACT 2011" (PDF). Gibraltarlaws.gov.gi. Retrieved 3 October 2018.
  6. 'Queen of Gibraltar' in new coin, Panorama , 7 May 2010
  7. Polémica en ámbitos diplomáticos por la asistencia de la reina doña Sofía a los actos de homenaje a Isabel II: consideran que puede perjudicar los intereses soberanos españoles, El Confidencial Digital, 6 May 2012
  8. Linzmayer, Owen (2012). "Gibraltar". The Banknote Book. BanknoteNews.com. San Francisco, CA.
  9. "Gibraltar new note family now complete - Banknote News". Banknotenews.com. Retrieved 3 October 2018.

Bibliography