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 (see Banknotes of the pound sterling). It can be exchanged at par with other sterling coinage and notes (see also sterling area).
For this reason, ISO 4217 does not include a separate currency code for the Guernsey pound; when distinction from sterling is desired the abbreviation GGP may be used.[1]
History
Until the early 19th century, Guernsey used predominantly French currency. Coins of the French livre were legal tender until 1834, with French francs used until 1921. In 1830, Guernsey began production of copper coins denominated in doubles. The double was worth 1⁄80 of a French franc. The name "double" derived from the French "double deniers", although the value of the coin was equal to the liard (three-denier piece) still circulating. Coins were issued in denominations of 1, 2, 4 and 8 doubles. The 8 double coin was a "Guernsey penny", with twelve to the "Guernsey shilling" (worth 1.2 francs). However, this shilling was not equal to the British shilling (worth 1.26 francs, as the exchange rate according to the respective gold standards was 25.22 francs = 1 pound sterling). Banknotes were also produced by the States of Guernsey from 1827, denominated in pounds. In 1848, an ordinance was passed that the pound sterling should be legal tender at a value of £1 1s 3d (2040 doubles). This was rescinded two years later and French currency, supplemented by local issues, continued to circulate. In 1870, British coins were made legal tender, with the British shilling circulating at 12+1⁄2 Guernsey pence. Bank of England notes became legal tender in 1873. In 1914, new banknotes appeared, some of which carried denominations in Guernsey shillings and francs.
After the First World War, the value of the franc began to fall relative to sterling. This caused Guernsey to adopt a pound equal to the pound sterling in 1921. For amounts below 1 shilling, the conversion rate of 1 Guernsey penny (8 doubles) = 1 British penny applied, allowing the Guernsey coins to continue to circulate. For amounts above 1 shilling, an exchange rate of 21 Guernsey shillings to the pound sterling was used, applying an approximation to the pre-war exchange rate of 25.2 francs = 1 pound sterling, rather than the exact rate of 25.22. This conversion increased the value of the double from 1⁄2016 to 1⁄1920 of a pound, or half of a farthing. The World War I issues of banknotes were overstamped with the word "British" to indicate this change. New banknotes and British silver coinage circulated alongside the double coins, with 3-pence coins minted specially for Guernsey from 1956.
In 1971, along with the rest of the British Isles, Guernsey decimalised, with the pound subdivided into 100 pence, and began issuing a full range of coin denominations from 1⁄2p to 50p (£1 and £2 coins followed later).
Legal tender
The Guernsey pound, and other notes denominated in sterling (including those issued by the Bank of England, Scottish, Manx and Northern Irish notes and the Jersey pound) may be used in Guernsey. The Guernsey pound is legal tender only in the Bailiwick of Guernsey although it also circulates freely in Jersey, while in the UK acceptance is often problematic.[2] It can also be exchanged in other places at banks and bureaux de change.
Around £51m of coins and notes are in circulation.[3]
Coins
1864 Guernesey 8 Doubles
Between 1830 and 1956, Guernsey's four coin denominations, 1, 2, 4 and 8 doubles (equivalent to 1⁄8d, 1⁄4d, 1⁄2d and 1d respectively), all carried very similar designs, with the Island's arms and name (spelled "Guernesey") on the obverse and the denomination and date on the reverse. In addition, the 8 double coins featured a wreath on both sides.
In 1956, new designs were introduced for the 4 and 8 doubles (the lower denominations were no longer issued). These featured the Island's seal and name (now given as S'Ballivie Insule de Gernereve) on the obverse with the English name, the date and the Guernsey lily on the reverse. Threepence coins were also issued from 1956, with the same obverse and a reverse featuring the Guernsey cow.
As in the UK, 5 and 10 new pence coins were introduced in 1968, followed by 50 new pence coins in 1969, before decimalisation took place in 1971 and the 1⁄2, 1 and 2 new pence coins were introduced. These coins were the same size and composition as the corresponding British coins. The word "new" was dropped in 1977.
A £1 coin was introduced in 1981, two years before its introduction in the UK, although the 20 pence and £2 coins were introduced at the same time as in the UK: 1982 and 1998, respectively. The 1981 coin was significantly thinner than the modern version and the diameter also measured slightly less. The £1 coin ceased to be legal tender on 15 October 2017, to coincide with the withdrawal of the circular £1 coin in the UK. The UK's new twelve-sided £1 coin is the only £1 coin that is legal tender on the island.
The first decimal issues continued with the same obverse as the last pre-decimal issues until 1985, when Raphael Maklouf's portrait of Queen Elizabeth II was added. Ian Rank-Broadley's portrait of the Queen has appeared since 1998.
Designs on the reverses of Guernsey's decimal coins are:
In 1827, the States of Guernsey introduced one-pound notes, with the Guernsey Banking Company and the Guernsey Commercial Banking Company also issuing one-pound notes from 1861 and 1886, respectively. The commercial banks lost their right to issue notes in 1914, although the notes circulated until 1924. Also in 1914, the States introduced five- and ten-shilling notes, also denominated as 6 and 12 francs.
In 1921, States notes were over-stamped with the word "British" to signify the island's conversion to a pound equal to sterling. From 1924, ten-shilling notes were issued without any reference to the franc. The five-shilling note was discontinued.
In 1941, during the German occupation, notes were introduced in denominations of 6 pence, 1 shilling 3 pence, 2 shillings 6 pence and 5 shillings. The first to be issued were the 5-shilling and 2s6d notes. They were printed on States of Guernsey watermarked paper; the height of the notes was 2+3⁄8 inches; the length of the 2s6d note was 3+5⁄8 inches and that of the 5s note was 2+3⁄4 inches. The 5s note was printed in black and red with the Seal of the Bailiwick in red on the reverse. The 2s6d note was printed in light blue with the denomination in orange and the Seal of the Bailiwick in royal blue on the reverse.[5] From 1942, the 1s3d notes were overprinted to produce 1-shilling notes. In 1945, following liberation, £5 notes were introduced and production of all denominations below 10 shillings ended.
The 10 shilling note was replaced by the 50-new-pence coin in the run up to decimalisation. £10 notes were introduced in 1975, followed by £20 in 1980 and £50 in 1994. Although £1 and £2 coins have been introduced, the £1 note still circulates.
A commemorative £20 note was issued in 2012 to commemorate the Diamond Jubilee of Queen Elizabeth II. It is similar to the regular issue, but with the QE60 letter prefix, the commemorative laurel wreath on the lower left corner of the note, and additional wording. A total of 150,000 notes were issued.[6]
A commemorative £1 note was issued on 4 July 2013 to mark 200 years since the first commercial operation of Thomas De La Rue. The commemorative note is in circulation alongside the standard £1 note, differing in the portrait of De La Rue on the reverse and a TDLR letter prefix.[7]
On 8 November 2018, a commemorative banknote of £20 was issued to mark the 100th anniversary of the end of World War I. It is like the preceding 2012 commemorative issue, but with the seal of the Bailiwick of Guernsey surrounded by poppy flowers and containing the serial letter prefix "TG/W" (for "The Great War").
In January 2023 Guernsey advised that notes produced for the island by De La Rue plc will in future include PUREIMAGE™ and IGNITE® security threads and the NEXUS™ embedded stripe.[3]
The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.
The Kwacha is the currency of Zambia. It is subdivided into 100 Ngwee.
The pound was the currency 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 Sri Lankan Rupee is the currency of Sri Lanka. It is subdivided into 100 cents, but cents are rarely seen in circulation due to its low value. It is issued by the Central Bank of Sri Lanka. The abbreviation Re (singular) and Rs (plural) is generally used, the World Bank suggests SL Rs as a fully disambiguating abbreviation for distinction from other currencies named "rupee".
Decimal Day in the United Kingdom and in Ireland was Monday 15 February 1971, the day on which each country decimalised its respective £sd currency of pounds, shillings, and pence.
The lira or pound was the currency of Malta from 1972 until 31 December 2007. One lira was divided into 100 cents, each of 10 mils. After 1986 the lira was abbreviated as Lm, although the original £M sign continued to be used unofficially. In English the currency was still frequently called the pound even after its official English language name was changed to lira.
The pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. Like other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.
The pound is the currency of Gibraltar. It is pegged to – and exchangeable with – British pound sterling at par value. Coins and banknotes of the Gibraltar pound are issued by the Government of Gibraltar.
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-denominated currencies.
The Barbadian dollar is the official currency in Barbados. It is often abbreviated to international unofficial abbreviations in Barbados such as: B$, BD$ or the International vehicle registration code BDS$ is also commonly used, a currency code that is otherwise reserved for Bangladesh outside Barbados. As such the present Barbados dollar has the official ISO 4217 code of BB which matches the [dot] .bb Cc-TLD domain names classification for Barbados under ISO 3166, plus D for dollar in the foreign exchange market. The Barbadian dollar is considered a currency which can be divided into 100 cents, though the 1 cent coin is in the process of being phased out.
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, or Manx 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 Saint Helenapound 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 currency of Southern Rhodesia from 1964 to 1965 and Rhodesia from 1965 until 1970. It was subdivided into 20 shillings, each of 12 pence.
The pound was the currency of the Union of South Africa from the formation of the country as a British Dominion in 1910. It was replaced by the rand in 1961 when South Africa decimalised.
The pound was the currency of Bermuda until 1970. It was equivalent to sterling, alongside which it circulated, and was similarly divided into 20 shillings each of 12 pence. Bermuda decimalised in 1970, replacing the pound with the Bermudian dollar at a rate of $1 = 8s.4d., equal to the US dollar.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
Guernsey 
