Gibraltar pound

Gibraltar pound

ISO 4217
Code	GIP (numeric: 292)
Subunit	0.01
Unit
Plural
Symbol	£‎
Denominations
Subunit
1/100	penny
Plural
penny	pence
Symbol
penny	p
Banknotes	£5, £10, £20, £50
Coins	1p, 2p, 5p, 10p, 20p, 50p, £1, £2
Demographics
User(s)	Gibraltar
Issuance
Government	Government of Gibraltar
Website	www.gibraltar.gov.gi
Valuation
Inflation	1.5%
Source	The World Factbook, 1998
Pegged with	pound sterling at par

The Gibraltar pound or Gibraltarian pound (ISO 4217 currency code: GIP) is the currency issued by the Government of Gibraltar. It is exchangeable with the pound sterling at par.

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.

Use of other currencies

British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues. Euros are also accepted by most shops but not by the Post Office or by Government departments.

Relationship with the British pound

The Currency Notes Act of 1934 confers on the Government of Gibraltar the right to print its own notes, and the obligation to back 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 U.K., although they are exchangeable at par for U.K. notes at banks. Gibraltar's coins are the same weight, size and metal as U.K. coins, although the designs are different. Due to Gibraltar's popularity as a tourist destination, (compared with other U.K. dependent territories which issue coinage at parity to sterling) and the fact that the coins are almost identical to U.K. £1 coins, they can be found in circulation in the U.K. fairly frequently.

Coins

1 pound
File:GIPreverse.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 pounds 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 pounds notes were not continued when a new series of notes was introduced in 1927. The 10 shillings note was replaced by the 50 pence coin during the process of decimalization. In 1975, 10 and 20 pounds 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, gave the denominations in "pounds sterling" rather than just "pounds".

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

References

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

Currency Notes Act, 1934

See also

• Economy of Gibraltar