Gibraltar pound
Gibraltar pound | |
ISO 4217 Code | GIP |
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User(s) | Gibraltar |
Inflation | 1.5% |
Source | The World Factbook, 1998 |
Pegged with | pound sterling at par |
Subunit | |
1/100 | penny |
Symbol | £ |
penny | p |
Plural | |
penny | pence |
Coins | 1p, 2p, 5p, 10p, 20p, 50p, £1, £2 |
Banknotes | £5, £10, £20, £50 |
Government | Government of Gibraltar |
Website | www.gibraltar.gov.gi |
1 pound | |
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Obverse | Reverse |
The Gibraltar pound (ISO 4217 currency code: GIP) is the currency issued by the government of Gibraltar. It is equivalent to the pound sterling, with which it is exchangeable at par.
Contents |
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
Bank of England coins and banknotes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltar pounds. Euros are also accepted by most shops but not by the Post Office or by Government departments.
Relationship with the British pound
Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender in the UK, although 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. Due to Gibraltar's popularity as a tourist destination, (compared with other UK dependent territories which issue coinage at parity to sterling) and the fact that the coins are almost identical to UK £1 coins, they can be found in circulation in the UK fairly frequently.
Bank notes
All Gibraltar notes in circulation bear the words 'Government of Gibraltar' and 'Pound Sterling'.
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See also
External links
- Don's World Coin Gallery - Gibraltar
- Ron Wise's World Paper Money - Gibraltar Mirror site
- The Global History of Currencies - Gibraltar
- Global Financial Data currency histories table ( Microsoft Excel format)
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