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Falkland Islands pound
From Wikipedia, the free encyclopedia
| Falkland Islands pound | |||
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| ISO 4217 Code | FKP | ||
|---|---|---|---|
| User(s) | Falkland Islands, South Georgia and the South Sandwich Islands | ||
| Inflation | 3.6% | ||
| 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 the Falkland Islands | ||
| Website | www.falklands.gov.fk | ||
The pound is the currency of the Falkland Islands, a British Overseas Territory in the South Atlantic Ocean. The symbol is the pound sign, £, or alternatively FK£, to distinguish it from other pound-denominated currencies. The ISO 4217 currency code is FKP.
The Falklands pound is (and always has been) pegged to the pound sterling at par and banknotes of both currencies are used interchangeably on the islands (although only notes issued by banks in the United Kingdom are generally accepted in Britain itself). The Falklands pound is also commonly used in South Georgia and the South Sandwich Islands, a separate British overseas territory some 1332 km (827 miles) to the east.
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The pound was introduced following the occupation of the Falklands Islands by the British in 1833. During the earlier Argentinian occupation, the peso had circulated. Initially, British currency circulated, with the pound subdivided into 20 shillings, each of 12 pence.
Specific issues of banknotes have been made for the Falkland Islands since 1899. In 1971, the pound was decimalized and subdivided into 100 pence. Coins have been minted specifically for the Falklands since 1974.
In 1974, ½, 1, 2, 5 and 10 pence coins were introduced. 50 pence coins were introduced in 1980, followed by 20 pence in 1982, 1 pound in 1987 and 2 pounds in 1998. The ½ penny coin was last issued in 1983 and was demonetized shortly after. All the coins have the same composition and size as the corresponding British coins.
Between 1899 and 1901, the government introduced notes for 5 and 10 shillings, 1 and 5 pounds. The 5 shilling notes were issued until 1916. In 1969, in preparation for decimalization, the 10 shilling note was replaced by a 50 pence note. 10 pound notes were introduced in 1975, followed by 20 pounds in 1984 and 50 pounds in 1990. Banknotes in circulation are:
- 5 pounds (red)
- 10 pounds (green)
- 20 pounds (grey)
- 50 pounds (blue, green and red combination)
Falklands' banknotes feature the same images, differing only in their respective denominations and corresponding colours. On the front side, all notes contain a portrait of Queen Elizabeth II, the Falklands' coat of arms, a small map of the islands, and images of two of the islands' main animals, penguins and sea lions. On the back, notes feature pictures of Christ Church Cathedral in Stanley and Government House, the official residence of the Governor of the Falkland Islands.
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- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- 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.
- Don's World Coin Gallery - Falkland Islands
- Ron Wise's World Paper Money - Falkland Islands Mirror site
- The Global History of Currencies - Falkland Islands
- Global Financial Data currency histories table (
Microsoft Excel format)
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|---|---|
| England and Wales | Bank of England |
| Scotland | Bank of Scotland · The Royal Bank of Scotland · Clydesdale Bank |
| Northern Ireland | Bank of Ireland · First Trust Bank · Northern Bank · Ulster Bank |
| British Crown Dependencies | Guernsey pound · Jersey pound · Manx pound |
| British overseas territories (at parity with Sterling) |
Gibraltar pound · Falkland Islands pound · Saint Helenian pound |
| See also | Pound sterling · Coins of the pound sterling · Economy of the United Kingdom · Sterling Area |