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Gibraltar pound
From Wikipedia, the free encyclopedia
| Gibraltar pound | |
| ISO 4217 Code | GIP |
|---|---|
| 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 | |
|---|---|
  |
|
| 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.
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.
UK coins and banknotes circulate in Gibraltar and are universally accepted and interchangable with Gibraltar pounds. Euros are also accepted by most shops but not by the Post Office or by Government departments.
Although Gibraltarian 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.
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History
Battle of Gibraltar · Treaty of Utrecht · Great Siege of Gibraltar · Gibraltarian real · Death on the Rock · Aurora incident
Politics | Economy
Governor · Chief Minister · House of Assembly · Political parties · Elections (2006 constitutional referendum) · Disputed status | Gibraltarian pound
Military | Infrastructure
British Forces Gibraltar · Royal Gibraltar Regiment · RAF Gibraltar · HMS Gibraltar · Gibraltar Services Police | Communications · Transport · Royal Gibraltar Police
Symbols
Flag of Gibraltar · Coat of arms of Gibraltar · Gibraltar Anthem
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|---|---|
| Eurozone | Euro |
| Northern | Danish krone · Faroese króna · Icelandic króna · Norwegian krone · Swedish krona |
| Baltic | Estonian kroon · Latvian lats · Lithuanian litas |
| Western | British pound · Guernsey pound · Jersey pound · Manx pound |
| Central | Czech koruna · Hungarian forint · Polish złoty · Slovak koruna · Swiss franc |
| Eastern | Belarusian ruble · Kazakhstani tenge · Russian ruble (Russia and Abkhazia and South Ossetia (unrecognized)) · Transnistrian ruble (unrecognized) · Ukrainian hryvnia |
| Southeastern | Albanian lek · Bosnia and Herzegovina convertible mark · Bulgarian lev · Croatian kuna · Macedonian denar · Moldovan leu · Romanian leu · Serbian dinar |
| Mediterranean | Cypriot pound · Gibraltar pound · Maltese lira · Turkish new lira (Turkey and Northern Cyprus (unrecognized)) |
| Transcaucasia | Armenian dram (Armenia and Nagorno-Karabakh (unrecognized)) · Azerbaijani manat · Georgian lari |