View source for Finance:Gibraltar pound

{{Short description|Currency of Gibraltar}}
{{Infobox currency
| image_1                   =
| image_title_1             = Gibraltar £100 banknote (obverse)
| image_2                   =
| image_title_2             = Gibraltar £5 banknote (reverse)
| iso_code                  = GIP
| using_countries           = ''{{flag|Gibraltar}}'' (alongside [[Finance:Pound sterling|sterling]])
| unofficial_users = {{flagicon|Spain}} La Línea, {{wipe|Spain}} (local businesses)<ref>{{cite web|url=https://www.elmundo.es/andalucia/2017/11/06/5a0022c5ca474129158b45a6.html|title=Comercios de La Línea aceptan el pago en libras|date=6 November 2017|website=ELMUNDO}}</ref>
| inflation_rate            = 2.0% <small>(2013 est.)</small>
| inflation_source_date     = ''[https://www.cia.gov/the-world-factbook/countries/gibraltar/#economy]''
| pegged_with               = [[Finance:Pound sterling|sterling]] at par
| subunit_ratio_1           = {{frac|1|100}}
| subunit_name_1            = Penny
| symbol                    = [[Finance:Pound sign|£]]
| symbol_subunit_1          = p
| plural                    = Pounds
| plural_subunit_1          = Pence
| used_coins                = 1p, 2p, 5p, 10p, 20p, 50p, <br />£1, £2, £5
| coin_article              = Coins of the Gibraltar pound
| frequently_used_banknotes = £5, £10, £20, £50 
| rarely_used_banknotes     = £100
| issuing_authority_title   = Government
| issuing_authority         = Government of Gibraltar
| issuing_authority_website = {{URL|www.gibraltar.gov.gi}}
}}
The '''pound''' ([[Finance:Currency symbol|sign]]: '''[[Finance:Pound sign|£]]'''; [[ISO 4217|ISO code]]: '''GIP''') is the currency of [[Place:Gibraltar|Gibraltar]]. It is [[Finance:Fixed exchange rate system|pegged]] to – and exchangeable with – [[Finance:Pound sterling|sterling]] at [[Finance:Par value|par value]]. Coins and banknotes of the Gibraltar pound are issued by the Government of Gibraltar.<ref>{{cite web|url=http://www.investopedia.com/terms/g/gip.asp|title=GIP|website=Investopedia.com|access-date=19 January 2015}}</ref>

==History==
Until 1872, 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 the rate of 1 Spanish dollar to 4 shillings 4 pence (equivalent to 21.67 pence today). In 1872, however, the Spanish currency became the sole legal tender in Gibraltar.<ref name="bond">{{cite book | title=300 Years of British Gibraltar 1704-2004| first=Peter | last=Bond | publisher=Peter-Tan Publishing Co. | year=2003 | page=89}}</ref> In 1898, the Spanish–American War made the [[Finance:Spanish peseta|Spanish peseta]] drop alarmingly and the pound was introduced as the sole currency of Gibraltar, initially in the form of British coins and banknotes.

In 1898, [[Finance:Pound sterling|sterling coin]] was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War.<ref name="bond" /> Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar [[Finance:Decimalisation|decimalised]] in 1971 at the same time [[Decimal Day|as the UK]], replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 (new) pence.

==Relationship with the British pound==
The since repealed Currency Notes Act 1934,<ref>{{cite web | author=Government of Gibraltar | date=June 1934 | url=http://www.gibraltarlaws.gov.gi/articles/1934-06o.pdf | format=PDF | title=Currency Notes Act | access-date=2007-08-05 | archive-date=2008-10-29 | archive-url=https://web.archive.org/web/20081029161358/http://www.gibraltarlaws.gov.gi/articles/1934-06o.pdf | url-status=dead }}</ref> conferred on the Government of Gibraltar the right to print its own notes.

Notes issued are either backed by Bank of England notes at a rate of one to one, or can be backed by securities issued by the Government of Gibraltar.<ref name="notesact2011">{{cite web|url=http://www.gibraltarlaws.gov.gi/articles/2011-03o.pdf|format=PDF|title=CURRENCY NOTES ACT 2011 |website=Gibraltarlaws.gov.gi|access-date=3 October 2018}}</ref> Although Gibraltar notes are denominated in "pounds sterling", they are not [[Finance:Legal tender|legal tender]] anywhere in the United Kingdom. Gibraltar's coins are the same weight, size and metal as British coins, although the designs are different, and they are occasionally found in circulation across Britain.

Under the Currency Notes Act 2011<ref name="notesact2011"/> the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes also circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues.<ref>{{cite web |title=Money - Gibraltar (British Overseas Territory) travel advice |url=https://www.gov.uk/foreign-travel-advice/gibraltar/money |website=GOV.UK |access-date=27 June 2023}}</ref>

==Coins==

{{Coin image box 2 singles
| header        = 1 pound
| image_left    = Image:GIPobverse.png
| image_right   = File:One pound coin (Gibraltar) reverse.png
| caption_left  = Obverse
| caption_right = Reverse
| width_left    = 92
| width_right   = 90
| position      = right
| margin        = 0
}}
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-pound coins introduced in 1999. A new coin of 5 pounds was issued in 2010 with the inscription "Elizabeth II · Queen of Gibraltar".<ref>[http://www.panorama.gi/localnews/headlines.php?action=view_article&article=5932&offset= 'Queen of Gibraltar' in new coin], ''Panorama'', 7 May 2010</ref> This issue caused controversy in Spain, where the title of King of Gibraltar historically corresponds to the crown of Castile.<ref>[http://www.elconfidencialdigital.com/casas_reales/074506/polemica-en-ambitos-diplomaticos-por-la-asistencia-de-la-reina-dona-sofia-a-los-actos-de-homenaje-a-isabel-ii Polémica en ámbitos diplomáticos por la asistencia de la reina doña Sofía a los actos de homenaje a Isabel II: consideran que puede perjudicar los intereses soberanos españoles], ''El Confidencial Digital'', 6 May 2012</ref>

{| class="wikitable"
|+ Depiction of Gibraltar coinage <nowiki>|</nowiki> Reverse side
|- style="background:#efefef;"
! £0.01
! £0.02
! £0.05
|-
| {{center|[[File:One pence coin (Gibraltar).jpg|100px]]}}
| {{center|[[File:Two pence coin (Gibraltar).jpg]]}}
| {{center|[[File:Five pence coin (Gibraltar).jpg]]}}
|-
| {{center|[[Biology:Barbary partridge|Barbary partridge]]}}
| {{center|Europa Point Lighthouse}}
| {{center|Barbary macaque and<br />[[Biology:Iberis gibraltarica|Gibraltar candytuft]]}}
|- style="background:#efefef;"
! £0.10
! £0.20
! £0.50
|-
| {{center|[[File:Ten pence coin (Gibraltar).jpg]]}}
| {{center|[[File:Twenty Pence coin (Gibraltar).jpg]]}}
| {{center|[[File:Fifty pence coin (Gibraltar).jpg]]}}
|-
| {{center|Europort}}
| {{center|Our Lady of Europe}}
| {{center|[[Biology:Bottlenose dolphin|Bottlenose dolphin]]s}}
|- style="background:#efefef;"
! £1.00
! £2.00
!
|-
|{{center|[[File:One pound coin (Gibraltar) reverse.png|100px]]}}
|{{center|[[File:Two pound coin (Gibraltar).jpg|120px]]}}
|
|-
| {{center|Fortress and Key}}
| {{center|[[Unsolved:Pillars of Hercules|Pillars of Hercules]]}}
|
|}
The £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules.

===Tercentenary edition===

In 2004 the Government of Gibraltar minted a new edition of its coins to commemorate the [[Place:Gibraltar#Tercentenary|tercentenary]] of British Gibraltar (1704–2004).

{| class="wikitable"
|- style="background:#efefef;"
! £0.01
! £0.02
! £0.05
|-
| {{center|[[File:Gibraltar Tercentenary 1p coin.jpg|90px]]}}
| {{center|[[File:Gibraltar Tercentenary 2p coin.jpg|120px]]}}
| {{center|[[File:Gibraltar Tercentenary 5p coin.jpg|80px]]}}
|-
| {{center|Barbary macaque}}
| {{center|Keys of Gibraltar}}
| {{center|Constitution Order (1969)}}
|- style="background:#efefef;"
! £0.10
! £0.20
! £0.50
|-
| {{center|[[File:Gibraltar Tercentenary 10p coin.jpg|100px]]}}
| {{center|[[File:Gibraltar Tercentenary 20p coin.jpg|90px]]}}
| {{center|[[File:Gibraltar Tercentenary 50p coin.jpg|120px]]}}
|-
| {{center|Operation Torch (1942)}}
| {{center|Discovery of Neanderthal<br />skull in Gibraltar (1848)}}
| {{center|Battle of Trafalgar (1805)}}
|- style="background:#efefef;"
! £1.00
! £2.00
!
|-
| [[File:Gibraltar Tercentenary £1 coin.jpg|center|100px]]
| [[File:Gibraltar Tercentenary £2 coin.jpg|center|120px]]
|
|-
| {{center|Great Siege of Gibraltar<br />(1779-1783)}}
| {{center|Capture of Gibraltar<br />(1704)}}
|
|}

===2005 series===
In 2005, the Government of Gibraltar issued a new series of coins featuring the designs of the Tercentenary issues, being placed on different denominations. A £5 coin was issued for this series, depicting the Rock of Gibraltar.

{| class="wikitable"
|+ Third series of Gibraltar coinage <nowiki>|</nowiki> Reverse side
|- style="background:#efefef;"
! £0.01
! £0.02
! £0.05
|-
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
|-
| {{center| Constitution Order (1969) }}
| {{center| Operation Torch (1942) }}
| {{center| Barbary ape }}
|- style="background:#efefef;"
! £0.10
! £0.20
! £0.50
|-
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
|-
| {{center| The Great Siege (1779–1783) }}
| {{center| The Keys of Gibraltar }}
| {{center| Our Lady of Europe }}
|- style="background:#efefef;"
! £1.00
! £2.00
! £5.00
|-
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
|-
| {{center| Discovery of the Neanderthal Skull in Gibraltar (1848) }}
| {{center| Battle of Trafalgar (1805) }}
| {{center| Rock of Gibraltar }}
|}

{| class="wikitable"
|+ Fourth series of Gibraltar coinage <nowiki>|</nowiki> Reverse side
|- style="background:#efefef;"
! £0.01
! £0.02
! £0.05
|-
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
|-
| {{center| Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" }}
| {{center| Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" }}
| {{center| Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" }}
|- style="background:#efefef;"
! £0.10
! £0.20
! £0.50
|-
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
|-
| {{center| Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" (1779–1783) }}
| {{center| Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" }}
| {{center| Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" }}
|- style="background:#efefef;"
! £1.00
! 
|-
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
|-
| {{center| Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" (1848) }}
| 
|
|}

{| class="wikitable"
|+ Seventh series of Gibraltar coinage <nowiki>|</nowiki> Reverse side
|- style="background:#efefef;"
! £0.01
! £0.02
! £0.05
|-
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
|-
| {{center| Commonwealth Park }}
| {{center| Small Boats Marina }}
| {{center| Windsor Bridge }}
|- style="background:#efefef;"
! £0.10
! £0.20
! £0.50
|-
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
| {{center| [[File:Blank.png]] }}
|-
| {{center| Barbary Patridge }}
| {{center| Dolphins }}
| {{center| Skywalk }}
|- style="background:#efefef;"
! £2.00
|-
| {{center| [[File:Blank.png]] }}
|-
| {{center| Sandy Bay }}
|}

==Banknotes==
At the outbreak of World War I, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold. These notes were issued under emergency wartime legislation, Ordinance 10 of 1914. At first, the typeset notes were signed by hand by Treasurer Greenwood, though he later used stamps. The notes bore the embossed stamp of the Anglo-Egyptian Bank Ltd. and circulated alongside British Territory notes.<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = Gibraltar | website=BanknoteNews.com| year = 2012 | location = San Francisco, CA | url = http://www.banknotebook.com}}</ref> The 1914 notes were issued in denominations of 2/-, 10/-, £1, £5 and £50. The 2/- and £50 notes were not continued when a new series of notes was introduced in 1927. The 10/- note was replaced by the 50p coin during the process of decimalization. In 1975, £10 and £20 notes were introduced, followed by £50 in 1986. The £1 note was discontinued in 1988. In 1995, a new series of notes was introduced which, for the first time, bore the words "pounds sterling" rather than just "pounds". The government of Gibraltar introduced a new series of banknotes beginning with the £10 and £50 notes issued on July 8, 2010. On May 11, 2011, the £5, £20 and £100 notes were issued.<ref>{{cite web|url=http://banknotenews.com/files/75aaf2b1b06649df491ab1ac1a948264-1174.php|title=Gibraltar new note family now complete - Banknote News|website=Banknotenews.com|access-date=3 October 2018}}</ref> In 2021, the government of Gibraltar introduced a new series of banknotes in a reduced size, closely matching that of the banknotes of the Bank of England. The first note, the £5 was issued into circulation in 2021.

{|class="wikitable" style="font-size: 90%"
|-
!colspan=7|Circulating banknotes (2010-2011 Issue)
|-
!colspan=2|Image !! rowspan="2"|Denomination !! rowspan="2"|Dimensions !! rowspan="2"|Dominant colour !!colspan="2"| Description
|-
!Obverse !! Reverse !! Obverse !! Reverse
|-
|  ||  || £5 || 133 × 70&nbsp;mm || Green || Queen Elizabeth II,<br> Coat of Arms of Castle with Key || Upper Ward and Tower of Homage of the Moorish castle
|-
|  ||  || £10 || 141 × 75&nbsp;mm || Blue || Queen Elizabeth II,<br> Coat of Arms of Castle with Key || Artist John Trumbull’s “The Sortie Made by the Garrison of Gibraltar” depicting Spanish and English troops fighting and General George Eliott with officers attending to the dying Don José de Barboza during the Great Siege of Gibraltar, 1779–83;
|-
|  ||  || £20 || 150 × 80&nbsp;mm || Orange || Queen Elizabeth II,<br> Coat of Arms of Castle with Key || [[Engineering:HMS Victory|HMS Victory]] returning to Gibraltar being towed by HMS Neptune after the Battle of Trafalgar
|-
|  ||  || £50 || 157 × 85&nbsp;mm || Red || Queen Elizabeth II,<br>Coat of Arms of Castle with Key  || Casemates Square buildings
|-
|  ||  || £100 || 164 × 90&nbsp;mm || Purple || Queen Elizabeth II,<br>Coat of Arms of Castle with Key || King's Bastion
|}

{|class="wikitable" style="font-size: 90%"
|-
!colspan=7|Circulating banknotes (2021 Issue)
|-
!colspan=2|Image !! rowspan="2"|Denomination !! rowspan="2"|Dimensions !! rowspan="2"|Dominant colour !!colspan="2"| Description
|-
!Obverse !! Reverse !! Obverse !! Reverse
|-
|  ||  || £5 || 125 × 65&nbsp;mm || Green || Queen Elizabeth II,<br> Coat of Arms of Castle with Key || Windsor Bridge
|-
|}


==See also==
* Economy of Gibraltar
* [[Finance:Currency board|Currency board]]
* Christopher Ironside, OBE, coin designer: reverse design of the 25 New Pence coin, Barbary ape (issued 1971).

==References==
{{Reflist}}

==Bibliography==
{{refbegin}}
{{refend}}

==External links==
* [http://banknoter.com/s/gibraltar Banknotes of Gibraltar: Catalog of Gibraltar Shillings and Pounds]
* [http://www.bis-ans-ende-der-welt.net/Gibraltar-B-En.htm The current banknotes of Gibraltar] {{in lang|en|de}}


{{DEFAULTSORT:Gibraltar Pound}}
[[Category:Fixed exchange rate]]

{{Sourceattribution|Gibraltar pound}}