Gibraltar pound

Gibraltar pound
£
The pound (sign: £; ISO code: GIP) is the currency of Gibraltar. It is pegged to – and exchangeable with – sterling at par value. Coins and banknotes of the Gibraltar pound are issued by the Government of Gibraltar.

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. In 1898, the Spanish–American War made the 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, sterling coin was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. 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.

Country
  • Gibraltar
    Gibraltar is a British Overseas Territory and city located at the southern tip of the Iberian Peninsula. It has an area of 2.6 sqmi and is bordered to the north by Spain. The landscape is dominated by the Rock of Gibraltar, at the foot of which is a densely populated town area, home to over 32,000 people, primarily Gibraltarians.

    In 1704, Anglo-Dutch forces captured Gibraltar from Spain during the War of the Spanish Succession. The territory was ceded to Great Britain in perpetuity under the Treaty of Utrecht in 1713. It became an important base for the Royal Navy, particularly during the Napoleonic Wars and World War II, as it controlled the narrow entrance and exit to the Mediterranean Sea, the Strait of Gibraltar, which is only 8.9 mi wide. This choke point remains strategically important, with half the world's seaborne trade passing through it. Gibraltar's economy is based largely on tourism, online gambling, financial services, and bunkering.