Gibraltar Pound (GIP)
Candlefocus EditorThis special dynamic between the GIP and the British pound has deep roots tracing back to the 14th century when Spain seized the region and introduced the real, Spain’s official currency, as the standard in Gibraltar. After centuries of Spanish control, Great Britain took possession of Gibraltar in 1713 and it’s been a British Overseas Territory ever since. With Britain in charge, its official currency, the British pound, replaced the real and eventually the Gibraltar Pound was introduced in its place in 1927.
The introduction of GIP coins shortly followed in 1988. This process replaced the British coinage that had formerly been used in Gibraltar, with the intention of creating something that was more closely related to the country’s identity. The coins are issued in four denominations – the one-pence, two-pences, 10-pence, and 20-pence coins. However, despite the physical currency’s succinct identity, it shares the same value as the British pound and coins can be used interchangeably within the British Overseas Territories. It’s important to note the distinction between GIP coins and the British pound; whilst both are valid in Gibraltar and are equal in value, the GIP coins cannot be used in the UK, and vice-versa.
Although banknotes were first produced in 1927, the more contemporary Gibraltar Pound notes are now printed through De La Rue, a British company and one of the world’s leading values-banknote suppliers. The current set of GIP notes consists of denominations ranging from 5 to 100 and feature prominent figures from the country’s history including Queen Isabella of Castile, Vice Admiral Lord Nelson, Admiral Lord Horatio Nelson, and General Sir George Augustus Elliot.
In conclusion, the Gibraltar Pound has a long-standing legacy in the country. Despite being introduced nearly a century ago, it remains a proud representation of the country’s British history, yet also maintaining its own distinct identity in the form of coins. With its newfound modern function and perennial ties to the British pound, the Gibraltar Pound is an essential part of the country’s finances and culture.