Gibraltar Pound (GIP)

What Is the Gibraltar Pound (GIP)?

The Gibraltar pound (abbreviated as GIP) is the official currency for the country of Gibraltar. The Gibraltar pound is pegged at par value to the British pound sterling, at a fixed exchange rate.

Understanding the Gibraltar Pound (GIP)

The Gibraltar pound is issued by the government of Gibraltar under the terms of the 1934 Currency Note Act. Its treasury mints coins in \u00a31, \u00a32, \u00a35, 1 penny, 2 pence, 5 pence, 10 pence, 20 pence, and 50 pence. It prints banknotes in denominations of \u00a35, \u00a310, \u00a320, \u00a350, and \u00a3100.

The notes and coins in circulation utilize British names however have various designs. They are just accepted in Gibraltar. The GIP isn't recognized in the United Kingdom, despite the fact that it tends to be exchanged for British pound sterling notes, at a balanced ratio.

British coins and notes issued by the Bank of England are legal tenders in Gibraltar, notwithstanding. Most retail stores in Gibraltar unofficially likewise acknowledge the euro (albeit the Royal Gibraltar Post Office doesn't).

Gibraltar decimalized its currency in 1971 simultaneously as the U.K., supplanting the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 (new) pence.

Gibraltar's Economy

Situated in the south of the Iberian Peninsula, Gibraltar is an officially a British overseas area.

The British military has overwhelmed the economy of Gibraltar, and its maritime dockyard was generally the center of economic activity. Be that as it may, military activities and business have declined throughout recent decades: from 60% in 1984 to an estimated 7% right now.

Gibraltar's economy is presently founded on monetary services, online gaming, route, and the travel industry. The country stays a huge port in the Mediterranean Sea, with bunkering — the providing of fuel to ships — another important industry.

History of the Gibraltar Pound

From 1825 to 1872, the currency situation in Gibraltar was muddled, with a system in light of the Spanish real de plata yet enveloping British, Spanish, and Gibraltarian coins. The real was tied to the pound at the rate of one Spanish dollar to four shillings, four pence (equivalent to 21.67 pence today). In 1872, be that as it may, the Spanish currency turned into the sole legal tender of the country.

Then, at that point, in 1898, the Spanish-American War made the Spanish currency drop decisively in value. Thus, the pound was presented as the official coin of the realm — at first as British coins and banknotes, however Spanish money went on in circulation.

Gibraltar started giving its own banknotes in 1927 — the official birth of the Gibraltar pound — and its own coins in 1988. The coins were in denominations of 1, 2, 5, 10, 20, and 50 pence and 1 pound coins with unique designs and the country's name.

In 2011 the Gibraltar government assumed sole responsibility for the design, printing, and production of banknotes, assuming control over liabilities that up to that point had been the protect of the British government.

In 2016, Gibraltar's government issued a new \u00a3100 banknote. Bearing the picture of Sir Joshua Hassan, Gibraltar's most memorable Chief Minister and a planner of the domain's self-rule, the note was the main in the world to have a holographic foil on Safeguard polymer substrate.

Gibraltar Currency Issues

In 1975, \u00a310 and \u00a320 notes were presented, trailed by \u00a350 notes in 1986. New series of notes were issued in 1995 and 2010-11.

Two-pound coins were presented in 1999. The \u00a32 coin has included another design consistently since its presentation, depicting every one of the 12 Labors of Hercules.

In 2004 the Government of Gibraltar stamped another release of its coins to commemorate the tercentenary of British Gibraltar (1704-2004).

A new \u00a35 coin was issued in 2010 recorded with "Elizabeth II • Queen of Gibraltar."

Features

• The GIP is pegged at par value to the British pound.
• Gibraltar started giving its own banknotes in 1927, G and its own coins in 1988.
• Before the GIP, the Spanish real and afterward the British pound were Gibraltar's official money.
• The Gibraltar pound (abbreviated as GIP) is the official currency for the country of Gibraltar.
• Gibraltar pounds and pence coins are legal tenders just in Gibraltar.