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.[3] 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.
The since repealed Currency Notes Act 1934,[4] conferred on the Government of Gibraltar the right to print its own notes.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.[5] Although Gibraltar notes are denominated in "pounds sterling", they are not 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[5] 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.[6]
Coins
1 pound
Obverse
Reverse
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".[7] This issue caused controversy in Spain, where the title of King of Gibraltar historically corresponds to the Crown of Castile.[8]
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.
Third series of Gibraltar coinage | Reverse side
£0.01
£0.02
£0.05
Constitution Order (1969)
Operation Torch (1942)
Barbary ape
£0.10
£0.20
£0.50
The Great Siege (1779–1783)
The Keys of Gibraltar
Our Lady of Europe
£1.00
£2.00
£5.00
Discovery of the Neanderthal Skull in Gibraltar (1848)
Battle of Trafalgar (1805)
Rock of Gibraltar
Fourth series of Gibraltar coinage | Reverse side
£0.01
£0.02
£0.05
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum"
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum"
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum"
£0.10
£0.20
£0.50
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" (1779–1783)
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum"
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum"
£1.00
Coat of arms of Gibraltar with inscription "Fiftieth Anniversary of the Referendum" (1848)
Seventh series of Gibraltar coinage | Reverse side
£0.01
£0.02
£0.05
Commonwealth Park
Small Boats Marina
Windsor Bridge
£0.10
£0.20
£0.50
Barbary Patridge
Dolphins
Skywalk
£2.00
Sandy Bay
Banknotes
At the outbreak of the First World War, 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.[9] 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.[10] 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.
Gibraltar (alongside sterling)
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