The Gibraltar pound is pegged at par value to the British pound sterling, at a fixed exchange rate. The Gibraltar pound is issued by the government of Gibraltar under the terms of the Currency Note Act. The notes and coins in circulation use British names but have different designs.
They are only accepted in Gibraltar. The GIP is not recognized in the United Kingdom, although it can be exchanged for British pound sterling notes, at a one-to-one ratio. British coins and notes issued by the Bank of England are legal tenders in Gibraltar, however. Most retail stores in Gibraltar unofficially also accept the euro although the Royal Gibraltar Post Office does not. Gibraltar decimalized its currency in at the same time as the U. Located in the south of the Iberian Peninsula, Gibraltar is officially a British overseas territory.
The British military has dominated the economy of Gibraltar, and its naval dockyard was historically the center of economic activity. Gibraltar's economy is now based on financial services, online gaming, navigation, and tourism. The country remains a significant port in the Mediterranean Sea, with bunkering—the supplying of fuel to ships—another important industry.
From to , the currency situation in Gibraltar was complicated, with a system based on the Spanish real de plata but encompassing 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 In , however, the Spanish currency became the sole legal tender of the country.
Then, in , the Spanish—American War made the Spanish currency drop dramatically in value. As a result, the pound was introduced as the official coin of the realm—initially in the form of British coins and banknotes, though Spanish money continued in circulation.
Gibraltar began issuing its own banknotes in —the official birth of the Gibraltar pound—and its own coins in 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 the Gibraltar government assumed sole responsibility for the design, printing, and production of banknotes, taking over responsibilities that until then had been the preserve of the British government. New series of notes were issued in and Two-pound coins were introduced in Note, however, if you're considering Euros: Bear in mind that shops will generally give you a more expensive rate of exchange than the numerous exchange offices and generally won't accept small change.
Improve this answer. Mark Mayo Mark Mayo k 95 95 gold badges silver badges bronze badges. From Wikivoyage : Most shops in Gibraltar will also accept U. Government offices and post offices do not accept foreign currency. MeNoTalk just came back to edit that in now as well.
Can you get British pounds as change? If not, it does not seem much more practical than using euros as you might end up with a lot of Gibraltar coins or small bills… — Relaxed.
Relaxed valid point, I guess it'll depend on the traveller and which change they'd prefer ie if visiting from UK or Europe — Mark Mayo. Sign up or log in Sign up using Google. Sign up using Facebook. Sign up using Email and Password. Post as a guest Name. Email Required, but never shown. Featured on Meta. Now live: A fully responsive profile. Print entire guide. Explore the topic Living in Gibraltar Travelling to Gibraltar.
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