Gibraltar Pound (GIP)

Basic Concepts of the Gibraltar Pound

The Gibraltar Pound is the official currency of Gibraltar, with the currency code GIP, pegged to the British Pound Sterling equivalent, and is issued and managed by the Government of Gibraltar, and is mainly used for daily local transactions.

Countries of use

The Gibraltar Pound is only in circulation in Gibraltar, a British Overseas Territory located at the southern tip of the Iberian Peninsula, bordering Spain, with Sterling as the parallel legal tender.

Units and denomination

The Gibraltar Pound uses a decimal system where 1 pound is equal to 100 pence. Coin denominations include 1, 2, 5, 10, 20, 50 pence and £1 and £2, while banknotes come in the common denominations of £5, 10, 20, 50 and £100.

Historical background

The Gibraltar Pound has been in circulation since 1927 and was initially issued in parallel with the sterling equivalent to reflect Gibraltar's economic ties as a British territory. Its design often incorporates local cultural elements, such as the Rock of Gibraltar and the Barbary Macaque, to reinforce regional identity.