Gibraltar Pound (GIP)

The Gibraltar pound (ISO 4217 code: GIP) is the currency of Gibraltar. It is divided into 100 pence (singular: penny). It is pegged to the British pound at a rate of 1 GIP = 0.60083 GBP. The Gibraltar pound is issued by the Government of Gibraltar and is legal tender in Gibraltar. The Gibraltar pound is not legal tender in the United Kingdom.

The Gibraltar pound was introduced in 1849, replacing the Spanish dollar. The Gibraltar pound was initially pegged to the Spanish peseta at a rate of 1 GIP = 4.80 pesetas. In 1934, the Gibraltar pound was pegged to the British pound at a rate of 1 GIP = 0.40000 GBP. The peg to the British pound was abandoned in 1971, and the Gibraltar pound was allowed to float freely. In 1988, the Gibraltar pound was pegged to the British pound at a rate of 1 GIP = 0.60083 GBP.

The Gibraltar pound is issued in denominations of 1, 5, 10, 20, 50, and 100 pounds. Coins are issued in denominations of 1, 2, 5, 10, 20, and 50 pence. The Gibraltar pound is used in Gibraltar for all transactions. The British pound is also accepted in Gibraltar, but it is not legal tender.

The Gibraltar pound is backed by the Government of Gibraltar. The Government of Gibraltar guarantees the convertibility of the Gibraltar pound into British pounds. The Gibraltar pound is a stable currency and is used by businesses and individuals in Gibraltar.