Gibraltar pound & Jersey pound

Name of currency: Gibraltar pound

Country / countries used: Gibraltar

Symbol:  £

Brief history:

The currency situation of Gibraltar was a complicated one due to a system implemented that incorporated British, Spanish and Gibraltarian coins, this was in place until 1872 when there was a short period of the Spanish currency becoming sole legal tender until1898 and the war between Spain and America caused the peseta to devalue at an alarming rate which is when the sterling pound was issued at the single legal currency originally using British coinage and paper money until 1927 when they started to produce their own notes but not until 1988 did they introduce their own coins.

The relationship between the British pound and the Gibraltar pound was agreed in the currency notes act of 1934, which states that Gibraltar has the right to produce their own and in terms of money exchange the theory is that one can exchange them with British pounds at a matching rate although in practise this is not often the case in Britain with many banks not accepting them. In circulation in Gibraltar is a mixture of British coins, bank of England notes as well as their own coinage and banknote, in Britain the Gibraltar pound is not considered legal tender.

Name of currency: Jersey pound

Country / countries used: Jersey

Symbol:  £

Brief history:

The currency in Jersey is not a ‘separate’ currency from the United Kingdom but an issue of sterling produced by the State of Jersey in a comparable way to that of the banknotes made in Scotland and Northern Ireland and in terms of money exchange are at a par with all sterling. Legal tender in Jersey is a mixture of both British sterling notes and coinage and Jersey pounds although this is not transferrable as Jersey notes are not in common use or are legal tender in Britain.