GIPGibraltar PoundGibraltar Pound (GIP)
The Gibraltar pound is the domestic currency issued for Gibraltar and is used for local prices, government payments and cash transactions in the territory.
- ISO code
- GIP
- Symbol
- £
- Region
- Europe
- Currency type
- Fiat currency
- Exchange system
- The Gibraltar pound is fixed at one-to-one parity with pound sterling under Gibraltar's official monetary framework.
- Last reviewed
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Quick facts
GIP at a glance
Currency profile
How GIP works
The Gibraltar pound is the domestic currency issued for Gibraltar and is used for local prices, government payments and cash transactions in the territory.
The Government of Gibraltar issues GIP notes and coins. The currency is divided into 100 pence and is maintained at parity with pound sterling.
- GIP has its own ISO code and locally issued cash even though its official unit value equals GBP.
- Sterling is accepted in Gibraltar, while Gibraltar-issued notes are not generally accepted as cash in the United Kingdom.
Context
Why this currency matters
GIP and GBP have equal official values but are not identical cash instruments. That distinction matters to travelers, businesses and data systems: a Gibraltar note represents GIP, may not be accepted outside the territory, and should not be silently relabeled as a Bank of England note. The currency also reflects Gibraltar's separate public finance and minting responsibilities.
Monetary framework
Exchange arrangement
The Gibraltar pound is fixed at one-to-one parity with pound sterling under Gibraltar's official monetary framework.
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for GIP
Government note issue developed
Gibraltar established a modern local government note issue denominated in pounds.
Government of Gibraltar TreasuryDecimal currency adopted
The Gibraltar pound moved to a pound-and-pence decimal structure alongside sterling.
Government of Gibraltar TreasuryTwelve-sided pound introduced
Gibraltar moved its circulating one-pound coin to a twelve-sided format for the new issue.
Government of Gibraltar Treasury
Usage and economy
How GIP is used
- Gibraltar pounds are used for local retail prices, public charges and cash payments.
- GBP and EUR comparisons are prominent because of the sterling link and Gibraltar's proximity to Spain.
Banknotes and coins
GIP currency units
Government of Gibraltar Treasury is the authoritative source for the current GIP banknote framework.
Government of Gibraltar Treasury is the authoritative source for the current GIP coin framework.
One Gibraltar Pound unit is recorded with 2 decimal places and uses Penny as its minor unit.
Related currencies
Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
FAQ
GIP questions
Is GIP equal in value to GBP?
Yes. The official arrangement maintains one Gibraltar pound at the same unit value as one pound sterling.
Can Gibraltar notes always be spent in the United Kingdom?
No. Gibraltar notes are local issues and acceptance outside Gibraltar is not guaranteed.
Why does GIP have a separate code from GBP?
GIP identifies Gibraltar's own notes, coins and accounting unit even though its value is linked to sterling.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.