Guernsey pound

Infobox Currency
iso_code = none
using_countries = "flag|Guernsey"
inflation_rate = 3.4%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", June 2006
pegged_with = variant of pound sterling
subunit_ratio_1 = 1/100
subunit_name_1 = penny
symbol = £
symbol_subunit_1 = p
plural =
plural_subunit_1 = pence
used_coins = 1p, 2p, 5p, 10p, 20p, 50p, £1, £2
coin_article = Coins of the Guernsey pound
used_banknotes = £1, £5, £10, £20, £50
issuing_authority_title = Treasury
issuing_authority = Treasury and Resources Department, States of Guernsey
issuing_authority_website = www.gov.gg

The pound is the currency of Guernsey. Since 1921, Guernsey has been in currency union with the United Kingdom and the Guernsey pound is not a separate currency but is a local issue of banknotes and coins denominated in pound sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland (see Banknotes of the pound sterling). It can be exchanged at par with other sterling coinage and notes (see also sterling zone).

For this reason, ISO 4217 does not include a separate currency code for the Guernsey pound, but where a distinct code is desired "GGP" is generally used [http://www.lloydstsbcorporatemarkets.com/glossary/currencies.asp] .

History

Until the early 19th century, Guernsey used predominantly French currency. Coins of the French livre were legal tender until 1834, with French francs used until 1921. In 1830, Guernsey began production of copper coins denominated in "doubles". The double was worth 1/80 of a French franc. The name "double" derived from the French "double deniers", although the value of the coin was equal to the liard (3 deniers piece) still circulating. Coins were issued in denominations of 1, 2, 4 and 8 doubles. The 8 double coin was a "Guernsey penny", with twelve to the "Guernsey shilling" (worth 1.2 francs). However, this shilling was not equal to the British shilling (worth 1.26 francs, as the exchange rate according to the respective gold standards was 25.22 francs = 1 pound sterling). Banknotes were also produced by the States of Guernsey from 1827, denominated in pounds. In 1848, and ordinance was passed that the pound sterling should be legal tender at a value of £1 1s 3d (2040 doubles). This was rescinded two years later and French currency, supplemented by local issues, continued to circulate. In 1870, British coins were made legal tender, with the British shilling circulating at 12½ Guernsey pence. Bank of England notes became legal tender in 1873. In 1914, new banknotes appeared, some of which carried denominations in Guernsey shillings and francs.

After the First World War, the value of the franc began to fall relative to sterling. This caused Guernsey to adopt a pound equal to the pound sterling in 1921. For amounts below 1 shilling, the conversion rate of 1 Guernsey penny (8 doubles) = 1 British penny applied, allowing the Guernsey coins to continue to circulate. For amounts above 1 shilling, an exchange rate of 21 Guernsey shillings to the pound sterling was used, applying an approximation to the pre-war exchange rate of 25.2 francs = 1 pound sterling, rather than the exact rate of 25.22. This conversion increased the value of the double from frac|2016 to frac|1920 of a pound. The WWI issues of banknotes were overstamped with the word "British" to indicate this change. New banknotes and British silver coinage circulated alongside the double coins, with 3 pence coins minted specially for Guernsey from 1956.

In 1971, along with the rest of the British Isles, Guernsey decimalized, with the pound subdivided into 100 pence, and began issuing a full range of coin denominations from ½p to 50p (£1 and £2 coins followed later).

Where the currency is accepted

The Guernsey pound, and other notes denominated in pound sterling (including those issued by the Bank of England, Scottish and Northern Irish notes and the Jersey pound) may be used in Guernsey. Some shops will also accept euros and other currencies can be exchanged in bureaux de change. The Guernsey pound is legal tender only in Guernsey but also circulates freely in Jersey and is acceptable in most places in the U.K. which will accept Scottish and Northern Irish notes.Fact|date=February 2008 It can also be exchanged in other places using banks and bureaux de change.

Coins

Between 1830 and 1956, Guernsey's four coin denominations, 1, 2, 4 and 8 doubles, all carried very similar designs, with the Island's arms and name (spelt Guernesey) on the obverse and the denomination and date on the reverse. In addition, the 8 double coins featured a wreath on both sides.

In 1956, new designs were introduced for the 4 and 8 doubles (the lower denominations were no longer issued). These featured the Island's arms and name (now given as "S'Ballivie Insule de Gernereve") on the obverse with the English name, the date and the Guernsey lily on the reverse. 3 pence coins were also issued from 1956, with the same obverse and a reverse featuring the Guernsey cow.

As in the U.K., 5 and 10 new pence coins were introduced in 1968, followed by 50 new pence coins in 1969, before decimalization took place in 1971 and the ½, 1 and 2 new pence coins were introduced. These coins were the same size and composition as the corresponding British coins. The word "new" was dropped in 1977. The 1 pound coin was introduced in 1981, two years before its introduction in the U.K., although the 20 pence and 2 pounds coins were introduced at the same time as in the U.K., 1982 and 1998, respectively.

The first decimal issues continued with the same obverse as the last pre-decimal issues until 1985, when Raphael Maklouf's portrait of Queen Elizabeth II was added. Ian Rank-Broadley's portrait of the Queen has appeared since 1998. Designs on the reverses of Guernsey's decimal coins are:

Banknotes

In 1827, the States of Guernsey introduced 1 pound notes, with the "Guernsey Banking Company" and the "Guernsey Commercial Banking Company" also issuing 1 pound notes from 1861 and 1886, respectively. The commercial banks lost their right to issue notes in 1914, although the notes circulated until 1924. Also in 1914, the States introduced 5 and 10 shilling notes, also denominated as 6 and 12 francs.

In 1921, States notes were overstamped with the word "British" to signify the island's conversion to a pound equal to sterling. From 1924, 10 shilling notes were issued without any reference to the franc. The 5 shilling note was discontinued.

In 1941, following the German occupation, notes were introduced in denominations of 6 pence, 1 shilling 3 pence, 2 shillings 6 pence and 5 shillings. From 1942, the 1 shilling 3 pence notes were overprinted to produce 1 shilling notes. In 1945, following liberation, 5 pound notes were introduced and production of all denominations below 10 shillings ended.

The 10 shilling note was replaced by the 50 new pence coin in the run up to decimalization. 10 pound notes were introduced in 1975, followed by 20 pounds in 1980 and 50 pounds in 1994. Although 1 and 2 pound coins have been introduced, the 1 pound note still circulates.

ee also

* Alderney pound

References

*numis cite SCWC|date=1991
*numis cite SCWPM|date=1994
*numis cite SCWPM|date=1990.s

External links

Standard numismatics external links
world_coin_gallery_1_url = Guernsey
world_coin_gallery_1_name = Guernsey
banknote_world_1_url = guernsey
banknote_world_1_name = Guernsey
dollarization_1_url =
dollarization_1_name =
gfd_1_url = Guernsey
gfd_1_name = Guernsey
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y
* [http://www.guernsey.net/~sgibbs/numismatics/ Guernsey Numismatic] Lists and pictures, historical and present-day coins and notes
* [http://www.guernsey.net/~sgibbs/numismatics/history.html Monetary History of Guernsey]