Guernsey pound

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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 Sterling banknotes). 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 [1].

1 History
2 Where the currency is accepted
3 Coins
4 Banknotes
5 See also
6 References
7 External links

[edit] History

Until the early 19th century, Guernsey used predominantly French currency. 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 was 25.22 francs = 1 pound sterling). This resulted in there being 21 Guernsey shillings to the pound, worth 25.2 French francs. Banknotes were also produced by the States of Guernsey from 1827, denominated in pounds. In 1914, new banknotes appeared, some of which carried denominations in (Guernsey) shillings and francs.

In 1921, Guernsey adopted a pound equal to the pound sterling as its currency, thus increasing the value of the double from Template:Frac to Template:Frac 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).

[edit] 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. It can also be exchanged in other places using banks and bureaux de change.

[edit] Coins

Main article: Coins of the Guernsey pound

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:

Value	1968-1984	1985-
½p	Numeral
1p	Gannet	Crab
2p	Windmill	Guernsey cows
5p	Guernsey Lily	Yachts
10p	Guernsey cow	Tomatoes
20p	Guernsey Milk Can	Cog and Map
50p	Duke of Normandy's Cap	Guernsey Freesia
£1	Guernsey Lily (1981) H.M.S. Crescent (1983)	Abstract Design
£2		Flag

[edit] 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.

Circulating Banknotes
Denomination	Dimensions	Dominant Colour	Obverse	Reverse
£1	128 x 65 mm	Green	The Market, St Peter Port	Daniel De Lisle Brock, Bailiff of Guernsey 1762-1842, The Royal Court, St Peter Port, 1840
£5	137 x 70 mm	Pink	Queen Elizabeth II, The Town Church	Fort Grey, Hanois Lighthouse 1862
£10	142 x 75 mm	Blue/Orange	Queen Elizabeth II, Elizabeth College	Saumarez Park, Les Niaux Watermill, Le Trepid Dolmen
£20	150 x 80 mm	Pink	Queen Elizabeth II, St James Concert Hall	Vale Castle, St Sampson's Church
£50	156 x 85 mm	Brown	Queen Elizabeth II, Royal Court House	Point de la Mare, StLa Gran'mère, Letter of Marque, St Andrew's Church