Falkland Islands pound

Thepoundis the currency of theFalkland Islands,aBritish Overseas Territoryin theSouth Atlantic Ocean.The symbol is thepound sign,£.TheISO 4217currency code isFKP.

Falkland Islands pound

ISO 4217
Code	FKP (numeric:238)
Subunit	0.01
Unit
Plural
Symbol	£‎
Denominations
Subunit
1⁄100	penny
Plural
penny	pence
Symbol
penny	p
Banknotes	£5, £10, £20, £50
Coins	1p, 2p, 5p, 10p, 20p, 50p, £1, £2
Demographics
User(s)	Falkland Islands(UK) alongsidesterling South Georgia and the South Sandwich Islands(UK) alongsidesterling
Issuance
Government	Government of the Falkland Islands
Website	www.falklands.gov.fk
Valuation
Inflation	3.6%
Source	The World Factbook,1998
Pegged with	pound sterlingat par

The Falkland Islands pound has always beenpeggedtosterlingat par and banknotes of both currencies are used interchangeably on the islands, but the Falkland Island pound is not widely accepted in Britain itself.

History

The pound was introduced following the reassertion of sovereignty in the Falklands Islands by the British in 1833. Initially,sterlingcoin circulated, in units of apoundsubdivided into 20shillings,each of 12pence.Specific issues ofbanknoteshave been made for the Falkland Islands since 1899.In 1971, the pound was decimalised and subdivided into 100 (new) pence.Coinshave been minted specifically for the Falklands since 1974.

For a more general history of currency in the SouthAtlanticregion, seeBritish currency in the South Atlantic and the Antarctic.

Legislative basis

In Falkland Islands law, the Currency Ordinance 1987 states that the Falkland Islands pound is the currency of the Falkland Islands,and that it has parity with the pound sterling.

References to 'pounds' in the Falklands Islands (such as in contracts and debts) refer to the Falkland Islands pound.

Falkland Island pounds can be exchanged for sterling on demand, but the Currency Commissioners are entitled to charge a percentage fee for doing so.

Coins

In 1974,1⁄2,1, 2, 5 and 10 pence coins were introduced. 50 pence coins were introduced in 1980, followed by 20 pence in 1982, £1 in 1987 and a circulating £2 in 2004. The halfpenny coin was last issued in 1983 and was demonetised shortly after. Smaller versions of the 5p, 10p and 50p, corresponding to the current UK issues, were issued in 1998, replacing the larger versions (which for the 5p was eight years after its introduction in the UK). The introduction of the circulation £2 coin in 2004 was six years after the same coin was issued in the UK. In 2020, the Falklands Islands issued a new 12-sided bi-metallic £1 coin, matching both the composition and size of itsUK counterpart,while also announcing the withdrawal of the round £1 coin in January 2023, with the assistance of theRoyal Mint.All the coins have the same composition and size as the correspondingBritish coins.

Depiction of Falkland coinage

£0.01	£0.02	£0.05
Gentoo penguin	Upland goose	Black-browed albatross
£0.10	£0.20	£0.50
South American sea lion	Sheep	Warrah
£1.00	£2.00	£2.00 edge
Falkland Islands coat of arms	Map of the Falkland Islands

Banknotes

Between 1899 and 1901, the government introduced notes for 5/- and 10/-, £1 and £5. 5/- notes were issued until 1916. Following decimalisation in 1971, the 10/- note of the preceding issue became the new 50-pence note, though it retained its old design.£10 notes were introduced in 1975, followed by £20 in 1984 and £50 in 1990. Banknotes in circulation are:

• £5 (red)
• £10 (green)
• £20 (brown)
• £50 (blue, green and red combination)

Falkland Islands' banknotes feature the same images, differing only in their respective denominations and corresponding colours. On the front side, all notes depict a portrait ofQueen Elizabeth II,theFalklands' coat of arms,a small map of the islands, and images of two of the islands' main animals: penguins and sea lions. On the back, notes feature pictures ofChrist Church CathedralinStanleyandGovernment House,the official residence of thegovernor of the Falkland Islands.

Banknotes are printed byDe la Rue plcon behalf of the Falkland Island Commissioners of Currency. In 2010 an order was placed for the printing of 200,000 £10 banknotes and for 200,000 £20 banknotes which would represent a supply of banknotes that would last for 15 to 20 years.

Current FKP exchange rates
FromGoogle Finance:	AUDCADCHFCNYEURGBPHKDJPYUSDARSJPYUSD
FromYahoo! Finance:	AUDCADCHFCNYEURGBPHKDJPYUSDARSJPYUSD
FromXE:	AUDCADCHFCNYEURGBPHKDJPYUSDARSJPYUSD
From OANDA:	AUDCADCHFCNYEURGBPHKDJPYUSDARSJPYUSD

See also

• Economy of the Falkland Islands

References

• Krause, Chester L.; Clifford Mishler (1991).Standard Catalog of World Coins:1801–1991(18th ed.). Krause Publications.ISBN0873411501.
• Pick, Albert (1994).Standard Catalog of World Paper Money:General Issues.Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications.ISBN0-87341-207-9.