Guernsey pound
| Livre de Guernesey GGP | |
|---|---|
| ISO 4217 | |
| Code | none (GBP unofficially) |
| Unit | |
| Plural | |
| Symbol | £ |
| Denominations | |
| Subunit | |
| 1⁄100 | penny |
| Plural | |
| penny | pence |
| Symbol | |
| penny | p |
| Banknotes | £1, £5, £10, £20, £50 |
| Coins | 1p, 2p, 5p, 10p, 20p, 50p, £2 |
| Demographics | |
| User(s) |  Guernsey |
| Issuance | |
| Treasury | Treasury and Resources Department, States of Guernsey |
| Website | www |
| Valuation | |
| Inflation | 1.9% |
| Source | States of Guernsey,March 2018 |
| Pegged with | variant ofpound sterling |
Thepoundis the currency ofGuernsey.Since 1921, Guernsey has been incurrency unionwith the United Kingdom and the Guernsey pound is not a separate currency but is a local issue of sterling banknotes and coins, in a similar way to the banknotes issued in Scotland, England and Northern Ireland (seeBanknotes of the pound sterling). It can be exchanged at par with other sterling coinage and notes (see alsosterling area).
For this reason,ISO 4217does not include a separate currency code for the Guernsey pound; when distinction from sterling is desired the abbreviationGGPmay be used.[1]
History[edit]
Until the early 19th century, Guernsey used predominantly French currency. Coins of theFrench livrewere legal tender until 1834, withFrench francsused until 1921. In 1830, Guernsey began production of copper coins denominated indoubles.The double was worth1⁄80of aFrench franc.The name "double" derived from the French "doubledeniers",although the value of the coin was equal to theliard(three-denier 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 Britishshilling(worth 1.26 francs, as the exchange rate according to the respectivegold standardswas 25.22 francs = 1 pound sterling). Banknotes were also produced by theStates of Guernseyfrom 1827, denominated in pounds. In 1848, an 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 This was rescinded two years later and French currency, supplemented by local issues, continued to circulate.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 at12+1⁄2Guernsey pence.Bank of Englandnotes became legal tender in 1873. In 1914, new banknotes appeared, some of which carried denominations in Guernsey shillings and francs.
After theFirst 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 from1⁄2016to1⁄1920of a pound, or half of afarthing.The World War I 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 theBritish Isles,Guernsey decimalised, with the pound subdivided into 100 pence, and began issuing a full range of coin denominations from1⁄2p to 50p (£1 and £2 coins followed later).
Legal tender[edit]
The Guernsey pound, and othernotesdenominated in sterling (including those issued by theBank of England,Scottish, Manx and Northern Irish notes and theJersey pound) may be used in Guernsey. The Guernsey pound islegal tenderonly in theBailiwick of Guernseyalthough it also circulates freely inJersey,while in the UK acceptance is often problematic.[2]It can also be exchanged in other places at banks andbureaux de change.
Around £51m of coins and notes are in circulation.[3]
Coins[edit]
Between 1830 and 1956, Guernsey's four coin denominations, 1, 2, 4 and 8 doubles (equivalent to1⁄8d,1⁄4d,1⁄2d and 1d respectively), all carried very similar designs, with the Island's arms and name (spelled "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 seal and name (now given asS'Ballivie Insule de Gernereve) on the obverse with theEnglishname, the date and theGuernsey lilyon the reverse. Threepence coins were also issued from 1956, with the same obverse and a reverse featuring theGuernsey cow.
As in the UK, 5 and 10 new pence coins were introduced in 1968, followed by 50 new pence coins in 1969, before decimalisation took place in 1971 and the1⁄2,1 and 2 new pence coins were introduced. These coins were the same size and composition as the correspondingBritish coins.The word "new" was dropped in 1977.
A £1 coin was introduced in 1981, two years before its introduction in the UK, although the 20 pence and £2 coins were introduced at the same time as in the UK: 1982 and 1998, respectively. The 1981 coin was significantly thinner than the modern version and the diameter also measured slightly less. The £1 coin ceased to be legal tender on 15 October 2017, to coincide with the withdrawal of the circular £1 coin in the UK. The UK's newtwelve-sided £1 coinis the only £1 coin that is legal tender on the island.
The first decimal issues continued with the same obverse as the last pre-decimal issues until 1985, when Raphael Maklouf's portrait ofQueen Elizabeth IIwas 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–present |
|---|---|---|
| 1⁄2p | Numeral | — |
| 1p | Gannet | Crab |
| 2p | Windmill | Guernsey cows |
| 5p | Guernsey lily | Yachts |
| 10p | Guernsey cow | Tomatoes |
| 20p | Guernseymilkcan | Cog and map |
| 50p | DukeofNormandy's cap | Guernseyfreesia |
| £2 | — | Flag |
| £0.01 | £0.02 | £0.05 |
|---|---|---|
|
|
|
| Crab[4] | Guernsey cow[4] | Yacht[4] |
| £0.10 | £0.20 | £0.50 |
|
|
|
| Tomato[4] | Depiction of light industry /Map of Guernsey[4] |
GuernseyFreesias[4] |
| £2.00 | ||
| ||
| Flag of Guernseymotif[4] |
Banknotes[edit]
In 1827, theStates of Guernseyintroduced one-pound notes, with theGuernsey Banking Companyand theGuernsey Commercial Banking Companyalso issuing one-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 five- and ten-shilling notes, also denominated as 6 and 12 francs.
In 1921, States notes were over-stamped with the word "British" to signify the island's conversion to a pound equal to sterling. From 1924, ten-shilling notes were issued without any reference to the franc. The five-shilling note was discontinued.
In 1941, during theGerman occupation,notes were introduced in denominations of 6 pence, 1 shilling 3 pence, 2 shillings 6 pence and 5 shillings. The first to be issued were the 5-shilling and 2s 6d notes. They were printed on States of Guernsey watermarked paper; the height of the notes was2+3⁄8inches; the length of the 2s 6d note was3+5⁄8inches and that of the 5s note was2+3⁄4inches. The 5s note was printed in black and red with the Seal of the Bailiwick in red on the reverse. The 2s 6d note was printed in light blue with the denomination in orange and the Seal of the Bailiwick in royal blue on the reverse.[5]From 1942, the 1s 3d notes were overprinted to produce 1-shilling notes. In 1945, following liberation, £5 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 decimalisation. £10 notes were introduced in 1975, followed by £20 in 1980 and £50 in 1994. Although £1 and £2 coins have been introduced, the £1 note still circulates.
A commemorative £20 note was issued in 2012 to commemorate theDiamond Jubilee of Queen Elizabeth II.It is similar to the regular issue, but with the QE60 letter prefix, the commemorative laurel wreath on the lower left corner of the note, and additional wording. A total of 150,000 notes were issued.[6]
A commemorative £1 note was issued on 4 July 2013 to mark 200 years since the first commercial operation ofThomas De La Rue.The commemorative note is in circulation alongside the standard £1 note, differing in the portrait of De La Rue on the reverse and a TDLR letter prefix.[7]
On 8 November 2018, a commemorative banknote of £20 was issued to mark the 100th anniversary of the end ofWorld War I.It is like the preceding 2012 commemorative issue, but with the seal of the Bailiwick of Guernsey surrounded by poppy flowers and containing the serial letter prefix "TG/W" (for "The Great War" ).
In January 2023 Guernsey advised that notes produced for the island byDe La Rue plcwill in future include PUREIMAGE™ and IGNITE® security threads and the NEXUS™ embedded stripe.[3]
| Circulating banknotes "Elizabeth II" Issue | ||||||
|---|---|---|---|---|---|---|
| Image | Denomination | Dimensions | Dominant colour | Description | ||
| Obverse | Reverse | Obverse | Reverse | |||
| £1 | 128 × 65 mm | Green | The Market,St Peter Port | Daniel De Lisle Brock, Bailiff of Guernsey1762–1842, The Royal Court,St Peter Port,1840 | ||
| £1 Commemorative | 128 × 65 mm | Green | The Market,St Peter Port | Fountain Street (St. Peter Port) Thomas de la Rue, Newspaper ( "Le Miroir Politique" ) | ||
| £5 | 137 × 70 mm | Pink | Queen Elizabeth II, The Town Church |
Fort Grey, Hanois lighthouse 1862 | ||
| £10 | 142 × 75 mm | Blue/orange | Queen Elizabeth II, Elizabeth College |
Saumarez Park, Les Niaux Watermill, Le Trépid Dolmen | ||
| £20 | 150 × 80 mm | Pink | Queen Elizabeth II, St James Concert Hall |
Vale Castle, St Sampson's Church | ||
| £50 | 156 × 85 mm | Brown | Queen Elizabeth II, Royal Court House |
Point de la Mare, La Gran'mère, letter of marque, St Andrew's Church | ||
| Current GBP exchange rates | |
|---|---|
| FromGoogle Finance: | AUDCADCHFCNYEURHKDJPYUSDJPYUSD |
| FromYahoo! Finance: | AUDCADCHFCNYEURHKDJPYUSDJPYUSD |
| FromXE.com: | AUDCADCHFCNYEURHKDJPYUSDJPYUSD |
| From OANDA: | AUDCADCHFCNYEURHKDJPYUSDJPYUSD |
See also[edit]
References[edit]
Citations[edit]
- ^"Countries' currencies and codes".Lloyds TSB.Archived fromthe originalon 31 October 2006.Retrieved12 September2006.
- ^"Visitor Information « Guernsey Press".Archived fromthe originalon 2016-03-04.
- ^ab"States of Guernsey introduces innovative new security features to Guernsey banknotes in conjunction with De La Rue".19 January 2023.
- ^abcdefg"Guernsey Coin List".Guernsey.net. Archived fromthe originalon 2010-08-16.Retrieved2010-06-23.
- ^"Guernsey to issue own notes".The Evening Post.12 April 1941.
- ^Guernsey new 20-pound Diamond Jubilee commemorative note confirmedBanknoteNews.com. 1 June 2012. Retrieved on 2013-09-18.
- ^"Commemorative £1 note".States of Guernsey. 3 July 2013.Retrieved5 July2013.
Bibliography[edit]
- 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.
- Pick, Albert (1990).Standard Catalog of World Paper Money:Specialized Issues.Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications.ISBN0-87341-149-8.
External links[edit]
- Guernsey NumismaticLists and pictures, historical and present-day coins and notes
- Monetary History of Guernsey
- The banknotes of Guernsey(in English and German)
