As a British overseas territory, Gibraltar has been under the sovereignty of the United Kingdom of Great Britain and Northern Ireland since 1704. The Gibraltar pound is the currency of the British Crown Colony. Its ISO code is ” GIP “. The official abbreviation is ” Give £ “.
History of the Gibraltar currency
Since 1927 Gibraltar has had its own banknotes in addition to the British pound sterling.
Gibraltar has had its own coins since 1988. In addition to the small pence coins, there are also coins of 1, 2 and 5 pounds. The coins have their own design with reference to Gibraltar.
Exchange into the currency of Gibraltar
Significantly, it will be extremely difficult to exchange the Gibraltar pound for another currency outside of Gibraltar. For this reason, the British pound or the euro should be preferred for the balance of funds on departure.
The Gibraltar pound has more of a symbolic meaning, as the British pound sterling is used almost everywhere. The own currency of this small country causes a certain pride among the Gibraltarians.
Due to its geographical proximity to Spain, you can also pay with the euro in Gibraltar. But the exchange rate in the private shops is a little less favorable than in the banks or exchange offices.
It is advisable to withdraw money with a credit card from a bank, as they usually charge the lowest fee.
It can be recommended to withdraw the cash amount at an ATM on Main Street (Spanish: Calle Real). This amount should include the entire daily requirement, as there is a small fee associated with the transaction.
As the British Crown Colony, the British Pound Sterling (GBP) is the determining currency in Gibraltar. There is also the Gibraltar Pound (GIP). The British pound is accepted like a Gibraltar pound.
What is special is the equal rights of both currencies side by side. The Gibraltar pound is pegged to the British pound sterling at a ratio of 1: 1.
The approximate rate at which the euro can be exchanged for the Gibraltar pound can be determined using the currency converter.