Guernsey pound
| Guernsey pound | |
|---|---|
| ISO 4217 | |
| Code | GGP |
| Denominations | |
| Subunit | |
| 1/100 | penny |
| Plural | |
| penny | pence |
| Symbol | £ |
| penny | p |
| Banknotes | £1, £5, £10, £20, £50 |
| Coins | 1p, 2p, 5p, 10p, 20p, 50p, £1, £2 |
| Demographics | |
| User(s) |
 Guernsey
|
| Issuance | |
| Treasury | Treasury and Resources Department, States of Guernsey |
| Website | www |
| Valuation | |
| Inflation | 3.4% |
| Source | The World Factbook, June 2006 |
| Pegged with | variant of pound sterling |
|
|
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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 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.
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, 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 This was rescinded two years later and French currency, supplemented by local issues, continued to circulate.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 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.
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Wikipedia