is the currency of the Falkland Islands
The Falkland Islands are an archipelago in the South Atlantic Ocean, located about from the coast of mainland South America. The archipelago consists of East Falkland, West Falkland and 776 lesser islands. The capital, Stanley, is on East Falkland...
, a British Overseas Territory in the South Atlantic Ocean. The symbol is the pound sign
The pound sign is the symbol for the pound sterling—the currency of the United Kingdom . The same symbol is used for similarly named currencies in some other countries and territories, such as the Irish pound, Gibraltar pound, Australian pound and the Italian lira...
, or alternatively FK£
, to distinguish it from other pound
The pound is a unit of currency in some nations. The term originated in England as the value of a pound of silver.The word pound is the English translation of the Latin word libra, which was the unit of account of the Roman Empire...
-denominated currencies. The ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
currency code is FKP
The Falklands pound has always been pegged
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
to the pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
at par and banknotes of both currencies are used interchangeably on the islands (although only notes issued by banks in the United Kingdom are generally accepted in Britain itself).
The pound was introduced following the reassertion of sovereignty in the Falklands Islands by the British in 1833. Initially, the British currency circulated, with the pound subdivided into 20 shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
, each of 12 pence
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
. Specific issues of banknotes have been made for the Falkland Islands since 1899. In 1971, the pound was decimalised and subdivided into 100 pence. Coins have been minted specifically for the Falklands since 1974. During the earlier Argentine occupation, the peso
The peso was a promissory note issued on the Falklands Islands by Luis Vernet from around 1828 until the collapse of his settlement in August 1833. Vernet, who was appointed Governor by the United Provinces of the River Plate in 1829, paid workers on the islands in these promissory...
For a more general history of currency in the South Atlantic region, see The Sterling Currency in the South Atlantic and the Antarctic.
In 1974, ½, 1, 2, 5 and 10 pence coins were introduced. 50 pence coins were introduced in 1980, followed by 20 pence in 1982, 1 pound in 1987 and a circulating 2 pounds in 2004. The ½ penny 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. All the coins have the same composition and size as the corresponding British coins.
Between 1899 and 1901, the government introduced notes for 5 and 10 shillings, 1 and 5 pounds. The 5 shilling notes were issued until 1916. In 1969, in preparation for decimalisation, the 10 shilling note was replaced by a 50 pence note. 10 pound notes were introduced in 1975, followed by 20 pounds in 1984 and 50 pounds in 1990. Banknotes in circulation are:
- 5 pounds (red)
- 10 pounds (green)
- 20 pounds (grey)
- 50 pounds (blue, green and red combination)
Falklands' banknotes feature the same images, differing only in their respective denominations and corresponding colours. On the front side, all notes contain a portrait of Queen Elizabeth II, the Falklands' coat of arms
The coat of arms of the Falkland Islands was granted to the Falkland Islands on September 29, 1948.The ship represents the Desire, the vessel in which the English sea-captain, John Davis, is reputed to have discovered the Falkland Islands in 1592....
, 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 of Christ Church Cathedral in Stanley
Stanley is the capital and only true cityin the Falkland Islands. It is located on the isle of East Falkland, on a north-facing slope in one of the wettest parts of the islands. At the 2006 census, the city had a population of 2,115...
and Government House
Government House in Stanley has been the home of the Falkland Islands' London-appointed Governors since the mid-19th century. The official residence was built in 1845....
, the official residence of the Governor of the Falkland Islands
The Governor of the Falkland Islands is the representative of the British Crown in the Falkland Islands, acting "in Her Majesty's name and on Her Majesty's behalf" as the islands' de facto head of state in the absence of the British monarch...
Banknotes are printed by De la Rue plc
De La Rue plc is a British security printing, papermaking and cash handling systems company headquartered in Basingstoke, Hampshire. It also has a factory on the Team Valley Trading Estate, Gateshead, and other facilities at Loughton, Essex and Bathford, Somerset...
on 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.