Guernsey pound
Encyclopedia
The pound is the currency of Guernsey
Guernsey
Guernsey, officially the Bailiwick of Guernsey is a British Crown dependency in the English Channel off the coast of Normandy.The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet...

. Since 1921, Guernsey has been in currency union
Currency union
A currency union is where two or more states share the same currency, though without there necessarily having any further integration such as an Economic and Monetary Union, which has in addition a customs union and a single market.There are three types of currency unions:#Informal - unilateral...

 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
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...

 does not include a separate currency code for the Guernsey pound, but where a distinct code is desired GGP is generally used.

History

Until the early 19th century, Guernsey used predominantly French currency. Coins of the French livre
French livre
The livre was the currency of France until 1795. Several different livres existed, some concurrently. The livre was the name of both units of account and coins.-Etymology:...

 were legal tender until 1834, with French franc
French franc
The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money...

s used until 1921. In 1830, Guernsey began production of copper coins denominated in doubles. The double was worth 1/80 of a French franc
French franc
The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money...

. The name "double" derived from the French "double denier
Denier
Denier may refer to:* Denier , a unit of linear mass density of fibers* Denier, Pas-de-Calais, France* French denier, a coin* The Deniers, a 2008 book by Canadian environmentalist Lawrence Solomon* C. Denier Warren, American TV and film actor...

s", although the value of the coin was equal to the liard
French livre
The livre was the currency of France until 1795. Several different livres existed, some concurrently. The livre was the name of both units of account and coins.-Etymology:...

 (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
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...

 (worth 1.26 francs, as the exchange rate according to the respective gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...

s was 25.22 francs = 1 pound sterling). Banknotes were also produced by the States of Guernsey
States of Guernsey
The States of Guernsey is the parliament of the island of Guernsey. Some laws and ordinances approved by the States of Guernsey also apply to Alderney and Sark as "Bailiwick-wide legislation" with the consent of the governments of those islands...

 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
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

 notes became legal tender in 1873. In 1914, new banknotes appeared, some of which carried denominations in Guernsey shillings and francs.

After the First 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 from to of a pound. The WWI 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 the British Isles
British Isles
The British Isles are a group of islands off the northwest coast of continental Europe that include the islands of Great Britain and Ireland and over six thousand smaller isles. There are two sovereign states located on the islands: the United Kingdom of Great Britain and Northern Ireland and...

, Guernsey decimalized, with the pound subdivided into 100 pence, and began issuing a full range of coin denominations from ½p to 50p (£1 and £2 coins followed later).

Where the currency is accepted

The Guernsey pound, and other notes
Sterling banknotes
Sterling banknotes are the banknotes in circulation in the British Islands , denominated in pounds sterling . One pound is equivalent to 100 pence....

 denominated in pound sterling (including those issued by the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

, Scottish, Manx and Northern Irish notes and the Jersey pound
Jersey pound
The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in pound sterling, in a similar way to the banknotes issued in Scotland and Northern...

) may be used in Guernsey. Some shops will also accept euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

s and other currencies can be exchanged in bureaux de change. The Guernsey pound is legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....

 only in Guernsey
Guernsey
Guernsey, officially the Bailiwick of Guernsey is a British Crown dependency in the English Channel off the coast of Normandy.The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet...

 but also circulates freely in Jersey
Jersey
Jersey, officially the Bailiwick of Jersey is a British Crown Dependency off the coast of Normandy, France. As well as the island of Jersey itself, the bailiwick includes two groups of small islands that are no longer permanently inhabited, the Minquiers and Écréhous, and the Pierres de Lecq and...

 and is acceptable in most places in the U.K. which will accept Scottish and Northern Irish notes. It can also be exchanged in other places using banks and bureaux de change.

Coins

Between 1830 and 1956, Guernsey's four coin denominations, 1, 2, 4 and 8 doubles, all carried very similar designs, with the Island's arms and name (spelt 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 arms and name (now given as S'Ballivie Insule de Gernereve) on the obverse with the English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...

 name, the date and the Guernsey lily
Guernsey Lily
The Guernsey Lily is a South African plant with handsome lily-like flowers, naturalized on the island of Guernsey....

 on the reverse. 3 pence coins were also issued from 1956, with the same obverse and a reverse featuring the Guernsey cow
Guernsey cattle
The Guernsey is a breed of cattle used in dairy farming. It is fawn and white in colour, and is particularly renowned for the rich flavour of its milk, as well as its hardiness and docile disposition.-Milk:...

.

As in the U.K., 5 and 10 new pence coins were introduced in 1968, followed by 50 new pence coins in 1969, before decimalization took place in 1971 and the ½, 1 and 2 new pence coins were introduced. These coins were the same size and composition as the corresponding British coins. The word "new" was dropped in 1977. The 1 pound coin was introduced in 1981, two years before its introduction in the U.K., although the 20 pence and 2 pounds coins were introduced at the same time as in the U.K., 1982 and 1998, respectively. The thickness of the 1981 coin was significantly thinner than the modern version and the diameter also measured slightly less.

The first decimal issues continued with the same obverse as the last pre-decimal issues until 1985, when Raphael Maklouf's portrait of Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...

 was added. Ian Rank-Broadley's portrait of the Queen has appeared since 1998. Designs on the reverses of Guernsey's decimal coins are:
Value1968-19841985-
½p Numeral
1p Gannet
Gannet
Gannets are seabirds comprising the genus Morus, in the family Sulidae, closely related to the boobies.The gannets are large black and white birds with yellow heads. They have long pointed wings and long bills. Northern gannets are the largest seabirds in the North Atlantic, with a wingspan of up...

Crab
Crab
True crabs are decapod crustaceans of the infraorder Brachyura, which typically have a very short projecting "tail" , or where the reduced abdomen is entirely hidden under the thorax...

2p Windmill
Windmill
A windmill is a machine which converts the energy of wind into rotational energy by means of vanes called sails or blades. Originally windmills were developed for milling grain for food production. In the course of history the windmill was adapted to many other industrial uses. An important...

Guernsey cows
Guernsey cattle
The Guernsey is a breed of cattle used in dairy farming. It is fawn and white in colour, and is particularly renowned for the rich flavour of its milk, as well as its hardiness and docile disposition.-Milk:...

5p Guernsey lily
Guernsey Lily
The Guernsey Lily is a South African plant with handsome lily-like flowers, naturalized on the island of Guernsey....

Yacht
Yacht
A yacht is a recreational boat or ship. The term originated from the Dutch Jacht meaning "hunt". It was originally defined as a light fast sailing vessel used by the Dutch navy to pursue pirates and other transgressors around and into the shallow waters of the Low Countries...

s
10p Guernsey cow
Guernsey cattle
The Guernsey is a breed of cattle used in dairy farming. It is fawn and white in colour, and is particularly renowned for the rich flavour of its milk, as well as its hardiness and docile disposition.-Milk:...

Tomato
Tomato
The word "tomato" may refer to the plant or the edible, typically red, fruit which it bears. Originating in South America, the tomato was spread around the world following the Spanish colonization of the Americas, and its many varieties are now widely grown, often in greenhouses in cooler...

es
20p Guernsey milk
Milk
Milk is a white liquid produced by the mammary glands of mammals. It is the primary source of nutrition for young mammals before they are able to digest other types of food. Early-lactation milk contains colostrum, which carries the mother's antibodies to the baby and can reduce the risk of many...

 can
Cog and map
50p Duke
Duke
A duke or duchess is a member of the nobility, historically of highest rank below the monarch, and historically controlling a duchy...

 of Normandy
Normandy
Normandy is a geographical region corresponding to the former Duchy of Normandy. It is in France.The continental territory covers 30,627 km² and forms the preponderant part of Normandy and roughly 5% of the territory of France. It is divided for administrative purposes into two régions:...

's cap
Guernsey freesia
Freesia
Freesia Ecklon ex Klatt is a genus of 14–16 species of flowering plants in the family Iridaceae, native to Africa. Of the 14 species, 12 are native to Cape Province, South Africa, the remaining two to tropical Africa, one species extending north of the equator to Sudan.The genus was named in honor...

£1 Guernsey lily (1981)
H.M.S. Crescent (1983)
Abstract design
£2 Flag

Banknotes

In 1827, the States of Guernsey
States of Guernsey
The States of Guernsey is the parliament of the island of Guernsey. Some laws and ordinances approved by the States of Guernsey also apply to Alderney and Sark as "Bailiwick-wide legislation" with the consent of the governments of those islands...

 introduced 1 pound notes, with the Guernsey Banking Company and the Guernsey Commercial Banking Company also issuing 1 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 5 and 10 shilling notes, also denominated as 6 and 12 francs.

In 1921, States notes were overstamped with the word "British" to signify the island's conversion to a pound equal to sterling. From 1924, 10 shilling notes were issued without any reference to the franc. The 5 shilling note was discontinued.

In 1941, following the German
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...

 occupation, notes were introduced in denominations of 6 pence, 1 shilling 3 pence, 2 shillings 6 pence and 5 shillings. From 1942, the 1 shilling 3 pence notes were overprinted to produce 1 shilling notes. In 1945, following liberation, 5 pound 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 decimalization. 10 pound notes were introduced in 1975, followed by 20 pounds in 1980 and 50 pounds in 1994. Although 1 and 2 pound coins have been introduced, the 1 pound note still circulates.
Circulating banknotes
Denomination Dimensions Dominant colour Obverse Reverse
£1 128 x 65 mm Green The Market, St Peter Port
St Peter Port
Saint Peter Port is the capital of Guernsey as well as the main port. The population in 2001 was 16,488. In Guernésiais and in French, historically the official language of Guernsey, the name of the town and its surrounding parish is St Pierre Port. The "port" distinguishes this parish from...

 
Daniel De Lisle Brock
Daniel de Lisle Brock
Daniel de Lisle Brock , was bailiff of Guernsey from 1821 to 1842.Brock belonged to an English family established in Guernsey as early as the sixteenth century. His father, John Brock of St...

,
Bailiff of Guernsey 1762-1842,
The Royal Court, St Peter Port
St Peter Port
Saint Peter Port is the capital of Guernsey as well as the main port. The population in 2001 was 16,488. In Guernésiais and in French, historically the official language of Guernsey, the name of the town and its surrounding parish is St Pierre Port. The "port" distinguishes this parish from...

, 1840
£5 137 x 70 mm Pink Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...

,
The Town Church
Fort Grey,
Hanois lighthouse 1862
£10 142 x 75 mm Blue/orange Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...

,
Elizabeth College
Elizabeth College, Guernsey
Elizabeth College is an independent school in the town of St Peter Port, Guernsey, founded in 1563 under the orders of Queen Elizabeth I.- History :...

 
Saumarez Park,
Les Niaux Watermill,
Le Trepid Dolmen
£20 150 x 80 mm Pink Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...

,
St James Concert Hall
Vale Castle,
St Sampson's Church
£50 156 x 85 mm Brown Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...

,
Royal Court House
Point de la Mare,
St La Gran'mère,
letter of marque,
St Andrew's Church

External links



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