The Libyan pound was the currency of Libya

Libya

Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....

 between 1951 and 1971. The pound was divided into 100 piastres (قرش, qirsh

Qirsh

Qirsh, Gersh, Grush, Kuruş and Grosi are all names for currency denominations in and around the territories formerly part of the Ottoman Empire. The variation in the name stems from the different languages it is used in and the different transcriptions into the Latin alphabet...

) and 1000 milliemes (مليم).

History

When Libya was a part of the Ottoman Empire

Ottoman Empire

The Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...

, the country used the Ottoman qirsh

Qirsh

Qirsh, Gersh, Grush, Kuruş and Grosi are all names for currency denominations in and around the territories formerly part of the Ottoman Empire. The variation in the name stems from the different languages it is used in and the different transcriptions into the Latin alphabet...

 (XOTP), issuing some coins locally until 1844. When Italy

Italy

Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...

 took over the country in 1911, the Italian lira

Italian lira

The lira was the currency of Italy between 1861 and 2002. Between 1999 and 2002, the Italian lira was officially a “national subunit” of the euro...

 was introduced. In 1943, Libya was split into French

France

The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...

 and British

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 mandate

Mandate (international law)

In international law, a mandate is a binding obligation issued from an inter-governmental organization like the United Nations to a country which is bound to follow the instructions of the organization....

 territories. Algerian franc

Algerian franc

The franc was the currency of Algeria between 1848 and 1964. It was subdivided into 100 centimes.-History:The franc replaced the budju when France occupied the country. It was equivalent to the French franc and was revalued in 1960 at a rate of 100 old francs = 1 new franc to maintain the equivalence...

s were used in the French mandate, whilst Tripolitanian lira

Tripolitanian lira

The lira was the military currency of the British zone of occupation in Libya between 1943 and 1951. It was issued by the "Military Authority in Tripolitania", known popularly as "MAL" and circulated together with the Italian lira at par. This situation reflected that of Italy, where the AM-lira...

 issued by the British Military Authorities were used in the British mandate.

In 1951, the pound was introduced, replacing the franc and lira at rates of 1 pound = 480 lire = 980 francs.http://users.erols.com/kurrency/ly.htm
The pound was replaced, at par, by the dinar

Libyan dinar

The dinar is the currency of Libya. Its ISO 4217 code is "LYD". The dinar is subdivided into 1000 dirham . It was introduced in 1971 and replaced the pound at par. It is issued by the Central Bank of Libya, which also supervises the banking system and regulates credit...

in 1971 following the Libyan Revolution of 1969.

Coins

Coins were issued in 1952 in denominations of 1, 2 and 5 milliemes, 1 and 2 piastres. In 1965, a second series of coins was issued in denominations of 1, 5, 10, 20, 50 and 100 milliemes. These coins continued to circulate after 1971 as no new coins were issued until 1975.

Banknotes

In 1951, the government issued notes in denominations of 5 and 10 piastres, ¼, ½, 1, 5 and 10 pounds. In 1959, the National Bank of Libya took over the issuance of paper money with denominations of ½, 1, 5 and 10 pounds. In 1963, the Bank of Libya took over from the National Bank and issued notes in the same denominations.