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Currency of Guernsey

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 sterling banknotes and coins, in a similar way to the banknotes issued in Scotland, England and Northern Ireland (see Banknotes of the pound sterling). It can be exchanged at par with other sterling coinage and notes (see also sterling area). For this reason, ISO 4217 does not include a separate currency code for the Guernsey pound; when distinction from sterling is desired the abbreviation GGP may be 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 (three denier 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 This was rescinded two years later and French currency, supplemented by local issues, continued to circulate.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 12 1/2 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. 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 1/2016 to 1/1920 of a pound, or half of a farthing. The World War I 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, Guernsey decimalised, with the pound subdivided into 100 pence, and began issuing a full range of coin denominations from p to 50p (£1 and £2 coins followed later).

The Guernsey pound, and other notes denominated in sterling (including those issued by the Bank of England, Scottish, Manx and Northern Irish notes and the Jersey pound) may be used in Guernsey. The Guernsey pound is legal tender only in the Bailiwick of Guernsey although it also circulates freely in Jersey, while in the UK acceptance is often problematic. It can also be exchanged in other places at banks and bureaux de change. Around £51m of coins and notes are in circulation. | Guernsey cow From 1942, the 1s 3d notes were overprinted to produce 1 shilling notes. In 1945, following liberation, £5 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 decimalisation. £10 notes were introduced in 1975, followed by £20 in 1980 and £50 in 1994. Although £1 and £2 coins have been introduced, the £1 note still circulates. A commemorative £20 note was issued in 2012 to commemorate the Diamond Jubilee of Queen Elizabeth II. It is similar to the regular issue, but with the QE60 letter prefix, the commemorative laurel wreath on the lower left corner of the note, and additional wording. A total of 150,000 notes were issued. A commemorative £1 note was issued on 4 July 2013 to mark 200 years since the first commercial operation of Thomas De La Rue. The commemorative note is in circulation alongside the standard £1 note, differing in the portrait of De La Rue on the reverse and a TDLR letter prefix. On November 8, 2018, a commemorative banknote of £20 was issued to mark the 100th anniversary of the end of World War I. It is like the preceding 2012 commemorative issue, but with the seal of the Bailiwick of Guernsey surrounded by poppy flowers and containing the serial letter prefix "TG/W" (for "The Great War"). In January 2023 Guernsey advised that notes produced for the island by De La Rue plc will in future include PUREIMAGE™ and IGNITE® security threads and the NEXUS™ embedded stripe. Circulating banknotes "Elizabeth II" IssueImage Denomination Dimensions Dominant colour DescriptionObverse Reverse Obverse Reverse £1 128 × 65 mm Green The Market, St Peter Port Daniel De Lisle Brock,Bailiff of Guernsey 1762–1842,The Royal Court, St Peter Port, 1840 £1 Commemorative 128 × 65 mm Green The Market, St Peter Port Fountain Street (St. Peter Port)Thomas de la Rue,Newspaper ("Le Miroir Politique") £5 137 × 70 mm Pink Queen Elizabeth II,The Town Church Fort Grey,Hanois lighthouse 1862 £10 142 × 75 mm Blue/orange Queen Elizabeth II,Elizabeth College Saumarez Park,Les Niaux Watermill,Le Trépid Dolmen £20 150 × 80 mm Pink Queen Elizabeth II,St James Concert Hall Vale Castle,St Sampson's Church £50 156 × 85 mm Brown Queen Elizabeth II,Royal Court House Point de la Mare,La Gran'mère,letter of marque,St Andrew's Church