Relationship With The British Pound
The Currency Notes Act of 1934 confers on the Government of Gibraltar the right to print its own notes, and the obligation to back and exchange each printed note with sterling reserves at a rate of one pound to one pound sterling. Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender in Britain, but they are in theory exchangeable at par for British notes at banks; in practice, at least one major British bank will not accept or exchange Sterling notes issued by the Government of Gibraltar, and others will do so at below par, as with most currency exchange. Gibraltar's coins are the same weight, size and metal as British coins, although the designs are different, and they are occasionally found in circulation in Britain.
British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltar issues.
Tourists from Great Britain are strongly advised to change their unspent Gibraltar pounds into British currency at parity in Gibraltar before departure as those British banks which will accept them charge for exchanging the Gibraltar Pound.
Read more about this topic: Gibraltar Pound
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