The Guernsey Pound (GGP) is the official currency of Guernsey, a British Crown Dependency in the English Channel off the coast of Normandy.
The Guernsey Pound is pegged to the British Pound Sterling (GBP) at par, meaning that one Guernsey Pound is equal to one British Pound Sterling.
The States of Guernsey Treasury is responsible for issuing and managing the Guernsey Pound.
Exchange Rate System
As the Guernsey Pound is pegged to the British Pound Sterling, its value is directly tied to the value of the British Pound.
The exchange rate between the Guernsey Pound and other currencies is derived from the exchange rate between the British Pound and those currencies.
Subdivisions and Denominations
The Guernsey Pound is subdivided into 100 smaller units called pence, just like the British Pound Sterling.
Coins are issued in denominations of 1, 2, 5, 10, 20, and 50 pence, as well as 1 and 2 Pound coins.
Banknotes are available in denominations of 1, 5, 10, 20, and 50 Pounds.
Economy and Currency Acceptance
Guernsey’s economy is primarily based on financial services, tourism, and horticulture.
The British Pound Sterling is widely accepted in Guernsey, and the Guernsey Pound is accepted in some establishments in the United Kingdom, particularly in areas close to Guernsey.
However, the Guernsey Pound is not legal tender in the UK, so acceptance is not guaranteed.
Summary
In summary, the Guernsey Pound is the official currency of Guernsey and is pegged to the British Pound Sterling at par.
The currency is managed by the States of Guernsey Treasury and is subdivided into pence, with various banknote and coin denominations.
Guernsey’s economy is primarily based on financial services, tourism, and horticulture, and while the British Pound Sterling is widely accepted in Guernsey, the Guernsey Pound may be accepted in some establishments in the UK, particularly in areas close to Guernsey.