Falkland Islands pound

The Pound is the currency of the Falkland Islands, a British Overseas Territory in the South Atlantic Ocean. The symbol is the pound sign, £, or alternatively FK£, to distinguish it from other pound-denominated currencies. The ISO 4217 currency code is FKP.

Falkland Islands pound
ISO 4217
CodeFKP
Denominations
Subunit
 1/100penny
Plural 
 pennypence
Symbol£
 pennyp
Banknotes£5, £10, £20, £50
Coins1p, 2p, 5p, 10p, 20p, 50p, £1, £2
Demographics
User(s) Falkland Islands (UK)
alongside pound sterling
Issuance
GovernmentGovernment of the Falkland Islands
 Websitewww.falklands.gov.fk
Valuation
Inflation3.6%
 SourceThe World Factbook, 1998
Pegged withpound sterling at par

The Falkland Islands pound has always been pegged to the pound sterling at par and banknotes of both currencies are used interchangeably on the islands (although only notes issued by banks in the United Kingdom are generally accepted in Britain itself).

History

The pound was introduced following the reassertion of sovereignty in the Falklands Islands by the British in 1833. Initially, the British currency circulated, with the pound subdivided into 20 shillings, each of 12 pence. Specific issues of banknotes have been made for the Falkland Islands since 1899, authorised by the Falkland Islands Currency Notes Order 1899. In 1971, the pound was decimalised and subdivided into 100 pence. Coins have been minted specifically for the Falklands since 1974. During the Argentine occupation of the islands during the Falklands War in 1982, the Argentine peso was used instead of the pound.[1]

For a more general history of currency in the South Atlantic region, see Pound sterling in the South Atlantic and the Antarctic.

Legislative basis

In Falkland Islands law, the Currency Ordinance 1987 states that the Falkland Islands pound is the currency of the Falkland Islands,[2] and that it has parity with the pound sterling.[3]

References to 'pounds' in the Falklands Islands (such as in contracts and debts) refer to the Falkland Islands pound.[4]

Falkland Island pounds can be exchanged for pound sterling on demand, but the Currency Commissioners are entitled to charge a percentage fee for doing so.[5]

Coins

In 1974, ​1⁄2, 1, 2, 5 and 10 pence coins were introduced. 50 pence coins were introduced in 1980, followed by 20 pence in 1982, 1 pound in 1987 and a circulating 2 pounds in 2004. The halfpenny coin was last issued in 1983 and was demonetised shortly after. Smaller versions of the 5p, 10p and 50p, corresponding to the current UK issues, were issued in 1998, replacing the larger versions (which for the 5p was eight years after its introduction in the UK). The introduction of the circulation £2 coin in 2004 was six years after the same coin was issued in the UK. In 2020, the Falklands Islands will issue a new 12-sided bi-metallic £1 coin, matching both the composition and size of its UK counterpart, while also announcing the withdrawal of the round £1 coin in January 2023, with the assistance of the Royal Mint. All the coins have the same composition and size as the corresponding British coins.

Depiction of Falkland coinage
£0.01 £0.02 £0.05
Gentoo penguin[6] Upland goose[6] Black-browed albatross[6]
£0.10 £0.20 £0.50
South American sea lion Sheep[6] Warrah[6]
£1.00 £2.00 £2.00 edge
Falkland Islands
coat of arms[6]		 Map of the
Falkland Islands		  

Banknotes

Between 1899 and 1901, the government introduced notes for 5 and 10 shillings, 1 and 5 pounds. The 5 shilling notes were issued until 1916. Following decimalisation in 1971, the 10-shilling note of the preceding issue became the new 50-pence note, though it retained its old design.[7] 10 pound notes were introduced in 1975, followed by 20 pounds in 1984 and 50 pounds in 1990. Banknotes in circulation are:

  • 5 pounds (red)
  • 10 pounds (green)
  • 20 pounds (brown)
  • 50 pounds (blue, green and red combination)

Falkland Islands' banknotes feature the same images, differing only in their respective denominations and corresponding colours. On the front side, all notes contain a portrait of Queen Elizabeth II, the Falklands' coat of arms, a small map of the islands, and images of two of the islands' main animals: penguins and sea lions. On the back, notes feature pictures of Christ Church Cathedral in Stanley and Government House, the official residence of the Governor of the Falkland Islands.

Banknotes are printed by De la Rue plc on behalf of the Falkland Island Commissioners of Currency. In 2010 an order was placed for the printing of 200,000 £10 banknotes and for 200,000 £20 banknotes which would represent a supply of banknotes that would last for 15 to 20 years.[8]

Current FKP exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD ARS
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD ARS
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD ARS
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD ARS
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD ARS

See also

References
  1. David Colville (2000). "Invasion and Occupation - The Story of a Stanley Resident". falklands.info. Archived from the original on 29 October 2010. Retrieved 1 March 2010.
  2. "Currency Ordinance 1987" (PDF). Section 3. The unit of currency of the Falkland Islands shall be the Falkland Islands pound, which shall be divided into one hundred pence.
  3. "Currency Ordinance 1987" (PDF). Section 4. The Falkland Islands pound shall have parity with the pound sterling.
  4. "Currency Ordinance 1987" (PDF). Section 8. Contracts, transactions and documents in the Falkland Islands to be in Falkland Islands currency.
  5. "Currency Ordinance 1987" (PDF). Section 12. The Commissioners shall on demand buy or sell sterling for immediate delivery in London or the Falkland Islands against the Falkland Islands pound.
  6. "Guernsey Coin List". falklandwool.com. Archived from the original on 2010-06-08. Retrieved 2010-06-23.
  7. Linzmayer, Owen (2012). "Falkland Islands". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  8. "£10 and £20 Currency Notes" (PDF). Executive Council of the Falkland Islands. 19 August 2010. Archived from the original (PDF) on March 8, 2012. Retrieved 2010-09-03.
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