Falkland Islands Pound

The Malvinas pound (in English Falkland Islands pound) is the currency of the Falkland Islands and the South Georgia and South Sandwich Islands. Its abbreviation is FKP (ISO code 4217) or £ or FK£ (from the Latin libra, which referred to the unit of mass).

It is pegged 1:1 to the British pound sterling. The British government of the Falkland Islands issues its own banknotes and coins that have the same value as sterling and are interchangeable. Both currencies are used on the island, although the Falkland Islands pound is not accepted in the United Kingdom.

History

The pound was introduced after the occupation of the islands by the British in 1833; Previously, during the administration of Luis Vernet, the peso of the Malvinas Islands circulated. Initially, British currency circulated, with the pound subdivided into 20 shillings, each with 12 pence. Since 1899, special tickets have been issued for the islands. In 1971, the pound was decimalized and subdivided into 100 pence. The coins have been minted specifically for the Falklands since 1974. During the Argentine occupation in 1982, the Peso Ley 18,188, in force in Argentina at that time, circulated.

Coins

In 1974 the ½, 1, 2, 5 and 10 pence coins were introduced. 50p coins were introduced in 1980, followed by 20p in 1982, £1 in 1987 and £2 in 2004. The halfpenny was minted for a short time. Smaller versions of 5p, 10p and 50p, corresponding to those issued at the time in the United Kingdom, were issued in 1998, replacing the larger versions. All coins have the same composition and size as the corresponding British coins.

Tickets

Between 1899 and 1901, the government introduced notes of 5 and 10 shillings, 1 and 5 pounds. 5 shilling notes were issued until 1916. Following the decimal system in 1971, the 10 shilling note of the previous series became the new 50 pence note, although it retained its old design. £10 notes were introduced in 1975, followed by 20 pounds in 1984 and 50 pounds in 1990.

The banknotes in circulation are:

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

The banknotes in the Falklands have the same images, only differing in their respective denominations and corresponding colors. On the front, they all contain a portrait of Queen Elizabeth II of the United Kingdom, the coat of arms of the islands, a small map of them, and images of the two main animals on the island: penguins and fur seals. On the back, it features images of Christ Church Cathedral in Port Argentino/Stanley and Government House, the official residence of the Governor of the Falkland Islands.

The banknotes are printed by De La Rue on behalf of the Falkland Islands Currency Commission. In 2010 an order was placed for the printing of 200,000 £10 notes and 200,000 £20 notes which would represent a supply of notes that would last 15 to 20 years.