The Guelphian pound (ISO 4217: GPP) is Guelphia's official currency and is an essential element of the monetary policy that underpins the national economy. The pound symbol (£); is used to abbreviate the currency when used in Guelphia, while the ISO 4217 code of GPP is most often used abroad. The pound is now the last currency in the world not have been converted in to a decimal form, with Guelphia still using a mixed duodecimal-vigesimal currency system (12 pence = 1 shilling, 20 shillings or 240 pence to the pound).
After an intense national debate, the pound was introduced as a distinct national currency in January 1914, when it replaced the pound sterling at par. Since it was created, the pound has spent time pegged to foreign currencies, most notably the pound sterling (1914 – 1971 ) and the United States Dollar (1971 – 1986). Today, the currency remains pegged, and utilises a trade weighted index.
Regulation and value
The money and financial regulation body of Guelphia is the Reserve Bank of Guelphia, which was established by the Currency Act (No. 9 of 1913) on 1 January 1914. Under the terms of the Act, only the central bank can issue banknotes and mint coins in Guelphia, with all other notes coins no longer considered legal tender. The bank has the power to determine much of Guelphia's monetary policy, free from any political interference.
The value of the pound has fluctuated wildly since it was introduced. At certain times, the value of the crown has been pegged to a much stronger currency, either the pound sterling or the United States Dollar. Between 1914 and 1931, the Guelphian pound was pegged at par to the pound sterling. In 1931, the currency was devalued, with the local pound now buying 15 shillings pound sterling. This fell to 14 shillings in 1939, and finally 12 shillings in 1946.
The currency is issued in both notes and coins, with the smaller denominations being minted as coins, and the larger being printed as notes. No other denomination has been minted or printed since the currency was established in 1914.
The first coins of the pound were introduced on the 1 March 1914, with the coins and notes of the ceasing as legal tender at the end of the same month. The designs, shape and size of the coins were inspired by coins used in Australia, New Zealand and the United Kingdom. All of Guelphia's coins are minted at the Royal Guelphia Mint in Kingsbury.
The design of each coin has been the same each year since 1914, and so far none have been changed. Unlike the mints in other countries, there are no new designs issued every year to denote important anniversaries or international events. The Mint has always held the policy that such designs make counterfeiting easier, as the public is confused to actual design a coin should have.
|Halfpenny||½d||1"||0.2 oz||Bronze (1914-1946)
Copper plated steel (1947-present)
|Plain||IACOBUS II D: G: GUEL: REX||Antipodes daisy|
|Penny||1d||1.2"||0.33 oz||HMS Resolution|
|Threepence||3d||16 mm||0.05 oz||Nickel brass||Plain||IACOBUS II D: G: GUEL: REX||Morepork Owl|
|Sixpence||6d||0.75"||0.1 oz||Silver (1914-1946)
|Reeded||IACOBUS II D: G: GUEL: REX||Snares Penguin|
|Florin||2/-||1.1"||0.4 oz||Royal cypher|
|Half-Crown||2/6||1.25"||0.5 oz||Lesser coat of arms|
The Crown (5/-) is issued periodically as a commemorative coin, but is rarely found in circulation.
All notes are printed on polymer plastic, and feature a watermark of the Saxon Stead. Along with other security measures, the notes are extremely difficult to counterfeit. The colour of the banknotes is similar to those used on New Zealand banknotes, whilst the size of the notes has been based upon the size Australian banknotes of the same value, with some slight variations to prevent the wrong notes being used in vending machines. All banknotes are printed by the Reserve Bank at their printery in Shepton.
Since 1914, the banknotes have been of five different designs. The first series, known as Series A, from 1914 until 1944 , and featured images of famous Guelphians on both sides of the note. The second series, Series B, was created in 1944, and features scenes of Guelphia, both natural and man made, alongside some of the most prominent people to have influenced Guelphia since human settlement.