The Gibraltar pound is the currency of Gibraltar. It is pegged to – and exchangeable with – the British pound sterling at par value. Coins and banknotes of the Gibraltar pound are printed by the Government of Gibraltar; until 1872, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British and Gibraltarian coins. From 1825, the real was tied to the pound at the rate of 1 Spanish dollar to 4 shillings 4 pence. In 1872, the Spanish currency became the sole legal tender in Gibraltar. In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar in the form of British coins and banknotes. In 1898, the British pound was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 pence.
The since repealed Currency Notes Act 1934, conferred on the Government of Gibraltar the right to print its own notes. Notes issued are either backed by Bank of England notes at a rate of one pound to one pound sterling, or can be backed by securities issued by the Government of Gibraltar. Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender anywhere in the United Kingdom. Gibraltar's coins are the same weight and metal as British coins, although the designs are different, they are found in circulation across Britain. Under the Currency Notes Act 2011 the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues. In 1988, coins in denominations of 1, 2, 5, 10, 20 and 50 pence and 1 pound were introduced which bore specific designs for and the name of Gibraltar, they were the same sizes and compositions as the corresponding British coins, with 2 pound coins introduced in 1999.
A new coin of 5 pounds was issued in 2010 with the inscription "Elizabeth II · Queen of Gibraltar". This issue caused controversy in Spain, where the title of King of Gibraltar corresponds to the crown of Castile; the £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules. In 2004 the Government of Gibraltar minted a new edition of its coins to commemorate the tercentenary of British Gibraltar. At the outbreak of World War I, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold; these notes were issued under emergency wartime legislation, Ordinance 10 of 1914. At first the typeset notes were signed by hand by Treasurer Greenwood, though he used stamps; the notes bore the embossed stamp of the Anglo-Egyptian Bank Ltd. and circulated alongside British Territory notes. The 1914 notes were issued in denominations of 2s, 10s, £1, £5 and £50; the 2s and £50 notes were not continued when a new series of notes was introduced in 1927.
The 10s note was replaced by the 50p coin during the process of decimalization. In 1975, £10 and £20 notes were introduced, followed by £50 in 1986; the £1 note was discontinued in 1988. In 1995, a new series of notes was introduced which, for the first time, bore the words "pounds sterling" rather than just "pounds"; the government of Gibraltar introduced a new series of banknotes beginning with the £10 and £50 notes issued on July 8, 2010. On May 11, 2011, the £5, £20 and £100 notes were issued. Economy of Gibraltar Currency board Christopher Ironside, OBE, coin designer: reverse design of the 25 New Pence coin, Barbary ape. Banknotes of Gibraltar: Catalog of Gibraltar Shillings and Pounds The current banknotes of Gibraltar
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
It is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w
Commonwealth of England
The Commonwealth was the period from 1649 to 1660 when England and Wales along with Ireland and Scotland, were ruled as a republic following the end of the Second English Civil War and the trial and execution of Charles I. The republic's existence was declared through "An Act declaring England to be a Commonwealth", adopted by the Rump Parliament on 19 May 1649. Power in the early Commonwealth was vested in the Parliament and a Council of State. During the period, fighting continued in Ireland and Scotland, between the parliamentary forces and those opposed to them, as part of what is now referred to as the Third English Civil War. In 1653, after the forcible dissolution of the Rump Parliament, the Army Council adopted the Instrument of Government which made Oliver Cromwell Lord Protector of a united "Commonwealth of England and Ireland", inaugurating the period now known as the Protectorate. After Cromwell's death, following a brief period of rule under his son, Richard Cromwell, the Protectorate Parliament was dissolved in 1659 and the Rump Parliament recalled, the start of a process that led to the restoration of the monarchy in 1660.
The term Commonwealth is sometimes used for the whole of 1649 to 1660 – a period referred to by monarchists as the Interregnum – although for other historians, the use of the term is limited to the years prior to Cromwell's formal assumption of power in 1653. The Rump was created by Pride's Purge of those members of the Long Parliament who did not support the political position of the Grandees in the New Model Army. Just before and after the execution of King Charles I on 30 January 1649, the Rump passed a number of acts of Parliament creating the legal basis for the republic. With the abolition of the monarchy, Privy Council and the House of Lords, it had unchecked executive and legislative power; the English Council of State, which replaced the Privy Council, took over many of the executive functions of the monarchy. It was selected by the Rump, most of its members were MPs. However, the Rump depended on the support of the Army with which it had a uneasy relationship. After the execution of Charles I, the House of Commons abolished the monarchy and the House of Lords.
It declared the people of England "and of all the Dominions and Territories thereunto belonging" to be henceforth under the governance of a "Commonwealth" a republic. In Pride's Purge, all members of parliament who would not accept the need to bring the King to trial had been removed, thus the Rump never had more than two hundred members. They included: supporters of religious independents who did not want an established church and some of whom had sympathies with the Levellers. Most Rumpers were gentry, though there was a higher proportion of lesser gentry and lawyers than in previous parliaments. Less than one-quarter of them were regicides; this left the Rump as a conservative body whose vested interests in the existing land ownership and legal systems made it unlikely to want to reform them. For the first two years of the Commonwealth, the Rump faced economic depression and the risk of invasion from Scotland and Ireland. By 1653 Cromwell and the Army had eliminated these threats. There were many disagreements amongst factions of the Rump.
Some wanted a republic. Most of England's traditional ruling classes regarded the Rump as an illegal government made up of regicides and upstarts. However, they were aware that the Rump might be all that stood in the way of an outright military dictatorship. High taxes to pay the Army, were resented by the gentry. Limited reforms were enough to antagonise the ruling class but not enough to satisfy the radicals. Despite its unpopularity, the Rump was a link with the old constitution, helped to settle England down and make it secure after the biggest upheaval in its history. By 1653, France and Spain had recognised England's new government. Though the Church of England was retained, episcopacy was suppressed and the Act of Uniformity 1558 was repealed in September 1650. On the insistence of the Army, many independent churches were tolerated, although everyone still had to pay tithes to the established church; some small improvements were made to court procedure. However, there were no widespread reforms of the common law.
This would have upset the gentry, who regarded the common law as reinforcing their status and property rights. The Rump passed many restrictive laws to regulate people's moral behaviour, such as closing down theatres and requiring strict observance of Sunday; this antagonised most of the gentry. Cromwell, aided by Thomas Harrison, forcibly dismissed the Rump on 20 April 1653, for reasons that are unclear. Theories are that he feared the Rump was trying to perpetuate itself as the government, or that the Rump was preparing for an election which could return an anti-Commonwealth majority. Many former members of the Rump continued to regard themselves as England's only legitimate constitutional authority; the Rump had not agreed to its own dissolution.
Brixton is a district of South London, within the London Borough of Lambeth. The area is identified in the London Plan as one of 35 major centres in Greater London. Brixton is residential with a prominent street market and substantial retail sector, it is a multiethnic community, with a large percentage of its population of Afro-Caribbean descent. It lies within Inner South London and is bordered by Stockwell, Streatham, Tulse Hill and Herne Hill; the district houses the main offices of the London Borough of Lambeth. Brixton is 2.7 miles south-southwest from the geographical centre of London near Brixton Underground station. The name Brixton is thought to originate from Brixistane, meaning the stone of Brixi, a Saxon lord. Brixi is thought to have erected a boundary stone to mark the meeting place of the ancient hundred court of Surrey; the location is unknown but is thought to be at the top of Brixton Hill, at a road known at the time as Bristow or Brixton Causeway, long before any settlement in the area.
Brixton marks the rise from the marshes of North Lambeth up to the hills of Upper Norwood and Streatham. At the time the River Effra flowed from its source in Upper Norwood through Herne Hill to Brixton. At Brixton the river was crossed by low bridges for Roman roads to the south coast of Britain, now Brixton Road and Clapham Road; the main roads were connected through a network of medieval country lanes, such as Acre Lane, Coldharbour Lane, Brixton Water Lane and Lyham Road Black Lane. It was only at the end of the 18th century that villages and settlements formed around Brixton, as the original woodland was reduced until the area was covered in farmland and market gardens known for game and strawberries; the area remained undeveloped until the beginning of the 19th century, the main settlements being near Stockwell, Brixton Hill and Coldharbour Lane. With the opening of Vauxhall Bridge in 1816, improved access to Central London led to a process of suburban development; the largest single development, one of the last in suburban character, was Angell Town, laid out in the 1850s on the east side of Brixton Road, so named after a family that owned land in Lambeth from the late 17th century until well into the 20th.
One of a few surviving windmills in London, built in 1816, is just off Brixton Hill and surrounded by houses built during Brixton's Victorian expansion. When the London sewerage system was constructed during the mid-19th century, its designer Sir Joseph Bazalgette incorporated flows from the River Effra, which used to flow through Brixton, into his'high-level interceptor sewer' known as the Effra sewer. Brixton was transformed into a middle class suburb between the 1890s. Railways linked Brixton with the centre of London when the Chatham Main Line was built through the area by the London and Dover Railway in the 1860s. In 1888, Electric Avenue was so named after it became the first street in London to be lit by electricity. In this time, large expensive houses were constructed along the main roads in Brixton, which were converted into flats and boarding houses at the start of the 20th century as the middle classes were replaced by an influx of the working classes. By 1925, Brixton attracted thousands of new people.
It housed the largest shopping centre in South London at the time, as well as a thriving market, pubs and a theatre. In the 1920s, Brixton was the shopping capital of South London with three large department stores and some of the earliest branches of what are now Britain's major national retailers. Today, Brixton Road is the main shopping area, fusing into Brixton Market. A prominent building on Brixton High Street is Morleys, an independent department store established in the 1880s. On the western boundary of Brixton with Clapham stands the Sunlight Laundry, an Art Deco factory building. Designed by architect F. E. Simpkins and erected in 1937, this is one of the few art deco buildings, still owned by the firm that commissioned it and is still used for its original purpose; the Brixton area was bombed during World War II, contributing to a severe housing crisis, which in turn led to urban decay. This was followed by the building of council housing. In the 1940s and 1950s, many immigrants from the West Indies and Ireland, settled in Brixton.
More recent immigrants include other European citizens. Brixton has an ageing population, which affects housing strategies in the area; the first wave of immigrants who formed the British African-Caribbean community arrived in 1948 at Tilbury Docks on the HMT Empire Windrush from Jamaica and were temporarily housed in the Clapham South deep shelter. The nearest Labour Exchange was on Coldharbour Lane and the new arrivals spread out into local accommodation. Many immigrants only intended to stay in Britain for a few years, but although a number returned to the Caribbean, the majority remained to settle permanently; the arrival of the passengers has become an important landmark in the history of modern Britain, the image of West Indians filing off its gangplank has come to symbolise the beginning of modern British multicultural society. In 1998 the area in front of the Tate Library in Brixton was renamed "Windrush Square" to mark the 50th anniversary of the arrival of the Windrush. Brixton was the scene of riots in April 1981 at a time when Brixton underwent deep social and economic problems—high unemployment, high crime, poor housing, no amenities—in a predominantly African-Caribbean community.
The Metropolitan Police began Operation Swamp 81 at the beginning of April, aimed at reducing street crime through the repeated u
The pound sterling known as the pound and less referred to as sterling, is the official currency of the United Kingdom, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling have currencies called the pound. Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, the euro. Together with those two currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is the third most-held reserve currency in global reserves; the British Crown dependencies of Guernsey and the Isle of Man produce their own local issues of sterling which are considered equivalent to UK sterling in their respective regions. The pound sterling is used in Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena and Tristan da Cunha; the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Banknotes issued by other jurisdictions are not regulated by the Bank of England. The full official name pound sterling, is used in formal contexts and when it is necessary to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is used; the currency name is sometimes abbreviated to just sterling in the wholesale financial markets, but not when referring to specific amounts. The abbreviations "ster." and "stg." are sometimes used. The term "British pound" is sometimes incorrectly used in less formal contexts, it is not an official name of the currency; the exchange rate of the pound sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets. The origins of this term are attributed to the fact that in the 1800s, the GBP/USD exchange rate was transmitted via transatlantic cable. Forex traders of GBP/USD are sometimes referred to as "cable dealers". GBP/USD is now the only currency pair with its own name in the foreign exchange markets, after IEP/USD, known as "wire" in the forward FX markets, no longer exists after the Irish Pound was replaced by the euro in 1999.
There is apparent convergence of opinion regarding the origin of the term "pound sterling", toward its derivation from the name of a small Norman silver coin, away from its association with Easterlings or other etymologies. Hence, the Oxford English Dictionary state that the "most plausible" etymology is derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to mean "little star" and to refer to a silver penny of the English Normans; as another established source notes, the compound expression was derived: However, the perceived narrow window of the issuance of this coin, the fact that coin designs changed in the period in question, led Philip Grierson to reject this in favour of a more complex theory. Another argument that the Hanseatic League was the origin for both the origin of its definition and manufacture, in its name is that the German name for the Baltic is "Ost See", or "East Sea", from this the Baltic merchants were called "Osterlings", or "Easterlings".
In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was called "Easterlings Hall", or Esterlingeshalle. Because the League's money was not debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver; the currency sign for the pound is £, written with a single cross-bar, though a version with a double cross-bar is sometimes seen. This symbol derives from medieval Latin documents; the ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound"; the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes: GGP, JEP and IMP. Stocks are traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices.
A common slang term for the pound sterling or pound is quid, singular and plural, except in the common phrase "quids in!". The term may have come via Italian immigrants from "scudo", the name for a number of coins used in Italy until the 19th century.
Paul Revere was an American silversmith, early industrialist, Patriot in the American Revolution. He is best known for his midnight ride to alert the colonial militia in April 1775 to the approach of British forces before the battles of Lexington and Concord, as dramatized in Henry Wadsworth Longfellow's poem, "Paul Revere's Ride". At age 41, Revere was a prosperous and prominent Boston silversmith, he had helped organize an alarm system to keep watch on the British military. Revere served as a Massachusetts militia officer, though his service ended after the Penobscot Expedition, one of the most disastrous campaigns of the American Revolutionary War, for which he was absolved of blame. Following the war, Revere returned to his silversmith trade, he used the profits from his expanding business to finance his work in iron casting, bronze bell and cannon casting, the forging of copper bolts and spikes. In 1800 he became the first American to roll copper into sheets for use as sheathing on naval vessels.
Revere was born in the North End of Boston on December 21, 1734, according to the Old Style calendar in use, or January 1, 1735, in the modern calendar. His father, a French Huguenot born Apollos Rivoire came to Boston at the age of 13 and was apprenticed to the silversmith John Coney. By the time he married Deborah Hitchborn, a member of a long-standing Boston family that owned a small shipping wharf, in 1729, Rivoire had anglicized his name to Paul Revere, their son, Paul Revere, was the third of 12 children and the eldest surviving son. Revere grew up in the environment of the extended Hitchborn family, never learned his father's native language. At 13 he became an apprentice to his father; the silversmith trade afforded him connections with a cross-section of Boston society, which would serve him well when he became active in the American Revolution. As for religion, although his father attended Puritan services, Revere was drawn to the Church of England. Revere began attending the services of the political and provocative Jonathan Mayhew at the West Church.
His father did not approve, as a result father and son came to blows on one occasion. Revere relented and returned to his father's church, although he did become friends with Mayhew, returned to the West Church in the late 1760s. Revere's father died in 1754, when Paul was too young to be the master of the family silver shop. In February 1756, during the French and Indian War, he enlisted in the provincial army, he made this decision because of the weak economy, since army service promised consistent pay. Commissioned a second lieutenant in a provincial artillery regiment, he spent the summer at Fort William Henry at the southern end of Lake George in New York as part of an abortive plan for the capture of Fort St. Frédéric, he did not stay long in the army, but returned to Boston and assumed control of the silver shop in his own name. On August 4, 1757, he married Sarah Orne, he and Sarah had eight children, but two died young, only one, survived her father. Revere's business began to suffer when the British economy entered a recession in the years following the Seven Years' War, declined further when the Stamp Act of 1765 resulted in a further downturn in the Massachusetts economy.
Business was so poor that an attempt was made to attach his property in late 1765. To help make ends meet he took up dentistry, a skill set he was taught by a practicing surgeon who lodged at a friend's house. One client was Doctor Joseph Warren, a local physician and political opposition leader with whom Revere formed a close friendship. Revere and Warren, in addition to having common political views, were both active in the same local Masonic lodges. Although Revere was not one of the "Loyal Nine"—organizers of the earliest protests against the Stamp Act—he was well connected with its members, who were laborers and artisans. Revere did not participate in some of the more raucous protests, such as the attack on the home of Lieutenant Governor Thomas Hutchinson. In 1765, a group of militants who would become known as the "Sons of Liberty" formed, of which Revere was a member. From 1765 on, in support of the dissident cause, he produced engravings and other artifacts with political themes. Among these engravings are a depiction of the arrival of British troops in 1768 and a famous depiction of the March 1770 Boston Massacre.
Although the latter was engraved by Revere and he included the inscription, "Engraved, Printed, & Sold by Paul Revere Boston", it was modeled on a drawing by Henry Pelham, Revere's engraving of the drawing was colored by a third man and printed by a fourth. Revere produced a bowl commemorating the Massachusetts assembly's refusal to retract the Massachusetts Circular Letter. In 1770 Revere purchased a house on North Square in Boston's North End. Now a museum, the house provided space for his growing family while he continued to maintain his shop at nearby Clark's Wharf. Sarah died in 1773, on October 10 of that year, Revere married Rachel Walker, they had eight children. In November 1773 the merchant ship Dartmouth arrived in Boston harbor carrying the first shipment of tea made under the terms of the Tea Act; this act authorized the British East India Company to ship tea (of which it had huge surplu
The Lebanese pound is the currency of Lebanon. It used to be divided into 100 piastres but high inflation in the Lebanese Civil War has eliminated the subdivisions; the plural form of lira, as used on the currency, is either lirat or the same, whilst there were four forms for qirsh: the dual qirshan, the plural qirush used with numbers 3–10, the accusative singular qirsha used with 11–99, or the genitive singular qirshi used with multiples of 100. In both cases, the number determines. Before the Second World War, the Arabic spelling of the subdivision was غرش. All of Lebanon's coins and banknotes are bilingual in French. Before World War I, the Ottoman lira was used. In 1918, after the fall of the Ottoman Empire, the currency became the Egyptian pound. Upon gaining control of Syria and Lebanon, the French replaced the Egyptian pound with a new currency for Syria and Lebanon, the Syrian pound, linked to the French franc at a value of 1 pound = 20 francs. Lebanon issued its own coins from 1924 and banknotes from 1925.
In 1939, the Lebanese currency was separated from that of Syria, though it was still linked to the French franc and remained interchangeable with Syrian money. In 1941, following France's defeat by Nazi Germany, the currency was linked instead to the British pound sterling at a rate of 8.83 Lebanese pounds = 1 pound sterling. A link to the French franc was restored after the war but was abandoned in 1949. Before the Lebanese Civil War, 1 U. S. dollar was worth 3 pounds. During the civil war the value decreased until 1992, when one dollar was worth over 2500 pounds. Subsequently the value increased again, since December 1997 the rate of the pound has been fixed at 1507.5 pounds per US$. Lebanon's first coins were issued in 1924 in denominations of 2 and 5 girush with the French denominations given in "piastres syriennes". Issues did not include the word "syriennes" and were in denominations of 1⁄2, 1, 2, 2 1⁄2, 5, 10, 25 and 50 girsha. During World War II, rather crude 1⁄2, 1 and 2 1⁄2 girsh coins were issued.
After the war, the Arabic spelling was changed from girsh to qirsh. Coins were issued in the period 1952 to 1986 in denominations of 1, 2 1⁄2, 5, 10, 25 and 50 qirsh and 1 lira. No coins were issued between 1994, when the current series of coins was introduced. Coins in current use are: Lebanon's first banknotes were issued by the Banque du Syrie et Grand-Liban in 1925. Denominations ran from 25 girsha through to 100 pounds. In 1939, the bank's name was changed to the Bank of Lebanon; the first 250-pound notes appeared that year. Between 1942 and 1950, the government issued "small change" paper money in denominations of 5, 10, 25 and 50 girsh or qirsh. After 1945, the Bank of Syria and Lebanon continued to issue paper money for Lebanon but the notes were denominated in "Lebanese pounds" to distinguish them from Syrian notes. Notes for 1, 5, 10, 25, 50 and 100 pounds were issued; the Banque du Liban was established by the Code of Money and Credit on 1 April 1964. On 1 August 1963 decree No. 13.513 of the “Law of References: Banque Du Liban 23 Money and Credit” granted the Bank of Lebanon the sole right to issue notes in denominations of 1, 5, 10, 25, 50, 100, 250 pounds, expressed in Arabic on the front, French on the back.
Higher denominations were issued in the 1980s and 1990s as inflation drastically reduced the currency's value. Banknotes in the current use are: All current notes feature an Arabic side with the value in Arabic script numerals of large size; the other side is in French with the serial number in both Arabic and Latin script and in bar code below the latter one. Economy of Lebanon Banque du Liban Historical and current banknotes of Lebanon