Historical Sketch

The British navigator John Strong discovered the uninhabited islands in 1690 and named them after the Viscount of Falkland, treasurer of the Royal Navy. The first to settle the islands were French fishermen from the Saint-Malo region, calling them "Îles Malouines", which is still today's name in Spanish. In 1766 France ceded its territorial claims to Spain, represented by the Viceroyalty of the Rio de la Plata, later Argentina. After a mutiny in the local garrison, British forces intervened in early 1833 and took possession of the islands. The British colonial rule was established in 1840. Argentina, never having recognized the British claim, re-occupied the Falkland Islands in 1982 but were repelled by force of arms by Great Britain three months later.

Monetary History Overview

After the establishment of British rule in the 1830s, the Sterling accounting was nominally adopted. Due to the remoteness of the islands and the sparse population British currency was hardly to be found. Foreign trade coins like the Spanish Dollar flew in from South America and dominated in payments. The governor of the islands even issued paper money denominated in Dollars to overcome the currency shortage, which circulated until the 1860s. British coins were formally introduce in mid-1898, and in October 1899, the colonial government installed a currency commission which issued the Falkland Islands Pound as distinct currency at par with the Pound Sterling. British banknotes and coins kept their legal tender status. Decimalization was carried out in 1971 at the same time as in Great Britain, and since 1974, local subsidiary coins have displaced the British ones.

Currency Units Timeline

Currency Institutes Timeline

Monetary History Sources