Historical Sketch

The Channel Islands Guernsey and Jersey came under the rule of the Duke of Normandy in the 10th century. After the Norman conquest of England, they remained a Crown estate but were never integrated into England nor the United Kingdom. During the Second World War the Channel Islands were occupied by Germany.

Monetary History Overview

For long time, the Channel Islands had been economically closer to France than England, and French accounting was used until the 19th century. In 1834, Jersey abolished the French Livre as unit of account, more than 30 years after the French currency reform. The Jersey Pound was at par with the Pound Sterling. In order to facilitate the transition, local subsidiary coins were initially issued at 13 Pence to the shilling, in 1876 the customary subdivision of 12 was introduced. French coinage was tolerated until 1923. In the 1850, three commercial banks began issuing paper money in British currency. There was no issuance by the government, however, several parishes issued local paper in the 19th century. During the Second World War, Germany occupied the Channel Islands. The Guernsey currency remained in circulation together with occupation money issued by the German "Reichskreditkassen". The island government had to issue low-denominated paper money to compensate for the British silver coins confiscated by the occupier. After the liberation in 1945, the Reichsmark notes were fully redeemed by the British government. In 1959, Jersey passed a currency notes law, and the government began issuing paper money that circulated alongside the British money. In February 1971, at the same time as in Great Britain, the subunit went decimal such that 100 New Pence went to the Pound instead of 240, a counting that dated back to ancient times. Parity with the Pound Sterling has remained since then. British banknotes and coins have now mostly been displaced but are still legal tender.

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