[2] Until 1872, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British, Spanish and Gibraltarian coins.

[3] In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar, initially in the form of British coins and banknotes.

[5] Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender anywhere in the United Kingdom.

British coins and Bank of England notes also circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues.

[6] 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.

[7] This issue caused controversy in Spain, where the title of King of Gibraltar historically corresponds to the Crown of Castile.

At the outbreak of the First World War, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold.