1 Pound (Wedding of Queen Elizabeth II and Prince Philip) – Guernsey
Non-circulating coins
Commemoration: 50th Anniversary of the Wedding of Queen Elizabeth II and Prince Philip
Context
Year: 1997
Country: British Crown dependencies
Issuer: Guernsey
Ruler: Elizabeth II
Currency:
(since 1971)
Total mintage: 50,000
Material
References
KM: #Click to copy to clipboard70
Numista: #23238
Value
Exchange value: 1 GGP
Bullion value: $25.14
Obverse
Description:
Portrait of Queen Elizabeth II
Inscription:
ELIZABETH BAILIWICK OF GUERNSEY 1997
Script: Latin
Engraver: Raphael David Maklouf
Reverse
Description:
Royal monogram, Westminster Abbey
Inscription:
ELIZABETH AND PHILIP 1947-1997
ONE POUND ·
ONE POUND ·
Script: Latin
Engraver: Geoffrey Colley
Edge
Milled
Mints
| Name | Mark |
|---|---|
| Royal Mint | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1997 | — | 50,000 | Proof |
Historical background
In 1997, the currency situation in Guernsey was characterised by a stable and long-standing dual-currency system, with both UK sterling and local Guernsey pound notes and coins in circulation. The Guernsey pound (£) was not an independent currency but operated in a one-to-one fixed parity with sterling, functioning as a local issue of British currency. This arrangement provided the island with the economic stability of the UK monetary system while allowing for the issuance of its own distinctive banknotes and coins, which were legal tender only within the Bailiwick.
This system was underpinned by the Guernsey Currency Fund, established in 1914 and reinforced by later laws. The core principle was that every Guernsey pound note issued had to be fully backed by sterling assets held in the Fund, ensuring absolute convertibility and maintaining strict fiscal discipline. Consequently, the island had no independent monetary policy and could not devalue its currency; its economic fortunes were closely tied to those of the United Kingdom, particularly regarding interest rates set by the Bank of England.
The context of 1997 was one of particular economic confidence and stability. The UK economy was strong, and Guernsey, with its thriving finance sector, benefited accordingly. There was no significant debate or movement towards altering this established currency model, which was viewed as a successful cornerstone of the island's prosperity. The system efficiently served Guernsey's needs as a small, open economy, providing the benefits of a major international currency while retaining a symbol of its constitutional autonomy and identity.
This system was underpinned by the Guernsey Currency Fund, established in 1914 and reinforced by later laws. The core principle was that every Guernsey pound note issued had to be fully backed by sterling assets held in the Fund, ensuring absolute convertibility and maintaining strict fiscal discipline. Consequently, the island had no independent monetary policy and could not devalue its currency; its economic fortunes were closely tied to those of the United Kingdom, particularly regarding interest rates set by the Bank of England.
The context of 1997 was one of particular economic confidence and stability. The UK economy was strong, and Guernsey, with its thriving finance sector, benefited accordingly. There was no significant debate or movement towards altering this established currency model, which was viewed as a successful cornerstone of the island's prosperity. The system efficiently served Guernsey's needs as a small, open economy, providing the benefits of a major international currency while retaining a symbol of its constitutional autonomy and identity.
⭐ Somewhat Rare