5 Pence – Gibraltar

In 2010, Gibraltar's currency situation was defined by its unique political status and its practical economic integration with a major neighbour. As a British Overseas Territory, the official currency was (and remains) the Gibraltar pound (GIP), issued by the Government of Gibraltar and pegged at par with the pound sterling (GBP). These notes were legal tender only in Gibraltar, creating a distinct national symbol, though UK coinage also circulated widely and was accepted interchangeably.

Despite this official peg, the reality on the ground was one of effective de facto dual currency use, primarily with the euro. Gibraltar's economy is heavily reliant on tourism, online gaming, and financial services, with a significant portion of its visitors and business coming from neighbouring Spain and the wider Eurozone. Consequently, many retail businesses, especially those in main tourist areas, readily accepted euros, though often at exchange rates less favourable than official banks. This pragmatic acceptance of euros smoothed cross-border trade and tourism but also highlighted Gibraltar's economic interdependence with the EU, a relationship that existed despite its political ties to the UK.

The year 2010 fell within the quiet period following the 2008 global financial crisis, and Gibraltar's currency peg provided stability. There were no major crises or shifts in monetary policy specific to Gibraltar that year. The focus was less on the currency itself and more on maintaining the territory's economic model, which depended on the seamless functioning of this dual-currency environment to support its key sectors, all under the umbrella of the fixed and stable link to sterling.