Gibraltar real facts for kids

In 1802, the first merchant token to have the name Gibraltar (even if spelled Gibralter) was made by Robert Keeling.

The real was the official money used in Gibraltar until 1825. It continued to be used alongside other Spanish and British money until 1898.

History of Gibraltar's Money

After British and Dutch forces took over Gibraltar in 1704, the Spanish real was still used there. However, people didn't treat the silver reales (called de plata) and the cheaper metal reales (called de vellón) differently. This meant army officers could make extra money when paying soldiers. For example, before 1737, one silver real was worth two cheaper ones, but they were often treated as the same.

In 1741, new exchange rates were set. For instance, 16 quartos made one real de vellón. Also, 10 reales de vellón made one peso fuerte, which was also known as the Spanish dollar. These new rates made the real de vellón worth about twice as much in Gibraltar as it was in Spain. Most of the money used was copper coins. This was because silver coins were worth less in Gibraltar compared to the cheaper metal coins, so most silver was sent out of Gibraltar to Spain. Between 1802 and 1820, copper tokens called quarts were also made by merchants.

1842 Half Quart coin.

In 1825, the values of the different coins were changed again and linked to the British pound. The silver real was divided into 24 quarts. The Spanish dollar was valued at 4 shillings and 4 pence. British silver coins were brought in. But because the dollar's value was set too high, British silver coins didn't circulate well. However, British copper coins did, with one quart informally valued at one farthing. This difference also allowed army officers to make a profit when paying soldiers.

In 1842, new coins were made in ½, 1, and 2 quarts values. A total of 387,072 quarts worth of coins were made. This allowed soldiers to be paid in quarts instead of pence. Other coins were still used until 1872. In that year, only Spanish money became legal in Gibraltar. In 1898, the Spanish–American War caused the Spanish peseta to lose a lot of its value. So, on October 1 of that year, the Gibraltar pound was introduced as the only money in Gibraltar. At first, this was in the form of British coins and banknotes.

Merchant Tokens (1802–1820)

Traders in Gibraltar made their own money tokens between 1802 and 1820. These were made by Robert Keeling, Richard Cattons, and James Spittles. There were two values: 1 quart (or quarto) and 2 quarts (or 2 quartos).

Robert Keeling's Tokens

Richard Cattons' Tokens

James Spittles' Tokens

Coins (1842)

It's interesting to know that test versions of these coins were also made in 1860 and 1861.

See also

• Gibraltar pound