The Gibraltar pound is the official currency of Gibraltar and has been in circulation since 1927. It is pegged to the British pound at a 1:1 exchange rate. While there are no official synonyms for the Gibraltar pound, it is sometimes referred to as the GIP. Additionally, it may be referred to simply as the pound or sterling, as it is tied to the British pound. In the past, the currency was also referred to as the Spanish dollar, due to Gibraltar's location on the southern coast of Spain. However, this term is now outdated and no longer in use.