1968 Gibraltar Crown Queen Elizabeth II KM# 4. The coin features Queen Elizabeth The Second on the obverse and a Castle and Key on the reverse. The Gibraltar pound (abbreviated as GIP) is the official currency for the country of Gibraltar. The GIP is pegged at par value to the British pound. Gibraltar pounds and pence coins are legal tenders only in Gibraltar. Gibraltar began issuing its own banknotes in 1927, G and its own coins in 1988. Housed in a rigid plastic case.