The Falkland Islands Pounds is the currency of the Falkland Islands its currency code (FKP). The Falklands pound is subdivided into 100 pence. Banknotes are issued in denominations of £5, £10, £20 and £50. Coins are issued in denominations of 1p, 2p, 5p, 10p, 20p and 50p.The Falkland Islands Pound was first introduced in 1892 as a locally produced currency. In 1948 it replaced the British pound at par on the islands after being tied to sterling since its inception. The FKP continued to be pegged to sterling until 1982 when Britain went decimal and began producing 5 pence coins which were not accepted by merchants on the islands so they reverted back to their own currency production for a short time before adopting decimalization themselves in 1985 with notes being produced equal in value to pounds sterling but with different designs.
