The currency of Gibraltar is the Gibraltar pound, issued by the Government of Gibraltar under the terms of the 1934 ''Currency Notes Act''. These banknotes are legal tender in Gibraltar alongside Bank of England banknotes. In a currency board arrangement, these notes are issued against reserves of sterling. Clearing and settlement of funds is conducted in sterling. Coins in circulation follow British denominations but have separate designs. Unofficially, most retail outlets in Gibraltar accept the euro, though some payphones and the Royal Gibraltar Post Office, along with all other government offices, do not.