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Encyclopedia > Pound sterling
Pound sterling
All frequently used coins (coins shown are those before the extensive 2008 redesign)
ISO 4217 Code GBP
User(s)  United Kingdom
Crown dependencies
Certain British Overseas Territories
Inflation 2.5% (UK CPI February 2008)
4.1% (UK RPI February 2008)
4.9% (Guernsey December 2007)
3.7% (Jersey 2006)
3.1% (Isle of Man 2006)
Source Bank of England, 23 March 2008, National Statistics, The World Factbook and Guernsey Government
ERM
Since 8 October 1990
Withdrawn 16 September 1992 (Black Wednesday)
Pegged by FKP, GIP, SHP
Subunit
1/100 penny
Symbol £
penny p
Nickname quid
Plural  
penny pence
Coins
Freq. used 1p, 2p, 5p, 10p, 20p, 50p, £1, £2
Rarely used £5 (commemorative)
Banknotes
Freq. used £5, £10, £20
Rarely used £1 (Scotland only), £50, £100 (Scotland & Northern Ireland only)
Central bank Bank of England
Website www.bankofengland.co.uk
Printer
Website
Mint Royal Mint
Website www.royalmint.com

The pound sterling (symbol: £; ISO code: GBP), subdivided into 100 pence (singular: penny), is the currency of the United Kingdom, its Crown dependencies (the Isle of Man and the Channel Islands) and the British Overseas Territories of South Georgia and the South Sandwich Islands,[1] British Antarctic Territory[2] and British Indian Ocean Territory.[3] The States of Guernsey (French: États de Guernesey) is the parliament of the Bailiwick of Guernsey. ... The States of Jersey (French: États de Jersey) is the parliament of Jersey. ... A mint is a facility which manufactures coins for currency. ... The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. ... This article is about the currency symbol. ... The Isle of Man is situated in the Irish Sea between Great Britain and Ireland, and the bailiwicks of Jersey and Guersey are situated in the English Channel to the west of the Cotentin Crown dependencies are possessions of The Crown in Right of the United Kingdom, as opposed to... This article is about the British dependencies. ... Location of the British Overseas Territories The British Overseas Territories are fourteen[1] territories which the United Kingdom considers to be under its sovereignty, but not as part of the United Kingdom itself. ... Motto Leo Terram Propriam Protegat(Latin) Let the Lion protect his own land or May the Lion protect his own land Anthem God Save the Queen Capital Grytviken (King Edward Point) Official languages English Government British overseas territory  -  Head of State Queen Elizabeth II  -  Commissioner Alan Huckle Area  -  Total 3... Motto: Research and Discovery Anthem: God Save the Queen Status British overseas territory Official language(s) - Commissioner Tony Crombie Administrator Michael Richardson Area 1,395,000 km² Population c. ...


This article covers the history of sterling and the issues of sterling in England, Great Britain and the United Kingdom. For other associated issues see Manx pound, Jersey pound and Guernsey pound. The Gibraltar pound, Falkland Islands pound and Saint Helenian pound are separate currencies, pegged to the pound sterling. Motto Dieu et mon droit(French) God and my right Territory of the Kingdom of England Capital Winchester; London from 11th century Language(s) Old English (de facto, until 1066) Anglo-Norman language (de jure, 1066 - 15th century) English (de facto, gradually replaced French from late 13th century) Government Monarchy... The pound is the currency of the Isle of Man. ... ISO 4217 Code none User(s) Jersey Inflation 5. ... The Guernsey pound (currency code GGP) is the currency used in Guernsey. ... ISO 4217 code: GIP Symbol: £ 1/100th unit: penny Introduced in: 1927 Exchange Rates May 2006 USD exchange: 0. ... ISO 4217 Code FKP User(s) Falkland Islands, South Georgia and the South Sandwich Islands Inflation 3. ... The island of Saint Helena issues its own currency, the Pound, which is linked to the Pound Sterling. ...


Sterling currently makes up the third-largest portion of global currency reserves, after the US dollar and the euro.[4] The pound sterling is the fourth-most-traded currency in the foreign exchange market after the US dollar, the euro, and the Japanese yen.[5] Percentage of global currencies A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. ... USD redirects here. ... For other uses, see Euro (disambiguation). ... The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. ... The United States dollar is the official currency of the United States. ... For other uses, see Euro (disambiguation). ... ISO 4217 Code JPY User(s) Japan Inflation -0. ...

Contents

Name

The full, official name pound sterling (plural: pounds sterling) is used mainly in formal contexts and also when it is necessary to distinguish the currency used within the United Kingdom from others that have the same name. Otherwise the term pound is normally used. The currency name is sometimes abbreviated to just "sterling", particularly in the wholesale financial markets, but not in amounts; so "payment accepted in sterling" but never "that costs five sterling". The abbreviations "ster." or "stg." are sometimes used. The term British pound is commonly used in less formal contexts, although it is not an official name of the currency. A common slang term is quid (plural quid). This article needs additional references or sources for verification. ... The pound, a unit of currency, originated (at least in Britain) as the value of a pound mass of silver. ...


The term sterling is derived from the fact that, about the year of 775, silver coins known as “sterlings” were issued in the Saxon kingdoms, 240 of them being minted from a pound of silver, the weight of which was probably about equal to the later troy pound. Because of this, large payments came to be reckoned in “pounds of sterlings,” a phrase that was later shortened to “pounds sterling.” After the Norman Conquest, the pound was divided for simplicity of accounting into 20 shillings and into 240 pennies, or pence. Bayeux Tapestry depicting events leading to the Battle of Hastings The Norman Conquest of England was the conquest of the Kingdom of England by William the Conqueror (Duke of Normandy), in 1066 at the Battle of Hastings and the subsequent Norman control of England. ...


The currency sign is the pound sign, originally with two cross-bars, then later more commonly £ with a single cross-bar. The pound sign derives from the blackletter "L", from the abbreviation LSDlibrae, solidi, denarii – used for the pounds, shillings and pence of the original duodecimal currency system. Libra was the basic Roman unit of weight, derived from the Latin word for scales or balance. The ISO 4217 currency code is GBP (Great Britain pound). Occasionally, the abbreviation UKP is used but this is incorrect. The Crown dependencies use their own (non-ISO) codes: GGP (Guernsey pound), JEP (Jersey pound) and IMP (Isle of Man pound). Stocks are often traded in pence, so traders may refer to pence sterling, GBX (sometimes GBp), when listing stock prices. Note: This article contains special characters. ... This article is about the currency symbol. ... “Black letter” redirects here. ... £sd (pronounced, and sometimes written, LSD) was the popular name for the pre-decimal currencies used in the United Kingdom, and in most of its Empire and colonies. ... The duodecimal (also known as base-12 or dozenal) system is a numeral system using twelve as its base. ... The ancient Roman units of measurement were built on the Greek system with Egyptian influences. ... For other uses, see Latins and Latin (disambiguation). ... Digital kitchen scales. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... The Isle of Man is situated in the Irish Sea between Great Britain and Ireland, and the bailiwicks of Jersey and Guersey are situated in the English Channel to the west of the Cotentin Crown dependencies are possessions of The Crown in Right of the United Kingdom, as opposed to... The Guernsey pound (currency code GGP) is the currency used in Guernsey. ... ISO 4217 Code none User(s) Jersey Inflation 5. ... The Isle of Man issues its own pound notes and coins fixed at a 1:1 exchange rate to GBP (pounds sterling). ... Pence sterling is a subdivision of Pound sterling, the currency for the United Kingdom. ...


Subdivisions and other units

Decimal

Since decimalisation in 1971, the pound has been subdivided into 100 pence (until 1981 described on the coinage as "new pence"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) is usually pronounced "fifty pee" rather than "fifty pence". This also helped to distinguish between new and old pence amounts during the changeover to the decimal system. For the system of library classification, see Dewey Decimal Classification. ...


Pre-decimal

Prior to decimalisation, the pound was divided into 20 shillings and each shilling into 12 pence, making 240 pence to the pound. The symbol for the shilling was "s" — not from the first letter of the word, but from the Latin solidus. The symbol for the penny was "d", from the French denier, from the Latin denarius (the solidus and denarius were Roman coins). A mixed sum of shillings and pence such as 3 shillings and 6 pence was written as "3/6" or "3s 6d" and spoken as "three and six". 5 shillings was written as "5s" or, more commonly, "5/-". This article is about coinage. ... Julian solidus, ca. ... First row : c. ...


Various coin denominations had, and in some cases continue to have, special names — such as "crown", "farthing", "sovereign" and "guinea". See Coins of the pound sterling and List of British coins and banknotes for details. On April 2, 2008, Britains circulating coinage was given the first major redesign since decimalisation The standard circulating coinage of the United Kingdom is denominated in pounds sterling, and, since the introduction of the two pound coin in 1998, ranges in value from one new penny to two pounds. ... // List of British bank notes and coins, with commonly used terms. ...


History

Following the adoption of the euro, sterling became the world's oldest currency still in use.[citation needed] For other uses, see Euro (disambiguation). ...


Anglo-Saxon

Main article: Anglo-Saxon pound

The origins of sterling lie in the reign of King Offa of Mercia, who introduced the silver penny. It copied the denarius of the new currency system of Charlemagne's Frankish Empire. As in the Carolingian system, 240 pennies weighed 1 pound (corresponding to Charlemagne's libra), with the shilling corresponding to Charlemagne's solidus and equal to 12d. At the time of the penny's introduction, it weighed 22.5 troy grains of fine silver (30 tower grains; about 1.5 grams), indicating that the Mercian pound weighed 5,400 troy grains (the Mercian pound became the basis of the tower pound, which weighed 5,400 troy grains, equivalent to 7,200 tower grains). At this time, the name sterling had yet to be acquired. The penny swiftly spread throughout the other Anglo-Saxon kingdoms and became the standard coin of what was to become England. Penny of Offa (London, moneyer Aethelwald) The pound was a unit of account in Anglo-Saxon England, equal to 240 silver pennies and equivalent to one pound weight of silver. ... Offa (died July 26/29, 796) was the King of Mercia from 757 until his death. ... // The earliest known English coins are gold pieces, modelled on contemporary Merovingian Frankish coinage, and consisting largely of tremisses: one third of a gold solidus, originally weighing 4. ... Charlemagne (left) and Pippin the Hunchback. ... The Frankish Empire was the territory of the Franks, from the 5th to the 10th centuries, from 481 ruled by Clovis I of the Merovingian Dynasty, the first king of all the Franks. ... Look up pound in Wiktionary, the free dictionary. ... A grain (symbol: grd) is a unit of mass equal to about 64. ... BIC pen cap, about 1 gram. ... A Tower pound was a unit of weight equal to 5400 grains (just over 3/4 of an ordinary (avoirdupois) pound). ...


Medieval

The early pennies were struck from fine silver (as pure as was available). However, in 1158, a new coinage was introduced by King Henry II (known as the Tealby penny) which was struck from .925 (92.5%) silver. This became the standard until the 20th century and is today known as sterling silver, named after its association with the currency. Sterling silver is harder than the fine silver (i.e. 0.999/99.9% pure, etc) that was traditionally used and so sterling silver coins did not wear down as rapidly as fine silver coins. The English currency was almost exclusively silver until 1344, when the gold noble was successfully introduced into circulation. However, silver remained the legal basis for sterling until 1816. In the reign of Henry IV (1412-1421), the penny was reduced in weight to 15 grains of silver, with a further reduction to 12 grains in 1464. Rulers with the title Henry II include: Henry II of Castile Henry II of England Henry II of France Henry II of Germany, also Holy Roman Emperor Henry II of Navarre Henry II, Duke of Saxony Henry II of Jerusalem (also Henry II of Cyprus) Henry II, Duke of Bavaria... Sterling silver is an alloy of silver containing 92. ... Edward III: AV noble. ... Henry IV can refer to Henry IV, Holy Roman Emperor Henry IV of England Henry IV of France Henry IV of Castile Henry IV, Duke of Breslau or plays by William Shakespeare: Henry IV, part 1 Henry IV, part 2 This is a disambiguation page — a navigational aid which lists...


Tudor

During the reigns of Henry VIII and Edward VI, the silver coinage was drastically debased, although the pound was redefined to the troy pound of 5760 grains in 1526. In 1544, a silver coinage was issued containing just one third silver and two thirds copper — equating to .333 silver, or 33.3% pure. The result was a coin copper in appearance, but relatively pale in colour. In 1552, a new silver coinage was introduced, struck in sterling silver. However, the penny's weight was reduced to 8 grains, meaning that 1 troy pound of sterling silver produced 60 shillings of coins. This silver standard was known as the "60-shilling standard" and lasted until 1601 when a "62-shilling standard" was introduced, reducing the penny's weight to 7 2331 grains. Throughout this period, the size and value of the gold coinage fluctuated considerably. Henry VIII (28 June 1491 – 28 January 1547) was King of England and Lord of Ireland (later King of Ireland) from 22 April 1509 until his death. ... Edward VI King of England and Ireland Edward VI (12 October 1537–6 July 1553) was King of England and King of Ireland from 28 January 1547 until his death. ... Troy weight is a system of units of mass customarily used for precious metals and gemstones. ...


Expanding to Scotland

In 1603, the crowns of England and Scotland were joined but the governments and currencies remained separate. The pound scots, which had begun equal to sterling but had suffered far higher devaluation, was pegged to sterling at a value of 12 pounds scots = 1 pound sterling. In 1707, with the union of the two kingdoms to form Great Britain, the pound scots was replaced by sterling at the same value. Pound Scots was the national unit of currency in the Kingdom of Scotland before the country entered into a political and currency union with England in 1707. ...


Unofficial gold standard

In 1663, a new gold coinage was introduced based on the 22 carat fine guinea. Fixed in weight at 44½ to the troy pound from 1670, this coin's value varied considerably until 1717, when it was fixed at 21 shillings (21/-, 1.05 pounds). However, despite the efforts of Sir Isaac Newton, Master of the Mint, to reduce the guinea's value, this valuation overvalued gold relative to silver when compared to the valuations in other European countries. British merchants sent silver abroad in payments whilst goods for export were paid for with gold. As a consequence, silver flowed out of the country and gold flowed in, leading to a situation where Great Britain was effectively on a gold standard. In addition, a chronic shortage of silver coins developed. Not to be confused with carrot or caret. ... The Guinea coin of 1663 was the first British machine-struck gold coin. ... Troy weight is a system of units of mass customarily used for precious metals and gemstones. ... Sir Isaac Newton FRS (4 January 1643 – 31 March 1727) [ OS: 25 December 1642 – 20 March 1727][1] was an English physicist, mathematician, astronomer, natural philosopher, and alchemist. ... The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. ... For other uses, see Gold standard (disambiguation). ...


Establishment of a modern currency

The Bank of England was formed in 1694, followed by the Bank of Scotland a year later. Both began to issue paper money, with the issues of the Bank of England gaining greater importance after 1707. During the Revolutionary and Napoleonic wars, Bank of England notes were legal tender and their value floated relative to gold. The Bank also issued silver tokens to alleviate the shortage of silver coins. Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... -1... Combatants Austria[a] Portugal Prussia[a] Russia[b] Sicily[c] Sardinia  Spain[d]  Sweden[e] United Kingdom French Empire Holland[f] Italy Etruria[g] Naples[h] Duchy of Warsaw[i] Confederation of the Rhine[j] Bavaria Saxony Westphalia Württemberg Denmark-Norway[k] Commanders Archduke Charles Prince Schwarzenberg Karl Mack... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ...


The gold standard

In 1816, the gold standard was adopted officially, with the silver standard reduced to 66 shillings (66/-, 2.3 pounds), rendering silver coins a "token" issue (i.e., not containing their value in precious metal). In 1817, the sovereign was introduced. Struck in 22-carat gold, it contained 113 grains of gold and replaced the guinea as the standard British gold coin without changing the gold standard. In 1825, the Irish pound, which had been pegged to sterling since 1701 at a rate of 13 Irish pounds = 12 pounds sterling, was replaced, at the same rate, with sterling. Three Gold Sovereigns with a Krugerrand A Gold Sovereign is a gold coin first issued in 1489 for Henry VII of England and still in production as of 2007. ... For the coin of the same value, see Irish one pound coin. ...


During the 19th and early 20th centuries, many other countries adopted the gold standard. As a consequence, conversion rates between different currencies could be determined simply from the respective gold standards. The pound sterling was equal to 4.886 U.S. dollars, 25.22 French francs (or equivalent currencies in the Latin Monetary Union), 20.43 German Marks or 24.02 Austro-Hungarian Krones. Discussions took place following the 1865 International Monetary Conference in Paris concerning the possibility of the UK joining the Latin Monetary Union and a Royal Commission on International Coinage examined the issues,[6] resulting in a decision against joining monetary union. The United States dollar is the official currency of the United States. ... ISO 4217 Code FRF User(s) Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 6. ... The Latin Monetary Union (LMU) was a 19th century attempt to unify several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver. ... German 20 Mark banknote from 1914 (www. ... User(s) Austria-Hungary, Liechtenstein Subunit 1/100 heller fillér Symbol K, kr Coins 1, 2, 10, 20 heller / fillér 1, 2, 5, 10, 20, 100 Krone(n) / korona Banknotes 1, 2, 10, 20, 25, 50, 100, 200, 1000, 10 000 Krone(n) / korona Austro-Hungarian Bank This...


The gold standard was suspended at the outbreak of the war, with Bank of England and Treasury notes becoming legal tender. Prior to World War I, the United Kingdom had one of the world's strongest economies, holding 40% of the world's overseas investments. However, by the end of the war the country owed £850 million, mostly to the United States, with interest costing the country some 40% of all government spending. In an attempt to resume stability, a variation on the gold standard was reintroduced in 1925, under which the currency was fixed to gold at its pre-war peg, although people were only able to exchange their currency for gold bullion, rather than for coins. This was abandoned on 21 September 1931, during the Great Depression, and sterling suffered an initial devaluation of some 25%.[7] “The Great War ” redirects here. ... is the 264th day of the year (265th in leap years) in the Gregorian calendar. ... Year 1931 (MCMXXXI) was a common year starting on Thursday (link will display full 1931 calendar) of the Gregorian calendar. ...


Use in the Empire

Main article: Sterling area

Sterling circulated in much of the British Empire. In some parts, it was used alongside local currencies. For example, the gold sovereign was legal tender in Canada despite the use of the Canadian dollar. Several colonies and dominions adopted the pound as their own currency. These include the Australian, British West African, Cypriot, Fijian, Irish Free State, Jamaican, New Zealand, South African and Southern Rhodesian pounds. Some of these pounds retained parity with sterling throughout their existence (e.g. the South African pound), whilst others deviated from parity after the end of the gold standard (e.g. the Australian pound). These currencies and others tied to sterling constituted the Sterling Area. The sterling area or sterling zone refers to a group of countries, often dominions and colonies of the former British Empire (and Commonwealth), which either use the pound sterling as their currency, or peg their respective currencies to the British pound. ... The British Empire in 1897, marked in pink, the traditional colour for Imperial British dominions on maps. ... C$ redirects here. ... The pound was the currency of British West Africa, a group of British colonies, protectorates and mandate territories. ... This article is about the prior state. ... The pound was the currency of Southern Rhodesia from 1940 until 1956. ... The sterling area or sterling zone refers to a group of countries, often dominions and colonies of the former British Empire (and Commonwealth), which either use the pound sterling as their currency, or peg their respective currencies to the British pound. ...


Bretton Woods

See also:Economic history of Britain 1945–1959

In 1940, an agreement with the U.S.A. pegged the pound to the U.S. dollar at a rate of £1 = $4.03. This rate was maintained through the Second World War and became part of the Bretton Woods system which governed post-war exchange rates. Under continuing economic pressure, and despite months of denials that it would do so, on 19 September 1949 the government devalued the pound by 30.5% to $2.80. The move prompted several other currencies to be devalued against the dollar. To meet Wikipedias quality standards, this article or section may require cleanup. ... For other uses, see United States (disambiguation) and US (disambiguation). ... The United States dollar is the official currency of the United States. ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km into the air. ... Wikipedia does not have an article with this exact name. ... is the 262nd day of the year (263rd in leap years) in the Gregorian calendar. ... Year 1949 (MCMXLIX) was a common year starting on Saturday (link will display the full calendar) of the Gregorian calendar. ...


In the mid-1960s, the pound came under renewed pressure since the exchange rate against the dollar was considered too high. In the summer of 1966, with the value of the pound falling in the currency markets, exchange controls were tightened by the Wilson government. Among the measures, tourists were banned from taking more than £50 out of the country, until the restriction was lifted in 1979. The pound was eventually devalued by 14.3% to $2.40 on 18 November 1967. James Harold Wilson, Baron Wilson of Rievaulx, KG, OBE, FRS, PC (11 March 1916 – 24 May 1995) was one of the most prominent British politicians of the 20th century. ... is the 322nd day of the year (323rd in leap years) in the Gregorian calendar. ... Year 1967 (MCMLXVII) was a common year starting on Sunday (link will display full calendar) of the 1967 Gregorian calendar. ...


Decimalisation

Main article: Decimal Day

On 15 February 1971, the UK decimalised, replacing the shilling and penny with a single subdivision, the new penny. The word "new" was omitted from coins after 1981. This article does not cite any references or sources. ... is the 46th day of the year in the Gregorian calendar. ... Year 1971 (MCMLXXI) was a common year starting on Friday (link will display full calendar) of the 1971 Gregorian calendar, known as the year of cyclohexanol. ...


The free-floating pound

With the breakdown of the Bretton Woods system — not least because mainly British currency dealers had created a substantial Eurodollar market which made the U.S. dollar's gold standard harder for its government to maintain — the pound was floated in the early 1970s and so became subject to a market appreciation. The Sterling Area effectively ended at this time when the majority of its members also chose to float freely against the pound and the dollar. Wikipedia does not have an article with this exact name. ... Eurodollars are deposits denominated in United States dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve. ... A floating currency is a currency that uses a floating exchange rate as its exchange rate regime. ... The sterling area or sterling zone refers to a group of countries, often dominions and colonies of the former British Empire (and Commonwealth), which either use the pound sterling as their currency, or peg their respective currencies to the British pound. ...


A further crisis followed in 1976, when it was apparently leaked that the International Monetary Fund (IMF) thought that the pound should be set at $1.50, and as a result the pound fell to $1.57, and the government decided it had to borrow £2.3 billion from the IMF. In the early 1980's the pound moved above the $2 level as interest rates rose in response to the monetarist policy of targeting money supply and a high exchange rate was widely blamed for the deep recession of 1981. At its lowest, the pound stood at just $1.05 in February 1985, before returning to the US$2 level in the early 1990s. IMF redirects here. ... Monetarism is a set of views concerning the determination of national income and monetary economics. ... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ... In macroeconomics, a Recession is a decline in any countrys Gross Domestic Product (GDP), or negative real economic growth, for two or more successive quarters of a year. ...


Following the Deutsche Mark

In 1988, Margaret Thatcher's Chancellor of the Exchequer Nigel Lawson decided that the pound should "shadow" the West German Deutsche Mark, with the unintended result of a rapid rise in inflation as the economy boomed due to inappropriately low interest rates. (For ideological reasons, the Conservative Government declined to use alternative mechanisms to control the explosion of credit. Former Prime Minister Edward Heath referred to Lawson as a "one club golfer".) Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (née Roberts; born 13 October 1925) served as British Prime Minister from 1979 to 1990 and leader of the Conservative Party from 1975 until 1990, being the first and only woman to hold either post. ... The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. ... Nigel Lawson, Baron Lawson of Blaby, PC (born March 11, 1932), was a British politician, Chancellor of the Exchequer between June 1983 and October 1989. ... West Germany was the informal but almost universally used name for the Federal Republic of Germany from 1949 until 1990, during which years the Federal Republic did not yet include East Germany. ... The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ... Sir Edward Richard George Heath, KG, OBE (9 July 1916 – 17 July 2005) was Prime Minister of the United Kingdom from 1970 to 1974 and leader of the Conservative Party from 1965 to 1975. ...


Following the European currency unit

On 8 October 1990 the Conservative government decided to join the European Exchange Rate Mechanism (ERM), with the pound set at DM2.95. However, the country was forced to withdraw from the system on “Black Wednesday” (16 September 1992) as Britain’s economic performance made the exchange rate unsustainable. Speculator George Soros famously made approximately US$1 billion from shorting the pound. is the 281st day of the year (282nd in leap years) in the Gregorian calendar. ... This article is about the year. ...  Eurozone countries  ERM II countries  other EU countries  unilaterally adopted euro The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for... The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ... In British politics and economics, Black Wednesday refers to 16 September 1992 when the Conservative government was forced to withdraw the Pound from the European Exchange Rate Mechanism (ERM) due to pressure by currency speculators—most notably George Soros who made over US$1 billion from this speculation. ... is the 259th day of the year (260th in leap years) in the Gregorian calendar. ... Year 1992 (MCMXCII) was a leap year starting on Wednesday (link will display full 1992 Gregorian calendar). ... Soros redirects here. ... In finance, short selling or shorting is the practice of selling securities the seller does not then own, in the hope of repurchasing them later at a lower price. ...


Black Wednesday saw interest rates jump from 10% to 15% in an unsuccessful attempt to stop the pound from falling below the ERM limits. The exchange rate fell to DM2.20. Proponents of a lower GBP/DM exchange rate were vindicated as the cheaper pound encouraged exports and contributed to the economic prosperity of the 1990s. Since early 2005, the £/€ rate has returned to an average of about £1.00:€1.46, which is equivalent to DM2.85. The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ...


Following inflation targets

In 1997, the newly-elected Labour government handed over day-to-day control of interest rates to the Bank of England (a policy that had originally been advocated by the Liberal Democrats). The Bank is now responsible for setting its base rate of interest so as to keep inflation in the consumer price index very close to 2%. Should CPI inflation be more than one percentage point above or below the target, the governor of the Bank of England is required to write an open letter to the Chancellor of the Exchequer explaining the reasons for this and the measures which will be taken to bring this measure of inflation back in line with the 2% target. On 17 April 2007, CPI inflation was reported at 3.1% (inflation of the retail price index was 4.8%). Accordingly, and for the first time, the Governor had to write publicly to the government explaining why inflation was more than one percentage point higher than its target.[8] The Labour Party is a political party in the United Kingdom. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... The Liberal Democrats, often shortened to Lib Dems, is a liberal political party in the United Kingdom formed in 1988 by the merger of the Liberal Party and the Social Democratic Party; the two parties had already been in an alliance for seven years prior to this, since not long... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. ... is the 107th day of the year (108th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... In economics, the Consumer Price Index (CPI, also retail price index) is a statistical measure of a weighted average of prices of a specified set of goods and services purchased by wage earners in urban areas. ...


The euro

As a member of the European Union, the United Kingdom has the option of adopting the euro as its currency. However, the subject remains politically controversial, not least since[citation needed] the United Kingdom was forced to withdraw from its precursor, the European Exchange Rate Mechanism (see above), having entered the system at the wrong fixed exchange rate.[citation needed] The Prime Minister, Gordon Brown, when Chancellor of the Exchequer ruled out membership for the foreseeable future, saying that the decision not to join had been right for Britain and for Europe[9]. For other uses, see Euro (disambiguation). ...  Eurozone countries  ERM II countries  other EU countries  unilaterally adopted euro The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for... The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. ...


The government of former Prime Minister Tony Blair had pledged to hold a public referendum for deciding membership should "five economic tests" be met to ensure that adoption of the euro would be in the national interest. In addition to this own internal (national) criteria, the UK has to meet the EU's economic convergence criteria (Maastricht criteria), before being allowed to adopt the euro. Currently, the UK's annual government deficit to the GDP is above the defined threshold. In February 2005, 55% of the UK were against adopting the currency, with 30% in favour.[10] The idea of replacing the pound with the euro has been controversial with the British public because of its identity as a symbol of British sovereignty[11] and because it would, according to some critics[attribution needed], lead to suboptimal interest rates, harming the British economy. The five economic tests are the criteria defined by the United Kingdom Government that are to be used to assess the UKs readiness to join the Eurozone and adopt the euro as its currency. ... This is an article about European Politics, Convergence criteria is also a mathematical term regarding series Convergence criteria, also known as the Maastricht criteria, are the criteria for European Union member states to enter the third stage of European Economic and Monetary Union (EMU) and adopt the euro. ... This article is about budget deficits. ...


The pound did not join the Second European Exchange Rate Mechanism (ERM II) after the euro was created. Denmark and the UK have unique opt-outs from entry to the euro. Technically, every other EU nation must eventually sign up; however, this can be delayed indefinitely (as in the case of Sweden) by refusing to join ERM II.


The Scottish Conservative Party claims that there is an issue in Scotland that the adoption of the euro would mean the end of regionally distinctive banknotes, as the European Central Bank do not permit national or sub-national designs of the banknotes.[12] The Scottish National Party does not see this as a significant issue[citation needed], since an independent Scotland would have nationally distinctive coins, and its party policy includes entry into the single currency. The Scottish Conservative Party (officially the Scottish Conservative and Unionist Party), often referred to as the Scottish Tories (see Tory), is the part of the British Conservative Party that operates in Scotland. ... Headquarters Coordinates , , Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain Currency Euro ISO 4217 Code EUR Reserves €43bn directly, €338bn through the Eurosystem (including gold deposits). ... The Scottish National Party (SNP) (Scottish Gaelic: is a centre-left political party which campaigns for Scottish independence. ... The Scottish National Party (SNP) (Scottish Gaelic: is a centre-left political party which campaigns for Scottish independence. ...


On 1 January 2008 the British sovereign bases on Cyprus (Akrotiri and Dhekelia) began using the euro (along with the rest of the Republic of Cyprus).[13] is the 1st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... Anthem God Save the Queen Akrotiri and Dhekelia (Occupied Areas) Sovereign Base Areas indicated in pink. ...


Current strength

Although the pound and euro are not fixed to one another, there are often long periods where they move together, although since the middle of 2006 this correlation has weakened. Inflation concerns in the UK led the Bank of England to hike interest rates in late 2006 and during 2007, causing sterling to rise to its highest rate against the euro since January 2003. This has had a knock on effect versus other major currencies, and the pound hit a 15-year high against the US dollar on April 18, 2007, having gone through the US$2 level for the first time since 1992 the day before.[14] Since then the pound has continued to strengthen against the dollar, as have many other world currencies, and hit a 26-year high of $2.11610 on November 07, 2007. However, since late 2007 the pound began to weaken considerably against the euro, albeit less sharply then the dollar, falling below the €1.30 border for the first time in March 2008[15]. is the 108th day of the year (109th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... November 7 is the 311th day of the year (312th in leap years) in the Gregorian Calendar, with 54 days remaining. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...


Coins

On April 2, 2008, Britains circulating coinage was given the first major redesign since decimalisation The standard circulating coinage of the United Kingdom is denominated in pounds sterling, and, since the introduction of the two pound coin in 1998, ranges in value from one new penny to two pounds. ...

Pre-decimal

The silver penny was the principal and often sole coin in circulation from the 8th century until 13th century. Although some fractions of the penny were struck (see farthing and halfpenny), it was more common to find pennies cut into halves and quarters to provide smaller change. Very few gold coins were struck, with the gold penny (worth 20 silver pence) a rare example. However, in 1279, the groat, worth 4d was introduced, with the half groat following in 1344. 1344 also saw the establishment of a gold coinage with the introduction (after the failed gold florin) of the noble worth 6/8, together with the half and quarter noble. Reforms in 1464 saw a reduction in value of the coinage in both silver and gold, with the noble renamed the ryal and worth 10/- and the angel introduced at the noble's old value of 6/8. Wren design Farthing from 1948 A farthing (meaning fourth part) was a British coin worth one quarter of a penny. ... This article is about the pre-decimalisation halfpenny coin. ... Until the reign of King Henry III of England (1216–1272), any need in England for coins worth more than one penny (which, at that time, was a silver coin) was met, at least partially, by the use of Byzantine or Arabic gold and silver coins which circulated among merchants... Groat is the traditional name of an English silver coin worth four English pennies, and also a Scottish coin originally worth fourpence, with later issues being valued at eightpence and a shilling. ... The Florin or Double Leopard was an attempt by English king Edward III to produce a gold coinage suitable for use in Europe as well as in England (see also Half Florin or Leopard and Quarter Florin or Helm). ... Edward III: AV noble. ... Henry VIII: angel An Angel is a gold coin, first used in France (where is was also known as an Angelot and an Ange) in 1340, and introduced into England by Edward IV in 1465 as a new issue of the noble and so at first called the angel-noble...


The reign of Henry VII saw the introduction of two important coins, the shilling (known as the testoon) in 1487 and the pound (known as the sovereign) in 1489. In 1526, several new denominations of gold coins were added, including the crown and half crown worth 5/- and 2/6. Henry VIII's reign (1509-1547) saw a high level of debasement which continued into the reign of Edward VI (1547-1553). However, this debasement was halted in 1552 and a new silver coinage was introduced, including coins for 1d, 2d, 3d, 4d and 6d, 1/-, 2/6 and 5/-. The reign of Elizabeth I (1558-1603) saw the addition of silver ¾d and 1½d coins, although these denominations did not last. Gold coins included the half crown, crown, angel, half sovereign and sovereign. Elizabeth's reign also saw the introduction of the horse-drawn screw press to produce the first "milled" coins. The Tudor Rose: a combination of the Red Rose of Lancaster and the White Rose of York Henry VII (January 28, 1457 – April 21, 1509), King of England, Lord of Ireland (August 22, 1485 – April 21, 1509), born Henry Tudor, was the first monarch of the Tudor dynasty. ... This article is about coinage. ... Three Gold Sovereigns with a Krugerrand A Gold Sovereign is a gold coin first issued in 1489 for Henry VII of England and still in production as of 2007. ... Crown reverse, 1953 and 1960. ... Half-Crown coin of Oliver Cromwell, 1658 The half-crown was a denomination of British money worth two shillings and sixpence, being one-eighth of a pound. ... Henry VIII (28 June 1491 – 28 January 1547) was King of England and Lord of Ireland (later King of Ireland) from 22 April 1509 until his death. ... Edward VI King of England and Ireland Edward VI (12 October 1537–6 July 1553) was King of England and King of Ireland from 28 January 1547 until his death. ... The threepence, was a denomination of currency, used by various jurisdictions in England, Ireland, Scotland and Wales, until decimalisation of the pound sterling and Irish pound in 1971. ... Obverses of the 1787 and 1818 sixpence depicting George III. The sixpence, known colloquially as the tanner or half-shilling[1], was a British pre-decimal coin, worth, as the name indicates, six pence. ... Elizabeth I (7 September 1533 – 24 March 1603 ) was Queen of England and Queen of Ireland from 17 November 1558 until her death. ...


Following the succession of the Scottish King James VI to the English throne, a new gold coinage was introduced, including the spur ryal (15/-), the unite (20/-) and the rose ryal (30/-). The laurel, worth 20/-, followed in 1619. The first base metal coins were also introduced, tin and copper farthings. Copper halfpenny coins followed in the reign of Charles I During the English Civil War, a number of siege coinages were produced, often in unusual denominations. James VI and I King of England, Scotland and Ireland James VI of Scotland and I of England (Charles James) (19 June 1566–27 March 1625) was a King who ruled over England, Scotland and Ireland, and was the first Sovereign to reign in the three realms simultaneously. ... The Spur Ryal was an extremely rare English gold coin issued in the reign of King James I. The coin is a development of the earlier Rose Noble, or Ryal which was worth ten shillings when issued by Kings Edward IV and Henry VII, and fifteen shillings when issued by... The Unite was the second English gold coin with a value of twenty shillings or one pound produced during the reign of King James I. It was named after the legends on the coin indicating the kings intention of uniting his two kingdoms of England and Scotland. ... The Laurel was the third English gold coin with a value of twenty shillings or one pound produced during the reign of King James I. It was named after the laurel that the king is portrayed as wearing on his head, but it is considerably poorer in both quality and... This article is about the metallic chemical element. ... For other uses, see Copper (disambiguation). ... Wren design Farthing from 1948 A farthing (meaning fourth part) was a British coin worth one quarter of a penny. ... This article is about the pre-decimalisation halfpenny coin. ... The name Charles I is used to refer to numerous persons in history: Kings: Charles I of England, Scotland, and Ireland Charles I of France (also known as Charles the Bald) Charles I of Spain (also known as Charles V of the German Empire) Charles I of Romania Charles I... For other uses, see English Civil War (disambiguation). ...


Following the restoration of the monarchy in 1660, the coinage was reformed, with the ending of production of hammered coins in 1662. The guinea was introduced in 1663, soon followed by the ½, 2 and 5 guinea coins. The silver coinage consisted of denominations of 1d, 2d, 3d, 4d and 6d, 1/-, 2/6 and 5/-. Due to the widespread export of silver in the 18th century, the production of silver coins gradually came to a halt, with the half crown and crown not issued after the 1750s, the 6d pence and 1/- stopping production in the 1780s. One response was the introduction of the copper 1d and 2d coins and the gold ⅓ guinea (7/-) in 1797. The copper penny was the only one of these coins to survive long.


To alleviate the shortage of silver coins, between 1797 and 1804, the Bank of England counterstamped Spanish dollars (8 reales) and other Spanish and Spanish colonial coins for circulation. A small counterstamp of the King's head was used. Until 1800, these circulated at a rate of 4/9 for 8 reales. After 1800, a rate of 5/- for 8 reales was used. The Bank then issued silver tokens for 5/- (struck over Spanish dollars) in 1804, followed by tokens for 1/6 and 3/- between 1811 and 1816. The Spanish dollar or peso (literally, weight) is a silver coin that was minted in the Spanish Empire after a Spanish currency reform in 1497. ... The real was the currency of Spains colonies in the Americas. ...


In 1816, a new silver coinage was introduced in denominations of 6d, 1/-, 2/6 and 5/-. The crown was only issued intermittently until 1900. It was followed by a new gold coinage in 1817 consisting of 10/- and £1 coins, known as the half sovereign and sovereign. The silver 4d coin was reintroduced in 1836, followed by the 3d in 1838, with the 4d coin issued only for colonial use after 1855. In 1848, the 2/- florin was introduced, followed by the short-lived double florin in 1887. In 1860, copper was replaced by bronze in the farthing, halfpenny and penny. Three Gold Sovereigns with a Krugerrand A Gold Sovereign is a gold coin first issued in 1489 for Henry VII of England and still in production as of 2007. ... The nineteenth and twentieth century Florin or Two Shillings coin should not be confused with the medieval gold Florin, which was worth six shillings. ... The Double Florin (4/-) was one of the shortest-lived British coin denominations ever, only being produced between 1887 and 1890. ...


During the First World War, production of the half sovereign and sovereign was suspended and, although the gold standard was restored, the coins saw little circulation again. In 1920, the silver standard, maintained at .925 since 1552, was reduced to .500. In 1937, a nickel-brass 3d coin was introduced, with the last silver 3d coins issued seven years later. In 1947, the remaining silver coins were replaced with cupro-nickel. Inflation caused the farthing to cease production in 1956 and be demonetized in 1960. In the run up to decimalization, the halfpenny and half-crown were demonetized in 1969. Ypres, 1917, in the vicinity of the Battle of Passchendaele. ... Cupronickel is an alloy of copper, nickel and stengthening impurities. ...


Decimal

£1 coin (Welsh design, 2000)
Queen Elizabeth II Welsh dragon

The first decimal coins were introduced in 1968. These were cupro-nickel 5p and 10p coins which were equivalent to and circulated alongside the 1/- and 2/- coins. The curved equilateral heptagonal, cupro-nickel 50p coin replaced the 10/- note in 1969. The decimal coinage was completed when decimalisation came into effect in 1971 with the introduction of the bronze ½p, 1p and 2p coins and the withdrawal of the 1d and 3d coins. 6d coins circulated at a value of 2½p until 1980. In 1982, the word "new" was dropped from the coinage and a 20p coin was introduced, followed by a £1 coin in 1983. The ½p coin was last produced in 1983 and demonetized in 1984. The 1990s saw the replacement of bronze with copper-plated steel and the reduction in size of the 5p, 10p and 50p coins. The old 1/- coins, which had continued to circulate with a value of 5p, were demonetized in 1991 following the reduction in size of the 5p coin, and 2/- coins were similarly demonetized in 1993. The bi-metallic British two pound coin#The modern circulating coin (1997–present 2£ coin) was introduced in 1998. This article discusses the British One Pound circulating coin issued since 1983, only. ... This article is about the country. ... 1 pound 2000 front File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... 1 pound 2000 back File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Elizabeth II (Elizabeth Alexandra Mary Windsor; born 21 April 1926) is Queen of sixteen sovereign states, holding each crown and title equally. ... The flag of Wales is The Red Dragon (Welsh: Y Ddraig Goch). ... On April 2, 2008, Britains circulating coinage was given the first major redesign since decimalisation The standard circulating coinage of the United Kingdom is denominated in pounds sterling, and, since the introduction of the two pound coin in 1998, ranges in value from one new penny to two pounds. ... Cupronickel is an alloy of copper, nickel and stengthening impurities. ... In geometry, a heptagon is a polygon with seven sides and seven angles. ... Cupronickel is an alloy of copper, nickel and stengthening impurities. ... This article is about the metal alloy. ... For other uses, see Steel (disambiguation). ... The 1 euro coin is bi-metallic, it is made of two different alloys: the inner part of cupronickel, the outer part of nickel brass Bi-metallic coins are coins consisting of more than one metal or alloy, generally arranged with an outer ring around a contrasting center. ... // Obverse of the commemorative £2 coin The British commemorative two pound (£2) coin was minted from the same composition as the £1 coin, i. ...


At present, the oldest circulating coins in the U.K. are the 1p and 2p copper coins introduced in 1971. Before decimalisation, change could contain coins aged one hundred years or more, with any of five different monarchs' heads on the obverse.


In April 2008 an extensive redesign of the coinage was unveiled, to be issued in summer 2008. The new reverses of the 1p, 2p, 5p, 10p, 20p and 50p coins feature parts of the Royal Shield, and the new pound coin depicts the whole shield. The Royal Arms as used in England, Wales and Northern Ireland The Royal Coat of Arms of the United Kingdom is the official coat of arms of the British monarch, currently Queen Elizabeth II. These arms are used by the Queen in her official capacity as monarch, and are officially...


Banknotes

£10 Series E Bank of England note.

The first sterling notes were issued by the Bank of England shortly after its foundation in 1694. Denominations were initially written on the notes at the time of issue. From 1745, the notes were printed in denominations between £20 and £1000, with any odd shillings added in hand. £10 notes were added in 1759, followed by £5 in 1793 and £1 and £2 in 1797. The lowest two denominations were withdrawn following the end of the Napoleonic wars. In 1855, the notes were converted to being entirely printed, with denominations of £5, £10, £20, £50, £100, £200, £300, £500 and £1000 issued. Sterling banknotes are the banknotes of the United Kingdom and British Islands, denominated in pounds sterling (GBP). ... Image File history File links Permission granted by Bank of England for display on Wikipedia for a period of 12 months, ending 29 July 2006. ... Image File history File links Permission granted by Bank of England for display on Wikipedia for a period of 12 months, ending 29 July 2006. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... Combatants Austria[a] Portugal Prussia[a] Russia[b] Sicily[c] Sardinia  Spain[d]  Sweden[e] United Kingdom French Empire Holland[f] Italy Etruria[g] Naples[h] Duchy of Warsaw[i] Confederation of the Rhine[j] Bavaria Saxony Westphalia Württemberg Denmark-Norway[k] Commanders Archduke Charles Prince Schwarzenberg Karl Mack...


The Bank of Scotland began issuing notes in 1695. Although the pound scots was still the currency of Scotland, these notes were denominated in sterling in values up to £100. From 1727, the Royal Bank of Scotland also issued notes. Both banks issued some notes denominated in guineas as well as pounds. In the 19th century, regulations limited the smallest note issued by Scottish banks to be the £1 denomination, a note not permitted in England.-1... Pound Scots was the national unit of currency in the Kingdom of Scotland before the country entered into a political and currency union with England in 1707. ... The Royal Bank of Scotland Plc (Scottish Gaelic: [1]) is one of the retail banking subsidiaries of Royal Bank of Scotland Group plc, which together with NatWest, provides branch banking facilities in the United Kingdom. ...


With the extension of sterling to Ireland in 1825, the Bank of Ireland began issuing sterling notes, later followed by other Irish banks. These notes included the unusual denominations of 30/- and £3. The highest denomination issued by the Irish banks was £100. My wife and I went to visit our daughter in the UK. I used my Ulster Bank credit card and wasnt charged any extra fees. ...


In 1826, banks at least 65 miles (105 km) from London were given permission to issue their own paper money. From 1844, new banks were excluded from issuing notes in England and Wales but not in Scotland and Ireland. Consequently, the number of private banknotes dwindled in England and Wales but proliferated in Scotland and Ireland. The last English private banknotes were issued in 1921.


In 1914, the Treasury introduced notes for 10/- and £1 to replace gold coins. These circulated until 1928, when they were replaced by Bank of England notes. Irish independence reduced the number of Irish banks issuing sterling notes to five operating in Northern Ireland. The Second World War had a drastic effect on the note production of the Bank of England. Fearful of mass forgery by the Nazis (see Operation Bernhard), all notes for £10 and above ceased production, leaving the bank to issue only 10/-, £1 and £5 notes. Scottish and Northern Irish issues were unaffected, with issues in denominations of £1, £5, £10, £20, £50 and £100. The new eastern entrance to HM Treasury HM Treasury, in full Her Majestys Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the UK Governments financial and economic policy. ... Northern Ireland (Irish: , Ulster Scots: Norlin Airlann) is a constituent country of the United Kingdom lying in the northeast of the island of Ireland, covering 5,459 square miles (14,139 km², about a sixth of the islands total area). ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km into the air. ... National Socialism redirects here. ... Operation Bernhard was the name of a secret German plan devised during the Second World War to destabilise the British economy by flooding the country with forged Bank of England £5, £10, £20, and £50 notes. ...


The Bank of England reintroduced £10 notes in 1964. In 1969, the 10/-note was replaced by the 50p coin as part of the preparation for decimalization. £20 Bank of England notes were reintroduced in 1970, followed by £50 in 1982. Following the introduction of the £1 coin in 1983, Bank of England £1 notes were withdrawn in 1988. Scottish and Northern Irish banks followed, with only the Royal Bank of Scotland continuing to issue this denomination.


Legal tender and regional issues

See also: Banknotes of the pound sterling

Legal tender in the UK means (according to the Royal Mint) "that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded." Sterling banknotes are the banknotes of the United Kingdom and British Islands, denominated in pounds sterling (GBP). ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ...


Throughout the U.K., £1 and £2 coins are legal tender for any amount, with the other coins being legal tender only for limited amounts. In England and Wales, Bank of England notes are also legal tender for any amount. In Scotland and Northern Ireland, no banknotes are currently legal tender, although Bank of England 10/- and £1 notes were legal tender, as were Scottish banknotes during World War II (Currency (Defence) Act 1939; this status was withdrawn on January 1, 1946). However, the banks have made deposits with the Bank of England to cover the bulk of their note issues. In the Channel Islands and Isle of Man, the local variations on the banknotes are legal tender in their respective jurisdictions. Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... This article is about the country. ... Northern Ireland (Irish: , Ulster Scots: Norlin Airlann) is a constituent country of the United Kingdom lying in the northeast of the island of Ireland, covering 5,459 square miles (14,139 km², about a sixth of the islands total area). ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... is the 1st day of the year in the Gregorian calendar. ... Year 1946 (MCMXLVI) was a common year starting on Tuesday (link will display full 1946 calendar) of the Gregorian calendar. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ...


Scottish, Northern Irish, Channel Islands and Manx notes are sometimes rejected by shops when used in England. British shopkeepers can choose to reject any payment, even if it would be legal tender in that jurisdiction, because no debt exists when the offer of payment is made at the same time as the offer of goods or services. When settling a restaurant bill after consuming the meal, or other debt the laws of legal tender do apply, but usually any reasonable method of settling the debt (such as credit card or cheque) will be accepted.


Commemorative £5 and 25p ("crown") coins, rarely seen in circulation, are legal tender, as are the bullion coins issued by the Mint. The commemorative Five Pounds (£5) coin is minted in cupro-nickel, an alloy of approximately 75% copper, and 25% nickel, although special versions are also minted in silver and/or gold. ... The commemorative British decimal Twenty-Five Pence (25p) coin was issued in four designs between 1972 and 1981. ...

Coin Maximum usable as legal tender[16]
£5 (post-1990 crown) unlimited
£2 unlimited
£1 unlimited
50p £10
25p (pre-1990 crown) £10
20p £10
10p £5
5p £5
2p 20p
1p 20p

On the value of British money

In 2006 the House of Commons Library published a document[17] which included an index of the value of the pound for each year between 1750 and 2005, where the value in 1974 was indexed at 100. (This was an update of earlier documents published in 1998 and 2003.) The House of Commons Library is the library and information resource of the lower house of the British Parliament. ...


Regarding the period 1750–1914 the document states: "Although there was considerable year on year fluctuation in price levels prior to 1914 (reflecting the quality of the harvest, wars, etc.) there was not the long-term steady increase in prices associated with the period since 1945". It goes on to say that "Since 1945 prices have risen in every year with an aggregate rise of over 27 times."


The value of the index in 1750 was 5.1, increasing to a peak of 16.3 in 1813 before declining very soon after the end of the Napoleonic Wars to around 10.0 and remaining in the range 8.5–10.0 at the end of the nineteenth century. The index was 9.8 in 1914 and peaked at 25.3 in 1920, before declining to 15.8 in 1933 and 1934—prices were only about three times as high as they had been 180 years earlier. Combatants Austria[a] Portugal Prussia[a] Russia[b] Sicily[c] Sardinia  Spain[d]  Sweden[e] United Kingdom French Empire Holland[f] Italy Etruria[g] Naples[h] Duchy of Warsaw[i] Confederation of the Rhine[j] Bavaria Saxony Westphalia Württemberg Denmark-Norway[k] Commanders Archduke Charles Prince Schwarzenberg Karl Mack...


Inflation had a dramatic effect during and after World War II—the index was 20.2 in 1940, 33.0 in 1950, 49.1 in 1960, 73.1 in 1970, 263.7 in 1980, 497.5 in 1990, 671.8 in 2000 and 757.3 in 2005. Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000...


Value against other currencies

The pound is freely bought and sold on the foreign exchange markets around the world, and its value relative to other currencies therefore fluctuates (rising when traders buy pounds, falling when traders sell pounds). It has traditionally been among the highest-valued base currency unit in the world. On April 9, 2008, £1 was worth US$1.98 or 1.25. The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. ... The highest valued currency unit is the currency in which a single unit buys the highest number of any given other currency or the largest amount of a given good. ... is the 99th day of the year (100th in leap years) in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance to the Gregorian calendar. ... USD redirects here. ... For other uses, see Euro (disambiguation). ...

The United Kingdom has the fifth largest gross domestic product in the world in terms of market exchange rates and the sixth largest by purchasing power parity (PPP). ...

The pound as a major international reserve currency

Sterling is used as a reserve currency around the world and is presently ranked third in amount held as reserves. The percentage which pounds make up of total reserves has increased over recent years, due in part to the stability of the British economy and government, gradual increase in value against many currencies and relatively high interest rates compared to other major currencies such as the dollar, euro and yen. Percentage of global currencies A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. ...

Currency composition of official foreign exchange reserves
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07
US dollar 59.0% 62.1% 65.2% 69.3% 70.9% 70.5% 70.7% 66.5% 65.8% 65.9% 66.4% 65.7% 63.3%
Euro 17.9% 18.8% 19.8% 24.2% 25.3% 24.9% 24.3% 25.2% 26.5%
German mark 15.8% 14.7% 14.5% 13.8%
Pound sterling 2.1% 2.7% 2.6% 2.7% 2.9% 2.8% 2.7% 2.9% 2.6% 3.3% 3.6% 4.2% 4.7%
Japanese yen 6.8% 6.7% 5.8% 6.2% 6.4% 6.3% 5.2% 4.5% 4.1% 3.9% 3.7% 3.2% 2.9%
French franc 2.4% 1.8% 1.4% 1.6%
Swiss franc 0.3% 0.2% 0.4% 0.3% 0.2% 0.3% 0.3% 0.4% 0.2% 0.2% 0.1% 0.2% 0.2%
Other 13.6% 11.7% 10.2% 6.1% 1.6% 1.4% 1.2% 1.4% 1.9% 1.8% 1.9% 1.5% 1.8%
Sources: 1995-1999, 2006-2007 IMF: Currency Composition of Official Foreign Exchange ReservesPDF (80 KB)
Sources: 1999-2005, ECB: The Accumulation of Foreign ReservesPDF (816 KB)           v  d  e       
Current GBP exchange rates
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For exchange rate trends since 1990, see Economy of the United Kingdom#Exchange rates. Percentage of global currencies A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. ... USD redirects here. ... For other uses, see Euro (disambiguation). ... The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ... ISO 4217 Code JPY User(s) Japan Inflation -0. ... ISO 4217 Code FRF User(s) Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 6. ... ISO 4217 Code CHF User(s) Switzerland, Liechtenstein, Campione dItalia Inflation 1. ... A list of all currencies, current and historic. ... IMF redirects here. ... “PDF” redirects here. ... Headquarters Coordinates , , Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain Currency Euro ISO 4217 Code EUR Reserves €43bn directly, €338bn through the Eurosystem (including gold deposits). ... “PDF” redirects here. ... The United Kingdom has the fifth largest gross domestic product in the world in terms of market exchange rates and the sixth largest by purchasing power parity (PPP). ...


See also

This is a history of the economy of Britain. ... Exchange rate data in US Dollars since 1969 (Source Data: Reserve Bank of Australia www. ...

References

  1. ^ Foreign and Commonwealth Office country profiles: South Georgia and the South Sandwich Islands
  2. ^ Foreign and Commonwealth Office country profiles: British Antarctic Territory
  3. ^ Foreign and Commonwealth Office country profiles: British Indian Ocean Territory
  4. ^ Pan, Aaron. "Pound set for biggest annual gain since 1990", International Herald Tribune, 2006-12-28. Retrieved on 2007-02-27. 
  5. ^ Triennial Central Bank Survey (April 2007), Bank for International Settlements.
  6. ^ http://www.gold.org/value/reserve_asset/history/monetary_history/vol2/1868feb18.html
  7. ^ The Board of Trade Journal, January 7, 1932
  8. ^ BBC NEWS | Business | Rate hike fear as inflation jumps
  9. ^ Puritanism comes too naturally for 'Huck' Brown - Times Online
  10. ^ EMU Entry And EU Constitution. MORI (2005-02-28).
  11. ^ Should Britain join the euro? - Telegraph
  12. ^ BBC News | SCOTLAND | Protesters pursue Hague
  13. ^ Euro reaches field that is for ever England - The Times
  14. ^ BBC NEWS | Business | Pound reaches 26-year dollar high
  15. ^ ECB ratings: Pound sterling in euros
  16. ^ "British Royal Mint - Frequently Asked Questions". Retrieved on 2007-01-23.
  17. ^ http://www.parliament.uk/commons/lib/research/rp2006/rp06-009.pdfPDF (250 KiB)
  • Bank of England Banknotes FAQ. Retrieved on 2006-05-07.
  • The Perspective of the World, Vol III of Civilization and Capitalism, Fernand Braudel, 1984 ISBN 1-84212-289-4 (in French 1979).
  • A Retrospective on the Bretton Woods System : Lessons for International Monetary Reform (National Bureau of Economic Research Project Report) By Barry Eichengreen (Editor), Michael D. Bordo (Editor) Published by University of Chicago Press (1993) ISBN 0-226-06587-1
  • The political pound: British investment overseas and exchange controls past-- and future? By John Brennan Published By Henderson Administration (1983) ISBN 0-9508735-0-0
  • Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz Published by Princeton University Press (1971) ISBN 0-691-00354-8
  • The international role of the pound sterling: Its benefits and costs to the United Kingdom By John Kevin Green
  • The Financial System in Nineteenth-Century Britain (The Victorian Archives Series, By Mary Poovey Published by Oxford University Press (2002) ISBN 0-19-515057-0
  • Rethinking our Centralized Monetary System: The Case for a System of Local Currencies By Lewis D. Solomon Published by Praeger Publishers (1996) ISBN 0-275-95376-9
  • Politics and the Pound: The Conservatives' Struggle With Sterling by Philip Stephens Trans-Atlantic Publications (1995) ISBN 0-333-63296-6
  • The European Monetary System: Developments and Perspectives (Occasional Paper, No. 73) by Horst Ungerer, Jouko J. Hauvonen Published by International Monetary Fund (1990) ISBN 1-55775-172-2
  • The floating pound sterling of the nineteen-thirties: An exploratory study By J. K Whitaker Dept. of the Treasury (1986)
  • World Currency Monitor Annual, 1976-1989: Pound Sterling : The Value of the British Pound Sterling in Foreign Terms Published by Mecklermedia (1990) ISBN 0-88736-543-4
  • Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1. 
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9. 
  • Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues, Colin R. Bruce II and Neil Shafer (editors), 6th ed., Krause Publications. ISBN 0-87341-149-8. 

The International Herald Tribune is a widely read English language international newspaper. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 362nd day of the year (363rd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 58th day of the year in the Gregorian calendar. ... is the 7th day of the year in the Gregorian calendar. ... Year 1932 (MCMXXXII) was a leap year starting on Friday (the link will display full 1932 calendar) of the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 59th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 23rd day of the year in the Gregorian calendar. ... “PDF” redirects here. ... A kibibyte (a contraction of kilo binary byte) is a unit of information or computer storage, commonly abbreviated KiB (never kiB). 1 kibibyte = 210 bytes = 1,024 bytes The kibibyte is closely related to the kilobyte, which can be used either as a synonym for kibibyte or to refer to... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 127th day of the year (128th in leap years) in the Gregorian calendar. ... Fernand Braudel (August 24, 1902–November 27, 1985) was a French historian. ... The Standard Catalog of World Coins is a series of numismatic catalogues that is commonly known as the Krause catalogues in the numismatic trade. ... The Standard Catalog of World Paper Money is a very well-known catalogue of banknotes that is published by Krause Publications in three volumes. ... The Standard Catalog of World Paper Money is a very well-known catalogue of banknotes that is published by Krause Publications in three volumes. ...

External links

  • Don's World Coin Gallery - Great Britain
  • The Global History of Currencies - United Kingdom
  • Global Financial Data currency histories table ( Microsoft Excel format)
  • (German) Chart: British Pound in Dollar
  • (German) Chart: British Pound in Euro
  • A history of sterling Daily Telegraph
  • Purchasing Power of British Pounds from 1264 to 2005
  • Five Ways to Compute the Relative Value of a UK Pound Amount, 1830 - 2005
  • The Royal Mint: New 2008 Redesign Revealed

Image File history File links No higher resolution available. ...

Online currency tools

There are two tools at the MeasuringWorth website that can give an idea of the value of the pound through the ages. One tool uses the Retail Price Index covering the years 1264-2005 [1]. Another more extensive tool covering the years 1830-2005 is available using five comparative methods, Retail Price Index, GDP deflator, Average earnings, Per Capita GDP, and GDP [2]. In economics, the GDP deflator (implicit price deflator for GDP) is a measure of the change in prices of all new, domestically produced, final goods and services in an economy. ... GDP is an acronym which can stand for more than one thing: (in economics) an abbreviation for Gross Domestic Product. ...

Sterling banknotes are the banknotes of the United Kingdom and British Islands, denominated in pounds sterling (GBP). ... Image File history File links Size of this preview: 800 × 443 pixelsFull resolution (1500 × 830 pixel, file size: 724 KB, MIME type: image/png) File historyClick on a date/time to view the file as it appeared at that time. ... It has been suggested that this article or section be merged into Banknotes of the pound sterling. ... This article is about the country. ... -1... The Royal Bank of Scotland (LSE: RBS)is one of Scotlands four national clearing banks and one of the oldest in the UK, founded in Edinburgh in 1727 by Royal Charter. ... The Clydesdale Bank PLC (Scottish Gaelic: ) is a commercial bank in the United Kingdom, a subsidiary of the nab Group. ... Banknotes have been issued for use specifically in Northern Ireland since 1929. ... My wife and I went to visit our daughter in the UK. I used my Ulster Bank credit card and wasnt charged any extra fees. ... of Britains Best Business Bank from the Forum of Private Business, being ranked top for customer service and maintaining its lead over other major banks. ... Northern Bank, is a commercial bank in Northern Ireland. ... Ulster Bank (Irish: Banc Uladh[1]) is a large commercial bank, one of the Big Four in both the Northern Ireland and the Republic of Ireland. ... Crown dependencies are possessions of the British Crown, as opposed to overseas territories or colonies. ... The Guernsey pound (currency code GGP) is the currency used in Guernsey. ... ISO 4217 Code none User(s) Jersey Inflation 5. ... The pound is the currency of the Isle of Man. ... Location of the British Overseas Territories The British Overseas Territories are fourteen[1] territories which the United Kingdom considers to be under its sovereignty, but not as part of the United Kingdom itself. ... ISO 4217 code: GIP Symbol: £ 1/100th unit: penny Introduced in: 1927 Exchange Rates May 2006 USD exchange: 0. ... ISO 4217 Code FKP User(s) Falkland Islands, South Georgia and the South Sandwich Islands Inflation 3. ... Front and back of a St Helena £5 note. ... On April 2, 2008, Britains circulating coinage was given the first major redesign since decimalisation The standard circulating coinage of the United Kingdom is denominated in pounds sterling, and, since the introduction of the two pound coin in 1998, ranges in value from one new penny to two pounds. ... The United Kingdom has the fifth largest gross domestic product in the world in terms of market exchange rates and the sixth largest by purchasing power parity (PPP). ... The sterling area or sterling zone refers to a group of countries, often dominions and colonies of the former British Empire (and Commonwealth), which either use the pound sterling as their currency, or peg their respective currencies to the British pound. ... On April 2, 2008, Britains circulating coinage was given the first major redesign since decimalisation The standard circulating coinage of the United Kingdom is denominated in pounds sterling, and, since the introduction of the two pound coin in 1998, ranges in value from one new penny to two pounds. ... For the pre-decimal British one penny coin, see British One Penny coin (pre-decimal). ... 1971 coin featuring portrait by Arnold Machin 1997 coin featuring portrait by Raphael Maklouf 2000 coin featuring portrait by Ian Rank-Broadley The British decimal Two Pence (2p) coin was issued by the Royal Mint on 15 February 1971, the day the British currency was decimalised. ... The British decimal Five Pence (5p) coin was issued in 1968 in preparation for the forthcoming decimalisation of the coinage. ... The British decimal Ten Pence (10p) coin was issued in 1968 in preparation for the forthcoming decimalisation of the coinage. ... The British decimal Twenty Pence (20p) coin was issued in June 1982 to fill in the obvious gap between the Ten Pence and Fifty Pence coins; it rapidly gained acceptance and very large numbers now circulate [1]. The coin is minted from an alloy of 84% copper and 16% nickel... The British decimal fifty pence (50p) coin – often pronounced fifty pee – was issued on October 14, 1969 in the run-up to decimalisation to replace the ten shilling note. ... The circulating British one pound (£1) coin is minted from a nickel-brass alloy of approximately 70% copper, 24. ... // Obverse of the commemorative £2 coin The British commemorative two pound (£2) coin was minted from the same composition as the £1 coin, i. ... The commemorative British decimal Twenty-Five Pence (25p) coin was issued in four designs between 1972 and 1981. ... The commemorative Five Pounds (£5) coin is minted in cupro-nickel, an alloy of approximately 75% copper, and 25% nickel, although special versions are also minted in silver and/or gold. ... Maundy Money is a special British coinage given to deserving poor people in a religious ceremony performed by Anglicans on Maundy Thursday, the Thursday before Easter. ... 1915 half sovereign: reverse The half sovereign was first introduced in 1544 under Henry VIII. It was a gold coin valued at ten shillings. ... Three Gold Sovereigns with a Krugerrand A Gold Sovereign is a gold coin first issued in 1489 for Henry VII of England and still in production as of 2007. ... Britannia Gold Bullion coin, 1988 The Britannia is a British gold bullion coin issued since 1987, weighing one troy ounce and with a face value of 100 Pounds. ... The British decimal half penny (½p) – (pronounced as HAYP-nee, IPA: ) and also written halfpenny or hapenny – was first issued on 15 February 1971, the day the British currency was decimalised. ... Wren design Farthing from 1948 A farthing (meaning fourth part) was a British coin worth one quarter of a penny. ... This article is about the pre-decimalisation halfpenny coin. ... For silver pennies produced after 1820 see Maundy money. ... The threepence, was a denomination of currency, used by various jurisdictions in England, Ireland, Scotland and Wales, until decimalisation of the pound sterling and Irish pound in 1971. ... Obverses of the 1787 and 1818 sixpence depicting George III. The sixpence, known colloquially as the tanner or half-shilling[1], was a British pre-decimal coin, worth, as the name indicates, six pence. ... The nineteenth and twentieth century Florin or Two Shillings coin should not be confused with the medieval gold Florin, which was worth six shillings. ... Half-Crown coin of Oliver Cromwell, 1658 The half-crown was a denomination of British money worth two shillings and sixpence, being one-eighth of a pound. ... Crown reverse, 1953 and 1960. ... On April 2, 2008, Britains circulating coinage was given the first major redesign since decimalisation The standard circulating coinage of the United Kingdom is denominated in pounds sterling, and, since the introduction of the two pound coin in 1998, ranges in value from one new penny to two pounds. ... // List of British bank notes and coins, with commonly used terms. ... The first coins in Scotland appear to have been introduced by the Romans, but it was at least the 19th century before a currency economy took hold of most of the country (the Highland Clearances have been part explained by the transition from barter to a cash economy). ... The coinage of Ireland cover coins issued under a variety of local and national rulers, the Kingdom of Ireland, and the early years of Irelands membership of the United Kingdom, as well as those issued by the foreunner of the Republic of Ireland since 1928, the Irish Free State. ...

  Results from FactBites:
 
Calculator for Pound Sterling (GBP) Currency Exchange Rate Conversion (1312 words)
Pound Sterling is the currency in Channel Islands (Aldernay, Guernsey, Jersey, Sark), Isle of Man, and United Kingdom (England, Great Britain, Northern Ireland, Scotland, Wales, UK, GB, GBR).
Pound Sterling is also known as the British Pound, the United Kingdom Pound, UKP, STG, the English Pound, British Pound Sterling, BPS, and Sterlings.
It would be helpful if one could also obtain historical values, e.g., the average value of the pound sterling in dollars for each year from 1950 to 2006.
pound - Definitions from Dictionary.com (1665 words)
A British unit of force equal to the weight of a standard one-pound mass where the local acceleration of gravity is 9.817 meters (32.174 feet) per second per second.
the act of pounding (delivering repeated heavy blows); "the sudden hammer of fists caught him off guard"; "the pounding of feet on the hallway" [syn: hammer]
Example: He pounded at the door; The children were pounding on the piano.
  More results at FactBites »

 
 

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