Currency in England,Wales - Understanding the British Pound Money

The UK’s Bank of England. British Pound includes such as Quid, Nicker, Cable, Sterling.

Importance of the British Pound

The British Pound is the oldest currency still in use today, as well as one of the most commonly converted currencies. The Falkland Islands, Gibraltar, and Saint Helena are all pegged at par to the GBP.

British Pound Notes and the Gold Standard

The first paper notes were introduced in 1694. The Bank of England, one of the first central banks in the world, was established a year later, in 1695. All Sterling notes were handwritten until 1855 when the bank began to print whole notes. In the early 20th century, more countries began to tie their currencies to gold. The strength of the Sterling that came with the gold standard led to a period of major economic growth in Britain until 1914.

The British Pound and the Sterling Area

The British Pound was not only used in Great Britain but also circulated through the colonies of the British Empire. However, as the British economy started to decline the US Dollar grew in dominance. In 1940, the Pound was pegged to the US Dollar at a rate of 1 Pound to $4.03 US Dollars and many other countries followed, by pegging their respective currencies. In 1949, the Pound was devalued by 30% and a second devaluation followed in 1967.

Currency Facts GBP Stats Name: British Pound Symbol: £ Penny: p Minor Unit : 1/100 = penny Central Bank Rate: 0.50 Top GBP Conversion : GBP/EUR Top GBP Chart : GBP/EUR Chart GBP Profile Inflation : 0.50% Nicknames: Pound Sterling, Sterling, Quid, Nicker Coins: Freq Used: £1, £2, 1p, 2p, 5p, 10p, 20p, 50p Rarely Used: £100 Banknotes : Freq Used: £5, £10, £20, £50 Rarely Used: £100 Central Bank : Bank of England Website: http://www.bankofengland.co.uk Users: United Kingdom (UK), England, Northern Ireland.

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