British Pound (GBP)

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The British Pound is the official currency of the United Kingdom, and is represented by the ‘£’ symbol. Also called ‘British Pound Sterling’ (a nod to the currency’s long history) the GBP is the world’s oldest currency still in use.

The British Pound GBP

Key characteristics of the British Pound

ISO currency code	GBP
Common names	Pound, Pound Sterling, Quid
Symbol	£
Minor unit	Penny (p)
Coin denominations	1p, 2p, 5p, 10p, 20p, 50p, £1, £2
Bank note denominations	£5, £10, £20, £50
Central Bank	Bank of England

A brief history of the British Pound

Did you know: the British Pound dates back to the Roman Empire, which once colonised much of the England? The pound was in use as long ago as 775 CE; and one GBP was equivalent to one pound (‘libra’ in Latin) of silver coins – which explains ‘pound sterling’. However, it was only when King Athelstan was crowned first king of England, in 928 CE, that the pound officially became the UK’s currency.

Many renowned individuals have played an important part in the history of the pound. Including the champion of gravity: Sir Isaac Newton, who became Master of the Mint in the early 18^th century. Newton was responsible for changing the pound from a silver to gold-backed currency.

3 fun facts about the British Pound

#1 The weight of pennies all adds up…

Two one-pence coins weigh the same as a single two-pence coin – the same can be said for all other relative denominations. This is in keeping with the pound’s origins as a weight-based currency – but it’s also a clever anti-counterfeit measure.

#2 Each new monarch faces a different way…

Every time the UK has a new ruler, the new monarch is featured on GBP coins. And each new monarch faces in a new direction. Today, Charles III looks left, while his mother Queen Elizabeth II looked to the right.

#3 Original notes were handwritten…

Printed GBP notes only appeared between 1696-1699. Before then, notes were written on paper – and today, the notes are printed on a polymer-mix.

Which countries use the British Pound?

The Pound is legal tender in these countries: the UK, South Georgia, South Sandwich Islands.

However, a number of other global currencies tie their exchange rate to the British pound, these are: Gibraltar, Guernsey, Isle of Man, and Guernsey.