Whose currency is the pound? UK currency

GBP(sign: £; code: GBR) is the monetary unit of the United Kingdom of Great Britain and Northern Ireland. One pound sterling is equal to 100 pennies.

Circulation area of ​​the Pound Sterling:

United Kingdom of Great Britain and Northern Ireland (comprising England, Scotland, Wales and Northern Ireland), Isle of Man as its national currency; as parallel currency the crown lands of Guernsey, Jersey and Saint Helena, Ascension and Tristan da Cunha; as legal tender in British overseas territories: Falkland Islands, Gibraltar.

Pound sterling rates:

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History of the Pound Sterling.

The pound sterling is one of the oldest, as well as one of the most expensive and stable currencies in the world.

One of the versions of the origin of the name of the currency - the name “pound sterling” appeared in the 12th century and originally meant literally “a pound of pure silver”, consisting of 240 silver coins, the total weight of which was 1 pound. It was also convenient to use this measure as a way to check the weight of coins - if the weight of 240 silver coins was not equal to 1 pound, then the coins could be counterfeit.

The first sterling coins were minted in Britain in 1066. Almost a century later, in 1158, King Henry II appointed sterling as the official English currency.

In 1694, the Bank of England began issuing paper pound notes.

In February 1971, the exchange part of the pound was brought to the decimal system. In connection with this, bronze coins were minted in 1/2, 1 and 2 pence. In April 2008, the production of new style coins began.

For some coin denominations, amounts are established within which they are legal tender and are accepted for payment:

Banks of the territories that are part of the Kingdom (Scotland, Ulster, Wales) issue pound sterling banknotes with their own artistic and compositional design. By law, these notes must be accepted by all banks in the UK.

The UK is part of the European Union, but despite this the country has not switched to the single European currency - the euro. One reason is that the royal family owns shares in the Bank of England.

The modern currency of Great Britain is known as GBP, which is equal to 100 pence. Banknotes in use are represented by the following denominations: 1, 5, 10, 20, 50. Coins include 1 and 2 pounds, as well as 1, 2, 10, 20, 50 pence. The British call the coin “penny”, 2 pence – twopence (and contrary to all reading rules it is proudly called “tapens”), 3 pence – threepence.

At different times, 1 pound had completely different reverse. If on the obverse we were always greeted by Queen Elizabeth II, then, since 1983, on the reverse side we could see floral themes, animals, bridges, as well as images of the royal coats of arms and shields of Belfast, London, Cardiff and Edinburgh.

But what kind of money was in use before? In 1971, Great Britain switched to a decimal coinage system, and the “farting” and its derivatives third farting (third), quarter farting (quarter), half farting (half) were completely removed from circulation.

The initial issue of the silver farthing began under Henry III back in the 13th century, but the weight of such a coin was constantly changing. In the 17th century, under King James I, a copper farthing appeared, the diameter of which was 15 mm. The end of the 17th century was marked by the release of a token, which was equal in value to a farthing and a halfpenny. At the beginning of the 19th century, the “farting” began to be produced again, which was made from silver, gold and bronze.

Coins of England of the 16th century: shilling and floring

The first mention of the shilling dates back to the 16th century during the reign of Henry VIII. The “shilling” coin, more often called teston, was minted from copper, and the top layer was coated with silver.

Since the most prominent parts of the coin immediately appeared when it was used, and this was the king’s nose, the ruler was nicknamed “the old copper nose.” Later, the silver shilling continued to be issued during the reign. During the reigns of George VI and Queen Elizabeth II, the last shilling was issued; minting of such coins ceased in 1971.

However, before the advent of the shilling, there was a floring in circulation, which until the beginning of the 20th century was minted from 500-karat silver. It was subsequently replaced by two shillings.

The appearance of the penny coin

The history of the British penny goes back to the distant 8th century, but the common English penny began to be issued a little later, in the 10th century under King Edgard. Since then, the weight of the coin gradually decreased, and the amount of silver decreased, as a result of which already in the 16th-17th centuries the “penny” coin acquired a small shape and light weight. Money was given a new life by Queen Victoria, who established the minting of bronze coins in the mid-19th century. The modern penny is one hundredth of a pound sterling and is made of copper-plated steel.

England is one of the few EU countries that has retained its own currency. The national currency of England is the pound sterling (GBP), which is divided into 100 pence (pennies). The pound symbol is £. You can only pay in the national currency in England.

Appearance of the currency of England

Coins come in denominations of £2, £1, 50p, 20p, 10p, 5p, 2p and 1p. Notes can be in denominations of £50, £20, £10 and £5.

Approximate prices in England

• Liter of petrol from £1.39 (~70 RUR)
• Can of Coca-Cola 300 ml £0.60 (~30 RUR)
• Taxi ride from £4.20 per mile (~210 RUR)
• Lunch in a cafe from £7 (~350 rub.)
• Hotel night from £30 (~1500 RUR)
• Bus fare (London) £2.2 (~110 rub.)

How much money to take to England is a difficult question, since England is a rather expensive country. It all depends on your needs and capabilities.

Currency exchange in England

As you know, England is a global financial center, so there will be no problems with exchanging money. You can exchange money in England at numerous exchange offices (Bureau De Change) and banks. In both the first and second cases, a commission is charged.

The operating hours of various banks depend on the locality in which they are located. For the most part, banks are open from 09:00-17:00 to serve individuals. On Saturday from 10:00 to 15:00, and Sunday - closed.

ATMs can be found at every step, especially in large cities. The most popular cards are Visa, Maestro and MasterCard, but American Express may not be accepted. This is the most convenient and profitable way to receive money while traveling. Also, cards are accepted in most hotels and restaurants, shops and cafes and clubs. Even at flea markets, sellers have a card payment machine.

Traveler's checks are common in England. To avoid double fees, it is recommended to obtain a traveler's check in pounds. But you will not be able to use them to pay for goods and services.

Tipping in England

As in most countries, tipping is encouraged in England. In restaurants, the tip amount is 10-12% of the order value, but in many establishments the service charge is already included in the bill. Don't forget to check your receipt! In a cafe, no one will expect you to tip, but leaving some change (up to £1) is reasonable. It is not customary to leave a tip in bars and pubs.

You can also leave the change in the taxi, but only if you are really satisfied with everything. ‘Keep the change!’ - no change needed. In hotels, it is up to you whether to tip or not. For good service you can easily be generous with a couple of pounds.

The largest banks in England

• HSBC is one of the world's largest financial services organizations.
• Royal Bank of Scotland is a leading Scottish bank and the second largest UK bank.
• Lloyds TSB - was founded in Birmingham in 1765.
• Barclays - With over 300 years of banking history and expertise, Barclays operates in over 50 countries and is the world's leading financial services provider.
• NatWest is the largest commercial bank in the United Kingdom.

The currency of England is pounds sterling, which is divided into 100 pence (singular penny). Bank symbol: GBP. Currently, pounds sterling is the world's reserve currency. This is facilitated by the stable UK economy. At the moment, sterling makes up a third of the world's foreign exchange reserves, despite being inferior to the euro and dollar. Within England itself, both paper notes and coins are in use. Let us remember that Great Britain is one of the few EU countries that refused to switch to the euro and kept its national currency. This is partly due to the fact that the pounds are stable, but on the other hand, the pride of the British people, who wished not to give up their national money, played a role.

The history of the appearance of the English currency

The history of this currency dates back to the time of King Offa of Mercia (East Anglia). He first introduced the silver penny into use, which became widespread among the Anglo-Saxon states. Subsequently, 1200 years ago, around 775, the first British silver coins appeared. They were minted from a pound of pure silver, which produced 240 coins - a pound sterling. Since then it has been the only national currency of England.

A little history

From the 8th to the 13th centuries, the penny was the most common coin in England. Even though smaller money existed, people preferred to cut it in half and quarters and use it for change. Very few pennies were minted in gold, and such a coin was considered very rare and was equal to twenty pieces of silver.

Over time, new coins of different denominations were introduced, and accordingly their names: crown, penny (farthing), sovereign and guinea. More and more gold coins began to be minted. At the same time, their value has noticeably decreased. Over time, copper, tin and metal coins were introduced. In 1660, coinage was transformed and forged coins began to be produced. In 1937, coins made of nickel brass were introduced, and in 1947, silver coins were replaced with cupronickel.

Over time, new coins of different denominations were introduced, and accordingly their names: crown, penny (farthing), sovereign and guinea. More and more gold coins began to be minted. At the same time, their value has noticeably decreased. Over time, copper, tin and metal coins were introduced. In 1660, coinage was transformed and forged coins began to be produced. In 1937, coins made of nickel brass were introduced, and in 1947, silver coins were replaced with cupronickel.

Pound decimal system

In 1971 (15 February) the pound sterling was converted to a decimal system to simplify calculations. Shillings and pennies were replaced by a single coin. The pound became equal to 100 pence, which was mostly pronounced "pi". This helped to differentiate between old and new coinage during the transition to the decimal system. And back in 1969, old coins began to be gradually withdrawn from circulation.

The first decimal coins were made of cupronickel, and in 1971 they appeared in bronze, which was later replaced by steel, first coated with copper. The modern penny appeared in 1998. What currency does England currently have from previous coinage? Of the oldest coins, only copper ones remain.

Currency of England: origin of the name, use

Sterling in English means “pure, of good quality.” This is where the name of the English currency came from. The full name in the singular is pound sterling. Used mainly in a formal context or, if necessary, as a distinction from other currencies of a similar name. In everyday life it is reduced to pound or sterling. Sterling is considered the oldest European currency still in circulation.

Coins

The decimal system, which was adopted in England in 1971, is still in effect. Pennies are usually denoted by the letter “p”. What is the currency in England now? Banknotes and coins in denominations of 1, 2, 5, 10, 20 pence. There are both one and two pounds. All coins are minted with a portrait of Elizabeth II, along the edges there is a letter engraving denoting “By the Grace of God, Queen Defender of the Faith.”

On the reverse side of the coins are depicted: the Abbey portcullis, the coat of arms of the Prince of Wales, the thistle, the lion, the Tudor rose, the leek and the symbol of the British Isles. On the two-pound coin, in addition to the abstraction symbolizing the technological development of England, there is an engraving “Standing on the shoulders of giants”. These words belong to Isaac Newton. Crowns can still be found in everyday life. They are considered legal money, just like coins issued by the mint.

English banknotes

England's currency in the form of banknotes was first issued in 1964 by the Bank of England. The first pounds sterling come in denominations of 5, 10, 20 and 50. They all feature Queen Elizabeth II on one side. This is the only monarch whose image was used on banknotes to prevent counterfeiting of banknotes. On the reverse side of the paper pounds are images of various historically significant persons (natives of Great Britain): Elizabeth Fry, Charles Darwin, Edward Elgar, Adam Smith and John Houblon.

3.6k (18 per week)

England is one of the most economically developed countries in the world. The state currency is the pound sterling., and many interesting stories are associated with its history. Literally translated, the British currency sounds like “pound of money”, and the word “sterling” means “asterisk”, therefore, according to one version, the image of stars was placed on the first coins of the country. Residents of Foggy Albion sometimes joke that they buy goods using a pound of stars.
Another version says that in the old days “sterling” was the name for a silver sample, which was used in the manufacture of coins. Abroad, the English currency is often called the British pound to avoid confusion with other pounds.
The pound sterling is one of the oldest monetary units. For the first time in England, silver coins began to circulate at the beginning of the 11th century., and less than a century later, sterling became the official currency of the country. A little later, the word “pound” was added to the name of the currency, and one pound sterling was exchanged for 12 shillings. For smaller calculations we used 20 pence equal to 1 shilling. In England, small coins were traditionally used, for which the British came up with interesting names. A coin made of copper was called a “cartwheel.” The 1 pence coin had an image of Queen Victoria on it, which is why the banknote was nicknamed the “bundle”. The coin, which featured the monarch James VI, was called a "hat", emphasizing the habit of kings wearing headdresses.
In the modern economy, the pound sterling boasts unique stability and constancy. In terms of cash and non-cash payments, the English currency is the third in the world, after the American dollar and the euro. In terms of value, the pound sterling is the most expensive money, in the form of which it is most reliable to store your savings.
Even after becoming a member of the European Union, England did not compromise and retained its currency, refusing to introduce the euro.
Unlike its predecessors, the pound sterling is a paper note with an image of the reigning Queen Elizabeth II on the obverse. On the reverse side you can see portraits of the great Englishmen: Isaac Newton, William Shakespeare, Charles Dickens, Adam Smith, etc. When exchanging, for one pound sterling (the official symbol is £) they give 100 pence, and the denomination of the largest denomination of English currency is 50.

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