Added: 02/16/2006 |
British pounds -official currency of the United KingdomBritish pounds are the official currency of the United Kingdom (UK). It is often simply called the pound, with "pound sterling" used mainly in formal contexts or when it is necessary to distinguish the unit of currency from others that have the same name (the term British pound is also often used for this purpose). The slang term quid is very common in the UK. The currency in general is sometimes called just sterling (e.g. "payment must be in sterling").
Englishmen do not use the Euro. Although a few of the big shops will accept Euro, it is rarely used across Britain.
The singular of pence is "penny". The symbol for the penny is "p"; hence an amount such as 50p is often pronounced "fifty pee" rather than "fifty pence".
Englishmen have both coins and banknotes.
In Anglo-Saxon times, small silver coins known as sceats were used in trade: these were derived from Frisian examples, and weighed about 20 grains (c. 1.3 g). King Offa of Mercia c. AD 790 introduced a silver penny of 22.5 grains (c. 1.5 g). Two hundred and forty of these were made from a measure of silver known as the Tower pound: apparently it nominally weighed 5400 grains (c. 349.9 g). In 1526 the standard was changed to the Troy pound of 5764 grains (373.242 g).
One pound is divided into 100 pence, the singular of which is "penny". The symbol for the penny is "p"; hence an amount such as 50p is usually pronounced "fifty pee" rather than "fifty pence".
British pounds were originally the value of one pound (weight) of sterling silver (hence "pound sterling"). The sign for the pound is the pound sign, ? (or rarely just "L"). Both symbols derive from liber, the Latin word for "pound". The ISO 4217 currency code is GBP (Great Britain Pound). Occasionally the abbreviation UKP is seen, but this is incorrect. British pounds are one of the world's most widely traded currencies, along with the United States dollar, the euro, and the Japanese yen.
Laws of legal tender are uniquely complex in the UK. In England and Wales, banknotes issued by the Bank of England are legal tender, meaning that they must be accepted in payment of a debt. In Scotland and Northern Ireland, no banknotes are legal tender, and each bank which issues banknotes does so in the form of its own 'promissory notes'. Scottish and Northern Irish notes are sometimes rejected by shops when used in England. Scottish and Northern Irish notes' designs are also different from the English notes' designs. The one pound coin also has many varied designs on the reverse side, which differ from year to year with new designs appearing; however, all of these are Royal Mint coins and of equivalent legality.
British pounds are now 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 of all base currency units in the world. You can exchange any currency to British pound on any exchange market. The exchange rates you will be told there, but also you may search for the rate in internet.
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