/ / Pound Sterling - the currency of Great Britain

Pound Sterling - the currency of Great Britain

The modern currency of Great Britain by rightis considered one of the oldest on earth. She is over 1200 years old. The history of the pound sterling began around 775, when the territory of the British kingdom began circulation of sterling, which were full-fledged silver coins. If such coins were typed in a total weight of about 350 grams, then the Englishman had on his hands a pound sterling (about 240 coins).

currency in uk

Thus, the main currency of the UK -pound sterling, from the very beginning did not exist as a separate monetary unit (coin). It was a collection of smaller denominations. An interesting feature of the formed monetary system was that when issuing coins of fractional denomination for many centuries there was no decimal system of calculation. For example, in the 12th century a shilling was introduced, which was one-twentieth of a pound. Schilling, in turn, consisted of twelve pence. In different periods of time, both silver and gold coins were issued - guinea (21 shillings) and sovereign (20 shillings).

The currency in the UK with such a specificdivision existed until the early 1970s of the 20th century (1971). It was readily accepted in international settlements, because Until the early 20th century, Britain was a stable power and had a good economy.

what is the currency in the UK

Some do not know what currency in the UKToday, because there is a misconception that England, as a European country, entered the euro area. But this is not so. The British government and the people refused to join the euro zone and retained their "ancient" pound sterling. For hundreds of years, of course, it has depreciated and is no longer tied to gold or silver. But it is still one of the reserve currencies, although it loses to the US dollar in the last hundred years.

The modern currency of Great Britain is representedbanknotes - sterling pounds, which have a nominal value of five, ten, twenty and 50 pounds. One pound is 100 pence (a penny is the only number). Pens are issued in coins with a nominal value of fifty to one penny (and also denominations of 20, 10, 5, and 2). In addition, in the form of coins, there are one and two pounds sterling.

UK currency
On all banknotes of the English currency in mandatoryorder there is a portrait of the queen and a system of protection in the form of watermarks, metal strips, etc. English paper money, unlike American dollars, is issued in different sizes. For example, a 5-pound banknote has a length of 13.5 cm and a width of 7 cm, and a 20-pound note has a length of 15 and 8 cm, respectively. It is believed that the latter reduces the number of fraudulent transactions with cash currency.

The currency of Great Britain is the third largestimportance in the world financial system after the US dollar and the euro. It is about 50% of the daily turnover on the London Currency Exchange and 14% in the world financial turnover. It is believed that the pound sterling rate is sensitive to the news background according to inflation in England, as well as to oil prices. The currency is freely convertible and, if desired, it can be freely purchased in many branches of Russian banks.

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