British Pound

The currency of the United Kingdom is the pound sterling (symbol: £; ISO code: GBP), which is subdivided into 100 pence. The pound is the world’s oldest currency still in use and which has been in continuous use since its inception. A number of nations that do not use sterling also have currencies called the pound. The pound sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. The pound is also used in a number of other countries, such as Gibraltar, the Falkland Islands, and South Georgia and the South Sandwich Islands. The origins of the pound sterling are relatively murky, but it is generally believed that it was first introduced as a silver coin by King Offa of Mercia in the late 8th century. The name “pound” is derived from the Latin word “libra”, meaning “scales” or “balance”. The pound sterling has been used as a currency in the United Kingdom since the Anglo-Saxon period. It is thought that the pound was introduced to England by the Romans. The pound was also used in Scotland until the Act of Union in 1707, after which the Scottish pound was replaced by the English pound sterling. The pound sterling was decimalised in 1971, with one pound being divided into 100 pence. The first decimal coins were issued in 1968. The pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is also used in a number of British Overseas Territories, such as the Falkland Islands, Gibraltar, and the Turks and Caicos Islands. The pound is pegged to the United States dollar at a rate of 1.2284 USD = 1 GBP. The pound sterling is a member of the sterling area, which means that it is used as a currency in a number of other countries, such as the Channel Islands, the Isle of Man, and some Crown dependencies. The pound sterling is also used in a number of other countries, such as Liberia and Zimbabwe. In these countries, the pound is not an official currency, but is used alongside other currencies.