Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Pound Sterling shopping experience:

1. Compare - without doubt the biggest advantage that the Pound Sterling offers shoppers today is the ability to compare thousands of Pound Sterling at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.

2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about

3. Testimonials - don't know anybody that has bought a Pound Sterling? Wrong! If the Pound Sterling is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.

4. Questions - Got a question about Pound Sterling then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....

5. Reputation - Never heard of the company selling Pound Sterling? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Pound Sterling and build up a picture of their reputation for sales, returns, customer service, delivery etc.

6. Returns - still worried that even after all of the above your Pound Sterling wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.

7. Feedback - happy with your Pound Sterling then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.

8. Security - check for the yellow padlock on the Pound Sterling site before you buy, and the s after http:/ /i.e. https:// = a secure site

9. Contact - got a question about Pound Sterling, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.

10. Payment - ready to pay for your Pound Sterling, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.

{{Infobox Currency| image_1 = 20 pound not 2007.PNG| image_title_1 = New £20 Note| image_2 = Britishcoins.jpg| image_title_2 = All frequently used coins| iso_code = GBP| using_countries = United Kingdom, Crown dependency| inflation_rate = 1.8% (Consumer Price Index (United Kingdom), August 2007), 4.1% (UK RPI), 3.4% (Guernsey 2006) 3.7% (Jersey 2006) 3.1% (Isle of Man 2006)| inflation_source_date = Bank of England, 18 September 2007, National Statistics and The World Factbook] 1990 [1992 (Black Wednesday)], Gibraltar pound, Saint Helenian pound| subunit_ratio_1 = 1/100| subunit_name_1 = penny| symbol_subunit_1 = p| nickname = quid, Nicker, Squid| plural =  | plural_subunit_1 = pence| frequently_used_coins = [British one penny coin, British two pence coin, British five pence coin, British ten pence coin, British twenty pence coin, British fifty pence coin, British one pound coin, British two pound coin| rarely_used_coins = British five pound coin| coin_article = Coins of the pound sterling| frequently_used_banknotes = £1 (Isle of Man, Channel Islands, Scot. only), £5, £10, £20| rarely_used_banknotes = £50, £100 (Scot., N. Ire. only)| banknote_article = Banknotes of the pound sterling| issuing_authority = Bank of England| issuing_authority_website = www.bankofengland.co.uk| printer = {{Collapsible list| title = printers | frame_style = border:none; padding: 0; | English (inc.Wales) notes: Bank of England Scottish notes: Bank of ScotlandRoyal Bank of ScotlandClydesdale Bank Northern Irish notes: Northern BankFirst Trust BankUlster BankBank of Ireland Crown dependency: States of GuernseyStates of JerseyIsle of Man Government -->| printer_override_with_original_text = Y| printer_website = {{Collapsible list| title = websites | frame_style = border:none; padding: 0; | http://www.bankofengland.co.uk/ Bank of England | http://www.bankofscotland.co.uk/ Bank of Scotland | http://www.rbs.com/ Royal Bank of Scotland | http://www.clydesdalebank.co.uk/ Clydesdale Bank | http://www.northernbank.co.uk/ Northern Bank | http://www.firsttrustbank.co.uk/ First Trust Bank | http://www.ulsterbank-group.com/ Ulster Bank | http://www.boi.ie/ Bank of Ireland | http://www.gov.im/treasury/coins/notes.xml Isle of Man Government | http://www.gov.je/TreasuryResources/Jersey+Currency/default.htm States of Jersey -->| mint = Royal Mint; ISO code: GBP), divided into 100 pence, is the official [currency of the United Kingdom and the Crown dependency.

The official full name pound sterling (English plural#Plurals of compound nouns: pounds sterling) is used mainly in formal contexts and also when it is necessary to distinguish the currency used within the United Kingdom from pound (currency) that have the same name. The currency name — but not the names of its units — is sometimes abbreviated to just "sterling", particularly in the wholesale financial markets; so "payment accepted in sterling", but never "that costs five sterling". The abbreviations "ster." or "stg." are sometimes used. The term British pound is commonly used in less formal contexts, although it is not an official name of the currency. A common slang term is quid (plural quid).

The pound was originally the value of one Pound (mass)#Tower pound of sterling silver (hence "pound sterling"). The currency sign is the pound sign, originally ₤ with two cross-bars, then later more commonly £ with a single cross-bar. The pound sign derives from the black-letter "L", from the abbreviation £sd – librae, solidi, denarii – used for the pounds, shillings and pence of the original duodecimal currency system. Ancient Roman units of measurement was the basic Roman unit of weight, which in turn derived from the Latin word for Weighing scale or balance. The ISO 4217 is GBP (Great Britain pound). Occasionally the abbreviation UKP is seen, but this is incorrect. The Crown dependency use their own (non-ISO) codes. Stocks are often traded in pence, so traders may refer to Pence sterling, GBX (sometimes GBp), when listing stock prices.

Following the adoption of the euro by Eurozone, sterling became the world's oldest currency still in use, and it currently holds the third largest portion of global Reserve currency after the United States dollar and the euro. The pound sterling is the fourth most-traded currency in the foreign exchange market after the USD, the euro, and the Japanese yen.

Subdivisions Since decimalisation in 1971, the pound has been divided into 100 pence (singular "penny"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) is usually pronounced "fifty pee" rather than "fifty pence". (This also helped to distinguish between new and old pence amounts during the changeover to the decimal system).

Prior to decimalisation, the pound was divided into twenty shillings, with each shilling equal to twelve pence, making a total of 240 pence to the pound. The symbol for the shilling was "s" — not from the first letter of the word, but rather from the Latin word solidus (coin). The symbol for the penny was "d", from the French word denier, which in turn was from the Latin word denarius (the solidus and denarius were Roman coins). A mixed sum of shillings and pence such as "three shillings and six pence" would be written as "3/6" or "3s 6d" and spoken as "three and six". Five shillings would be written as "5s" or, more commonly, "5/-". There were also coins the 'crown', worth five shillings, and 'half crown', worth two shillings and sixpence. At the time of decimalisation, the smallest unit was the History of the British penny (1901-1970), although Coins of the pound sterling#Denominations of pre-decimal coins and their years of production had been minted in years past.

A "guinea", an obsolete gold coin, was introduced in the reign of Charles II and was made of gold brought from Guinea, West Africa. It initially had a value of 20 shillings, but owing to the fluctuations in the price of gold compared to silver, its value rose as high as 30 shillings before eventually settling at 21 shillings, i.e. 1 shilling more than the pound.

After Decimal Day, the value of the pound remained unchanged, but it was now divided into 100 new pence rather than 240 old pence. Each decimal penny was therefore worth 2.4 pre-decimal pence. For a few years following decimalisation the decimal penny was commonly referred to as a "new penny". Coins for denominations of ½p, 1p, 2p, 5p, 10p and 50p all bore the inscription NEW PENCE (or NEW PENNY) until 1982, when the inscription changed to HALF PENNY, ONE PENNY, TWO PENCE, FIVE PENCE and so on. The old one shilling ("1/-") and two shillings ("2/-", Florin (British coin)) coins were equivalent in value to 5p and 10p respectively, and as such remained valid within the decimal system until the 5p and 10p coins were replaced by smaller versions in 1990 and 1992 respectively, the old versions being taken out of circulation in 1991 and 1993. The old British sixpence coin also remained in circulation, with a value of 2½ new pence, until being withdrawn in 1980.

Legal tender and regional issues {{Coin image box 2 singles| header = British coin One Pound coin (Wales design, 2000)| image_left = Image:1pound2000front.jpg| image_right= Image:1pound2000back.jpg| caption_left = Elizabeth II of the United Kingdom| caption_right = Welsh dragon are uniquely complex in the UK: according to the Royal Mint, legal tender means "that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded".

In [England and Wales, banknotes issued by the Bank of England are legal tender, meaning that they should be accepted in payment of a debt; they do not have to be accepted, but the debtor has a good defence in law against being sued for non-payment of that 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. In the Channel Islands and Isle of Man the local variations on the banknotes are legal tender in their respective jurisdiction.

Scottish, Northern Irish, Channel Islands and Manx notes are sometimes rejected by shops when used in England. British shopkeepers can choose to reject any payment, even if it would be legal tender in that jurisdiction, because no debt exists when the offer of payment is made at the same time as the offer of goods or services. When settling a restaurant bill after consuming the meal, or other debt the laws of legal tender do apply, but usually any reasonable method of settling the debt (such as credit card or cheque) will be accepted.

Notes are issued by the Big Four (banks) banks in Northern Ireland — the Bank of Ireland, the First Trust Bank, the Northern Bank and the Ulster Bank. Notes printed by the Bank of Ireland, although in pounds sterling, are mistaken in England for the former Irish pound and often rejected. The only polymer banknote in circulation in the United Kingdom was issued by the Northern Bank. This is the bank's Year 2000 commemorative £5 banknote, which was printed in Australia.

Scottish bank notes are issued by The Bank of Scotland, The Royal Bank of Scotland and The Clydesdale Bank, but (as in Northern Ireland) are not legal tender. Only Royal Mint coins are legal tender in Scotland, and only one and two pound coins are legal tender to an indefinite amount. This was not always the case, as during World War II the Scottish banknotes were made legal tender by the Currency (Defence) Act 1939; this status was withdrawn on January 1 1946. Some notes of the Bank of England were legal tender in Scotland and Northern Ireland; however, this status only applied to notes under a value of five pounds, so following the withdrawal of the Bank of England one pound note in 1985, no circulating notes are covered by this clause.

The UK one pound coin also has many varied designs on the obverse and reverse side, which differ from year to year with new designs appearing; however, all of these are Royal Mint coins and of equivalent legality. The Channel Islands (including Alderney) and the Isle of Man issue their own coinage.

All commonly circulating Coins of the pound sterling are legal tender throughout the UK, in most cases up to a maximum value per transaction, as are the commemorative British five pound coin and British twenty-five pence coin ("crown") coins that are rarely seen in circulation. Several gold coins issued by the Mint are still legal tender, though as they have a bullion value far greater than their face value, they are never used in circulation and tend to be kept by Coin collecting.

{| class="wikitable"|-! Coin! Maximum usable as legal tender|-| £5 (post-1990 Crown)| unlimited|-| £2| unlimited|-| £1| unlimited|-| 50p| £10|-| 25p (pre-1990 Crown)| £10|-| 20p| £10|-| 10p| £5|-| 5p| £5|-| 2p| 20p|-| 1p| 20p|}

The British overseas territories of Gibraltar, Saint Helena and its associated dependencies, as well as the Falkland Islands, also issue their own currencies, which are fixed to the value of sterling.

The countries using sterling or these currencies tied to sterling are known as sterling zone countries. During the late nineteenth to mid-twentieth centuries, a large number of British dominions and colonies were members of the sterling zone.

See : Banknotes of the pound sterling, Isle of Man pound, Guernsey pound, Jersey pound, Gibraltar pound, Falkland Islands pound, Saint Helenian pound

History Before sterling In Anglo-Saxon times, small silver coins known as sceats were used in trade: these were derived from Frisian examples, and weighed about 20 Grain (measure)s (c. 1.3 g).

King Offa of Mercia (c. 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 Pound (mass): apparently it nominally weighed 5400 grains (c. 349.9 g).

In 1526 the standard was changed to the Troy pound of 5760 grains (373.242 g).

Sterling As a unit of currency, the term pound originates from the value of a Pound (mass)#Tower pound of high purity silver known as sterling silver.

Sterling (with a basic currency unit of the Tealby British One Penny coin (pre-decimal), rather than the pound) was introduced as the English currency by Henry II of England in 1158, though the name sterling wasn't acquired until later. The word sterling is from the Old French esterlin transformed to stiere in Old English (strong, firm, immovable).

The sterling was originally a name for a silver penny of 1/240 pound. Originally a silver penny had the purchasing power of slightly less than a modern pound. In modern times the pound has replaced the penny as the basic unit of currency as inflation has steadily eroded the value of the currency.

The pound sterling, established in 1560–61 by Elizabeth I of England and her advisers, foremost among them Sir Thomas Gresham, brought order to the financial chaos of Tudor England that had been occasioned by the "Great Debasement" of the coinage, which in turn brought on a debilitating inflation during the years 1543–51. By 1551, according to Fernand Braudel (Braudel 1984, pp 356ff), the silver content of a penny had dropped to one part in three. The coinage had become mere fiduciary currency (as modern coins are), and the exchange rate in Antwerp where English cloth was marketed to Europe, had deteriorated. All the coin in circulation was called in for reminting at the higher standard, and paid for at discounted rates.

The pound sterling maintained its intrinsic value — "a fetish in public opinion" Braudel called it — uniquely among European currencies, even after the United Kingdom officially adopted the gold standard, until after World War I, weathering financial crises in 1621, in 1694–96, when John Locke pamphleteered for the pound sterling as "an invariable fundamental unit" and again in 1774 and 1797. Not even the violent disorders of the English Civil War devalued the pound sterling in European money markets. Braudel attributes the fixed currency, which was never devalued over the centuries, to England's easy credit, security of contracts and rise to financial superiority during the 18th century. The pound sterling has been the money of account of the Bank of England from its inception in 1694.

The gold standard Sterling unofficially moved to the gold standard from silver due to an overvaluation of gold in England that drew gold from abroad and occasioned a steady export of silver coin, in spite of a re-evaluation of gold in 1717 by Sir Isaac Newton, Master of the Royal Mint. The de facto gold standard continued until its official adoption following the end of the Napoleonic Wars, in 1816 (Braudel, p. 361). This lasted until the United Kingdom, in common with many other countries, abandoned the standard after World War I in 1919. During this period, one pound could be exchanged for United States dollar4.866.

Discussions took place following the 1865 International Monetary Conference in Paris concerning the possibility of the UK joining the Latin Monetary Union, and a Royal Commission on International Coinage examined the issues,http://www.gold.org/value/reserve_asset/history/monetary_history/vol2/1868feb18.html resulting in a decision against joining monetary union.

Prior to World War I, the United Kingdom had one of the world's strongest economies, holding 40% of the world's overseas investments. However, by the end of the war the country owed £850 million, mostly to the United States, with interest costing the country some 40% of all government spending.

In an attempt to resume stability, a variation on the gold standard was reintroduced in 1925, under which the currency was fixed currency to the gold price at pre-war levels, although people were only able to exchange their currency for gold bullion, rather than for coins. This was abandoned on 21 September, 1931, during the Great Depression in the United Kingdom, and sterling devalued 25%.

In common with all other world currencies, there is no longer any link to precious metals. The U.S. dollar was the last to leave gold, in 1971. The pound was made fully convertible in 1946 as a condition for receiving a U.S. loan of United States dollar3.75 1000000000 (number) in the aftermath of World War II.

Pound sterling was used as the currency of many parts of the British Empire. As this became the Commonwealth of Nations, commonwealth countries introduced their own currencies such as the Australian pound and Irish pound. This evolved into the Sterling Area where those currencies were pegged to sterling.

Following the U.S. dollar Since leaving gold, there have been several attempts to peg the value of the pound to other currencies, initially the U.S. dollar.

Under continuing economic pressure, and despite months of denials that it would do so, on 19 September, 1949, the government devalued the pound by 30%, from US$4 to US$2.80. The move prompted several other governments to devalue against the dollar too, including Australia, Denmark, Republic of Ireland, Egypt, India, Israel, New Zealand, Norway and South Africa.

In the mid-1960s the pound came under renewed pressure since the exchange rate against the dollar was considered too high. In the summer of 1966, with the value of the pound falling in the currency markets, exchange controls were tightened by the Harold Wilson government. Among the measures, tourists were banned from taking more than £50 out of the country, until the restriction was lifted in 1970. The pound was eventually devalued by 14.3% to US$2.41 on 18 November 1967.

With the break down of the Bretton Woods system — not least because mainly British currency dealers had created a substantial Eurodollar market which made the U.S. dollar's gold standard harder for its government to maintain — the pound was Floating currency in the early 1970s and so subject to a market appreciation. The Sterling Area effectively ended at this time when the majority of its members also chose to float freely against the pound and the dollar.

A further crisis followed in 1976, when it was apparently leaked that the International Monetary Fund (IMF) thought that the pound should be set at US$1.50, and as a result the pound fell to $1.57, and the government decided it had to borrow £2.3 billion from the IMF. In the early 1980s the pound moved above the $2 level as interest rates rose in response to the monetarist policy of targeting money supply and a high exchange rate was widely blamed for the deep recession of 1981. At its lowest, the pound stood at just US$1.05 in February 1985, before returning to the US$2 level in the early 1990s.

2000s Although the pound and euro are not fixed to one another, there are often long periods where the pound and the euro move in sync, although since the middle of 2006 this correlation has weakened. Inflation concerns in the U.K. led the Bank of England (BoE) to hike interest rates twice unexpectedly in late 2006 and early 2007, causing sterling to rise to its highest rate against the euro since January 2003. Further rate rises are expected in 2007. This has had a knock on effect versus other major currencies, and the pound hit a 26 year high against the US dollar on April 18, 2007, having gone through the US$2 level for the first time since 1992 the day before.http://news.bbc.co.uk/1/hi/business/6566715.stm

Decimalisation Following the German mark In 1988, Margaret Thatcher's Chancellor of the Exchequer Nigel Lawson decided that the pound should "shadow" the West Germany Deutsche Mark, with the unintended result of a rapid rise in inflation as the economy boomed due to inappropriately low interest rates. (For ideological reasons, the Conservative Government declined to use alternative mechanisms to control the explosion of credit. Former Prime Minister Edward Heath referred to Lawson as a "one club golfer".)

Following the European currency unit On 8 October 1990 the Conservative government decided to join the European Exchange Rate Mechanism (ERM), with the pound set at Deutsche Mark2.95. However, the country was forced to withdraw from the system on Black Wednesday (September 16, 1992) as Britain's economic performance made the exchange rate unsustainable. Speculator George Soros famously made approximately US$1 billion from Short (finance) the pound.

Black Wednesday saw interest rates jump from 10%, to 12%, and then finally to 15% in a futile attempt to stop the pound from falling below the ERM limits. The exchange rate fell to Deutsche Mark2.20. Proponents of a lower GBP/DM exchange rate were vindicated as the cheaper pound encouraged exports and contributed to the economic prosperity of the 1990s. Since early 2005, the £/€ rate has returned to an average of about £1.00:€1.46, which is equivalent to DM2.85.

Bank Negara Malaysia is reported to have suffered losses of more than US$4 billion from the pound devaluation.

Following inflation targets In 1997, the newly-elected Labour Party (UK) government made a surprising move when Gordon Brown handed over day-to-day control of interest rates to the Bank of England (a policy that had previously been advocated by the Liberal Democrats). The Bank is now responsible for setting its base rate of interest so as to keep inflation in the consumer price index very close to 2%. Should CPI inflation be more than 1% above or below the target, the governor of the Bank of England is required to write an open letter to the Chancellor of the Exchequer explaining the reasons for this and the measures which will be taken to bring this measure of inflation back in line with the 2% target. On April 17, 2007, CPI inflation was reported at 3.1% (inflation of the retail price index was 4.8%). Accordingly, and for the first time, the Governor had to write publicly to the government explaining why inflation was more than one per cent higher than its target.http://news.bbc.co.uk/2/hi/business/6562723.stm

The euro As a member of the European Union, the United Kingdom has the option of adopting the euro as its currency. However, the subject remains politically controversial, not least since the United Kingdom was forced to withdraw from its precursor, the European Exchange Rate Mechanism (see above), having entered the system at the wrong fixed exchange rate. British Prime Minister Gordon Brown (when Chancellor of the Exchequer in the Blair government) ruled out membership for the foreseeable future, saying that the decision not to join had been right for Britain and for Europe.

The government of former Prime Minister, Tony Blair, had pledged to hold a public referendum for deciding membership should "five economic tests" be met to ensure that adoption of the euro would be in the national interest. In addition to this own internal (national) criteria, the UK has to meet the European Union economic convergence criteria (Maastricht criteria), before being allowed to adopt the euro. Currently, the UK's annual deficit to the gross domestic product is above the defined threshold.

As of February 2005, more than half (55%) of the were against adopting the currency (with 30% in favour). The idea of replacing the pound with the euro has been controversial with the British public because of its identity as a symbol of British sovereigntyhttp://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/05/12/hairaq101.xml and because it would, according to some critics, lead to suboptimal interest rates, harming the British economy.

The pound did not join the Second European Exchange Rate Mechanism (ERM II) after the euro was created. Denmark and the UK have unique opt-outs from entry to the euro. Technically, every other EU nation must eventually sign up; however, this can be delayed indefinitely (as in the case of Sweden) by refusing to join ERM II.

The Scottish Conservative Party claims that there is an issue in Scotland that the adoption of the euro would mean the end of regionally distinctive banknotes, as the European Central Bank do not permit national or sub-national designs of the banknotes.http://news.bbc.co.uk/1/hi/scotland/755013.stm The far larger Scottish National Party does not see this as a significant issue, since an independent Scotland would have nationally distinctive coins, and its Scotish National Party#Policy platform includes entry into the single currency.

On the value of British money In 2006 the House of Commons Library published a document which included an index of the value of the pound for each year between 1750 and 2005, where the value in 1974 was indexed at 100. (This was an update of earlier documents published in 1998 and 2003.)

Regarding the period 1750–1914 the document states: "Although there was considerable year on year fluctuation in price levels prior to 1914 (reflecting the quality of the harvest, wars, etc.) there was not the long-term steady increase in prices associated with the period since 1945". It goes on to say that "Since 1945 prices have risen in every year with an aggregate rise of over 27 times."

The value of the index in 1750 was 5.1, increasing to a peak of 16.3 in 1813 before declining very soon after the end of the Napoleonic Wars to around 10.0 and remaining in the range 8.5–10.0 at the end of the nineteenth century. The index was 9.8 in 1914 and peaked at 25.3 in 1920, before declining again to 15.8 in 1933 and 1934 — prices were only about three times as high as they had been 180 years earlier.

Inflation had a dramatic effect during and after World War II — the index was 20.2 in 1940, 33.0 in 1950, 49.1 in 1960, 73.1 in 1970, 263.7 in 1980, 497.5 in 1990, 671.8 in 2000 and 757.3 in 2005.

Value against other currencies The pound is 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 currency unit in the world. As of 26 July, 2007, one pound is worth United States dollar2.04.



The pound as a major international reserve currency For exchange rate trends since 1990, see Economy of the United Kingdom#Exchange rates.

See also

References | url = http://www.bankofengland.co.uk/banknotes/about/faqs.htm| title = Bank of England Banknotes FAQ| accessdate = 2006-05-07-->

External links {{Standard numismatics external links| world_coin_gallery_1_url = GreatBrit| world_coin_gallery_1_name = Great Britain| dollarization_1_url =| dollarization_1_name =| gfd_1_url = United_Kingdom| gfd_1_name = United Kingdom| show_gfd_excel = Y-->

Online currency tools There are two tools at the MeasuringWorth website that can give an idea of the value of the pound through the ages. One tool uses the Retail Price Index covering the years 1264-2005 . Another more extensive tool covering the years 1830-2005 is available using five comparative methods, Retail Price Index, GDP deflator, Average earnings, Per Capita GDP, and GDP .

{{Infobox Currency| image_1 = 20 pound not 2007.PNG| image_title_1 = New £20 Note| image_2 = Britishcoins.jpg| image_title_2 = All frequently used coins| iso_code = GBP| using_countries = United Kingdom, Crown dependency| inflation_rate = 1.8% (Consumer Price Index (United Kingdom), August 2007), 4.1% (UK RPI), 3.4% (Guernsey 2006) 3.7% (Jersey 2006) 3.1% (Isle of Man 2006)| inflation_source_date = Bank of England, 18 September 2007, National Statistics and The World Factbook] 1990 [1992 (Black Wednesday)], Gibraltar pound, Saint Helenian pound| subunit_ratio_1 = 1/100| subunit_name_1 = penny| symbol_subunit_1 = p| nickname = quid, Nicker, Squid| plural =  | plural_subunit_1 = pence| frequently_used_coins = [British one penny coin, British two pence coin, British five pence coin, British ten pence coin, British twenty pence coin, British fifty pence coin, British one pound coin, British two pound coin| rarely_used_coins = British five pound coin| coin_article = Coins of the pound sterling| frequently_used_banknotes = £1 (Isle of Man, Channel Islands, Scot. only), £5, £10, £20| rarely_used_banknotes = £50, £100 (Scot., N. Ire. only)| banknote_article = Banknotes of the pound sterling| issuing_authority = Bank of England| issuing_authority_website = www.bankofengland.co.uk| printer = {{Collapsible list| title = printers | frame_style = border:none; padding: 0; | English (inc.Wales) notes: Bank of England Scottish notes: Bank of ScotlandRoyal Bank of ScotlandClydesdale Bank Northern Irish notes: Northern BankFirst Trust BankUlster BankBank of Ireland Crown dependency: States of GuernseyStates of JerseyIsle of Man Government -->| printer_override_with_original_text = Y| printer_website = {{Collapsible list| title = websites | frame_style = border:none; padding: 0; | http://www.bankofengland.co.uk/ Bank of England | http://www.bankofscotland.co.uk/ Bank of Scotland | http://www.rbs.com/ Royal Bank of Scotland | http://www.clydesdalebank.co.uk/ Clydesdale Bank | http://www.northernbank.co.uk/ Northern Bank | http://www.firsttrustbank.co.uk/ First Trust Bank | http://www.ulsterbank-group.com/ Ulster Bank | http://www.boi.ie/ Bank of Ireland | http://www.gov.im/treasury/coins/notes.xml Isle of Man Government | http://www.gov.je/TreasuryResources/Jersey+Currency/default.htm States of Jersey -->| mint = Royal Mint; ISO code: GBP), divided into 100 pence, is the official [currency of the United Kingdom and the Crown dependency.

The official full name pound sterling (English plural#Plurals of compound nouns: pounds sterling) is used mainly in formal contexts and also when it is necessary to distinguish the currency used within the United Kingdom from pound (currency) that have the same name. The currency name — but not the names of its units — is sometimes abbreviated to just "sterling", particularly in the wholesale financial markets; so "payment accepted in sterling", but never "that costs five sterling". The abbreviations "ster." or "stg." are sometimes used. The term British pound is commonly used in less formal contexts, although it is not an official name of the currency. A common slang term is quid (plural quid).

The pound was originally the value of one Pound (mass)#Tower pound of sterling silver (hence "pound sterling"). The currency sign is the pound sign, originally ₤ with two cross-bars, then later more commonly £ with a single cross-bar. The pound sign derives from the black-letter "L", from the abbreviation £sd – librae, solidi, denarii – used for the pounds, shillings and pence of the original duodecimal currency system. Ancient Roman units of measurement was the basic Roman unit of weight, which in turn derived from the Latin word for Weighing scale or balance. The ISO 4217 is GBP (Great Britain pound). Occasionally the abbreviation UKP is seen, but this is incorrect. The Crown dependency use their own (non-ISO) codes. Stocks are often traded in pence, so traders may refer to Pence sterling, GBX (sometimes GBp), when listing stock prices.

Following the adoption of the euro by Eurozone, sterling became the world's oldest currency still in use, and it currently holds the third largest portion of global Reserve currency after the United States dollar and the euro. The pound sterling is the fourth most-traded currency in the foreign exchange market after the USD, the euro, and the Japanese yen.

Subdivisions Since decimalisation in 1971, the pound has been divided into 100 pence (singular "penny"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) is usually pronounced "fifty pee" rather than "fifty pence". (This also helped to distinguish between new and old pence amounts during the changeover to the decimal system).

Prior to decimalisation, the pound was divided into twenty shillings, with each shilling equal to twelve pence, making a total of 240 pence to the pound. The symbol for the shilling was "s" — not from the first letter of the word, but rather from the Latin word solidus (coin). The symbol for the penny was "d", from the French word denier, which in turn was from the Latin word denarius (the solidus and denarius were Roman coins). A mixed sum of shillings and pence such as "three shillings and six pence" would be written as "3/6" or "3s 6d" and spoken as "three and six". Five shillings would be written as "5s" or, more commonly, "5/-". There were also coins the 'crown', worth five shillings, and 'half crown', worth two shillings and sixpence. At the time of decimalisation, the smallest unit was the History of the British penny (1901-1970), although Coins of the pound sterling#Denominations of pre-decimal coins and their years of production had been minted in years past.

A "guinea", an obsolete gold coin, was introduced in the reign of Charles II and was made of gold brought from Guinea, West Africa. It initially had a value of 20 shillings, but owing to the fluctuations in the price of gold compared to silver, its value rose as high as 30 shillings before eventually settling at 21 shillings, i.e. 1 shilling more than the pound.

After Decimal Day, the value of the pound remained unchanged, but it was now divided into 100 new pence rather than 240 old pence. Each decimal penny was therefore worth 2.4 pre-decimal pence. For a few years following decimalisation the decimal penny was commonly referred to as a "new penny". Coins for denominations of ½p, 1p, 2p, 5p, 10p and 50p all bore the inscription NEW PENCE (or NEW PENNY) until 1982, when the inscription changed to HALF PENNY, ONE PENNY, TWO PENCE, FIVE PENCE and so on. The old one shilling ("1/-") and two shillings ("2/-", Florin (British coin)) coins were equivalent in value to 5p and 10p respectively, and as such remained valid within the decimal system until the 5p and 10p coins were replaced by smaller versions in 1990 and 1992 respectively, the old versions being taken out of circulation in 1991 and 1993. The old British sixpence coin also remained in circulation, with a value of 2½ new pence, until being withdrawn in 1980.

Legal tender and regional issues {{Coin image box 2 singles| header = British coin One Pound coin (Wales design, 2000)| image_left = Image:1pound2000front.jpg| image_right= Image:1pound2000back.jpg| caption_left = Elizabeth II of the United Kingdom| caption_right = Welsh dragon are uniquely complex in the UK: according to the Royal Mint, legal tender means "that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded".

In [England and Wales, banknotes issued by the Bank of England are legal tender, meaning that they should be accepted in payment of a debt; they do not have to be accepted, but the debtor has a good defence in law against being sued for non-payment of that 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. In the Channel Islands and Isle of Man the local variations on the banknotes are legal tender in their respective jurisdiction.

Scottish, Northern Irish, Channel Islands and Manx notes are sometimes rejected by shops when used in England. British shopkeepers can choose to reject any payment, even if it would be legal tender in that jurisdiction, because no debt exists when the offer of payment is made at the same time as the offer of goods or services. When settling a restaurant bill after consuming the meal, or other debt the laws of legal tender do apply, but usually any reasonable method of settling the debt (such as credit card or cheque) will be accepted.

Notes are issued by the Big Four (banks) banks in Northern Ireland — the Bank of Ireland, the First Trust Bank, the Northern Bank and the Ulster Bank. Notes printed by the Bank of Ireland, although in pounds sterling, are mistaken in England for the former Irish pound and often rejected. The only polymer banknote in circulation in the United Kingdom was issued by the Northern Bank. This is the bank's Year 2000 commemorative £5 banknote, which was printed in Australia.

Scottish bank notes are issued by The Bank of Scotland, The Royal Bank of Scotland and The Clydesdale Bank, but (as in Northern Ireland) are not legal tender. Only Royal Mint coins are legal tender in Scotland, and only one and two pound coins are legal tender to an indefinite amount. This was not always the case, as during World War II the Scottish banknotes were made legal tender by the Currency (Defence) Act 1939; this status was withdrawn on January 1 1946. Some notes of the Bank of England were legal tender in Scotland and Northern Ireland; however, this status only applied to notes under a value of five pounds, so following the withdrawal of the Bank of England one pound note in 1985, no circulating notes are covered by this clause.

The UK one pound coin also has many varied designs on the obverse and reverse side, which differ from year to year with new designs appearing; however, all of these are Royal Mint coins and of equivalent legality. The Channel Islands (including Alderney) and the Isle of Man issue their own coinage.

All commonly circulating Coins of the pound sterling are legal tender throughout the UK, in most cases up to a maximum value per transaction, as are the commemorative British five pound coin and British twenty-five pence coin ("crown") coins that are rarely seen in circulation. Several gold coins issued by the Mint are still legal tender, though as they have a bullion value far greater than their face value, they are never used in circulation and tend to be kept by Coin collecting.

{| class="wikitable"|-! Coin! Maximum usable as legal tender|-| £5 (post-1990 Crown)| unlimited|-| £2| unlimited|-| £1| unlimited|-| 50p| £10|-| 25p (pre-1990 Crown)| £10|-| 20p| £10|-| 10p| £5|-| 5p| £5|-| 2p| 20p|-| 1p| 20p|}

The British overseas territories of Gibraltar, Saint Helena and its associated dependencies, as well as the Falkland Islands, also issue their own currencies, which are fixed to the value of sterling.

The countries using sterling or these currencies tied to sterling are known as sterling zone countries. During the late nineteenth to mid-twentieth centuries, a large number of British dominions and colonies were members of the sterling zone.

See : Banknotes of the pound sterling, Isle of Man pound, Guernsey pound, Jersey pound, Gibraltar pound, Falkland Islands pound, Saint Helenian pound

History Before sterling In Anglo-Saxon times, small silver coins known as sceats were used in trade: these were derived from Frisian examples, and weighed about 20 Grain (measure)s (c. 1.3 g).

King Offa of Mercia (c. 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 Pound (mass): apparently it nominally weighed 5400 grains (c. 349.9 g).

In 1526 the standard was changed to the Troy pound of 5760 grains (373.242 g).

Sterling As a unit of currency, the term pound originates from the value of a Pound (mass)#Tower pound of high purity silver known as sterling silver.

Sterling (with a basic currency unit of the Tealby British One Penny coin (pre-decimal), rather than the pound) was introduced as the English currency by Henry II of England in 1158, though the name sterling wasn't acquired until later. The word sterling is from the Old French esterlin transformed to stiere in Old English (strong, firm, immovable).

The sterling was originally a name for a silver penny of 1/240 pound. Originally a silver penny had the purchasing power of slightly less than a modern pound. In modern times the pound has replaced the penny as the basic unit of currency as inflation has steadily eroded the value of the currency.

The pound sterling, established in 1560–61 by Elizabeth I of England and her advisers, foremost among them Sir Thomas Gresham, brought order to the financial chaos of Tudor England that had been occasioned by the "Great Debasement" of the coinage, which in turn brought on a debilitating inflation during the years 1543–51. By 1551, according to Fernand Braudel (Braudel 1984, pp 356ff), the silver content of a penny had dropped to one part in three. The coinage had become mere fiduciary currency (as modern coins are), and the exchange rate in Antwerp where English cloth was marketed to Europe, had deteriorated. All the coin in circulation was called in for reminting at the higher standard, and paid for at discounted rates.

The pound sterling maintained its intrinsic value — "a fetish in public opinion" Braudel called it — uniquely among European currencies, even after the United Kingdom officially adopted the gold standard, until after World War I, weathering financial crises in 1621, in 1694–96, when John Locke pamphleteered for the pound sterling as "an invariable fundamental unit" and again in 1774 and 1797. Not even the violent disorders of the English Civil War devalued the pound sterling in European money markets. Braudel attributes the fixed currency, which was never devalued over the centuries, to England's easy credit, security of contracts and rise to financial superiority during the 18th century. The pound sterling has been the money of account of the Bank of England from its inception in 1694.

The gold standard Sterling unofficially moved to the gold standard from silver due to an overvaluation of gold in England that drew gold from abroad and occasioned a steady export of silver coin, in spite of a re-evaluation of gold in 1717 by Sir Isaac Newton, Master of the Royal Mint. The de facto gold standard continued until its official adoption following the end of the Napoleonic Wars, in 1816 (Braudel, p. 361). This lasted until the United Kingdom, in common with many other countries, abandoned the standard after World War I in 1919. During this period, one pound could be exchanged for United States dollar4.866.

Discussions took place following the 1865 International Monetary Conference in Paris concerning the possibility of the UK joining the Latin Monetary Union, and a Royal Commission on International Coinage examined the issues,http://www.gold.org/value/reserve_asset/history/monetary_history/vol2/1868feb18.html resulting in a decision against joining monetary union.

Prior to World War I, the United Kingdom had one of the world's strongest economies, holding 40% of the world's overseas investments. However, by the end of the war the country owed £850 million, mostly to the United States, with interest costing the country some 40% of all government spending.

In an attempt to resume stability, a variation on the gold standard was reintroduced in 1925, under which the currency was fixed currency to the gold price at pre-war levels, although people were only able to exchange their currency for gold bullion, rather than for coins. This was abandoned on 21 September, 1931, during the Great Depression in the United Kingdom, and sterling devalued 25%.

In common with all other world currencies, there is no longer any link to precious metals. The U.S. dollar was the last to leave gold, in 1971. The pound was made fully convertible in 1946 as a condition for receiving a U.S. loan of United States dollar3.75 1000000000 (number) in the aftermath of World War II.

Pound sterling was used as the currency of many parts of the British Empire. As this became the Commonwealth of Nations, commonwealth countries introduced their own currencies such as the Australian pound and Irish pound. This evolved into the Sterling Area where those currencies were pegged to sterling.

Following the U.S. dollar Since leaving gold, there have been several attempts to peg the value of the pound to other currencies, initially the U.S. dollar.

Under continuing economic pressure, and despite months of denials that it would do so, on 19 September, 1949, the government devalued the pound by 30%, from US$4 to US$2.80. The move prompted several other governments to devalue against the dollar too, including Australia, Denmark, Republic of Ireland, Egypt, India, Israel, New Zealand, Norway and South Africa.

In the mid-1960s the pound came under renewed pressure since the exchange rate against the dollar was considered too high. In the summer of 1966, with the value of the pound falling in the currency markets, exchange controls were tightened by the Harold Wilson government. Among the measures, tourists were banned from taking more than £50 out of the country, until the restriction was lifted in 1970. The pound was eventually devalued by 14.3% to US$2.41 on 18 November 1967.

With the break down of the Bretton Woods system — not least because mainly British currency dealers had created a substantial Eurodollar market which made the U.S. dollar's gold standard harder for its government to maintain — the pound was Floating currency in the early 1970s and so subject to a market appreciation. The Sterling Area effectively ended at this time when the majority of its members also chose to float freely against the pound and the dollar.

A further crisis followed in 1976, when it was apparently leaked that the International Monetary Fund (IMF) thought that the pound should be set at US$1.50, and as a result the pound fell to $1.57, and the government decided it had to borrow £2.3 billion from the IMF. In the early 1980s the pound moved above the $2 level as interest rates rose in response to the monetarist policy of targeting money supply and a high exchange rate was widely blamed for the deep recession of 1981. At its lowest, the pound stood at just US$1.05 in February 1985, before returning to the US$2 level in the early 1990s.

2000s Although the pound and euro are not fixed to one another, there are often long periods where the pound and the euro move in sync, although since the middle of 2006 this correlation has weakened. Inflation concerns in the U.K. led the Bank of England (BoE) to hike interest rates twice unexpectedly in late 2006 and early 2007, causing sterling to rise to its highest rate against the euro since January 2003. Further rate rises are expected in 2007. This has had a knock on effect versus other major currencies, and the pound hit a 26 year high against the US dollar on April 18, 2007, having gone through the US$2 level for the first time since 1992 the day before.http://news.bbc.co.uk/1/hi/business/6566715.stm

Decimalisation Following the German mark In 1988, Margaret Thatcher's Chancellor of the Exchequer Nigel Lawson decided that the pound should "shadow" the West Germany Deutsche Mark, with the unintended result of a rapid rise in inflation as the economy boomed due to inappropriately low interest rates. (For ideological reasons, the Conservative Government declined to use alternative mechanisms to control the explosion of credit. Former Prime Minister Edward Heath referred to Lawson as a "one club golfer".)

Following the European currency unit On 8 October 1990 the Conservative government decided to join the European Exchange Rate Mechanism (ERM), with the pound set at Deutsche Mark2.95. However, the country was forced to withdraw from the system on Black Wednesday (September 16, 1992) as Britain's economic performance made the exchange rate unsustainable. Speculator George Soros famously made approximately US$1 billion from Short (finance) the pound.

Black Wednesday saw interest rates jump from 10%, to 12%, and then finally to 15% in a futile attempt to stop the pound from falling below the ERM limits. The exchange rate fell to Deutsche Mark2.20. Proponents of a lower GBP/DM exchange rate were vindicated as the cheaper pound encouraged exports and contributed to the economic prosperity of the 1990s. Since early 2005, the £/€ rate has returned to an average of about £1.00:€1.46, which is equivalent to DM2.85.

Bank Negara Malaysia is reported to have suffered losses of more than US$4 billion from the pound devaluation.

Following inflation targets In 1997, the newly-elected Labour Party (UK) government made a surprising move when Gordon Brown handed over day-to-day control of interest rates to the Bank of England (a policy that had previously been advocated by the Liberal Democrats). The Bank is now responsible for setting its base rate of interest so as to keep inflation in the consumer price index very close to 2%. Should CPI inflation be more than 1% above or below the target, the governor of the Bank of England is required to write an open letter to the Chancellor of the Exchequer explaining the reasons for this and the measures which will be taken to bring this measure of inflation back in line with the 2% target. On April 17, 2007, CPI inflation was reported at 3.1% (inflation of the retail price index was 4.8%). Accordingly, and for the first time, the Governor had to write publicly to the government explaining why inflation was more than one per cent higher than its target.http://news.bbc.co.uk/2/hi/business/6562723.stm

The euro As a member of the European Union, the United Kingdom has the option of adopting the euro as its currency. However, the subject remains politically controversial, not least since the United Kingdom was forced to withdraw from its precursor, the European Exchange Rate Mechanism (see above), having entered the system at the wrong fixed exchange rate. British Prime Minister Gordon Brown (when Chancellor of the Exchequer in the Blair government) ruled out membership for the foreseeable future, saying that the decision not to join had been right for Britain and for Europe.

The government of former Prime Minister, Tony Blair, had pledged to hold a public referendum for deciding membership should "five economic tests" be met to ensure that adoption of the euro would be in the national interest. In addition to this own internal (national) criteria, the UK has to meet the European Union economic convergence criteria (Maastricht criteria), before being allowed to adopt the euro. Currently, the UK's annual deficit to the gross domestic product is above the defined threshold.

As of February 2005, more than half (55%) of the were against adopting the currency (with 30% in favour). The idea of replacing the pound with the euro has been controversial with the British public because of its identity as a symbol of British sovereigntyhttp://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/05/12/hairaq101.xml and because it would, according to some critics, lead to suboptimal interest rates, harming the British economy.

The pound did not join the Second European Exchange Rate Mechanism (ERM II) after the euro was created. Denmark and the UK have unique opt-outs from entry to the euro. Technically, every other EU nation must eventually sign up; however, this can be delayed indefinitely (as in the case of Sweden) by refusing to join ERM II.

The Scottish Conservative Party claims that there is an issue in Scotland that the adoption of the euro would mean the end of regionally distinctive banknotes, as the European Central Bank do not permit national or sub-national designs of the banknotes.http://news.bbc.co.uk/1/hi/scotland/755013.stm The far larger Scottish National Party does not see this as a significant issue, since an independent Scotland would have nationally distinctive coins, and its Scotish National Party#Policy platform includes entry into the single currency.

On the value of British money In 2006 the House of Commons Library published a document which included an index of the value of the pound for each year between 1750 and 2005, where the value in 1974 was indexed at 100. (This was an update of earlier documents published in 1998 and 2003.)

Regarding the period 1750–1914 the document states: "Although there was considerable year on year fluctuation in price levels prior to 1914 (reflecting the quality of the harvest, wars, etc.) there was not the long-term steady increase in prices associated with the period since 1945". It goes on to say that "Since 1945 prices have risen in every year with an aggregate rise of over 27 times."

The value of the index in 1750 was 5.1, increasing to a peak of 16.3 in 1813 before declining very soon after the end of the Napoleonic Wars to around 10.0 and remaining in the range 8.5–10.0 at the end of the nineteenth century. The index was 9.8 in 1914 and peaked at 25.3 in 1920, before declining again to 15.8 in 1933 and 1934 — prices were only about three times as high as they had been 180 years earlier.

Inflation had a dramatic effect during and after World War II — the index was 20.2 in 1940, 33.0 in 1950, 49.1 in 1960, 73.1 in 1970, 263.7 in 1980, 497.5 in 1990, 671.8 in 2000 and 757.3 in 2005.

Value against other currencies The pound is 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 currency unit in the world. As of 26 July, 2007, one pound is worth United States dollar2.04.



The pound as a major international reserve currency For exchange rate trends since 1990, see Economy of the United Kingdom#Exchange rates.

See also

References | url = http://www.bankofengland.co.uk/banknotes/about/faqs.htm| title = Bank of England Banknotes FAQ| accessdate = 2006-05-07-->

External links {{Standard numismatics external links| world_coin_gallery_1_url = GreatBrit| world_coin_gallery_1_name = Great Britain| dollarization_1_url =| dollarization_1_name =| gfd_1_url = United_Kingdom| gfd_1_name = United Kingdom| show_gfd_excel = Y-->

Online currency tools There are two tools at the MeasuringWorth website that can give an idea of the value of the pound through the ages. One tool uses the Retail Price Index covering the years 1264-2005 . Another more extensive tool covering the years 1830-2005 is available using five comparative methods, Retail Price Index, GDP deflator, Average earnings, Per Capita GDP, and GDP .



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