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| Pound sterling | |||||
| |||||
| ISO 4217 Code | GBP | ||||
|---|---|---|---|---|---|
| User(s) | United Kingdom, Crown dependencies | ||||
| Inflation | 2.5% (UK, June 2007), 3.4% (Guernsey 2006) 3.7% (Jersey 2006) 3.1% (Isle of Man 2006) | ||||
| Source | Bank of England, 13 June 2007 and The World Factbook | ||||
| ERM | |||||
| Since | 8 October 1990 | ||||
| Withdrawn | 16 September 1992 (Black Wednesday) | ||||
| Pegged by | FKP, GIP, SHP | ||||
| Subunit | |||||
| 1/100 | penny | ||||
| Symbol | £ | ||||
| penny | p | ||||
| Nickname | quid, Nicker | ||||
| Plural | |||||
| penny | pence | ||||
| Coins | |||||
| Freq. used | 1p, 2p, 5p, 10p, 20p, 50p, £1, £2 | ||||
| Rarely used | £5 | ||||
| Banknotes | |||||
| Freq. used | £1 (Channel Islands, Scot. only), £5, £10, £20 | ||||
| Rarely used | £50, £100 (Scot., N. Ire. only) | ||||
| Central bank | Bank of England | ||||
| Website | www.bankofengland.co.uk | ||||
| Printer | printersEnglish (inc.Wales) notes: Scottish notes: Northern Irish notes: Crown dependencies: | ||||
| Website | websitesBank of EnglandBank of ScotlandRoyal Bank of ScotlandClydesdale BankNorthern BankFirst Trust BankUlster BankBank of IrelandIsle of Man GovernmentStates of Jersey | ||||
| Mint | Royal Mint | ||||
| Website | www.royalmint.com | ||||
The pound (symbol: £; ISO code: GBP), divided into 100 pence, is the official currency of the United Kingdom and the Crown dependencies. The slang term "quid" is commonly used in place of "pound(s)".
The official full name pound sterling (plural: pounds sterling) is used mainly in formal contexts and also when it is necessary to distinguish the currency used within the United Kingdom from others 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.
The pound was originally the value of one pound Tower weight 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 LSD – librae, solidi, denarii – used for the pounds, shillings and pence of the original duodecimal currency system. Libra was the basic Roman unit of weight, which in turn derived from the Latin word for scales or balance. The ISO 4217 currency code is GBP (Great Britain pound). Occasionally the abbreviation UKP is seen, but this is incorrect. The Crown dependencies 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 several countries, sterling became the world's oldest currency still in use, and it currently holds the third largest portion of global currency reserves after the US 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.
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