Pound Sterling

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Pound Sterling


(or pound), a monetary unit of Great Britain. The pound sterling is divided into 100 pence (before February 1971, 1 pound sterling = 20 shillings = 240 pence).

Silver coins with the value of a pound sterling have been minted since the 11th century, and gold coins, since the mid-14th century. Banknotes in pounds sterling were first issued by the Bank of England in 1694. In 1816 a gold monetary standard was introduced in Great Britain, with the official gold content of the pound sterling set at 7.322382 g of pure gold. The standard remained in effect until August 1914. A gold-bullion standard was used from April 1925 through September 1931.

After the gold standard was abandoned and the conversion of banknotes to gold ceased, the pound sterling depreciated: its parity in relation to the US dollar declined from $4.86653 to $3.5 by 1932. The pound was subsequently devalued several times. In 1967 its rate of exchange with the US dollar was $2.4, the official gold content of the pound being equal to 2.13281 g. The currency parity of the pound sterling and the relatively narrow limits of the fluctuation of its exchange rate have not been officially supported since June 1972 (a floating exchange rate is now used).

In June 1977 the exchange rate of the pound sterling with the US dollar was $1.72, and the rate established by the State Bank of the USSR set 1 pound sterling equal to 1 ruble 28 kopeks.


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A spokesman for DfID declined to discuss whether the adverts were an appropriate use of British money.
However, they neglect other devices aimed at sustaining an artificially large British money stock, including the replacement of former gold-coin standards with gold-exchange (sterling or dollar) standards.
Dr Sleeman and technicians at his Bristol-based company Mass Spec Analytical carried out the tests to determine the extent to which British money has been in contact with narcotics.
Meanwhile, the Troika delegates also met with financial ombudsman Pavlos Ioannou, who proposed the creation of an agency to advise citizens on banking-related issues, using the British Money Advice Service as a template.
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THE breeze- up season may be drawing to an end but there is still time for Ireland to play host to two sales, starting with the Goffs Flat Breeze Up at S of Irish and British money.
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Be careful when exchanging British money for the Romanian currency, lei.
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