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.

E. D. ZOLOTARENKO

References in periodicals archive ?
Cash Passport can be loaded and reloaded with a choice of two currencies: Euro and British Pound Sterling.
Forward-looking statements, including those relating to the economic downturn and its effect on our business, foreign currency exchange rates of the British pound sterling to US dollar and the impact on quarterly sales comparisons, customers and end users of our products, our products and leadership position, our positioning following the down economic cycle, and the strategic alternatives process, are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements.
financial statements, fluctuations in the exchange rate of the British pound sterling and euro negatively impacted 2009 first quarter results as compared to the first quarter of 2008 and could continue to negatively impact the Company's consolidated results throughout 2009 as compared to 2008.
Forward-looking statements, including those relating to the potential impact of the economic downturn, the expected impact on fourth quarter and fiscal year 2009 results by the reorder rates of our customers during the quarter, and our expected lower reported sales revenue and operating expenses for our UK operations due to the continued strength of the US dollar against the British pound sterling, are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements.
The continued strength of the US dollar against the British pound sterling is expected to result in lower reported sales revenue for our UK operations, for at least the third quarter and possibly longer, as its sales are translated to US dollars at the lower exchange rates.
tv to cover options and futures, asked Wulfsohn about the state of the UK economy and why the British pound sterling was already in rally mode before this historic rate cut by the BOE, which took short-term rates to the lowest level ever seen since the creation of England's central bank in 1694
We are also conscious of the fact that the recent strengthening of the US dollar against the British pound sterling, if sustained, may result in lower reported sales revenue for our UK operations as its sales are translated to US dollars at the lower exchange rates," Nordquist concluded.
Sklarov believes the dollar's temporary low mark presents phenomenal commercial real estate opportunities for those holding the Euro, British Pound Sterling, Canadian Dollar and Ruble currencies.
Blurb's growing European customer base can now view prices and make purchases in the British pound sterling and the euro.
6) Represents foreign currency transaction gains and losses resulting from changes in exchange rates during the applicable periods, primarily related to the British pound sterling.

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