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.


References in periodicals archive ?
The scheme helped Suckling increase annual turnover from GB Pounds 2 million in 2000 to GBPounds 7.
Some estimates put it as high as GB Pounds 150 billion worldwide.
Edinburgh University and the UK Energy Research Centre estimate that the size of the UK market alone could reach 150 million tonnes of CO2 a year, which would be worth about GB Pounds 2 billion based on a carbon price of Euro 17-a-tonne.
MICRO FOCUS GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT - IN UK FORMAT in thousands of GB pounds Year to Year to Year to (except per share data) January 31 January 31 January 31 1995 1994 1993 Revenue 89,885 83,842 68,882 Costs and expenses Cost of revenues 10,586 9,318 7,326 Research and development 24,149 16,185 11,727 Sales and marketing 42,519 33,669 25,796 General and administrative 5,099 4,689 3,006 Total costs and expenses 82,353 63,861 47,855 Operating profit 7,532 19,981 21,027 Interest income 2,210 1,884 1,842 Interest expense (76) (104) (92) Other acquisition charges (943) - - Profit before taxation 8,723 21,761 22,777 Taxation (4,133) (7,014) (7,333) Profit for the year 4,590 14,747 15,444 Earnings per share 32.
Funded by an annual budget of GB Pounds 416 million, its role is to extract information from SARs sent in by banks, property and travel agents and other vendors such as art and motor dealers, which it feeds into the National Terrorist Finance Investigation Unit of the Metropolitan Police.
WITH a further GB Pounds 21 million of UK government money announced last month to help complete the Galileo civil satellite navigation system, tech providers are on its way to offering far more advanced and precise navigation and location technology by the end of the decade.
The total value of leather footwear from China and Vietnam was GB Pounds 600 million "so if nothing else changes somebody's going to have to find another 100 million quid and that isn't insignificant.
3 million), will now be spending GB Pounds 2 million (US$3.
THE BRITISH government is donating GB Pounds 25 million (US$43 million) to support World Health Organisation (WHO) efforts to improve patient safety.